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Cranberry Journal

Tuesday, November 10, 2026

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Markets
  • S&P 5007,549.94+2.35%
  • Nasdaq25,253.14+2.74%
  • Dow52,389.75+2.15%
  • 10-yr yield4.95%+1.85%
  • Crude$84.66−2.52%
At the close · Nov 10

Mergers

Tagged stories

The black glass and white travertine Solow Building at 9 West 57th Street in Manhattan, seen from street level against a blue sky, with older towers on either side.
Markets

Ares Capital Will Pay a 30 Per Cent Premium for an Apollo-Managed Lender. The $10.88 Price Is Still 15 Per Cent Below What the Lender Says Its Loans Are Worth.

Ares Capital, the largest listed business development company, agreed on 26 October to buy MidCap Financial Investment Corporation, which is managed by an Apollo affiliate, for about $10.88 a share in cash and stock, a total enterprise value of about $2.6 billion. The price is a 30.1 per cent premium to MFIC's last close but below its preliminary net asset value of about $12.86 a share. The deal needs MFIC shareholder approval and is expected to close in the first half of 2027.

By Daniel Okafor  

A tall drilling rig with a red-and-white mast stands on a levelled gravel pad at the foot of a wooded hill in autumn colours, seen across a field of ripe brown soybeans under a clear blue sky.
Business

EQT Is Paying a 21 Per Cent Premium for Range Resources, in Stock. By Our Arithmetic, the Premium Equals Almost Seven Years of the Promised Savings.

EQT agreed on 25 October to buy Range Resources in an all-stock deal, giving 0.987 EQT shares for each Range share. Range holders would own about 27 per cent of the combined natural gas producer, which the companies value at more than $50 billion including debt. Both sets of shareholders must vote, and the deal is not expected to close before the first quarter of 2027.

By Daniel Okafor  

Looking up at a tall pale-stone office tower with a grid of deep-set windows, rising behind a lower wing of the same building against a blue sky with white clouds.
Business

Omnicom's Organic Growth Reached 7.2 Per Cent in Its Third Quarter With Interpublic. It Has Spent $3.2 Billion on Buybacks This Year, $857 Million More Than Its Free Cash Flow.

Omnicom said on 22 October that third-quarter revenue rose 59 per cent to $6.42 billion, mostly because it now owns Interpublic, and that its continuing businesses grew 7.2 per cent organically. Adjusted earnings per share rose 22 per cent to $2.73. The company repeated that it is on track for $900 million of cost savings from the merger this year.

By Daniel Okafor  

An aerial view of a coastal launch site with a tall stainless-steel rocket standing beside tank farms and buildings, with tidal flats and the sea beyond.
Business

SpaceX Earned $4.4 Billion in the Third Quarter, $1.6 Billion of It Outside Operations. Musk Says SpaceX and Tesla Have Each Formed a Merger Committee.

SpaceX said on Tuesday 20 October that third-quarter revenue rose 161 per cent to $14.575 billion and net income was $4.404 billion, against a loss a year earlier. On the earnings call, Elon Musk said he thinks SpaceX and Tesla have each formed a special committee to discuss combining. Neither company has announced the committees or filed anything about them, and no terms exist.

By Alison Acosta  

A domed building with a lit marquee reading Warner Bros. Studio Tour Hollywood at the studio lot in Burbank, with the Warner Bros. water tower behind it under a clear blue sky.
Markets

Paramount Sold $41.4 Billion of Bonds to Buy Warner Bros. They Fell the Next Day.

Paramount Skydance priced $41.4 billion of secured notes on Wednesday to pay for Warner Bros. Discovery. On Thursday some of the new bonds traded at about 96 cents on the dollar, its existing bonds fell sharply and the cost of insuring its debt reached a 17-year high, Bloomberg reported. The deal is due to close on Tuesday, and the combined company will be called Skydance.

By Daniel Okafor  

The Warner Bros. Studios water tower rising behind the perimeter wall of the studio lot in Burbank.
The Numbers

Paramount Settles With the States Nine Days Before the Meter Starts

Paramount Skydance has settled the antitrust suit twelve states brought against its $110 billion purchase of Warner Bros. Discovery. The remedies are promises about behaviour: thirty films a year in cinemas, with $30 million owed for each one short. The number that explains the timing is a different one. From 1 October, every day the deal stays open costs Paramount about $7 million.

By Cory Chamberlain  

A person signing a contract with a ballpoint pen.
The Long View

The Deal Was Structured to Avoid a Filing. The Filing Is Now the Investigation.

The Justice Department has issued Nvidia a formal demand for information over its licensing arrangement with Groq, in which Groq's chief executive and chief operating officer moved across. The question is whether a licence plus a mass talent transfer is an acquisition that should have been reported. It is the first formal test of a structure the whole industry has been using.

By Alison Acosta  

Rooftop view of apartment buildings and hvac units
Business

The Rollup Comes for the Plumbing Business

Private capital has spent three years buying HVAC, plumbing and electrical contractors at multiples the trades have never seen. The thesis is sound, the integration is harder than the model assumed, and the second wave is arriving at higher prices.

By Cory Chamberlain