Starboard Reveals Shake Shack Stake | Bloomberg Deals 8/5/2026

A weekly, midday program that delivers high-impact, editorially driven coverage of the most important corporate transactions shaping the global market. Today's guests: Starboard CEO Jeff Smith, Salesforce Ventures Managing Director Emily Zhao, Dell Technologies Capital Managing Director Daniel Doctor, Breakout Ventures Co-Founder & Managing Partner Julia Moore, White & Case Global Co-Head of M&A Kimberly Petillo-Décossard, and DGB Investments Founder Douglas Bergerson. Chapters: 00:00:00 - Bloomberg Deals opens 00:01:34 - Paramount–Warner Bros. Merger Lawsuit Heads to Trial 00:02:32 - AstraZeneca & Bristol Myers: Pharma Mega-Deal Rumors 00:04:05 - P&G Buys Thorne in $3.8B Supplements Deal 00:05:10 - Polymarket Eyes $1B Fundraise at $20B Valuation 00:07:45 - Apollo's Record Fees & The Private Capital Boom 00:10:20 - Starboard CEO Jeff Smith Interview 00:11:04 - Why Starboard Is Buying Shake Shack 00:13:08 - No Turnaround Needed? The Shake Shack Growth Thesis 00:15:31 - Should Shake Shack Franchise in the U.S.? 00:17:28 - Weston Holdings & Restaurant Supply Chain Investments 00:18:58 - CarMax Turnaround Progress 00:21:08 - Investing Through Market Volatility 00:22:37 - Investment Committee Preview 00:23:12 - AI Venture Funding Rebounds on Mega-Rounds 00:24:04 - Investment Committee: Where AI Investors Are Deploying Capital 00:34:49 - White & Case’s Kimberly Petillo-Décossard Interview 00:35:23 - The Race for Scale in AI & Energy 00:36:55 - Cross-Border M&A Trends 00:37:36 - How Volatility Is Changing Boardroom Decisions 00:38:22 - Outlook for Dealmaking in 2026 00:39:33 - Activist Investor Targets Ethan Allen 00:40:10 - Why Ethan Allen Is a "Melting Ice Cube" 00:41:44 - Why Replace the Entire Board? 00:42:57 - Can Ethan Allen Be Turned Around? -------- More on Bloomberg Television and Markets Like this video? Subscribe and turn on notifications so you don't miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9 Visit http://www.bloomberg.com for business news & analysis, up-to-the-minute market data, features, profiles and more. Connect with Bloomberg Television on: X: https://twitter.com/BloombergTV Facebook: https://www.facebook.com/BloombergTelevision Instagram: https://www.instagram.com/bloombergtv/ Connect with Bloomberg Business on: X: https://twitter.com/business Facebook: https://www.facebook.com/bloombergbusiness Instagram: https://www.instagram.com/bloombergbusiness/ TikTok: https://www.tiktok.com/@bloombergbusiness?lang=en Reddit: https://www.reddit.com/r/bloomberg/ LinkedIn: https://www.linkedin.com/company/bloomberg-news/ More from Bloomberg: Bloomberg Radio: https://twitter.com/BloombergRadio Bloomberg Surveillance: https://twitter.com/bsurveillance Bloomberg Politics: https://twitter.com/bpolitics Bloomberg Originals: https://twitter.com/bbgoriginals Watch more on YouTube: Bloomberg Technology: https://www.youtube.com/@BloombergTechnology Bloomberg Originals: https://www.youtube.com/@business Bloomberg Quicktake: https://www.youtube.com/@BloombergQuicktake Bloomberg Espanol: https://www.youtube.com/@bloomberg_espanol Bloomberg Podcasts: https://www.youtube.com/@BloombergPodcasts