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   DealBook: Getting paid
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   Also, why battle-ready A.I. is so big in Paris this week.
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             May 24, 2024
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          Good morning. We break down the potentially groundbreaking N.C.A.A. settlement proposal that calls for student athletes to be paid. Also: We report from VivaTech where military officials are learning to love A.I.; examine Hollywood’s increasingly fraught relationship with A.I.; and run the numbers on the antitrust case against Live Nation. (Was this newsletter forwarded to you?
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             Amateurs no more?
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             Bob Donnan/USA TODAY Sports, via Usa Today Sports via Reuters
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        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
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          A game-changing proposal
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          The other shoe has dropped for the N.C.A.A.: That college sports association just agreed to a
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $2.8 billion class-action settlement
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          that, if approved by a judge in California, would pay student athletes after a century of deeming them amateurs.
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          It would be the latest step in the N.C.A.A. and its member institutions allowing athletes to make money from sports programs that have made millions for their schools. But experts worry that this latest shift will still create losers — especially schools that don’t have big football or basketball programs.
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          The proposed settlement has several components:
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                Athletes would be entitled to $2.8 billion in damages over a 10-year period. It’s essentially back pay for name, image and licensing revenue they would have been entitled to before the N.C.A.A. allowed such payouts three years ago.
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                Starting in the fall of 2025, schools could have
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                about $20 million a year
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                to pay their student athletes. How the schools distribute that money would be left up to them.
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          The N.C.A.A. is hoping to avoid an even bigger hit.
         </span>
         <span>
          Legal experts say the association and the conferences that were named as defendants in the class-action antitrust lawsuit — the Big Ten, Southeastern, Atlantic Coast, Big 12 and Pac-12 — could have faced having to pay $4 billion in damages.
         </span>
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          The writing was perhaps on the wall. The N.C.A.A. already allowed so-called N.I.L. payments, giving student athletes a big stream of revenue. And in March, the Dartmouth men’s basketball team
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          voted to unionize
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          , adding potentially more pressure on universities to pay athletes.
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          Skeptics worry about the potential for unfairness.
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          Will the money go primarily to men’s football and basketball programs, which generate the vast majority of college sports revenue? Will Title IX apply, meaning will the money be split equally between male and female athletes?
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          Schools that don’t participate in the big football conferences worry that they’re essentially subsidizing the settlement. The 27 Division I conferences that aren’t named in the lawsuit would be required to pay $990 million (through N.C.A.A. distributions from the men’s basketball tournament) over a 10-year period.)
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          “It feels like the N.C.A.A. is bailing out the biggest spenders, and conferences like ours are paying for the majority of the settlement,” Robin Harris, executive director of the Ivy League, told The Times.
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          It’s not a done deal.
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         <span>
          The federal judge overseeing the class-action lawsuit must still approve the settlement. And the N.C.A.A. and some of its members are still pressuring Congress to provide an antitrust exemption, pre-empting a patchwork of state laws and officially declaring that athletes aren’t employees.
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          The S.E.C. approves another crypto E.T.F.
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          In a major victory for the industry, the agency yesterday said it would
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          allow the creation of exchange-traded funds
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          tied to Ether, the second-biggest crypto token. (The biggest, Bitcoin, soared in price after the agency approved Bitcoin-centered E.T.F.s in January.) Elsewhere, the crypto exchange Coinbase
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lost a Supreme Court case
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          that legal watchers saw as bolstering consumer protections around volatile cryptocurrencies.
         </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">
          James Gorman will step down as Morgan Stanley’s chairman this year.
         </span>
         <span>
          Gorman, 65,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          made the announcement yesterday
         </a>
         <span>
          , capping his run at the Wall Street firm that he took over after the global financial crisis. Ted Pick, who succeeded him as C.E.O. in January, is expected to also add the role of chairman.
         </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">
          Senate Democrats open an investigation into Donald Trump’s courtship of oil executives.
         </span>
         <span>
          The lawmakers will zero in on a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Mar-a-Lago fund-raising event
         </a>
         <span>
          last month, at which Trump asked oil and gas executives to donate $1 billion to his campaign. In exchange, the former president said he would cancel the Biden administration’s climate regulations if he were to win office.
         </span>
        </p>
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             ADVERTISEMENT
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        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          War and A.I. in focus at VivaTech
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Business leaders, tech researchers and investors have converged on Paris for VivaTech, an annual deal-making and schmooze-fest that ends tomorrow.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Military officials have joined the throngs in the Porte de Versailles exhibition center. Their mission: to scout out potential alliances with artificial intelligence start-ups, Vivienne Walt reports for DealBook.
