Business Wars

The AOL Time Warner merger is done. Now Jerry Levin and Steve Case must deliver on the bold promises. But will disharmony in the ranks and slumping ad sales be the undoing of the merger — or was the entire deal doomed from the start?

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When AOL and Time Warner find a way around their differences, the biggest merger in history is on. But when rivals attack and tech stocks meltdown, AOL finds it must meet Wall Street expectations or watch its mega-deal derail.

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It’s 1999 and America Online’s the hot stock of the dot.com boom. But when AOL’s CEO Steve Case gets nervous about the future, he settles on a bold plan: to buy media giant Time Warner in the biggest merger in U.S. history.

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Elon changes Twitter's algorithm to make himself king of the hill, but can he protect himself from public opinion?

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Elon goes on a banning spree. And even his most ardent supporters find themselves asking, is the battle over Twitter worth it?

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After Elon decimates the workforce in one fell swoop, chaos reigns supreme. Will Elon's dreams for a free and open Twitter turn into everyone's worst nightmare?

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Elon Musk seals his purchase of Twitter with a tweet: ""The bird is freed."" But everyone inside of Twitter soon starts to worry, will the bird soon be dead?

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Elon Musk makes the Twitter board an offer they can’t refuse — a $44 billion offer, to be exact. But this won’t be an easy marriage. No sooner does Twitter accept than Elon starts raising doubts. Publicly, Elon can’t help taking shots at Twitter and its leaders, sending their stock into a spiral. And it’s the everyday employees of Twitter who are stuck in the blast radius.

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Twitter is at a crossroads. Its founder, Jack Dorsey, has stepped down from his role as CEO. The social media heavyweight is also under fire for alleged bias, censorship, and the roving army of bot accounts wreaking havoc on the site. In this moment of crisis, the only would-be savior to step up is also one of Twitter’s harshest critics: Elon Musk.

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It’s late 2003 and LEGO’s turnaround strategy has failed. It’s hurtling towards bankruptcy. Its only hope now is a three-man shadow leadership team. And they’re about to learn that the problems at LEGO go way deeper than anyone thought.

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It’s early 1997, and after decades of success, LEGO is rocked by a sudden collapse in its profit. To recover, the Danish toy manufacturer jacks up its innovation efforts. But can it deliver a company-saving idea in time?

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Just when it looked like 23andMe was selling to Regeneron Pharmaceuticals, founder Anne Wojcicki placed a bid through her new nonprofit in an attempt to win it back at the eleventh hour. Lila MacLellan, Senior Writer at Fortune, joins David to discuss Wojcicki’s leadership style, and what the new version of 23andMe might look like under her control. Later, Alexi Horowitz-Ghazi of NPR’s Planet Money shares what happens to people’s sensitive health data when the company holding that information files for bankruptcy — and how consumers can protect themselves.  

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Plagued by low sales of its genetic tests, 23andMe adopts a bold new plan: slash prices and enter the pharmaceutical industry. But with investors nervous, can CEO Anne Wojcicki keep the show going long enough to make her DNA dream pay off?

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When Silicon Valley power-player Anne Wojcicki sees gold in genetics, she forms 23andMe. She wants to bring genetic testing to the masses. But behind the hype and celebrity endorsements, can she build a company that’s selling more than just an expensive novelty product? 

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After AT&T takes over Time Warner in 2018, the media company decides it's time to enter the streaming wars. They don’t have the brand recognition that Disney has, but they do have HBO, considered the most prestigious cable television on the market. But transforming a niche brand like HBO into a broad-based streaming service is a massive marketing challenge — made even harder by the Covid lockdowns. Meanwhile, the head of a low-brow cable empire has his eye on Warner Media as an acquisition.  

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After Netflix poaches Shonda Rimes, one of the most successful television producers on ABC, a Disney-owned network, Disney decides it can’t just sit back and let Netflix keep eating into their market share. Disney CEO Bob Iger decides that Disney is going to launch its own streaming service, Disney+, in 2019. With its strong brand loyalty and vast library of content, Disney seems poised to give Netflix a run for its money. But upending its entire business model is complicated and a messy leadership transition adds even more drama to Disney’s attempt to dominate streaming. 

