🧊 “Liquid iPhone” — Apple’s WWDC reveal. Bachelorette $$$ index. Warner Bros’ Bad Bunny breakup.

Summary

Podcast Summary: The Best One Yet Episode Title: 🧊 “Liquid iPhone” — Apple’s WWDC Reveal, Bachelorette $$$ Index, Warner Bros’ Bad Bunny Breakup
Hosted by Jack Crivici-Kramer & Nick Martell
Release Date: June 10, 2025

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1. Apple’s WWDC Reveal: The Liquid iPhone

Overview:
In the first major story of the episode, Nick and Jack dissect Apple's latest Worldwide Developers Conference (WWDC) reveal. The highlight was Apple's introduction of "Liquid Glass," a new design infrastructure aimed at enhancing the aesthetic appeal of Apple devices through subtle visual improvements.

Key Points:

• Liquid Glass Introduction:
  Apple announced that all its device screens would transition to "Liquid Glass," which promises to make apps appear slightly translucent with rounded edges and enhanced visual delights.
  Nick remarks at [06:09]: “Apple made its walled garden a little bit more beautiful. But investors don't want roses right now. They want roots.”

• Market Reaction:
  The announcement led to a significant market downturn, with Apple losing $90 billion in market value within nine minutes.
  Nick exclaims at [07:54]: “$90 billion value gone in nine minutes.”

• Lack of Substantial Innovations:
  Beyond Liquid Glass, other announcements such as the Apple Vision Pro and Apple Intelligence (AI) fell flat, failing to meet investor expectations.
  Jack comments at [07:00]: “We've seen one person wearing an Apple Vision Pro, and he looks absurd.”

• Challenges Facing Apple:
  Apple is under pressure from regulatory bodies in the US and Europe regarding its App Store practices. Additionally, geopolitical tensions, such as threats of increased taxes on iPhones manufactured in China, have contributed to investor concerns.
  Nick notes at [10:26]: “Apple is a wonderful walled garden, but relatively speaking, this garden's starting to look a little mid.”

Notable Quote:
Nick at [10:26]: “Apple's walled garden is beautiful, but don't look out the window because you'll be jealous of what the rest of tech is working on.”

---

2. The Bachelorette $$$: Navigating the Bridal Party Industrial Complex

Overview:
The second story delves into the booming industry surrounding bachelor and bachelorette parties, highlighting the financial strain these celebrations can impose on participants.

Key Points:

• Industry Growth:
  The bachelor and bachelorette party industry has ballooned to nearly a billion dollars annually, with a significant increase in destination-based parties. Destination bachelorettes have surged by 78% over the past six years.
  Jack states at [12:34]: “But because of the macro factors of social media, friend groups spread out, working from home, everyone is now flying to a destination.”

• Spending Patterns:
  On average, women spend around $1,400 per bachelorette party, while men spend approximately $1,500 per bachelor party. The disparity is due to preferences for more expensive venues and accommodations among men.
  Nick explains at [13:11]: “Now the gambling and golf weekend in Las Vegas cost more than massage weekend in Palm Springs.”

• Financial Stress:
  A significant number of attendees face financial strain, with one in three going into debt to cover party expenses and some spending over $3,000 for a weekend.
  Jack shares at [14:26]: “One out of ten who attend a batch party spend over $3,000 for the weekend, and one out of three go into debt to pay for the event.”

• Best Practices for Organizers:
  To mitigate financial stress, Nick and Jack emphasize the importance of transparency in costs. Providing a detailed spreadsheet of all expenses upfront can help attendees make informed decisions.
  Nick advises at [15:32]: “Because at the prices we're talking about here, you need every item itemized.”

Notable Quote:
Jack at [15:40]: “We're not just talking about the total price of the Airbnb. Add in the total prices of all the stuff that's planned for, and include the estimated meal cost, too.”

---

3. Warner Bros’ Bad Bunny Breakup: Unmerging Warner Bros. Discovery

Overview:
The final main story covers the dissolution of Warner Bros. Discovery, highlighting the challenges faced by the merged entity and the strategic decision to split into two separate companies.

Key Points:

• Merger and Decline:
  Three years post-merger of Warner Bros. and Discovery under AT&T, the combined company has struggled, leading to its decision to unmerge. The company's stock has been declining for eight consecutive quarters.
  Jack notes at [19:03]: “All those ridiculous reversals they did in just the last three years.”

