Conglomerates Didn’t Die. They Look Like Amazon.

The article reports on the new-economy conglomerates. Michael C. Jensen, a Nobel laureate and professor emeritus at Harvard Business School, famously made the case in the 1970s and 1980s that conglomerates wasted billions in unproductive capital expenditures and organizational inefficiencies. A successful company turns itself into a conglomerate by using its free cash flow to finance the acquisition of businesses in other areas.