Thursday links: the destruction of local news

MarketsThe media has picked up on the degen theme. (trendlabs.com)Once something has been packaged into an ETF, a theme is probably played out. (monevator.com)What does ChatGPT know about recent market moves? (morningstar.com)IPOsNasdaq ($NDAQ) is greasing the skids for the early entry of mega IPOs into the Nasdaq 100. (ft.com)A look at how prior mega IPOs have performed. (tomtunguz.com)Asset managementWhy McKinsey & Co. offloaded its RIA to Neuberger Berman. (riabiz.com)There's now a bidding war for Janus Henderson ($JHG). (axios.com)Private assetsThe fund-of-funds business is in secular decline. (pitchbook.com)Blue Owl ($OWL) has not put its best foot forward. (ft.com)MediaLocal TV broadcasting is consolidating rapidly among right-leaning owners. (newyorker.com)The Washington Post is launching creator-led newsletters on Beehiiv. (axios.com)WaPo's loss is The Athletic's gain. (axios.com)Earlier on Abnormal ReturnsLongform links: a low-trust economy. (abnormalreturns.com)What you miss