Is winter coming for HBO?

[Bloomberg]( Today’s Agenda - Navigating change at [HBO](, [GE]( and [Goldman Sachs](. - The IRS needs help. [Congress didn't provide it](. - [Seven ideas]( for better U.S. tax policy. - Venezuela’s opposition leader [reaches out to China](, while a [power-sharing agreement]( is the route to stability in Libya. Just Try to Keep Up If there’s one constant for corporations circa 2019, it’s the need to deal with change — and sometimes utter chaos. For HBO and new owner AT&T Inc., the final weeks of “Game of Thrones” signal they will have to grapple in earnest with a problem for all entertainment companies in the binge-watching era: Without a constant stream of must-watch programs, people are more likely to pause or quit their $15-a-month subscriptions to HBO's streaming video service. AT&T is planning to boost HBO's output, but Tara Lachapelle writes that it must [strike a tricky balance]( between churning out more shows to attract and keep subscribers without watering down the high quality that made HBO a success in the first place. (Insert the [obligatory “winter is coming” reference]( here.) Winter has already come for General Electric Co., which turns 127 years old this week after a few years of constant messes. GE's current bosses are grappling with choking debt and cash flow problems, and Brooke Sutherland writes that [there's no quick fix]( — and maybe no fix at all — to ensure the company lasts another century-plus. Happy birthday, GE! As Goldman Sachs Group Inc.’s chief executive since December, David Solomon has tried to make the bank [less reliant on the whims of financial markets](, which has meant opening an online consumer bank and operating a new trading- and risk-management platform. Change is healthy for Goldman, but old institutions don’t change overnight, Brian Chappatta writes. Trading accounted for more than 41 percent of Goldman’s net revenue in the first quarter, not far off the nearly 44 percent share a year earlier. Bonus company-tumult reading: - Boeing [needs far more than the brand refresh]( that President Donald Trump suggested following two fatal crashes involving the aircraft maker’s 737 Max planes. – Brooke Sutherland - Best Buy Co.’s current CEO has done well by Amazon-proofing the electronics retailer, and [investors should cheer the company’s well-planned transition to a new boss]( with a strong track record. – Sarah Halzack Further “Game of Thrones” reading: [Why haven't the story lines for the final season leaked](, like everything else in the world? – Stephen L. Carter 'Cause I'm the Taxman While the procrastinators among you are wrestling with your Form 1040s, consider how recent U.S. legislation to “modernize” the Internal Revenue Service [does little of the sort](, Bloomberg’s editorial board says. The IRS needs more money to replace an Eisenhower-era technology system, improve customer service, and hire more auditors to deter people who are trying to cheat the system and collect an estimated $400 billion that is owed but unpaid. Instead of calling for any of this, the editors write, the recent congressional bill essentially directs the IRS to shift workers around, prohibits the agency from creating its own online tax-filing system, and doesn’t provide an adequate multi-year funding plan. Tax Day bonuses: - Bloomberg Opinion columnists each [propose a single change to U.S. tax policy]( that would do the most good for the country. - Making personal tax returns public, as some policy writers have suggested, will [widen inequality and nuke privacy](. – Tyler Cowen - The public should have more debate [about how much corporations truly pay]( in taxes. – Barry Ritholtz - We [tackled your questions]( about Trump’s tax cuts. Bonus editorial: As U.S. and Japanese officials prepare to start negotiating a bilateral trade deal, the U.S. would be [better served by rejoining the Trans-Pacific Partnership](.  More Difficult Transitions Juan Guaido, the leader of Venezuela’s National Assembly who is recognized as interim president by the U.S. and dozens of other countries, writes that China [can contribute to Venezuela’s recovery]( by aiding in his country’s transition of political power. The foreign-policy world is also anxiously watching Libya, where conditions have devolved into a civil war between the government in Tripoli and the forces of General Khalifa Haftar. James Stavridis, who commanded the NATO forces that intervened in Libya in 2011, said Haftar may be trying to gain leverage for a [negotiated power-sharing agreement](, which is the best way to end the chaos of post-Qaddafi Libya. Telltale Charts China's domestic carmakers have been [hoarding government credits for production of cleaner-energy cars](, which may give them bargaining power in the next phases of the country's auto industry, says Anjani Trivedi. Brave investors [did well defying predictions]( earlier this decade that Greece would default on its debt, writes Matthew Winkler. Further Reading The forces pushing up wages for U.S. workers are creating conditions for both [a more sustainable housing expansion]( and a revitalization of aging U.S. communities. – Conor Sen Controversy over British plans to regulate online content [shouldn’t distract]( from scrutiny of technology giants' economic power. – Alex Webb The department store isn’t dead. Primark shows [how to make the retail format work](. – Andrea Felsted To [prepare for the next recession](, the U.S. Federal Reserve should cut interest rates now, and commit to maintaining stimulus to recover quickly from a possible downturn. – Narayana Kocherlakota Eastern European trash dumps are an unlikely launch pad for [a new generation of political leaders]( who are antidotes to nationalism and corruption. – Leonid Bershidsky Publicis Group is paying a hefty price to acquire a digital marketing company, but the U.K. advertising conglomerate has the tools to [make this deal work](. – Alex Webb Occidental Petroleum [got clues about the potential reaction]( if it tries to bust up the mega-merger between Chevron and Anadarko. – Liam Denning ICYMI [A major fire devastated]( the Notre-Dame cathedral in Paris. Most Americans got a tax cut, but [they don't believe it](. A public version of the Mueller report [is dropping Thursday](. Kickers The strange history of Cold War-era [bunkers]( in Albania. The British spy agency [cracked the secret code]( of an oddball comedy character. (hat tip to Scott Kominers) Canadians are mad about the [ratio of crust to filling]( on a postage stamp image of an iconic dessert. Coachella, an Instagram influencer and fury over a sponsored post is the [perfect stew]( for 2019. (h/t to Sarah Halzack) Note: I'm pitching in this week for Mark Gongloff. Please send signature Canadian sweets to Shira Ovide at sovide@bloomberg.net. [FOLLOW US [Facebook Share]]( [Twitter Share]( SEND TO A FRIEND [Share with a friend] You received this message because you are subscribed to Bloomberg's Bloomberg Opinion Today newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( Bloomberg L.P. 731 Lexington, New York, NY, 10022