Business
Analysts think Trump would block a Comcast-WBD deal. Comcast says M&A is ‘viable’
Brian Roberts, chairman and CEO of Comcast, attends the annual Allen & Co. Media and Technology Conference in Sun Valley, Idaho, July 9, 2025.
David A. Grogan | CNBC
Comcast clued investors in to its potential M&A aspirations on Thursday. In short, executives think a deal could get done, despite recent naysaying.
Comcast is among the interested parties in a potential deal for Warner Bros. Discovery. WBD — the owner of TNT Sports, CNN, HBO, Warner Bros. studio and other media assets — officially put itself up for sale after “receiving interest from multiple parties,” WBD CEO David Zaslav said in a statement last week.
Several pundits and analysts have posited that Comcast has little to no chance to do a deal from a regulatory perspective, given President Donald Trump’s pointed words for Comcast CEO and controlling shareholder Brian Roberts. Others say the path forward may not be doomed.
On Thursday, alongside the company’s third-quarter earnings report, soon-to-be co-CEO Mike Cavanagh shed some light on how executives view the situation, without specifically naming Warner Bros. Discovery as a potential tie-up.
“I think more things are viable than maybe some of the public commentary that’s out there,” Cavanagh said Thursday.
Trump in April called Comcast and Roberts “a disgrace to the integrity of Broadcasting” in a post on his social media platform, Truth Social. Trump has also called Roberts a “lowlife” and has referred to Comcast as “Concast.”
Some equity research analysts have predicted that the Trump administration would block a Comcast acquisition of Warner Bros. Discovery. WBD is still moving toward a planned separation into two publicly traded entities while it expands its strategic review.
Paramount is trying to buy the whole company, before it could split, and WBD has thus far rejected three separate offers from the David Ellison-run company.
“It is almost certain that the Trump DOJ would not allow CMSCA to buy WBD and the result would be decided in court,” New Street Research analyst Blair Levin wrote in a note to clients, citing Trump’s public comments about Roberts.
“We along with our cable colleagues believe [Comcast’s] political standing in this administration is very low and believe CMCSA would think long and hard about whether a deal is worth the long, arduous process of creating enough goodwill to close the deal,” wrote Raymond James analyst Ric Prentiss.
Structuring a spin-merge
Cavanagh reminded investors Thursday that just because the company takes a look at assets that are up for sale in the media industry, it doesn’t necessarily mean a deal, or even an offer, could materialize.
“I think we’ve said repeatedly, and I’ll say it again, that the bar is very high for us to pursue any M&A transactions, given how strongly we feel about the businesses we have, the strategies we’re pursuing and the opportunities we have ahead of us,” Cavanagh told investors.
Comcast’s NBCUniversal is in the process of spinning off its portfolio of cable networks, including CNBC, into a new entity called Versant.
Assuming an offer for WBD or other media assets were to come together, it would have to make strategic sense for the future NBCUniversal, which will be led by the broadcast TV network NBC and streaming service Peacock.
Many of NBCUniversal’s moves to date have been to boost Peacock’s place in the streaming ecosystem. The company reported Thursday that Peacock had 41 million customers as of the end of last month, a subscriber base that has remained flat throughout the year.
Cavanagh noted the company would be looking for media assets that complement its post-spin NBCUniversal business.
“So in this case, it would be streaming assets and studio assets, since there are no other parks assets out there,” he said.
Warner Bros. Discovery’s planned split would separate out exactly those businesses: streaming and studios in one company, which would also house streamer HBO Max, and its global networks into another.
While Paramount’s interest is in the entirety of Warner Bros. Discovery, negating a split, other prospective bidders have considered acquiring just some of the assets, CNBC has reported.
Cavanagh said, “In light of that, what we’d be looking for and what we’re going to look like post-Versant spin,” a deal isn’t as far-fetched as some view it.
In a hypothetical situation in which Comcast were to also spin off NBCUniversal, which is currently slated to remain with the company following the Versant transaction, and merge it with WBD, LightShed analyst Rich Greenfield predicted that deal could get through regulators.
Wolfe Research’s Peter Supino proposed a plan under which NBCUniversal would issue new stock to WBD at an exchange ratio, eliminating Roberts’ voting control over the new company, and appoint a chairman and CEO “not named Roberts.” That combination could lead to a deal, he wrote in a note to clients.
“The primary problems facing a Comcast bid — financing and politics — might be solvable,” Supino wrote.
While Comcast may shy away from pursuing a transaction that could be blocked by the Trump DOJ, even that may not be a dealbreaker.
In the first Trump term, his DOJ blocked AT&T’s acquisition of Time Warner, an earlier iteration of Warner Bros. Discovery. In June 2018, a U.S. District Court judge approved the $85.4 billion sale, ruling the government failed to prove the deal would harm consumers.