• Outcome of the Split:
  The unmerging will result in two distinct entities:

  • Global Networks: Comprising TNT, CNN, and the Discovery Channel, focusing on traditional cable networks.
  • Streaming and Studios: Including Warner Bros. TV and movie studios, DC Comics, and HBO, targeting growing streaming and production sectors.

• Financial Implications:
  JPMorgan Chase benefits significantly by advising both sides of the deal, earning substantial fees from the merger and subsequent split. David Zaslav, CEO, remains a powerful figure despite the company's shrinking revenues.
  Nick observes at [20:03]: “They're going to end up with an old company and a new company.”

• Strategic Reasoning:
  Separating profitable yet shrinking cable networks from the growing streaming and studio divisions allows each entity to focus on their strengths without the conflicting dynamics of each other's markets.
  Jack summarizes at [21:05]: “Sometimes it's called a bad company and a new company. And the reason is that assets can be individually good, but bad when they're combined.”

Notable Quote:
Nick at [21:03]: “And the reason is that assets can be individually good, but bad when they're combined.”

---

Additional Highlights:

Beanie Babies Trivia:
Early in the episode, Nick and Jack engage listeners with a trivia segment about Beanie Babies, revealing that Beanie Babies once made up 10% of all eBay sales and discussing their impact on e-commerce and corporate blogging.

Other News Bits:

• Lab-Grown Salmon: FDA approval granted for lab-grown salmon, now available at a restaurant in Portland, Oregon.
• Gemini Crypto IPO: Gemini is reportedly filing for an IPO, aiming to capitalize on the recent successful IPO of Circle.
• LoveJack Dating App: Introduction of a new dating app, LoveJack, which limits profiles to one picture and five words, emphasizing creativity and conciseness.

Notable Fact:
Nick shares at [24:03]: “Amazon has the world's largest internal LGBTQ employee support group, Glamazon, spanning 60 countries with 40,000 employees.”

---

Conclusion and Takeaways:

Apple’s WWDC:

• Takeaway: Apple continues to enhance its ecosystem's aesthetics with Liquid Glass but faces significant investor skepticism due to a lack of groundbreaking innovations and regulatory pressures.
  Nick at [22:07]: “Apple's walled garden is beautiful, but don't look out the window because you'll be jealous of what the rest of tech is working on.”

Bachelorette Industrial Complex:

• Takeaway: The rise of the bachelor and bachelorette party industry underscores the need for financial transparency and realistic budgeting to prevent attendee debt and stress.
  Jack at [22:19]: “The greatest gift you can give to your bridal party is a spreadsheet.”

Warner Bros. Discovery Split:

• Takeaway: The unmerging of Warner Bros. Discovery into Global Networks and Streaming and Studios allows each entity to thrive independently, aligning with their respective market strengths and investor interests.
  Jack at [22:34]: “And our third and final story is Warner Brothers Discovery. They're splitting up just three years after their big merger.”

---

Final Notes:
Nick and Jack wrap up the episode with shout-outs to listeners, sponsor messages, and teasers for their next deep dive into the Beanie Babies phenomenon. They emphasize the importance of clear communication in financial matters, whether it's organizing events or managing personal finances.

---

Listeners Interested in More:
For an in-depth exploration of the Beanie Babies story, check out their special show linked in the episode description: The Best Idea Yet – The Untold Origin Stories of the Products You're Obsessed With.

---

This summary captures the essence of "The Best One Yet" podcast episode, highlighting the primary discussions around Apple's latest developments, the booming bachelor and bachelorette party industry, and the strategic split of Warner Bros. Discovery. Notable quotes and timestamps provide direct insights from the hosts, offering a comprehensive overview for those who haven't tuned in.

Transcript

[Nick]

This is Nick.

[Jack]

This is Jack.

[Nick]

It's Tuesday, t boy. Tuesday, June 10th. And today's pod is the best one yet. This is a T Boy.

[Jack]

The top three pop business news stories you need to know today.

[Nick]

Oh, look at big man on campus over there. How was reunion weekend, man?

[Jack]

So I was at the Middlebury College reunion. 15 years. I wish you could have been there, Nick.

[Nick]

I love it.

[Jack]

Seven people came up and said, hi, I love the show, but who's counting?

[Nick]

Love meeting besties in the wild. Jack, so pumped for you. What a great story. But today, hey, we got three fantastic stories for today's show. What do we got on the T. Bo?

[Jack]

For our first story, Apple kicked off their annual developers conference yesterday. So what did they launch?

