The Apple/Universal thing has left normally authoritative analysts gasping for air.

This is no ordinary strategic merger. This isn’t simply another Sony/Columbia or Time Warner AOL. There are, as yet, no obvious synergies between the companies; no ways to save money at the back end or exploit sales channels. Nor would there be if Apple launched their music service. I think that’s a good thing.

This deal only makes sense if Jobs intends to revamp Universal the same way he revamped Apple when he came back–utterly. And then it’s a huge bet, not some supposedly safe merger of complementary companies.