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Big health care deals face headwinds

Both CVS and Cigna hoped that huge takeovers could future-proof their businesses. CVS struck a deal to buy Aetna, a health insurer, and Cigna went after Express Scripts, a pharmacy benefit manager. But their efforts to reshape health care are hitting serious roadblocks:

■ The American Medical Association opposed the CVS deal, arguing that it might reduce competition and raise drug prices.

Carl Icahn spoke out against the Cigna deal, saying that a main factor behind the transaction — Amazon moving into health care — is a reason not to do it.

Both deals may be too far gone to stop. But it’s all a reminder that mega-mergers can’t solve everything.

Mixed reactions to Magic Leap’s next step

The world’s most-hyped augmented-reality start-up, Magic Leap, has raised over $2.3 billion over seven years. Much of that has come from very big names: JPMorgan Chase, Morgan Stanley, Andreessen Horowitz, Alphabet, Alibaba. Expectations are huge.

But its first consumer headset, the $2,300 Magic Leap One, has received mixed reviews. From a positive take by Joanna Stern of the WSJ:

The Lightwear glasses make digital objects sometimes look so real that they play tricks on your mind. I certainly didn’t think the flying robot I placed in the corner was genuine, yet the steam coming out of his jets looked like it was from a tea kettle. During one demo, I picked up an actual chess piece just to confirm it wasn’t another illusion.

And a more negative view from Adi Robertson of the Verge:

It didn’t feel categorically different from something like HoloLens — which was released two years ago, and has a second generation on the horizon. I’m not convinced Magic Leap’s photonics chip is practically that different from other mixed reality waveguides, or that Magic Leap is doing something other companies couldn’t replicate.

Revolving door

Shari Redstone is reportedly looking to replace Les Moonves as CBS’s C.E.O. (NBC News)

Anders Colding Friis will step down as Pandora’s C.E.O. after the jewelry maker cut its profit forecast. (Bloomberg)

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