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   DealBook: Game on for Paramount
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   Also, Goldman Sachs’s backtrack on D.E.I.
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             February 17, 2026
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          Good morning. Andrew here.
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         <span>
          Hope you enjoyed the long weekend. Today, Lauren Hirsch dives into Warner Bros. Discovery restarting merger talks with Paramount and explains what would make it walk away from a deal with Netflix.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          We also examine Goldman Sachs’s reported decision to drop a diversity requirement for its board. And we look at more fallout from the Epstein files. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <img alt="A white water tower, emblazoned with the Paramount logo, is seen above nearby buildings." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F02%252F17%252Fmultimedia%252F17db-para-lmhq%252F17db-para-lmhq-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzEzMzQyMTYuMjQyNjg1fQ:1vsKwi:TzCN-VplN_ptmzovErLDdLCfeNkx-1VcXgYZkn-akTU" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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            <span style="color:#666;font:normal 14px georgia,serif">
             Paramount has notched a big breakthrough in its efforts to restart merger talks with Warner Bros. Discovery.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Ricardo Nagaoka for The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Paramount notches a win
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Paramount has sought for weeks to force Warner Bros. Discovery back to the M.&amp;A. negotiating table. Today, it has finally received a chance to win the battle over the movie and television studio.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Warner Bros. Discovery just said that it would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          restart merger talks with Paramount
         </a>
         <span>
          , giving its suitor roughly a week to make its case to abandon its deal with Netflix.
         </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">
          Warner Bros. Discovery isn’t definitely switching sides.
         </span>
         <span>
          Its deal agreement with Netflix gives it the right to talk with a rival bidder if that is likely to lead to a “reasonably superior offer.” Warner Bros. Discovery doesn’t think that’s the case here — but Netflix has given it until Feb. 23 to talk with Paramount to clarify several questions about that company’s competing offer.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For now, Warner Bros. Discovery’s board is still recommending that shareholders vote in favor of the Netflix offer. Netflix added in a separate statement: “This does not change the fact that we have the only signed, board-recommended agreement with W.B.D., and ours is the only certain path to delivering value to W.B.D.’s stockholders.”
         </span>
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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">
          But Paramount has made headway in casting doubt on that.
         </span>
         <span>
          The rival studio has argued that its bid — a deal for all of Warner Bros. Discovery, instead of the more complicated structure of the Netflix transaction, which involves spinning out the Warner cable networks — offers more certainty for shareholders.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It doesn’t hurt that a Paramount representative has said the company would raise its takeover price to $31 a share if the Warner Bros. Discovery board authorized talks, and suggested that the company could pay even more. (Paramount has already tossed in sweeteners such as offering to cover the Netflix deal’s $2.8 billion breakup fee and to pay Warner Bros. Discovery a quarterly “ticking fee” if its deal closes behind schedule.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And several Warner Bros. Discovery shareholders, including the hedge funds
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Ancora
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Pentwater Capital Management
         </a>
         <span>
          , have pushed the studio operator to reopen talks with Paramount. (Warner Bros. Discovery has now set March 20 as the date for an investor vote on the Netflix offer.)
         </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">
          Big questions remain:
         </span>
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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">
                How much higher would Netflix be willing to raise its offer for any counterbid? Worth noting: Shares in the streaming giant rose this morning, after having fallen since clinching a deal for Warner Bros. Discovery.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                How would Paramount finance a higher takeover bid, given that Warner Bros. Discovery has expressed concern
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                about how much debt it already plans to use
               </a>
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                ?
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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>
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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">
          The Fed weighs moves to bolster bank lending.
         </span>
         <span>
          The central bank is preparing to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          ease capital requirements for U.S. banks
         </a>
         <span>
          , a vice chair, Michelle Bowman, announced yesterday. Banks have seen their share of mortgage originations in the U.S. fall to 35 percent in 2023 from 60 percent in 2008, Bowman said. Treasury Secretary Scott Bessent has blamed capital regulations for driving lending to nonbank financial services companies.
         </span>
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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">
          California and Britain strike a clean energy deal.
         </span>
         <span>
          Gov. Gavin Newsom
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          signed an agreement yesterday
         </a>
         <span>
          that calls for the two sides to bolster efforts to collaborate on green tech and invest in clean energy. It comes as the Trump administration has dismantled some legal protections for climate and Biden administration initiatives to advance a low-carbon transition. President Trump called the deal “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          inappropriate
         </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 Fed, earnings and inflation data top investors’ agenda this week.