If it pleases the president
Some Comcast executives think the regulatory concerns are either overblown or, at least, far too early to ascertain, according to people familiar with the matter, who have knowledge of Comcast’s strategy but spoke on the condition of anonymity to discuss internal thinking. There’s some evidence suggesting Comcast’s executives may have a point.
A Comcast spokesperson declined to comment for this article.
Skydance Media received long-awaited Federal Communications Commission approval for its merger with Paramount after the CBS parent agreed to a $16 million settlement with Trump over a “60 Minutes” episode.
While a deal for WBD won’t require FCC review, because Warner Bros. Discovery doesn’t own a broadcaster, a takeover of this size — WBD’s market capitalization is about $53 billion plus another $30 billion in debt — could still draw the scrutiny of Trump’s Department of Justice.
Trump’s reputation as a dealmaker suggests Comcast may be able to avoid any interference by endearing itself to the president.
Comcast is one of 37 companies donating to Trump’s efforts to build a $300 million ballroom for the White House through the Trust for the National Mall.
Trump’s public dislike toward Roberts and Comcast may be bloviation linked to Trump’s assertions that MSNBC, currently owned by NBCUniversal, is left-leaning. It’s unclear if Trump explicitly cares about Comcast or NBCUniversal owning any of the WBD assets other than CNN, which Trump has also routinely criticized.
If his primary issue with Comcast buying WBD is CNN, a divestiture or deal without the network could circumvent those issues. MSNBC will also be spun out into the Versant portfolio.
While Roberts will still be a shareholder of Versant, MSNBC will no longer be a part of Comcast once Versant becomes its own publicly traded company at the start of 2026.
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant would become the new parent company of CNBC upon Comcast’s planned spinoff of Versant.
Business
Panel questions IndiGo, DGCA babus, gets ‘unconvincing’ replies | India News – The Times of India
New Delhi: IndiGo was quizzed on Wednesday by a parliamentary committee over the misery inflicted on passengers by its mass-cancellation of flights, but it blamed a variety of factors, including system glitch and adverse weather conditions, while DGCA and the aviation ministry parried off criticism of their role in the fiasco.Some committee members termed replies of different stakeholders as “unconvincing” and aimed at washing their hands of the crisis, encapsulated by the response of a govt official that he first came to know of the unfolding ordeal through media reports.The panel, headed by JDU’s Sanjay Jha, decided to wait for the report of an inquiry ordered by DGCA before coming to a conclusion and make its recommendation. It will hold another meeting and is expected to call these stakeholders again. The DGCA-ordered committee was constituted on Dec 5 and was asked to submit its report in 15 days.Captain Sam Thomas, president of Bengaluru-based Airline Pilots Association of India, created flutter at the meeting by alleging corruption in DGCA and was asked by members to refrain from making sweeping allegations without producing evidence. He alleged that one can commit any wrong, but stay safe if he touched right feet.A committee member said IndiGo, which has offered apology for the ordeal, was far from apologetic in its response before the panel. It told the panel that several factors combined to derail its operation, including a glitch in system, which needed rebooting, and adverse weather that had their pilots stuck in different zones.IndiGo was represented by its COO Isidre Porqueras, while officials of Air India, Akasa Air, Spice Jet and Air India Express appeared before the panel as well. Civil aviation secretary Samir Kumar Sinha and top functionaries of other stakeholders were part of the deliberations.Replying to a query, IndiGo said all luggage, except 52 which remained unclaimed, have already been delivered.The panel’s meeting came against the backdrop of the suspicion, subject of investigation, that IndiGo remained resistant to the implementation of guidelines (Flight Duty Time Limitation) that allowed more rest for pilots in line with global norms aimed at ensuring flyers’ safety.It has been accused of engineering the disruption, leveraging its market dominance, to force the ministry to roll back the regulation as implementing it would have required the airline to hire more pilots. Faced with chaos caused triggered by disruption of IndiGo’s operations, DGCA had to relax the implementation of the guidelines.IndiGo management is reported to have denied allegation in meetings with ministry.
Business
Historic Green Milestone: Indian Railways Achieve 99.2% Electrification, Leaves UK, Russia And China Far Behind
New Delhi: Indian Railways has reached a milestone in its journey toward sustainable transportation, achieving electrification of 99.2 per cent of its broad gauge network. This puts India ahead of major rail economies such as the United Kingdom, which stands at 39%, Russia at 52% and China at 82%, according to a press release from the Ministry of Railways.
The achievement brings the country closer than ever to operating a fully electrified railway system. Fourteen railway zones, including Central, Eastern and Northern Railways, have already achieved 100% electrification. In addition, 25 states and union territories have completed electrification across their rail networks.