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In 2017, Netflix stuns Hollywood by paying television producer Shonda Rhimes an unprecedented amount of money to develop shows exclusively for the streamer. The move announces Netflix as a true rival to the legacy studios and kicks off the streaming wars. But when the business takes a sudden turn after the pandemic, Netflix is forced to make some key pivots to remain at the head of the pack.

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Starbucks might be number one in market share, but the competition over coffee is hot. In one corner, you’ve got the New England-based fan favorite Dunkin, with their no-frills vibe and celebrity boosters. In the other, you’ve got the up-and-comers: drive-through only chains like Dutch Bros and Seven Brew that have become popular among younger consumers and on-the-go customers. Comedian (and lifelong Dunkin fan) Josh Gondelman joins David to talk about the reign of Dunkin in Massachusetts and beyond. Later, Sam Oches of Nation’s Restaurant News joins David to shed some light on the newer drive-through brands and whether they can outshine Starbucks and Dunkin. 

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It’s 2023 and Howard Schultz’s hand-picked successor as CEO is facing trouble. While employees are voting to unionize, competitors are targeting Starbucks’ perceived weaknesses. Dunkin’ and others are beating Starbucks on price, while McDonald’s hopes to beat Starbucks on speed of service. Starbucks’ bottom-line breaks under that pressure. When it does, Schultz turns against his successor, leading Starbucks’ board to search for yet another leader. The new boss has a new plan, but it sounds old: Turn Starbucks back into the kind of community coffeehouse that Howard Schultz originally built. 

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It's 2021 and Starbucks workers are experiencing post-pandemic exhaustion. For the first time, baristas and others seem poised to vote to form a union. To head that off, Starbucks legendary CEO, Howard Schultz, comes out of retirement. He promises to lead Starbucks back to its employee-friendly, community coffeehouse roots. But workers aren’t buying it. Soon, Schultz will be called to the carpet in Congress. The nation’s top coffee chain is in an existential crisis. 

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After a stock market shakeout stunts Whole Foods’ growth, co-founder John Mackey finds himself struggling to protect the grocery store chain from circling predators. And he knows if he loses this battle, everything he worked to build could be cast aside.

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CEO John Mackey is on a mission to take Whole Foods national. But he is about to run into major opposition. And to succeed in his quest, he must face down rebellious employees, ambitious rivals, animal rights activists and his own father.

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When Texas hippie John Mackey opens an organic supermarket, he gets high on running a business. But when his ambitions sink its profits, sparks fly between him and his co-founders. They clash over the question of whether to chase a bigger dream or enjoy the money they’re already making.

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Not everything you buy from the dollar store is going to be a winner, and Wirecutter editor Annemarie Conte knows this firsthand. Today, Annemarie joins David to share tips for shopping smarter at these discounters, and which items you should probably leave on the shelf. Later, David investigates dupes — cheaper, nearly identical versions of popular products — with Chantal Fernandez of The Cut. Dupes are generating a lot of hype online, and as Chantal recently reported, no retailer has gotten more buzz than Quince. Find out how the brand operates, why it’s taken off, and whether it can last in this age of tariffs. 

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After 10 years of rapid growth, the dollar stores hit big trouble. Rats, burglars, unhappy workers, online agitators and inflation erode their profits. And a new online dollar store makes inroads. Can they survive these existential threats?

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We’re exploring how dollar stores went from Wall Street darlings to the problem children of the stock market. But first, we track how a re-energized Dollar General figures out how to make billions from small change, and its nearest-rival Family Dollar becomes a takeover target. But can Dollar General’s CEO steer the family business into the right hands?

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For over a decade, reality star Kim Kardashian was one of Spanx’s biggest boosters. She frequently spoke of wearing the product on the red carpet and on her social media pages, even if she was cutting it, dying it, and sewing multiple pieces together to make it work for her. And in 2017, she decides that’s time to take her deep knowledge of shapewear and start her own company to rival Spanx. Going after the industry leader is no sure bet, but Kardashian has fame and fortune on her side.  