         </span>
         <span>
          Minutes from the central bank’s January meeting are set for release tomorrow, offering clues about policymakers’ thinking on interest rates. Walmart, Wayfair and Klarna report quarterly results on Thursday, providing more insight on the state of the consumer. The Personal Consumption Expenditures report, the Fed’s preferred measure of inflation, is scheduled for publication on Friday.
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          More Epstein files fallout
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Jeffrey Epstein files continue to jolt
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          corporate America
         </a>
         <span>
          , including Hollywood. The heat is also growing in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Washington
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          academia
         </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 latest:
         </span>
         <span>
          Thomas Pritzker, a scion of the Hyatt Hotels empire,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          stepped down yesterday
         </a>
         <span>
          as executive chairman of the hotels giant, after the files revealed that he was in regular contact with the convicted sex offender in the years after Epstein’s 2008 plea deal on sex crimes charges.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Pritzker and Epstein corresponded frequently as they arranged appointments, including visits to Epstein’s Manhattan townhouse. In a 2018 email exchange, Pritzker agreed to help Karyna Shuliak, Epstein’s girlfriend, arrange a trip to Southeast Asia. After Shuliak told Pritzker she was going there “to try to find a new girlfriend for Jeffrey,” Pritzker responded with a smiley-face emoticon and wrote, “May the Force be with you.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Pritzker said in a statement released yesterday that he had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          “exercised terrible judgment
         </a>
         <span>
          in maintaining contact with” Epstein and Ghislaine Maxwell, Epstein’s longtime companion. “There is no excuse for failing to distance myself sooner,” he added.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Pritzker, a cousin of JB Pritzker, a Democrat and the governor of Illinois, also said he would not seek re-election to Hyatt’s board in May.
         </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">
          And then there’s Casey Wasserman.
         </span>
         <span>
          The sports and entertainment mogul, whose decades-old flirtatious messages with Maxwell appeared in the files, is facing increased pressure to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          step down as chairman of LA28
         </a>
         <span>
          , the organizing committee for the Olympics in Los Angeles.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Karen Bass, the mayor of Los Angeles, yesterday became the highest-ranking elected official to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          call on Wasserman to resign
         </a>
         <span>
          from LA28. “I do think that we need to look at the leadership,” she said after criticizing the Olympic organizers’ decision last week to back Wasserman.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Wasserman announced on Friday that he had begun the process of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          selling the Wasserman Group
         </a>
         <span>
          , his powerhouse talent agency that has experienced some high-profile defections since the latest Epstein revelations. “I’m deeply sorry that my past personal mistakes have caused you so much discomfort,” he wrote to employees.
         </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">
                In related news, some politicians in Ohio have begun
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                distancing themselves from Les Wexner
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . Wexner, the billionaire founder of L Brands and an early patron of Epstein, had been a major donor to several local races there.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Attorney General Pam Bondi’s combative congressional testimony last week over the Epstein investigation continued to draw anger from the right. Representative Thomas Massie, Republican of Kentucky, said he had
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                lost confidence in Bondi
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                days after some right-wing political commentators
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                called for her resignation
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Anthropic’s latest fight with Washington
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Anthropic’s stated focus on safety has set it apart in the artificial intelligence race — and drawn the ire of some White House officials.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A new report suggests that the Trump administration is weighing a move that could deal the A.I. start-up a big blow, underscoring a major disagreement between the two sides on how to deploy the technology.
         </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 Pentagon is threatening to cut ties with Anthropic, and more,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Axios reports
         </a>
         <span>
          . More specifically, the Defense Department is considering designating Anthropic a “supply chain risk,” meaning that
         </span>
         <span style="font-style:italic">
          other
         </span>
         <span>
          military contractors would have to stop working with the company, too. It’s a designation typically reserved for overseas adversaries, Axios adds.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The threat arises from a dispute over how the U.S. military can use Anthropic’s Claude software, the only A.I. model currently allowed in the Pentagon’s classified systems, according to Axios:
         </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">
                While Anthropic is willing to relax some restrictions on the use of Claude, the company doesn’t want its A.I. to be used for mass surveillance of Americans or to develop fully autonomous weapons.
               </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 Pentagon has pressed large language model makers to let their software be used for “all lawful purposes,” and views the Anthropic terms as too restrictive. (It’s eager to build systems like
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                autonomous swarming drones
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .) Other A.I. companies have agreed to loosen safeguards for unclassified military work, but haven’t yet done so for classified work.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </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">
          Forcing other companies to stop using Anthropic would be complicated,
         </span>
         <span>
          given how deeply embedded Claude is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          among corporate users
         </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 Trump administration has complained about Anthropic’s approach before.
