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The Indicator from Planet Money

What happens when railroads get hitched

The Indicator from Planet Money

NPR

Business

4.79.2K Ratings

🗓️ 21 August 2025

⏱️ 9 minutes

🧾️ Download transcript

Summary

Two freight-rail giants could make history if their $85 billion merger gets approved. Union Pacific’s proposed marriage with Norfolk Southern would create the first coast-to-coast rail network. So why hasn’t it happened before now? Today on the show, the business of train mergers.  

Related episodes: 
How Yellow wound up in the red 

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Transcript

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0:00.0

NPR.

0:13.5

Railroad Park is a couple of blocks of green space in downtown Birmingham, Alabama.

0:18.6

You could hear cicadas in the trees.

0:20.5

There are turtles swimming in the

0:21.8

pond. And just on the other side of the fence, there are train tracks. And these train tracks

0:28.6

could be on their way to making history, along with tracks in San Francisco, Chicago, Phoenix, and

0:35.1

Savannah. They could all be connected in the country's first coast-to-coast

0:38.9

railroad. Now, that is all assuming a planned merger between some of the country's

0:43.7

biggest railroad companies actually happens. And we're talking freight trains here, not

0:48.4

people trains. And there is a line of shippers and unions who are against this merger ever leaving the station.

0:56.3

This is the indicator for Planet Money.

0:58.0

I'm Adrian Ma.

0:59.1

And we're here with friend of the show, Stephen Besaha, from the Gulf States Newsroom.

1:03.8

Thanks, Stephen, for bringing us this story.

1:05.7

Happy to deliver.

1:06.7

And on today's show, we take a whistle-stop tour into the world of mergers.

1:12.1

We find out how this can fast-track shipping, inspect the rough track record of past railroad mergers,

1:18.1

and learn why both unions and shippers want this latest plan derailed.

1:22.4

Stephen, do you have any more train puns you want to work out of your system?

1:25.5

Let's just try to stay on track and keep chugging along.

1:29.4

That's the ticket.

1:30.8

All aboard!

...

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