Ed Hammond, former FT M&A correspondent and Bloomberg senior deals reporter, reveals how deal reporting relies on relationships and sources. Success = Relationships x Indiscretion, with information naturally seeking release through boasting, gossiping, or envy among competitive advisors.

Sources rarely intend to leak, instead offering factoids or hints. Reporters must reassure them they aren't sources. Envy drives some to leak, damaging rivals in competitive M&A landscape where league tables matter.

Organized crime increasingly impacts deal reporting. By 2023, 'Mystery Men' provided 25% of tips to Hammond's team. These anonymous tipsters illegally acquire confidential M&A information, forwarding it to media to profit from market movements.

Mystery Men use burners and numbers outside the US, providing detailed intel including deal terms and timelines. Their stolen information gets laundered when confirmed by proper sources, creating market-moving facts with minimal capture risk due to media's source protection.