[Nick]

Well, Jack, they lost $90 billion in nine minutes.

[Jack]

So it was kind of underwhelming.

[Nick]

Oh, yeah.

[Jack]

For our second story, bachelorette spending just hit an all time high. But bachelors spend even more money.

[Nick]

So we got the numbers on the Bach party industrial complex and how guys spend differently than girls.

[Jack]

And our third and final story is Warner Brothers. They are breaking up brand. Warner Brothers is splitting into two different companies.

[Nick]

And we'll explain it all with Bob Dylan and Bad Bunny.

[Jack]

But yetis, before we hit that wonderful.

[Nick]

Mix of stories, fantastic mix of stories for today's project.

[Jack]

Yesterday, for T boy Trivia, we asked you this question.

[Nick]

What is the only product that once made up 10% of all eBay sales?

[Jack]

Is it A, Rolex, B, Beanie Baby, C, ipod, or D, Magic the Gathering?

[Nick]

Well, the answer is ding, ding, ding. B, the Beanie Baby.

[Jack]

Beanie Babies. The biggest bo bubble and bust in American history.

[Nick]

Business history. Jack, could you sprinkle on some context, please?

[Jack]

At one point, Beanie Babies made more profits than Mattel and Hasbro combined.

[Nick]

We're talking one product here, the Beanie Baby. That's it.

[Jack]

Now, for Nick, Beanie Babies are a personal subject.

[Nick]

Trigger warning here. But I once had a first edition Bucky the Beaver. Beanie Baby. And I actually gave it away to sleepover.

[Jack]

The reason, that's a personally triggering story for Nick. Sorry, financially triggering. What is, Nick?

[Nick]

Because Bucky the Beaver would have been worth like 40 grand right now.

[Jack]

That's right. One Beanie Baby Princess Diana Bear retailed at $5 each, but sold on eBay for $500,000.

[Nick]

And now we know what you may be thinking. Besties Beanie Babies are worth much less today than during their peak Beanie Baby mania moment back in 1998. Pre Y2K.

[Jack]

That's why so many see Beanie Babies as a story of a bust.

[Nick]

But Jack and I see the Beanie Baby as an innovation boom because Beanie.

[Jack]

Babies created the first ever corporate blog and pioneered E commerce.

[Nick]

Beanie Babies gave each doll a name and a backstory and a birthday. And that is what made them go viral.

[Jack]

The business story is wild, but the founder of Beanie Babies is even wilder.

[Nick]

Yeah, his name is Ty, and you're gonna hear a lot more about him on this show.

[Jack]

Ty. That's why the company has a tie tag coming off of each Beanie Baby.

[Nick]

And the reason we're telling all you this is because the Beanie Baby is the latest subject of our weekly show. The best idea yet.

[Jack]

The best idea yet. The untold origin stories of the products you're obsessed with.

[Nick]

So we got a link in this episode description to that show on the Beanie Babies. Check it out after this show because.

[Jack]

Today'S Tea Boy is fantastic.

[Nick]

We got three great stories. Jack, let's hit it.

[Unknown]

Fifteen years before this song, two boys from the Northeast met in the dorm. They had an idea to cause a cultural storm. It's the best one yet. But the best is annoying. Jack. Nick. That's it. I don't even think they need to practice. 50%. That's a fat tip. T. Boy City on your atlas. If you know, you know. Cause we read to go. We can't wait no more. So just start the show, Start the show, Start the show.

[Nick]

First, a quick word from our sponsor.

[Jack]

Monarch Money.

[Nick]

All right, Jack, can I tell you about my smh? What is that? It stands for my stupid money habit. You ready for this? I just realized I spent $412 last month on taxis.

[Jack]

Nick, that's a car payment.

[Nick]

I know. I could have probably just bought another car at this point.

[Jack]

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[Nick]

Monarch. It isn't just a budgeting app. It is like a personal cfo.

[Jack]

Now I'm using Monarch Money, too. My favorite part.

[Nick]

Yes, Jack.

[Jack]

I've actually retired my net worth spreadsheet. Seriously?

[Nick]

Really?

[Jack]

Because I have every single financial account I own linked to Monarch Money.

[Nick]

You can immediately see your net worth because Monarch Money refreshes all your account balances instantly.

[Jack]

So to help you track and build your net worth, Monarch Money is offering 50% off your first year for listeners of this pod.

[Nick]

And it's not just us. Over a million households already use Monarch Money.

