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   DealBook: Crude calculations
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   Also, the cost of defending the skies.
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             March 4, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          If you’ve been following the battle between the Trump administration and Anthropic, with OpenAI as the interloper reaching a deal hours after the Pentagon dropped Anthropic as a contractor, you might be scratching your head about OpenAI’s change-up earlier this week.
         </span>
        </p>
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         <span>
          The Pentagon and OpenAI have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          amended their contract
         </a>
         <span>
          which seems to achieve what Anthropic had sought but was rebuffed. It renews questions about whether the government negotiated in good faith, and whether the talks broke down over the merits of the terms being sought — or over personalities and politics. (The Defense Department’s statement on the OpenAI amendments accused Anthropic of having “their own personal vendettas.”)
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Whatever the case, this will probably end up in court, where the public may learn a lot more. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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            <span style="color:#666;font:normal 14px georgia,serif">
             Maintaining control of the Strait of Hormuz has emerged as a military and economic imperative as Middle East tensions flare.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Sahar Al Attar/Agence France-Presse — Getty Images
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         <span>
          Choke point
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The U.S.-Israeli war with Iran has reached an inflection point.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          All eyes are on the Gulf states’
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          vulnerable energy facilities
         </a>
         <span>
          and on the Strait of Hormuz, the transitway for crude oil and natural gas that has been
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          paralyzed by Iranian forces
         </a>
         <span>
          . (More broadly, Iran is seeking to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          drive up the cost of war
         </a>
         <span>
          . More on that below.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Unless energy shipments quickly return to normal levels, the upheaval could batter the global economy and ratchet up pressure on President Trump.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The latest:
         </span>
        </p>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Brent crude, the global oil benchmark, rose as high as $84 a barrel today. Brent has experienced its biggest two-day surge since 2020, according to Deutsche Bank.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                S&amp;P 500 futures are in the green. Stocks in Asia, a region highly reliant on Gulf energy imports, recovered
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                some of their losses
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                earlier in the day, though South Korea’s Kospi index fell a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                record 12 percent
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The CBOE Volatility Index, known as Wall Street’s “fear gauge,” has climbed more than 27 percent over the past five days.
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Trump floated a plan to address the Hormuz bottleneck,
         </span>
         <span>
          including proposing naval escorts through the strait.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          U.S. International Development Finance Corporation
         </a>
         <span>
          , a little-known agency that lends to and invests in overseas companies and projects, said yesterday that it “will offer support” to shipping companies and insurance providers “to minimize market disruptions and help ensure the free flow of goods and capital.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          U.S. stocks briefly pared their losses yesterday after Trump’s announcement.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          But shipping company officials and analysts are skeptical.
         </span>
         <span>
          “We think the insurance proposal is likely in a concepts-of-a-plan stage,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Helima Croft, the global head of commodity strategy at RBC Capital Markets, wrote to clients yesterday. She also questioned if the U.S. military had enough “naval assets” in the region to provide escorts.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Some industry executives also worried
         </a>
         <span>
          how quickly these could get up and running.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The war’s toll on other businesses is growing.
         </span>
         <span>
          Iranian drone strikes have hit Amazon data centers in the United Arab Emirates and Bahrain, causing
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          widespread app outages
         </a>
         <span>
          . And a travel start-up is reportedly weighing a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          delay for its I.P.O.
         </a>
         <span>
          , The Financial Times reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Connor Teskey, the C.E.O. of Brookfield Asset Management, told Bloomberg that his firm was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          committed to a $20 billion plan
         </a>
         <span>
          to build data centers in Qatar.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Things don’t look catastrophic yet.
         </span>
         <span>
          “We’re still some distance from recessionary territory and a full-scale market correction,” Jim Reid, a strategist at Deutsche Bank, wrote to investors today. And David Solomon, the Goldman Sachs C.E.O., said he was surprised by
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the “benign” overall market reaction
         </a>
         <span>
          to the war so far.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Of note: Iranian intelligence officials
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                secretly offered
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to discuss terms for ending the conflict, The Times reports, though U.S. officials don’t regard the approach as serious.
               </span>
              </li>
             </ul>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Anthropic is said to be on track to more than double its business.
         </span>
         <span>
          The annual revenue run rate of the artificial intelligence company is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          now nearly $20 billion
         </a>
         <span>
          , up from about $9 billion late last year, according to Bloomberg, citing unidentified sources. The news underscores the sharp pickup that Anthropic has enjoyed in recent months as businesses increasingly adopt its Claude A.I. model — though the effects of the company’s battle with the Pentagon remain uncertain.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The Trump administration says it will defend its attacks on law firms after all.
         </span>
         <span>
          The Justice Department filed a court motion declaring that it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          would appeal lower-court rulings
         </a>
         <span>
          that overturned executive orders seeking to punish four law firms. The move came a day after the department moved to voluntarily dismiss its appeal; it’s unclear what was behind the reversal.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Howard Lutnick offers to testify to House lawmakers about his Epstein ties.
