Morning Brew Daily – September 29, 2025

Hosts: Neal Freyman & Raymond Liu
Main Topics: EA Sports’ $50B Take-Private Bid, CA’s Battle Over Nonstick Cookware, Comedians Divided by Saudi Festival, Latest on the US Economy

Episode Overview

This episode dives into three headline stories:

1. The brewing $50B deal to take Electronic Arts (EA) private, possibly making history as the largest leveraged buyout ever
2. California’s potential ban on nonstick cookware and the ensuing uproar from celebrity chefs
3. The controversy surrounding the Riyadh Comedy Festival and broader implications for entertainment and ethics

The hosts, Neal Freyman and producer-turned-cohost Raymond Liu, bring characteristic wit and clarity as they dissect these stories and their wider impacts.

1. EA Sports’ $50 Billion Take-Private Bid

Segment Starts: 03:09

Key Discussion Points

• Deal Details & Investors

  • Per WSJ, Silver Lake (private equity), the Saudi Public Investment Fund, and Jared Kushner’s Affinity Partners are reportedly assembling a $50B bid to take EA private.
  • If finalized, it would be history’s largest leveraged buyout.
  • EA’s stock rose 14% on news.

• EA’s Business Landscape

  • EA is a powerhouse—leading in sports titles (Madden, FC—the successor to FIFA), The Sims, and Battlefield.
  • The gaming industry is coming off a post-pandemic slump: “Companies have cut tens of thousands of employees as blockbuster games become more expensive to make and gamers are turning to mobile and free to play options like Fortnite and Roblox.” (Neal, 04:16)
  • EA is shifting from putting out big one-off “blockbuster” games to “live service” titles that offer recurring revenue via microtransactions, e.g., Apex Legends (75% of projected 2025 sales from live services).

• Why Go Private? (04:36–05:51)

  • “One of the biggest reasons that a public company will want to go private is to escape public pressures coming from shareholders.” (Raymond, 04:39)
  • Private ownership means less quarterly scrutiny, fewer regulatory filings, and more space for bold strategic pivots.

• Notable Quote

  • “Perhaps why these executives at EA are looking for… a parachute to bail them out of the public markets, where they’ll be under less scrutiny.” (Neal, 06:15)

• About the Investors (06:35)

  • Silver Lake: Huge global PE firm; trying to buy a stake in TikTok; owns UFC parent.
  • Saudi PIF: Already owns 10% of EA; big on gaming and mobile (Monopoly Go, Pokémon Go parent companies).
  • Affinity Partners (Kushner): US-based but funded largely by Saudi/Middle Eastern capital.

• Outlook on EA/IP Value

  • The industry is grueling, Raymond says, but “there’s always going to be invaluable value in the IP. As long as there’s football, there’s always going to be a Madden.” (08:06)

2. California vs. Celebrity Chefs: The Nonstick Cookware Showdown

Segment Starts: 08:39

Key Discussion Points

• What’s Happening?

  • California Senate Bill 682 would ban nonstick cookware containing PFAS (“forever chemicals”) if signed by Gov. Newsom (decision due by Oct 12).
  • PFAS chemicals make cookware nonstick but are linked in some studies to infertility, cancer, and thyroid disease.

• Two Sides of the Debate

  • Proponents (public health, environmentalists): Say PFAS pose serious health risks via toxic fumes at high temp, slow to degrade.
    • “Some research has shown that exposure to these chemicals is linked to a number of health conditions such as infertility, cancer and thyroid disease.” (Raymond, 09:42)
  • Opponents (celebrity chefs, industry):
    • Chefs like Rachael Ray and David Chang oppose, citing relative safety if cookware is used properly.
    • Chefs have skin in the game: many sell or endorse nonstick cookware.
    • Steve Burns of Cookware Sustainability Alliance: “The lack of concern for increasing costs for people feeding their families is frankly baffling to us.” (as quoted by Raymond, 10:36)

• Scientific Uncertainty

  • Much research is “tip of the iceberg.” There’s ongoing debate if risk is significant or negligible (12:17).
  • Other states (MN, CT, ME, RI, VT, NY) have similar bans or phase-outs.

• Notable Moment

  • “They say you could get more forever chemicals in your body from the fish that you’re eating that you cook on the pan than from the pan itself.” (Neal, 13:51)

Context & Stakes

• The US cookware industry is worth $4B; two-thirds of sales are nonstick.
• The outcome could impact home cooks, restaurants, and celebrity brands everywhere, with particular emphasis on CA’s outsized influence.

3. The Riyadh Comedy Festival: Ethics, Money & Free Speech

Segment Starts: 13:51

Key Discussion Points

• Festival Background

  • Billed as “the world’s largest comedy festival,” held in Saudi Arabia.
  • Headliners: Dave Chappelle, Bill Burr, Pete Davidson, Kevin Hart, Aziz Ansari.
  • A “soft power” move as part of Saudi’s Vision 2030 diversification strategy.