[Jack]

The Wall Street Journal already named it the best budgeting of 2020. 5. We're not even halfway through the year.

[Nick]

No, we're not. And I think I just spent 10 more dollars on a taxi. So, besties, get control of your overall finances with Monarch Money.

[Jack]

Even though Nick apparently can't use Code.

[Nick]

T [e-mail] in your browser for half off your first year.

[Jack]

That's 50% off your first year if you go to monarchmoney.com and use code T Boy.

[Zoe Saldana]

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[Unknown]

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[Zoe Saldana]

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[Unknown]

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[Zoe Saldana]

Not right now. AT T Mobile.

[Unknown]

I feel like I have to give you something in return for karma.

[Zoe Saldana]

That's okay.

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I don't really have much in my purse. Oh, let's see. Hand sanitizer. It's lavender.

[Zoe Saldana]

I'm good.

[Jack]

Seriously.

[Unknown]

Let me check this pocket. Oh, mints.

[Zoe Saldana]

Really, I'm fine.

[Unknown]

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[Nick]

See t mobile.com for our first story. Yesterday, Apple announced it's turning all of its screens into glass. Liquid glass.

[Jack]

Liquid glass. And here's our take. Apple made its walled garden a little bit more beautiful. But investors don't want roses right now. They want roots.

[Nick]

Ah, the wwdc. Apple's worldwide developer conference. It began yesterday. Jack, what are we looking at with this thing?

[Jack]

It's five days where Apple tells the developer community what they're launching next and how they're updating their software.

[Nick]

Yeah, it's basically the Grammys for gadgets or the Coachella for Cupertino. It's an Irave for your iPhone.

[Jack]

In 2023, the big announcement was the Apple Vision Pro.

[Nick]

In 2024, the big announcement was Apple Intelligence, their take on AI.

[Jack]

Well, in 2025, right now, those two things, the Apple Vision Pro and Apple AI, they both look like busts.

[Nick]

We're not using either of them, are we, Jack? No.

[Jack]

I've seen one person wearing an Apple Vision Pro, and he looks absurd. He's at your office next.

[Nick]

Yeah, he was. And he was actually using his phone to text, not the Apple Vision Pro. So, like, instead of an AI phone with super intelligent Siri, your iPhone kind of feels the same as it did two years ago.

[Jack]

In fact, Apple had to take down an ad they produced showcasing Siri's new features, because those new AI features don't actually exist yet.

[Nick]

Plus, Jack, Apple's under a whole bunch of geojudicial pressure right now, right?

[Jack]

In both the United States and Europe, courts have ruled the App Store is a monopoly.

[Nick]

Oh, and over in D.C. president Trump is threatening to tax the bejesus out of iPhones if they remain made in China.

[Jack]

For all of those reasons, Apple is the worst performer in the magnificent seven group of stocks so far this year. They're down 17% year to date for.

[Nick]

The first time ever. Jack and I had a conversation over the weekend where we considered selling some of our Apple stock. We haven't thought about that in 10 years.

[Jack]

Well, guess what? I wish we had. Because as the event began yesterday, we looked at the stock chart and it fell off a cliff. It's down another 3%. Based on yesterday's news.

[Nick]

$90 billion value gone in nine minutes.

[Jack]

Call Nicolas Cage.

[Nick]

It's gone in 60 seconds. So we know what you're wondering. Yetis, what exactly did Apple announce on day one of their Coachella of Cupertina?

[Jack]

It opened in a surprising, but at the same time, unsurprising style.

[Nick]

Sorry, check. Is that Brad Pitt on the stage of the Apple event?

[Jack]

Here's what happened. Tim Cook did a little cosplay yesterday. He pretended to be Brad Pitt, the F1 race car driver, because of the new movie that's coming out.

[Nick]

Basically, Apple created a fancy movie trailer about F1 to promote their new car racing film that comes out this summer.

[Jack]

But with Apple executives in the place of Brad Pitt.

[Nick]

Okay, here's the problem, though. That, as cool as that was, was the highlight of the event.

[Jack]

And that's a bad sign, because the rest of the presentation was pretty much all about making your Apple screens look like Swarovski crystals. Right, Nick?

[Nick]

Your iPhone, your MacBook, your watch, your iPad, your Apple TV. They will all look prettier the next time you Update your soft.

[Jack]

Because of Liquid Glass.

[Nick]

Liquid Glass.

[Jack]

Liquid Glass is a new design infrastructure going across the entire Apple ecosystem of software.

