Daily Recap: LNTH, DHER/UBER, WBD/PSKY, EBAY/GME, LLY, QNT/HON, DXLG, SKY, CCOI, AMS/FUL

Research evidence excerpt

Daily Recap: LNTH, DHER/UBER, WBD/PSKY, EBAY/GME, LLY, QNT/HON, DXLG, SKY, CCOI, AMS/FUL

investors,

the primary readthrough is to DASH, which now faces an even more formidable global competitor if

UBER consummates this deal, though DASH's recent Deliveroo acquisition gives it a strong European

counterweight. We expect UBER will need to come up meaningfully (likely €38-42 range) to secure

a recommendation from the DHER Board. UBER shares may face modest near-term pressure on

deal financing concerns given the ~$11.6B+ price tag, though the company's strong free cash flow

generation (~$7B+ LTM) supports the capacity.

Warner Bros. Discovery, Inc. (WBD - $27.03) and Paramount Skydance Corp. (PSKY - $10.46)

News Reports Companies Assemble Heavyweight Antitrust Legal Team to Defend Pending

Merger. According to the Hollywood Reporter,PSKY has retained Jeffrey Kessler, co-executive chair

of Winston & Strawn and one of the nation's most prominent plaintiff-side antitrust litigators (led

the landmark NCAA athlete compensation case and the recent Live Nation Entertainment, Inc.

(LYV) monopoly verdict for 30+ state AGs), to defend its pending $31/share all-cash acquisition

of WBD (~$110B enterprise value; announced Feb 27, 2026). Kessler joins an already formidable

defense team including Makan Delrahim (Trump's former AAG for antitrust), David Gelfand (Obama-

era deputy AAG for antitrust litigation), and attorneys at Latham & Watkins and Cravath, Swaine &

Moore. The move comes after subscribers filed an antitrust lawsuit last month alleging the merger

would reduce competition in streaming, news, and theatrical distribution; plaintiffs moved for a

preliminary injunction on Wednesday. PSKY does not expect challenges from the DOJ, state AGs, or

foreign regulators, per the report.