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In 1998, a young office equipment sales rep named Sara Blakely can’t find anything to wear under a pair of tight fitting white pants. Everything she tries on makes her feel unattractive. In a moment of inspiration, she cuts off the feet of a pair of pantyhose, saving the outfit and the day. She realizes she’s not the only woman who might like a product like this, so she takes her modest life savings and invents a product that changes an entire industry. 

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Chain restaurants are making a comeback — from Chili’s to Red Lobster, the spots we once passed over are cool once more. But why? Is it due to TikTok? Inflation? Millennial nostalgia? Eater reporter Amy McCarthy joins David to explore the recent ‘chain-aissance’ and whether it can help revive Red Lobster. Later, Jordan Myrick, host of the grocery review site Sporked, tastes some storied Red Lobster offerings to find out if its foray into freezer aisles has paid off. Biscuits, anyone? 

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Red Lobster’s new owners dream up a bold plan to revitalize the chain. And they’ve got a Hail Mary — the lure of endless shrimp. But they’ve failed to recognize just how much shrimp Americans can down in one sitting. Celebrities and TikTokers send up a rallying cry to save the chain — but is it enough?

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Red Lobster redefined American dining habits by making seafood accessible to people living outside the coasts. But its heyday didn’t last. Casual observers believe Red Lobster’s demise was an open-and-shut case of an all-you-can-eat deal backfiring. But there are plenty of other suspects. And as America’s #1 seafood restaurant chain fights to keep its head above water, it must reckon with whether it can trust Wall Street’s offer of a lifeline.

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President Biden signs a law giving ByteDance until January 2025 to divest from TikTok or the app will be banned in the United States. TikTok decides to fight the law in court. Then the case goes all the way to the Supreme Court. But the company’s best hope to overturn the law lies in the outcome of the 2024 election — or so it thinks.

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TikTok realizes its attempts to prove to American lawmakers that the Chinese government doesn’t have access to American user data aren’t working, and they need to change tactics. Becoming more aggressive in their lobbying, TikTok taps into the millions of Americans who use the app to urge lawmakers not to ban TikTok. But their efforts come up short.  

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TikTok scrambles to respond to President Donald Trump’s executive order requiring ByteDance sell the app to keep TikTok operating in the U.S. But the election of Joe Biden in November 2020 offers the company a brief reprieve. TikTok works to make a deal with the new administration, but reports come out that TikTok may not have been completely honest about the privacy of American user data, jeopardizing their status in the country yet again.

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In 2018, Chinese tech company ByteDance launched TikTok in the United States, determined to make the app one of the top entertainment platforms in the country. And by spring 2020, ByteDance achieved its goal, thanks, in part, to a global pandemic that sees people spending more time on their phones. But while TikTok faces competition from other social media sites, its greatest threat is the U.S. government. Lawmakers worry the e Chinese-owned app is a serious national security risk and a growing faction is determined to take it down. 

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Listen to Business Wars on the Wondery App or wherever you get your podcasts. Experience all episodes ad-free and be the first to binge the newest season. Unlock exclusive early access by joining Wondery+ in the Wondery App or on Apple Podcasts. Start your free trial today by visiting wondery.com/links/business-wars/ now.

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Would you fly on a Boeing 737-Max plane? Ed Pierson won’t. He’s a former Boeing senior manager who blew the whistle on safety concerns with the 737-Max project. Today, Ed is the Executive Director of the Foundation for Aviation Safety, and he joins David to discuss Boeing then and now, and where it all went wrong. 

Later, Sharon Terlep, aerospace reporter for the Wall Street Journal, dives into the company’s future, discussing the billion dollar question: can Boeing bounce back? 

Warning Bells podcast with Ed Pierson: https://www.edpierson.com/podcast

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With losses from the 737 Max scandal spiraling into the billions, Boeing’s new CEO Dave Calhoun is looking to bring the crisis to a swift end. But he’s about to face major headwinds. Headwinds that threaten to destroy the entire company.

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Listen to Business Wars on the Wondery App or wherever you get your podcasts. Experience all episodes ad-free and be the first to binge the newest season. Unlock exclusive early access by joining Wondery+ in the Wondery App or on Apple Podcasts. Start your free trial today by visiting wondery.com/links/business-wars/ now.