Data provided in a written reply to the Lok Sabha highlights the rapid pace of this transformation. Between 2014 and 2025, India electrified 46,900 route kilometres, more than double the 21,801 route kilometres completed in the previous six decades.
In the past two years alone, 7,188 route kilometres were electrified in 2023-24 and 2,701 route kilometres in 2024-25.
The environmental benefits of this transition are major. Rail transport emits 89% less CO2 than road transport, and Indian Railways is complementing electrification with renewable energy initiatives. So far, 898 MW of solar power has been commissioned at 2,626 stations, reinforcing India’s commitment to a greener transportation network.
Electrification is advancing consistently across zones. The Central, East Coast, East Central, Eastern, Konkan Railway, Kolkata Metro, North Central Railway, North Eastern Railway, Northern Railway, South Central Railway, South East Central Railway, South Eastern Railway, West Central Railway and Western Railway have achieved full electrification.
Other zones, such as North Western, Southern, Northeast Frontier and South Western Railway, have crossed 95% electrification.
The progress is equally impressive state-wise as well. Most states are fully electrified, while Rajasthan, Tamil Nadu and Karnataka are nearing completion. In the North Eastern region, the broad gauge networks in Arunachal Pradesh, Meghalaya, Nagaland, Tripura and Mizoram have been 100% electrified, while Assam stands at 92%, with work underway to complete the remaining sections.
All new rail lines and multi-tracking projects are now being sanctioned with electrification integrated from the beginning. According to the Ministry of Railways, the completion timeline for electrification projects depends on factors such as forest clearances, relocation of utilities, statutory approvals, geological and topographical conditions, law and order situations and climatic constraints, which can affect progress at different project sites.
Beyond expanding connectivity, electrification is central to India’s sustainability agenda. The move to electric rail corridors is helping dramatically cut carbon emissions. For instance, transporting 1 tonne of freight over 1 km emits 101 g of CO2 by road, compared with just 11.5 g by rail, an almost eightfold reduction.
The Indian Railways aims for 100% electrification while contributing to the nation’s goal of net-zero carbon emissions by 2030. Every new rail project now includes electrification from the outset, ensuring that India’s railway system grows greener, more efficient and globally competitive.
Business
Medical supply firm Medline jumps more than 30% in debut after biggest IPO of 2025
Shares of U.S. medical supplies giant Medline jumped more than 30% in its debut on the Nasdaq on Wednesday after the biggest initial public offering of the year globally.
The stock opened at $35, up from its $29 IPO price.
The private equity-owned company sold a little over 216 million shares on Tuesday, raising $6.26 billion in an upsized offering that finished off a strong year for new listings and bolstered optimism about the IPO market in 2026. Shares of Medline will trade under the symbol MDLN.
That IPO pricing gives Medline a market value of at least $37 billion, based on the shares listed in its regulatory filings.
“Historically, we’ve done very little advertising, very little marketing, and this gives us a way to amplify our voice and actually expand really the receptivity of who we are,” Medline CEO Jim Boyle told CNBC’s “Squawk Box” earlier Wednesday. “We are the largest company you’ve never heard of, and we happen to be everywhere. And that’s a really interesting thing.”
The U.S. IPO market has held steady despite market volatility in the spring, driven by President Donald Trump’s sweeping tariffs, and the longest U.S. government shutdown in history in the fall. Just over 200 IPOs have priced this year, including Medline, which is the largest U.S. listing since Rivian‘s $13.7 billion deal in November 2021, according to data compiled by CNBC.
But Medline’s IPO is also among the biggest private equity-backed listings. Three private equity firms — Blackstone, Carlyle and Hellman & Friedman — acquired a majority stake in the company in 2021 for a whopping $34 billion. At the time, the deal was the biggest leveraged buyout since the financial crisis.
CEO Jim Boyle celebrates with others as medical supplies giant Medline (MDLN) holds it’s IPO at the Nasdaq stock market site in Times Square in New York, Dec. 17, 2025.
Shannon Stapleton | Reuters
Medline, founded in 1966, is based in Northfield, Illinois. The company manufactures and distributes roughly 335,000 different medical and surgical supplies — from gloves, masks and scalpels to wheelchairs. Medline has customers in more than 100 countries and, as of the end of 2024, employed more than 43,000 workers worldwide.
Medline’s total debt was around $16.8 billion as of late September 2025. The company raked in $25.5 billion in net sales in 2024.
Medline’s earlier plans to go public this year were postponed due to uncertainty around tariffs affecting products from Asia. The majority of the company’s products are sourced or manufactured in Asian nations, particularly China.
Medline expects a $150 million to $200 million hit from tariffs to income before taxes in fiscal 2026.
The company competes with names like McKesson and Cardinal Health.
— CNBC’s Gina Francolla contributed to this report
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