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Iger’s $60B Gamble, I.P.O.-looza & Rupert’s Legacy

Notes on the latest storylines in media and finance: the Murdoch family trust, a rocky road for I.P.O.s, and a silver lining at Disney.

Of course, just because Rupert Murdoch is turning the chairmanship of both companies over to Lachlan, no one believes he is giving up control of either Fox or News Corp.
Of course, just because Rupert Murdoch is turning the chairmanship of both companies over to Lachlan, no one believes he is giving up control of either Fox or News Corp. Photo: John Phillips/Getty Images
William D. Cohan
September 24, 2023

Does it matter, from an investment banker’s perspective, how a stock trades after its initial public offering? It’s a relevant question for Goldman Sachs, which played a leading role in the recent I.P.O.s of Instacart (down nearly 25 percent from its high), Arm (already trading below its I.P.O. price), and Klaviyo (trading 15 percent below its high already), all of which were supposed to be the catalyst for a new pipeline of equity offerings this fall. (Goldman is also one of the lead underwriters on the large Birkenstock I.P.O. that’s coming in the next few weeks.)