         </span>
         <span>
          Lutnick, the commerce secretary,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          agreed to a voluntary deposition
         </a>
         <span>
          after the Justice Department’s latest Epstein files release showed the men had more connections than Lutnick had previously disclosed publicly. The House Oversight Committee is also seeking transcribed testimony from
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Bill Gates and Leon Black
         </a>
         <span>
          , the former Apollo Global Management C.E.O.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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            <div style="width:100%;text-align:center;line-height:0">
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        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td style="text-align:center">
            <img alt="An interceptor missile shoots out of a mobile launch vehicle. " class="css-xsf469" height="281" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F04%252Fmultimedia%252F04db-missile-defense-hzcl%252F04db-missile-defense-hzcl-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzI2Mjc1MTIuNDE5NjEzNH0:1vxlOK:z-ux2N8cDrXWjGBP5wdEhhMuPbPsAckm4YUnHyQLCyY" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Each interceptor missile fired by the THAAD system, like the one shown here in an intercept test, costs the Defense Department $12.7 million.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Reuters
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Missile defense for $5 billion a day
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The war in Iran is eating into U.S. missile stockpiles, particularly defensive arms, already depleted by the ongoing conflicts in Ukraine and Gaza. Building them back up won’t be quick or cheap, Niko Gallogly reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “You’re losing missiles at a rate that’s much faster than you can produce them,” Jennifer Kavanagh, a director of military analysis at the think tank Defense Priorities, told DealBook. She cited Israel’s 12-day war against Iran in June, when the U.S. deployed about
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a quarter
         </a>
         <span>
          of its roughly 600
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          THAAD missile interceptors
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In 2025, the U.S. bought only 12 new THAAD interceptors, though it is expected to procure an additional 37 this year, according to the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Defense Department’s 2026 budget request
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The battlefield costs add up quickly.
         </span>
         <span>
          Kavanagh estimates that the U.S. “easily” spent more than $10 billion on air-defense systems in the current war’s first 48 hours. That is largely attributed to the high-end weapons systems, such as the THAAD ($12.7 million per interceptor missile) and the Patriot (
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $3.7 million per missile
         </a>
         <span>
          ), used to strike down attacking drones and missiles.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Asymmetric economics:
         </span>
         <span>
          The defense systems cost orders of magnitude more than the Iranian weapons they’re shooting down. One common Iranian drone, the Shahed-136,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          costs roughly $35,000
         </a>
         <span>
          and can be quickly produced. In the first few days of the conflict, Iran launched
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          as many as 2,000 drones
         </a>
         <span>
          , most of them Shaheds.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Security analysts don’t expect the U.S. to run out of critical military supplies anytime soon. (President Trump has asserted that “medium and upper medium grade” munitions supplies have “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          never been higher or better
         </a>
         <span>
          .”) But stockpile depletion creates vulnerabilities for allies, including NATO, Ukraine, Taiwan and Japan, that rely on the U.S. for defense and weapon supply. (Taiwan is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          waiting for the Trump administration
         </a>
         <span>
          on an arms sale valued at more than $11 billion.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Who stands to profit?
         </span>
         <span>
          Shares of large military contractors — including Raytheon and Lockheed Martin, both of which make elements of the missile-defense systems — have jumped this week. But the big winners in the long term may be start-ups, like the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          drone maker Anduril
         </a>
         <span>
          , that “can respond more quickly to changes in demand,” Kavanagh said.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt='The actor Cillian Murphy, in a dark coat, standing in front of the "Peaky Blinders" and Netflix logos.' class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F04%252Fmultimedia%252F04db-all3media-banijay-gml%252F04db-all3media-gzml-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzI2Mjc1MTIuNDE5NzE0fQ:1vxlOK:7RvPvuChdsBT37VblBBjMtxASe9B8yc6dT_plQ5acvU" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
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           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              “Peaky Blinders” is among the scores of hit TV shows and other properties that the newly created Banijay owns.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Tristan Fewings/Getty Images for Netflix
             </span>
            </span>
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         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Jeff Zucker on the next big media deal
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Not even a week after
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Paramount clinched a deal
         </a>
         <span>
          to buy Warner Bros. Discovery, the media world is poised to get even smaller.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The reason: Banijay Entertainment, the Paris-based production company behind shows like “MasterChef” and “Peaky Blinders” and live events like the 2026 Winter Olympics’ opening ceremony, is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          set to combine with All3Media
         </a>
         <span>
          , the British company behind “The Traitors” television series and the movie “Hamnet.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          One of the architects of the deal, the media mogul Jeff Zucker of RedBird IMI, spoke with Michael de la Merced about what drove the transaction.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Inside the deal:
         </span>
         <span>
          The transaction will create what Zucker called the world’s biggest independent media production company, with an enterprise value of $8 billion. Banijay Group, the parent company of Banijay Entertainment, and RedBird IMI, the media-focused investment firm, will each own half of the new business. (Because All3Media is smaller, RedBird will pay €625 million, or $725 million, in additional cash.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Zucker will become chairman of the combined business, which will be called Banijay. Marco Bassetti, the chief executive of Banijay Entertainment, will become C.E.O., while Jane Turton, the C.E.O. of All3Media, will become deputy chief executive.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The transaction was two years in the making,
         </span>
         <span>
          Zucker told DealBook. RedBird IMI acquired All3Media in May 2024, seeing the production company as “a good foundation” to grow an independent media empire.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Banijay Entertainment first approached RedBird IMI about a deal just two months later — “too soon,” Zucker said — and came back in January 2025. RedBird IMI was more receptive then, with talks picking up around the end of summer.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Zucker thinks getting bigger is necessary.
