THE LONG TENORMONDAY · APRIL 27 · 2026 · MARKETS GLANCE
^GSPC +0.42%^IXIC +0.61%^DJI +0.18%^FTSE -0.04%BTC-USD +1.84%10-YR 4.18% (-2bp)DXY 104.8 +0.12%VIX 14.2 -3.1%WTI $72.40 +1.4%GOLD $2,380 +0.3%^GSPC +0.42%^IXIC +0.61%^DJI +0.18%^FTSE -0.04%BTC-USD +1.84%10-YR 4.18% (-2bp)DXY 104.8 +0.12%VIX 14.2 -3.1%WTI $72.40 +1.4%GOLD $2,380 +0.3%
Rosalind Feldman

THE LONG TENOR

A weekly column on markets, history, and consequence — by Rosalind Feldman.

LATEST · MONDAY APRIL 27, 2026

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The Long Lifecycle of a Bad Acquisition: Twenty-Three Years of Time Warner / AOL

What does it actually take to unwind the largest mistake in M&A history? A 2026 retrospective on a deal we still haven't finished cleaning up — and what its survival pattern tells us about the next mega-merger to fail.

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ABOUT

Rosalind Feldman is the writer of The Long Tenor, a weekly column on markets, business history, and consequence. Previously a columnist at Bloomberg Opinion (2018–2024) and a senior editor at the Financial Times (2014–2018). Her academic background is in economic history; she holds a DPhil from Oxford. The Long Tenor has been published every Monday since January 2020 and is read by analysts and PMs at most major US and UK asset managers. The publication is independent and accepts no advertising or sponsored content.

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