Market Maker

Wall Street isn't the only place where billion-dollar deals are happening.

This week, Anthony Cheung and Stephen Barnett break down ITV's agreement to sell its television and streaming business to Comcast, the owner of Sky, and explain why this is far more than just another media acquisition. They explore how investment banks advise on transformational M&A deals, why companies separate business divisions to unlock value, and what the transaction means for the future of UK broadcasting.

They also analyse Reformation's upcoming IPO, using it as a case study to explain direct-to-consumer brands, private equity exits, consumer investing and why some retail companies become stock market winners while others collapse. Along the way, they compare brands including Nike, Lululemon, Abercrombie and Allbirds, discuss what makes an attractive IPO candidate, and explain how investment banks position companies before going public.

Whether you're preparing for finance interviews, working in markets, or simply want to better understand the biggest business stories shaping the economy, this episode breaks down the commercial awareness behind the headlines.

(00:00) England Exit
(02:29) ITV Sold to Sky
(06:37) The Deal Advisers
(08:03) Comcast Explained
(16:07) ITV Business Model
(19:53) The Role of Banks
(30:07) Reformation IPO
(33:58) The Numbers
(40:17) Nike vs Abercrombie
(45:33) PE Exit Strategy
(52:08) IPO Boom
(53:54) Final Prediction

Wall Street has just posted one of its strongest quarters in history.

The world's biggest banks delivered record profits as trading desks, investment banking and wealth management all fired at the same time. But with Jamie Dimon warning that conditions are "nearly as good as it gets", is this a peak or just the beginning of an even bigger cycle?

In this episode, Anthony Cheung and Piers Curran break down what drove the blockbuster earnings from Goldman Sachs, J.P. Morgan, Morgan Stanley and Citi, why AI has become the biggest force behind investment banking, trading and capital markets, and whether today's record profits could be borrowing growth from tomorrow.

They also analyse June's US inflation report, why the biggest monthly decline in CPI since 2020 isn't quite as straightforward as the headlines suggest, and what it means for Federal Reserve interest rate expectations.

Finally, they revisit the biggest IPO of the year. After surging in its first few days of trading, why has SpaceX fallen back to its IPO price? From index fund buying and green shoe options to lock-up periods and insider selling, they explain the market mechanics that most investors never hear about.

If you want to better understand what's driving global markets and how professionals think about the biggest financial stories each week, this episode is for you.

(00:00) Wall Street's Record Quarter
(02:55) Why Banks Made So Much Money
(10:15) Morgan Stanley's Hidden Winner
(15:24) Is This As Good As It Gets?
(19:00) AI's $1 Trillion Spending Boom
(25:14) US Inflation Cools
(31:14) Why SpaceX Is Falling
(35:10) Green Shoe Options Explained
(38:36) SpaceX Lock-Up Risks
(42:16) One IPO, Every Bank Wins

This week on Market Maker, Anthony Cheung and Stephen Barnett break down the £5.7 billion bidding war for easyJet and explain why private equity firms are suddenly competing to buy one of Europe's best-known airlines.

Using the deal as a case study, they explore how investment bankers value airline businesses, why easyJet became an attractive takeover target, and what students can learn about mergers & acquisitions from a real live transaction.

Along the way they explain key airline metrics such as ASK, RASK and CASK, discuss why airlines are notoriously difficult businesses to run, and reveal why the value of airport slots and aircraft fleets matters so much to investors.

Whether you're preparing for investment banking interviews, building your commercial awareness, or simply curious about how billion-pound acquisitions happen, this episode provides a practical insight into corporate finance using one of the UK's most recognisable companies.

(00:00) Why easyJet a Takeover Target
(01:38) The £5.7bn Bidding War Explained
(09:58) Why Private Equity Wants easyJet
(15:10) How Airlines Are Really Valued
(19:50) ASK, RASK & CASK Explained
(20:49) Why easyJet Looks Undervalued
(29:27) Breaking Up the Business
(34:05) Why Airlines Are Difficult to Run

Oil is up but stocks aren't blinking, so why has the market gone numb to the Strait of Hormuz standoff between the US and Iran?

Anthony Cheung and Piers Curran break down the real reason traders are shrugging off the latest flare-up, why Trump wants oil prices low ahead of the midterms, and what Iran's grip on the Strait actually means for shipping.

Then, new Fed chairman Kevin Walsh is tearing up the old central bank playbook in favour of real-time data over legacy models, and we ask whether that's smart evolution or a risky departure.

Finally, Apple's $30 billion deal with Broadcom: is this genuine supply chain strategy or a political shield against Trump's tariffs, and what it really means for iPhone battery life, AI processing, and data privacy going forward.

(00:00) Intro
(01:36) Iran-US Tensions Explained
(08:05) Oil Traders vs. Macro Markets
(10:42) Fed Minutes Breakdown
(16:10) How the Fed Actually Decides
(23:30) CPI Basket Explained
(28:54) Fed Goes Quant
(33:08) Apple's $30bn Broadcom Deal
(39:18) Apple, AI, and Data Privacy

Is OpenAI delaying its IPO, and why has it reportedly discussed giving the US government a 5% stake?

In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett break down one of the biggest stories in finance and technology before exploring the latest IPOs shaping global markets.

From Bending Spoons' blockbuster listing and Lime's stock market debut to Oman's largest flotation and Wayve's role in the London Stock Exchange's new private markets initiative, we explain what these deals reveal about investing, venture capital, AI and the future of capital markets.

Whether you're preparing for investment banking interviews, working in finance, or simply want to understand the biggest business stories of the week, this episode gives you the context behind the headlines in a clear and practical way.

(00:00) Coming Up
(02:54) OpenAI's 5% US Government Deal
(10:06) OpenAI IPO Delay Explained
(13:52) Bending Spoons IPO
(23:19) Lime IPO Explained
(29:28) Oman's Fertilizer IPO
(35:22) London's New Private Market