         </span>
         <span>
          Banijay will have more than 260,000 hours of content across different genres, including drama, game shows and more. That will give it more negotiating leverage with content platforms like Netflix and, yes, the potentially united Paramount and Warner Bros. Discovery.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “As the global media ecosystem consolidates, we’ll be stronger,” he said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s a thesis that has driven other media production mergers, including the union of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          North Road and Mediawan
         </a>
         <span>
          that was announced in January.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What lies ahead?
         </span>
         <span>
          Zucker thinks it’s more mergers, as companies seek to get bigger to compete against tech giants and to cut costs. At the same time, consolidation will give companies like Banijay more resources to bring programming to consumers in more formats — including TV, phones and YouTube.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “We’re into a new era of media and how consumers enjoy their favorite programs and events,” he said.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           </td>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “This will be a shakeout. I don’t think it is going to be short term.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Marc Rowan
         </a>
         <span style="font-style:italic">
          , the C.E.O. of Apollo Global Management, on the turmoil
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          roiling the private credit industry
         </a>
         <span style="font-style:italic">
          . Shares in Blue Owl Capital, a major lender that’s under pressure, briefly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          dipped below their I.P.O. price
         </a>
         <span style="font-style:italic">
          yesterday. And senior executives at Blackstone reportedly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          put $150 million
         </a>
         <span style="font-style:italic">
          into a flagship private credit fund to meet investor withdrawal requests, according to Bloomberg.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Jimmy Donaldson, also known as MrBeast, wearing a gray suit and sitting in a white chair on a DealBook Summit stage, gestures with his right hand while speaking." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F04%252Fmultimedia%252F04db-mrbeast-quiz-ktbh%252F04db-mrbeast-quiz-ktbh-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzI2Mjc1MTIuNDIwMTMyMn0:1vxlOK:s77bFJWdSi0o8ylMnU_VsAX67nMsQzBW-khTAfb8IXs" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Jimmy Donaldson explained the strategy behind his company, Beast Industries, at the DealBook Summit in December.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Karsten Moran for The New York Times
             </span>
            </span>
           </td>
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         </tbody>
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        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         DEALBOOK QUIZ
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          MrBeast becomes a banker
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          This question comes from a recent Times article. Click on an answer to see if you’re right. (The link will be free.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          With some 469 million followers, Jimmy Donaldson is the most popular man on YouTube. And the 27-year-old content creator, better known as MrBeast, is using his huge audience to build his own business empire. His Beast Industries produces a reality series for Amazon Prime Video and sells Beast-branded burgers and beef jerky, among other ventures. (Donaldson and his company’s C.E.O.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          talked about their business strategy
         </a>
         <span>
          at the DealBook Summit in December.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now the company is getting into fintech, acquiring Step, a teen-focused app that offers spending, savings and investment accounts.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What experience first got MrBeast interested in investing?
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Buying a few shares of Nvidia because he liked the company’s name
               </a>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Seeing an Instagram video about how the stock market works
               </a>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Watching a gamer play Call of Duty while talking about compound interest on YouTube
               </a>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Going through the same Hardee’s drive-through 1,000 times as a stunt
               </a>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
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           <td class="css-36ugzx" style="padding-bottom:15px">
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           </td>
          </tr>
         </tbody>
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          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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          Subscribe to The New York Times
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        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             THE SPEED READ
            </span>
           </h3>
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         </tbody>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Deals
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Thrive Capital and Andreessen Horowitz are said to be leading a potential
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                new investment in Anduril
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the defense-technology company, that values the start-up at $60 billion. (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Lin Bin, a founder of the Chinese electronics giant Xiaomi, has reportedly agreed to buy a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                1 percent stake in the Miami Dolphins
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                at a $12.5 billion valuation. (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Brendan Carr, the chair of the F.C.C., said he expected that the agency would
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                “quickly” approve
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Paramount’s $111 billion takeover of Warner Bros. Discovery. (CNBC)
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Politics, policy and regulation
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Live Nation has illegally “broken”
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                the live music industry to “help themselves at the expense” of artists, fans and venues, a Justice Department lawyer told jurors in an antitrust trial. (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The Trump administration’s effort to end New York’s congestion pricing fees
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                was illegal
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a federal judge ruled. (NYT)
               </span>
              </li>
             </ul>
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        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                At least 16 accounts on Polymarket
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                made more than $100,000 each
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                by betting on Friday that the U.S. would strike Iran the next day. (NYT Upshot)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “The
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Disappearing American Mortgage
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (The Atlantic)
               </span>
              </li>
             </ul>
            </td>
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             Andrew Ross Sorkin
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             , Founder/Editor-at-Large, New York
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            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
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