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Boeing scrambles to improve its bestseller, the 737, as its competitor Airbus brings an upgraded rival plane to market. To create the 737 MAX, Boeing has to figure out a way to fit modern jet engines onto the 737’s aging airframe. When the MAX encounters problems, Boeing then creates a computer system to fix them. But their lack of transparency with both regulators and pilots will backfire badly. 

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Listen to Business Wars on the Wondery App or wherever you get your podcasts. Experience all episodes ad-free and be the first to binge the newest season. Unlock exclusive early access by joining Wondery+ in the Wondery App or on Apple Podcasts. Start your free trial today by visiting wondery.com/links/business-wars/ now.

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It’s the late 1990s and the seeds of Boeing’s business disaster are being sown. An aerospace mega-merger and fierce competition from its chief rival Airbus are about to transform Boeing in ways that will lead to tragedy.

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Listen to Business Wars on the Wondery App or wherever you get your podcasts. Experience all episodes ad-free and be the first to binge the newest season. Unlock exclusive early access by joining Wondery+ in the Wondery App or on Apple Podcasts. Start your free trial today by visiting wondery.com/links/business-wars/ now.

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In this special episode, we're taking you behind the scenes of the show. We'll delve into how we chose our host and how the first season got off the ground. Then we'll explore how we bring the story to life with sound. And comedian Josh Gondelman will give David Brown a bit of a grilling. Plus, David reflects on a listener's message. 

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Listen to Business Wars on the Wondery App or wherever you get your podcasts. Experience all episodes ad-free and be the first to binge the newest season. Unlock exclusive early access by joining Wondery+ in the Wondery App or on Apple Podcasts. Start your free trial today by visiting wondery.com/links/business-wars/ now.

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It’s 2019 and after another deadly plane crash, Boeing finds its reputation and business in free fall. Its best-selling passenger jet, the 737 Max, is forced out of the skies and the company is forced to reckon with its mistakes.  

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Listen to Business Wars on the Wondery App or wherever you get your podcasts. Experience all episodes ad-free and be the first to binge the newest season. Unlock exclusive early access by joining Wondery+ in the Wondery App or on Apple Podcasts. Start your free trial today by visiting wondery.com/links/business-wars/ now.

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TikTok gift guides and social media shopping platforms changed the game this holiday season. So how much did shoppers spend — and where did they make those purchases? Hint: it definitely wasn't Target. David is joined by Jordyn Holman, retail reporter for The New York Times, and Kitty Guo, a writer for The Strategist covering gifting, to find out how shopping habits shifted in 2024.

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Listen to Business Wars on the Wondery App or wherever you get your podcasts. Experience all episodes ad-free and be the first to binge the newest season. Unlock exclusive early access by joining Wondery+ in the Wondery App or on Apple Podcasts. Start your free trial today by visiting wondery.com/links/business-wars/ now.

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Bob Iger has held the keys to the Disney castle since 2005. The last time this larger-than-life CEO tried to leave, an entire proxy battle broke out under the nose of his successor. Now, with Iger’s contract up in 2026, the entertainment industry (and Wall Street) are wondering who — and what — will come next. Sean McNulty, co-host of The Ankler Podcast, joins David to break down Disney’s next steps, and whether Iger can finally land the plane on his successor. 

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Listen to Business Wars on the Wondery App or wherever you get your podcasts. Experience all episodes ad-free and be the first to binge the newest season. Unlock exclusive early access by joining Wondery+ in the Wondery App or on Apple Podcasts. Start your free trial today by visiting wondery.com/links/business-wars/ now.

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When CEO Bob Iger fails to reassure Wall Street about his plans for Disney’s traditional TV operations, Nelson Peltz seizes the chance to launch a fresh attack on the Magic Kingdom. And this time, he won’t back down.

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Listen to Business Wars on the Wondery App or wherever you get your podcasts. Experience all episodes ad-free and be the first to binge the newest season. Unlock exclusive early access by joining Wondery+ in the Wondery App or on Apple Podcasts. Start your free trial today by visiting wondery.com/links/business-wars/ now.

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It’s 2022 and Disney is in trouble. The combined forces of pandemic shutdowns, box-office bombs and political missteps have hammered Disney’s stock price. Marvel’s jilted former boss sees an opportunity. He allies with billionaire investor Nelson Peltz to plot a boardroom coup.

