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Bill Cohan joins Peter to discuss how the frozen Paramount-Warner Bros. merger has left David Zaslav in an awkward spot—hamstrung by deal terms that require the Ellisons’ sign-off on virtually everything. Bill lays out what Zaz can and can’t do while the deal sits in limbo—then considers whether the irrationally exuberant world of Wall Street I.P.O.s can ever actually be reformed.
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