[Nick]

Yeah, it's gonna make your apps look slightly see through, like no more corners. The bubbles are gonna have rounded edges, little bits of delight.

[Jack]

The first time you update your software, you're gonna be like, oh, this looks kinda cool. And then it's gonna become the new normal.

[Nick]

And the rest of your apps that are pre installed on your iPhone are gonna get slight improvements as well.

[Jack]

Yeah, There were like 60 announcements yesterday. The main one was Liquid Glass.

[Nick]

Now there were rumors Jack and I have been following about Liquid Glass being the software precursor to a new hardware device Apple would launch next year.

[Jack]

After all, next year is Apple's 20th anniversary of the iPhone. Maybe physical glass is coming next year. So I'm gonna have a Glass iPhone.

[Nick]

Jack and I did find two patents related to Glass devices for Apple. More on that for another pod.

[Jack]

But if you were hoping for that or for something bigger, you didn't get it yesterday.

[Nick]

I mean, Jack, Wall street wanted updates on artificial intelligence, and I don't think they got it, did they? Man.

[Jack]

And when they didn't get that either, investors started selling the stock.

[Nick]

So, Jack, what's the takeaway for our buddies over at Apple?

[Jack]

Apple is a beautiful walled garden, but it's becoming a garden without a view now.

[Nick]

Yet if you block out what's happening in the rest of tech, then Apple's walled garden looks pretty wonderful.

[Jack]

I mean, your Apple devices are pretty. They all speak fluently with one another. They make you feel smart. They're connected. Apple products are amazing, let's be honest.

[Nick]

But Apple's walled garden is starting to feel less lovely if you look out the window, because out the window you.

[Jack]

Have Tesla and Google doing what Apple failed to do. Self driving smart cars.

[Nick]

And Meta has gone wild with AI powered everything, including AI glasses that could replace the iPhone.

[Jack]

Look out that window, you see Google and Microsoft building nuclear power plants to power their massive artificial intelligence infrastructure for the future.

[Nick]

Oh, and just last week, Amazon built an entire park for humanoid robots to practice delivering packages.

[Jack]

So what's wrong with Apple? Maybe it's their obsession with privacy that's part of the problem.

[Nick]

True, true, true.

[Jack]

It's stifling their ability to innovate quickly.

[Nick]

Or, Jack, maybe Apple's just fallen into the trap of bureaucracy as a $3 trillion company.

[Jack]

Either way, the way Nick and I see it, Apple is a wonderful walled garden. But relatively speaking, this garden's starting to look a little mid.

[Nick]

For our second Story with summer wedding season here, we want to talk about a business nearly as big as the wedding itself. The bridal party industrial complex.

[Jack]

We just got the numbers on bachelor and bachelorette parties. And spoiler, guys splurge more than girls do.

[Nick]

Last call for mall. Final pour for Eleanor. Hot mess for Jess.

[Jack]

Those are phenomenal bachelorette hashtags I've been.

[Nick]

Collecting over the last few years. Jack Yetis after 728 back and forth. Reply all emails. You are officially back from the weekend.

[Jack]

Bachelorette party, which means you just finished off Venmo Monday. You had to settle up for all the expenses of last weekend's bachelorette activities.

[Nick]

We gotta talk about those numbers because the bachelorette party business has become a full, full on industrial complex. We're talking nearly a billion dollars in value a year.

[Jack]

In the past, it wasn't a bachelorette industrial complex. In the past, a bachelor or bachelorette party was just like one night out on the town, at a restaurant, in a bar.

[Nick]

But because of the macro factors of social media, friend groups spread out, working from home, everyone is now flying to a destination. In fact, destination batches are up 78% in the last six years.

[Jack]

It's a huge commitment. You have to take off a day of work, maybe two days off to go to that trip to Madrid that you got invited to.

[Nick]

Yeah, PTO is for your buddies. Which is why big money, venture capital money is moving into the bachelorette party industry.

[Jack]

There's an app called Bach app that Nick and I didn't use for our bachelor parties, but they just raised $10.

[Nick]

Million from VC and the business Scottsdale batch is doing a million bucks a year in revenue, which is five employees.

[Jack]

They're just helping organize bachelor and bachelorette parties.

[Nick]

So even though a civil war erupted over the decision between Pilates and bottomless brunch, this remains the mini festival of loyalty for most of America. So Yeti's Jack and I were fascinated and noticed that Business Insider crunched some numbers on this bachelor party industrial complex.

