In this week’s Market Maker Podcast M&A episode, we break down the biggest deals moving markets right now. We start with Axel Springer’s $770 million acquisition of the Daily Telegraph, the proposed Airbus–Leonardo–Thales space merger aimed at competing with SpaceX, and the latest developments in the Monte dei Paschi–Mediobanca deal. We also discuss a new take-private bid for Papa John’s and a recent investment into AmplifyME.
We then dive into the rapid rise of prediction markets like Kalshi and Polymarket. These platforms allow users to trade contracts on real-world outcomes—from crypto prices and politics to economic events. With valuations potentially approaching $20 billion, we explore how prediction markets work, why hedge funds are beginning to exploit arbitrage opportunities, and whether this could evolve into a new financial market infrastructure or remain a controversial betting niche.
Chapters
(00:00) Introduction
(01:18) Axel Springer Buys the Telegraph
(05:11) European Space Merger vs SpaceX
(06:52) Monte dei Paschi–Mediobanca Deal
(07:24) Papa John’s Take-Private Bid
(10:27) AmplifyME Investment Explained
(13:33) What Are Prediction Markets?
(20:06) Prediction Market Size
(22:52) Who Built Polymarket & Kalshi?
(29:02) Hedge Funds Enter Prediction Markets
(32:49) Market Manipulation Risks
(38:42) Regulation & Legal Risks
(41:51) The Bull Case for Prediction Markets
(42:43) The Bear Case for Prediction Markets
(46:01) Final Thoughts
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