• The Split Within the Standup Community

  • Comedians Shane Gillis (declined millions) and Marc Maron (fired off a sardonic joke—15:00) have aired objections, criticizing peers for accepting Saudi money given the Kingdom’s history of human rights abuses and Khashoggi’s murder.
  • “It’s reminiscent of the schism in golf a few years ago… PGA Tour players blasted their colleagues for switching to the LIV tour… set up by the Saudis.” (Neal, 14:45)
  • Now, it’s “joke washing.”

• Performing Comedians Stay Quiet

  • Big names performing have said little and largely avoided drawing attention to the fest (“Virtually nothing about the comedy festival [on Kevin Hart’s Instagram]”—Raymond, 15:38).

• Money on Offer

  • “Tim Dillon… said he was offered a large sum of money, called it $375,000 for one performance and said that other comedians had been offered as much as $1.6 million. And he said he was going to do it because he said he was being paid a lot of money to not care about what they do in their country. ‘So what if they have slaves? They’re paying me enough to look the other way.’” (Neal, 16:13)
  • Dillon was dropped from the lineup after these remarks, highlighting limits of free speech.

• The Broader Picture

  • Saudi Arabia ranks 149th out of 161 for free expression; “literally has a wing named after [entertainment chief] in the Riyadh jail for jailing so many people who have sent critical tweets about him.” (Neal, 16:58)
  • As Raymond sums up: The festival “is again part of that recent push to expand their entertainment industry and to boost tourism. But again... especially in a comedy festival, you have to kind of wonder what the comedians will be allowed and not allowed to say.” (Raymond, 17:35)

4. Winners of the Weekend: US Economy & Ryder Cup

Segment Starts: 20:12

US Economy

• Q2 GDP revised up to 3.8%. Consumer spending stronger than expected (Raymond, 20:21).
• Consumer sentiment remains near historic lows despite factual improvements.
• Money in stocks and property is at all-time highs for US households (45% of assets).
• “The fact that consumers are still willing to spend is pretty much a good sign because America’s GDP… is more than two thirds of consumer spending.” (Raymond, 23:38)

Ryder Cup

• Team Europe defeats US on US soil for the first time since 2012.
• Boisterous, at times unruly, crowds prompt comparison to European soccer.
• Neal shares personal stories [24:54–25:13] about the wildest Uber shuttle experience: “We got lucky and we got out of there fast. But it was a great, great experience.”

5. Week Ahead Highlights

Segment Starts: 25:46

• Government Shutdown Looming: Funding set to expire Wed unless Congress acts.
• Friday’s Monthly Jobs Report: Labor market has slowed, only 22k jobs added last month.
• Nike Earnings: Update on turnaround and CEO performance due this week.
• Taylor Swift Drops a New Album: 'The Life of a Showgirl' releases Friday—recorded while on her European tour.
  • “There’s no denying her incredible work ethic. I mean, to record an album while she’s on tour is pretty amazing.” (Raymond, 27:52)
• MLB Playoffs Begin: Notable rivalries, more home run hitters than usual.
• Halloween Prep: Office costume chatter—Raymond’s last year “Carmi from The Bear” compared to Annie.

Notable Quotes

• On Going Private:
  • “One of the biggest reasons that a public company will want to go private is to escape public pressures coming from shareholders.” (Raymond, 04:39)
• On Celebrity Chef Opposition:
  • “Steve Burns, president of the Cookware Sustainability Alliance, which, didn’t even know existed, said that the lack of concern for increasing costs for people feeding their family is frankly baffling to us.” (Raymond, 10:36)
• On Comedy & Free Speech:
  • “So what if they have slaves? They’re paying me enough to look the other way.” (Tim Dillon/Neal recounting, 16:13)
• On Consumer Sentiment & Data:
  • “We’ve heard this for the past three years—that there’s going to be a recession… time and time again, the US Economy has stayed resilient.” (Neal, 21:50)

Tone and Style

Witty, fast-paced, conversational—delivering facts with levity and plenty of pop culture flavor. The hosts challenge each other, explain terms for lay listeners, and keep it relevant.

Timestamps: Key Segments

• [03:09] EA Sports Take-Private Bid Deep Dive
• [08:39] CA vs. Nonstick Cookware & Celebrity Chef Backlash
• [13:51] Riyadh Comedy Festival Controversy
• [20:12] Winners of the Weekend – US Economy & Ryder Cup
• [25:46] Week Ahead Preview (Government, Economy, Sports, Taylor Swift)

This summary provides a detailed guide to the episode’s most important stories and conversations, capturing the hosts’ signature tone and memorable moments for anyone who missed the listen.