[Jack]

And shocker, prices are up faster than inflation.

[Nick]

Yeah, 1,400 bucks is the price the average person pays for one of these parties. That's up 50% since 2019.

[Jack]

Now, women, interestingly, put more money into, like, the gear, the custom gear for the bride.

[Nick]

You need the custom Etsy sign in order to properly christen the bachelorette house.

[Jack]

But men spend more money overall at bachelor parties, spending 1,500 bucks per guy on average.

[Nick]

And why exactly is it we're spending so much on our end, Jack?

[Jack]

Couple reasons first, men are more likely to stay in costly cities for the party, like New York or Las Vegas, and they're more likely to book hotel rooms, not a shared house.

[Nick]

While women are more likely to do rural retreats and share an Airbnb. Getting ready together.

[Jack]

Shocker. The gambling and golf weekend in Las Vegas cost more than massage weekend in Palm Springs.

[Nick]

But interestingly, regardless of gender, getting the invite to a Bach party could be the source of financial stress. In fact, the numbers show it is.

[Jack]

One out of ten who attend a batch party spend over $3,000 for the weekend, and one out of three go into debt to pay for the event.

[Nick]

Plus, you opened up a whole Chase Sapphire card just to book the pink Barty bus down in Nashville.

[Jack]

I am thrilled you're getting married. I borderline hope not to get invited to the party.

[Nick]

So, Jack, what's the takeaway for our buddies? Who are everyone doing Venmo Monday after a Bach party?

[Jack]

The greatest gift you can give to your bridal party is a spreadsheet.

[Nick]

Yetis, Jack and I have done dozens of bachelor parties. At this point, they're starting to slow down a bit, but they're still in the cards.

[Jack]

One takeaway we've had. When invitations go out, put the prices clearly up front.

[Nick]

The burden is on the organizer, often the best man or the maid of honor. And it's that little extra burden to share the prices ahead of time that's so critical. Clear is kind.

[Jack]

We're not just talking about the total price of the Airbnb. Add in the total prices of all the stuff that's planned for, and include the estimated meal cost, too.

[Nick]

Because at the prices we're talking about here, you need every item itemized. The house is 3,000. The boat rental is 1,000. Expect to send 150 bucks a day on meals and drinks, too.

[Jack]

That way, with all that transparency, if the person can't go, they can clearly say, Timmy, I'm sorry, 3,000 bucks is out of my budget.

[Nick]

And at an average price of $1,400 per person, that's a fair excuse.

[Jack]

And if they can go, they can afford it. Then they'll feel less stressed out about the uncertainty of what it might actually end up costing.

[Nick]

Because when it comes to the bachelor party, be clear up front about the prices, because clear is kind.

[Jack]

The greatest gift you can give to your bachelor party is a spreadsheet.

[Nick]

Now, a quick word from our sponsor.

[Jack]

The best one yet is sponsored by BetterHelp.

[Nick]

All right, Jack, let me set the scene for you. My birthday dinner we did a pizza party. I rented out a whole spot called the Dough Room in San Francisco. You mess with the pizza dough while you make it.

[Jack]

I know. And then what comes next is the most San Francisco thing ever. Basically group therapy over dinner.

[Nick]

So all three people on my side of the table were in therapy and all of us were talking about each other's therapy. You know, like one person was saying how their therapist helped them through a coworker battle. Another was talking about, like, the future of fatherhood with their therapist. They were stressed about becoming a dad.

[Jack]

It's not just San Francisco. Society's views on therapy have changed across the world.

[Nick]

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[Nick]

For our third and final story. Just three years after merging, Warner Bros. Discovery is breaking up the band.

[Jack]

Because Bad Bunny and Bob Dylan are independently great, but combined they stink.

[Nick]

Bugs Bunny, Porky Pig, Daffy Duck, Looney Tunes.

[Jack]

I forget about Looney Tunes.

[Nick]

I do too, Jack. Maybe because over the last 100 years, Warner Bros. Looney Tunes have become the Pepsi to Disney's Coke.

[Jack]

And Coke is beating Pepsi in this Looney Tunes versus Disney situation.

[Nick]

So in 2021, AT&T, the owner of Warner Bros. Announced it was gonna spin off Warner Bros. And instead merge it with Discovery.

[Jack]

The resulting company has been called Warner Bros. Discovery. They own movie studios, streaming services and TV networks.

