Welcome to Crash Course, a podcast about business, political, and social disruption and what we can learn from it.

I'm Tim O'Brien. Every week on Crash Course, I'm going to bring listeners directly into the arenas where epic upheavals occur and

I'm going to explore the lessons we can learn when creativity and ambition collide

with competition and power.

Listen to Crash Course every Tuesday on the IHeartRadio app, Apple Podcasts,

or wherever you get your podcasts.

Who you put your trust in matters,

investors have put their trust

an independent registered investment advisors

to the tune of $4 trillion.

Why?

Learn more at Find Your Independent Advisor.com.

Welcome.

Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keene with David Gura.

Daily, we bring you insight from the best in economics, finance, investment, and international relations,

find Bloomberg surveillance on iTunes, SoundCloud Bloomberg.com, and of course, on the

Bloomberg.

Just in Craig Moffat, Michael Nathanson,

their substantial report on this transaction, and we're thrilled to bring you Scott Galloway from New York University in

Stern School with thoughts.

And the Scott, you and I talked this morning, particularly with Brian Weiser, about cost synergies, Moffat and Nathanson

agree you can also dismiss the notion of cost synergies, but where they go before that is this idea of net neutrality that if you vertically integrate

...