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Listen to Business Wars on the Wondery App or wherever you get your podcasts. Experience all episodes ad-free and be the first to binge the newest season. Unlock exclusive early access by joining Wondery+ in the Wondery App or on Apple Podcasts. Start your free trial today by visiting wondery.com/links/business-wars/ now.

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Is nostalgia alone enough to keep Chuck E. Cheese afloat in 2025? As the chain continues to crawl its way out of bankruptcy, they’ll need to win over the next generation of kids — or perhaps, their parents — to keep the arcade lights on. Ben Coley of the trade publication QSR Magazine joins David to discuss how Chuck E. Cheese is making money these days, and whether they’ll be able to stick it out for another 50 years. Later, Ross Brakman of the American Treasure Tour Museum shares the origins of the animatronic bands that came to define Chuck E. Cheese and ShowBiz Pizza Place all those years ago — and the love that adults and kids across the world still have for these characters.

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Listen to Business Wars on the Wondery App or wherever you get your podcasts. Experience all episodes ad-free and be the first to binge the newest season. Unlock exclusive early access by joining Wondery+ in the Wondery App or on Apple Podcasts. Start your free trial today by visiting wondery.com/links/business-wars/ now.

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It’s 1982, and after months of bitter fighting, Nolan Bushnell of Chuck E. Cheese’s Pizza Time Theater and Robert Brock of ShowBiz Pizza Place finally strike a legal truce. With the video game market crashing and the novelty of their brands fading, Chuck E. Cheese faces mounting debt and is forced to file for bankruptcy. ShowBiz Pizza, also feeling the economic strain, realizes their only chance to survive is by merging with their former rival. But is combining forces enough to revive these ailing businesses? 

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Listen to Business Wars on the Wondery App or wherever you get your podcasts. Experience all episodes ad-free and be the first to binge the newest season. Unlock exclusive early access by joining Wondery+ in the Wondery App or on Apple Podcasts. Start your free trial today by visiting wondery.com/links/business-wars/ now.

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It’s 1976, and Atari founder Nolan Bushnell is on a mission to launch a family arcade disguised as a pizza parlor. He comes up with a name that’s impossible not to smile at—“Chuck E. Cheese”—and combines pizza, video games, and animatronic entertainment. The chain quickly becoming the go-to destination for a generation of American kids. And as business takes off, hotel mogul Robert Brock sees the potential to franchise, but after feeling misled by Bushnell, he demands their contract be torn up. Brock goes on to create a rival chain called ShowBiz Pizza Place, pitting his bear mascot, Billy Bob, against Chuck E. Cheese’s scrappy rat in an all-out battle for pizza parlor supremacy.

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Listen to Business Wars on the Wondery App or wherever you get your podcasts. Experience all episodes ad-free and be the first to binge the newest season. Unlock exclusive early access by joining Wondery+ in the Wondery App or on Apple Podcasts. Start your free trial today by visiting wondery.com/links/business-wars/ now.

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Get ready for a Business Wars pizza party! Sporkful podcast host Dan Pashman and Eater NYC reporter Melissa McCart join David to settle the years long debate: is East Coast pizza really better? Then, Dan goes out in the field to put hot honey pizza to the test. Plus, find out how foodies read the trends to determine whether a slice is all hype, or worth the wait.

This episode is available early and ad-free for Wondery+ members. To stay up-to-date on new podcasts and more from Wondery, sign up on http://wondery.fm/applepodcasts

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Beyond Meat and Impossible Burger boomed in the 2010s, but changing tastes have turned their sizzle into a fizzle. And as they continue to slide deeper into debt, these companies have struggled to get back on top of the plant-based food chain. . What’s next for these meatless giants? Jason Kartalian and Mike Keller, co-hosts of the podcast Vegan Hacks, join David to discuss the future of Beyond Meat, Impossible Burger, and the meatless meat market as a whole. 

Listen to Business Wars on the Wondery App or wherever you get your podcasts. Experience all episodes ad-free and be the first to binge the newest season. Unlock exclusive early access by joining Wondery+ in the Wondery App or on Apple Podcasts. Start your free trial today by visiting wondery.com/links/business-wars/ now.

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