[Nick]

But here's the problem. Besties. Since combining, that business has gotten smaller and smaller and smaller. And the stock price has gotten down and down and down.

[Jack]

Which leads to the news. Warner Brothers Discovery is now unmerging three years after merging to try out something new.

[Nick]

Yetis. We're talking about the company that launched CNN and then shut it down and then launched it again.

[Jack]

We're talking about the company that rebranded HBO Max to Max and then went back to HBO Max again.

[Nick]

We're talking about the company that canceled an already filmed Batgirl movie because they wanted a tax break.

[Jack]

All those ridiculous reversals they did in just the last three years. But that company's now getting split up.

[Nick]

In fact, as Jack and I looked at this demergering of a big company, we noticed There are only two winners in the saga. Right?

[Jack]

First is JPMorgan Chase. That investment bank advised on both sides of this deal.

[Nick]

JP Morgan collected tens of millions of dollars on the merger, and now they're gonna get tens of millions of dollars on the split up.

[Jack]

The other winner is the CEO, David Zaslav. He's the top media mogul in Hollywood despite his company shrinking revenues for eight straight quarters.

[Nick]

But besties, this is what Jack and I found fascinating about this story. Once this mega media business is separated, it's going to make a lot of really important sense.

[Jack]

Here's why it makes sense. You're going to end up with an old company and a new company.

[Nick]

Now, the old company is called Global Networks, the TV channels that feed into old school cable bundles.

[Jack]

Global Networks is going to include all the old stuff. They're going to have the businesses of tnt, CNN, and the Discovery Channel.

[Nick]

They're all profitable, but they're all shrinking as the cable business dies off.

[Jack]

The new company is going to be called Streaming and Studios. It'll include Warner Brothers TV and movie studios, DC Comics and hbo.

[Nick]

Yeah, kind of all the good stuff, Jack. We're talking Superman, Game of Thrones, White Lotus, Harry Potter. That's all in the new business.

[Jack]

All the exciting stuff that's still growing and still driving subscribers.

[Nick]

So we know what you're thinking, Besties. Why is Warner Brothers Discovery splitting off the good young stuff from the old.

[Jack]

Bad stuff and putting them into two companies that have their own separate stocks?

[Nick]

The reason is our takeaway. That is all, folks. So, Jack, what's the takeaway for our buddies over at Warner Picture Bad Bunny and Bob Dylan?

[Jack]

Separate, they have value. Together they stink.

[Nick]

Yetis the creation of an old company and a new company. It actually goes back decades in American finance. We've seen it before.

[Jack]

Sometimes it's called a bad company and a new company. And the reason is that assets can be individually good, but bad when they're combined.

[Nick]

And here's the way Jack and I think about it. Bob Dylan is a musical legend. He's still making money, but he's older. And he's not growing. He doesn't have new stuff.

[Jack]

On the other hand, Bad Bunny is young. He's growing fast, he's exciting, and he's got his future ahead of him.

[Nick]

Now, both of these artists have value separately, but if they were forced to collab with each other, that wouldn't sound very good.

[Jack]

The towns, they're changing in a weird direction. If they had to merge.

[Nick]

Yeah, because one plus one usually equals two. But forcing two things together that don't belong together. Well, one plus one can equal zero.

[Jack]

Investors don't want to own stock in a company that has both a streaming.

[Nick]

Business, a growth business, and cable tv, a shrinking business.

[Jack]

So Warner Bros. Discovery is splitting its young and growing business from its old and shrinking one.

[Nick]

Just like Bad Bunny and Bob Dylan separate, they have value, but together, they kind of stink.

[Jack]

Now that's all, folks.

[Nick]

Jack, could you whip up the takeaways for us for T boy Tuesday.

[Jack]

Yesterday, Apple unveiled Liquid Glass, a new software design that makes all the apps look prettier.

[Nick]

Apple's walled garden is beautiful, but don't look out the window because you'll be jealous of what the rest of tech is working on.

[Jack]

For our second story, the Bridal Industrial Complex is a nearly $1 billion a year business. It's 1,300 bucks per bachelorette, 1500 bucks per bachelor.

[Nick]

But remember, the best gift you your wedding party is a spreadsheet.

[Jack]

And our third and final story is Warner Brothers Discovery. They're splitting up just three years after their big merger.

[Nick]

Like Bad Bunny and Bob Dylan. Separately they have value, but combined they stink.

[Jack]

But yetis, this pod's not over yet. Here's what else you need to know today.