         </span>
         <span>
          David Sacks, the White House’s A.I. czar, has said that Anthropic was promoting a “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          state regulatory frenzy
         </a>
         <span>
          that is damaging the startup ecosystem.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Anthropic recently doubled down on that pro-regulation approach by
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          donating to a new super PAC
         </a>
         <span>
          that opposes a more libertarian approach to A.I. regulation. But Dario Amodei, the start-up’s co-founder and C.E.O., recently told the podcaster Dwarkesh Patel that the company faced
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          “incredible” pressure
         </a>
         <span>
          to “survive economically while also keeping our values.”
         </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">
                In other A.I. news: ByteDance, the Chinese tech giant, said it would put more copyright safeguards on
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                its new Seedance video generation model
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                after users used the software to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                create stunningly realistic videos
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                featuring Hollywood stars. And OpenAI
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                hired Peter Steinberger
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the creator of OpenClaw, a popular open-source project for creating A.I. agents.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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            <img alt="A large screen displaying the Goldman Sachs logo is seen looming above a trading floor." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F02%252F17%252Fmultimedia%252F17db-goldman-mztv%252F17db-goldman-mztv-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzEzMzQyMTYuMjQzNDA5OX0:1vsKwi:jrxXn6DxzxVuQJLnqKjV1q4jVeauFHzzYnsAvO3uqzs" 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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             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Goldman Sachs is reportedly scaling back a significant diversity policy.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Brendan Mcdermid/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>
          Goldman’s latest retreat on diversity
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Goldman Sachs is reportedly continuing to scale back its diversity policies. The latest potential move: dropping factors including race, gender identity and sexual orientation from criteria it looks at in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          choosing potential board members
         </a>
         <span>
          , according to The Wall Street Journal.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s a reflection of Corporate America backing away from diversity, equity and inclusion initiatives — better known as D.E.I. — amid greater pushback during the second Trump administration.
         </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 news:
         </span>
         <span>
          Goldman currently uses four factors to find director candidates, including one broadly aimed at diversity that encompasses military service, political views and “other demographics” like race or gender identity. The Journal reports “other demographics” will be erased from that list.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The move followed a shareholder initiative to remove the criteria submitted by the National Legal and Policy Center, a conservative nonprofit that has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          challenged several boards
         </a>
         <span>
          on their D.E.I. policies, for inclusion on this year’s proxy ballot. Goldman’s board said it would remove the “other demographics language”; the N.L.P.C. agreed to drop its request.
         </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">
          Goldman has already backed off other diversity-minded policies.
         </span>
         <span>
          Last year, it dropped one that stated it would take companies public only if they had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          two diverse board members
         </a>
         <span>
          . A spokesman said at the time that the move was because of “legal developments related to board diversity requirements.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Later in 2025, the bank
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dropped some references to “Black”
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          on the website for its “One Million Black Women” program, with an executive telling The Journal that the initiative — despite the name — wasn’t just for Black women.
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          It’s a more hostile environment for D.E.I. policies now.
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          over their diversity initiatives
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          , have retreated from such policies.
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             THE SPEED READ
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          Deals
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                Danaher is said to be
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                close to a $9.9 billion deal
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to buy Masimo, the largest acquisition by the life sciences conglomerate since it bought a G.E. biopharma business in 2020. (FT)
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                Elliott Investment Management has reportedly
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                bought more than 10 percent
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                of Norwegian Cruise Line and plans to push for changes at the struggling cruise ship company. (WSJ)
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                Descendants of Teddy Roosevelt urged Republican senators to
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                push back on House Republican’s efforts
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                to open public lands in Minnesota to mining. (NYT)
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                Completing Hudson Yards in New York City will require about $2 billion in public money that needs the
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                approval of Mayor Zohran Mamdani
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                , many of whose political allies oppose municipal subsidies for real estate developers. (Politico)
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          Best of the rest
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                “For College Applicants,
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                Pressure to Make Summers Count
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                Has Gotten Even Worse” (WSJ)
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                Jesse Jackson
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                , the charismatic civil rights leader who sought the presidency, died at 84; and
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                Robert Duvall
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the actor known for his roles in “Apocalypse Now” and “The Godfather,” died at 95. (NYT)
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