[Nick]

First, lab grown salmon just got FDA approval and has hit the their first restaurant up in Portland, Oregon.

[Jack]

It's the first ever FDA approval for a lab grown fish. And it went to Wild type. A San Francisco based scientific food company.

[Nick]

Yeah, they use real salmon tissue to multiply the meat in a lab. And they're aiming to fight global food scarcity. Leo DiCaprio actually, of course DiCaprio invested.

[Jack]

And second, Gemini, the crypto business confidentially filed to IPO. They're trying to ride the coattails of Circle which had such a good IPO last week.

[Nick]

The Winklevoss are going to be the Winklevi baby.

[Jack]

Remember the Winklevoss twins, the guys who suffered the original Zucking. Yeah.

[Nick]

Mark Zuckerberg took their social media idea and started Facebook.

[Jack]

But now they're crypto guys.

[Nick]

And finally, the newest dating app we've seen launch is LoveJack. It's a new dating app that gives you just five words to convince the other person you're worth a date.

[Jack]

That's right. Your profile is just one picture and five words. That's it. You get to update those five words every day. So say something clever.

[Nick]

Yeah. Jack and I have been tracking this new trend of niche dating apps. And basically, this is more of a test of your creativity than anything else.

[Jack]

What's important is that you're concise and clever, not like, cute or chiseled.

[Nick]

Now, time for the best fact yet. This one sent in by a couple of buddies up in Seattle, Washington.

[Jack]

Amazon has the world's largest internal LGBTQ employee support group.

[Nick]

And now, you may not be shocked by that, because Amazon is the largest employer of human beings in America, but the details of this group are pretty cool.

[Jack]

Well, first of all, they call themselves Glamazon.

[Nick]

Yeah, yeah, you gotta brand this thing. That's lesson number one if you're working there.

[Jack]

It also started back in 1999 by just a handful of employees. But Today, Glamazon spans 60 countries with 40,000Amazon employees.

[Nick]

Yetis, you look fantastic today. And if you want to hear about the rise, fall, and in our opinion, rise again of the Beanie Baby, we got the perfect thing for you to listen to right now.

[Jack]

We got a link in the episode description to listen to. The best idea yet. 45 minutes on the wild ride of Beanie Babies.

[Nick]

Okay, this guy Ty. This is insane. Wait to hear what Ty does. He actually was a used vacuum salesman who becomes a Beanie Baby billionaire. What a story.

[Jack]

And his best trick as a used vacuum salesman.

[Nick]

That's so good.

[Jack]

When the guy opens the door, after he knocks on the door, he'd toss a handful of dirt onto the floor and then vacuum it up. Lodge to show he's that good a salesman.

[Nick]

That's all part of the Beanie Baby story. Enjoy the best idea yet, and Jack and I will see you tomorrow.

[Jack]

And don't mention Bucky the Beaver, for Nick's sake.

[Nick]

And before we go, a shout out to YETI Chad Geyer in Grand Rapids, Michigan, who had a correction for the pod.

[Jack]

If you enroll in a 401k, just know that the whole withdrawal is taxed, not just the gains. Cause it wasn't taxed in the first place.

[Nick]

And a Happy birthday to Yeti Anna Hower. Howlin turning 30 years old in Minneapolis. Crushing it as a brand new mom. Congratulations, Anna.

[Jack]

Let's see some pics of baby Olivia.

[Nick]

And Matthew Conway. Happy 9th birthday over in Excelsior, Minnesota. An engineer in training right here.

[Jack]

Happy anniversary to Peter and Katie celebrating 11 years together. They're getting married next June and we met these two at our Seattle live show.

[Nick]

And a shout out to yeti's Erom Alisma and Ward Almajid who are both listening to T boy in the 110 degree heat of Katif, Saudi Arabia. We got your back guys. We hope you got some air conditioning.

[Jack]

And finally, congratulations to Hadley and Nate for an epic year of school. Today's your last day. Hey, crush it. Down in Southern Cal, this is Jack. I own stock of Amazon and Disney. Nick and I both own stock of Airbnb and Apple. And we both own some bitcoin.

[Nick]

Bitcoin name pen.

[Jack]

If you like the best one yet, you can listen ad free right now by joining Wondery and the Wondery app or on Apple Podcasts.

[Nick]

Prime members can listen ad free on Amazon Music.

[Jack]

And before you go, tell us a little bit about yourself by filling out a short [e-mail] survey we want to.

[Nick]

Get to know you.

[Unknown]

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