         </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">
          With two wars on its doorstep, Europe is looking to A.I. to beef up security.
         </span>
         <span>
          In March, France’s Armed Forces Ministry, which is occupying a large space in the main hall, opened an A.I. agency that’s run by Bertrand Rondepierre, a former Google DeepMind project manager in Paris. The agency has an annual budget of €300 million ($324 million) to incubate military technology, some of which was on display this week.
         </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">
          More than 2,600 deal makers are present at VivaTech
         </span>
         <span>
          , including Sequoia Capital and KKR. There’s an investors-only lounge in the hall, sponsored by Microsoft, where hopeful start-up founders can book time with prospective backers.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Many of the start-up leaders at the conference have affixed dollar signs on their stands, signaling they want to talk deals.
         </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">
          Defense is a big discussion point.
         </span>
         <span>
          Tech
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          companies from around the world described to DealBook how their A.I. applications were catching the eye of military brass:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" 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-size:17px;line-height:25px;vertical-align:middle">
                Cognixion, a Santa Barbara, Calif.-based neurotech start-up with $20 million in seed funding, said its A.I. brain-data headsets, designed for disabled people, are being tested for battle, too. “There are people doing military simulations out in the forest and desert” with the technology, Andreas Forsland, its C.E.O. and founder, said.
               </span>
              </li>
             </ul>
            </td>
           </tr>
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            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" 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-size:17px;line-height:25px;vertical-align:middle">
                LuxCarta, a start-up in Nice that’s partly funded by the French military, is using A.I. to create maps of combat zones. The maps update in real-time and are used to prepare troops for missions, said Vincent Madelain, the company’s business development manager.
               </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">
          French officials hope the investment boom will revive Europe’s tech standing.
         </span>
         <span>
          “We lost the web and the tech battle at the beginning of the century,” Laurent Saint-Martin, the C.E.O. of Business France, a semi-governmental agency promoting foreign investment, told DealBook. “We don’t want to do the same thing for the next one, which is A.I. and quantum.”
         </span>
        </p>
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        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Hollywood’s tortured relationship with A.I.
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The reverberations from
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          OpenAI’s dispute with Scarlett Johansson
         </a>
         <span>
          over one of the new voices for ChatGPT continue to ripple through the tech and entertainment worlds.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The disagreement underscores Hollywood’s fears about the rise of artificial intelligence, as Silicon Valley courts the content industry.
         </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 Wall Street Journal reports on some of the backstory behind the fight,
         </span>
         <span>
          which included Bryan Lourd, Scarlett Johansson’s agent at Creative Artists Agency, and Sam Altman, OpenAI’s C.E.O.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Here’s what The Journal says happened
         </a>
         <span>
          after Lourd and Johansson first heard the voice, which the company named Sky, and
         </span>
         <span style="font-style:italic">
         </span>
         <span>
          after Altman repeatedly — and unsuccessfully — asked the actress to lend her voice to the ChatGPT project:
         </span>
        </p>
        <p class="css-vy6hlw" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          When Lourd called Altman, the power agent said it sounded like the tool had been trained on Johansson’s voice, according to people familiar with the interaction. He asked for an apology and for the voice to be removed. OpenAI has said the Sky voice was not trained on Johansson.
         </span>
        </p>
        <p class="css-vy6hlw" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Days went by without a resolution. Johansson assembled a legal team that included John Berlinski, who often represents talent in contract disputes, and worked with her three years ago on a legal battle with Walt Disney over her salary in the movie “Black Widow” that the two sides eventually settled.
         </span>
        </p>
        <p class="css-vy6hlw" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          On May 15, they sent a letter asking that OpenAI stop using the voice and offer transparency about its origins. The tech company, through lawyers, offered the name of the voice-over casting directors that they’d worked with, but not the name of the actor hired, the people said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The incident came as A.I. companies have been courting Hollywood.
         </span>
         <span>
          Disney has been holding talks with Microsoft (OpenAI’s biggest partner and investor) about an internal generative A.I. tool, The Journal reports. OpenAI, Alphabet and Meta have also sought agreements with Hollywood studios to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          license their content
         </a>
         <span>
          for A.I. tools, according to Bloomberg.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For media companies, A.I. companies offer tools that can help them speed up content creation — and save money.
         </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 entertainment talent has been wary of the technology,
         </span>
         <span>
          fearful that it will be used to replace them, potentially without their consent. It was a major point of contention in the strikes by writers and actors last year, and is driving legislation like the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          NO FAKES Act
         </a>
         <span>
          in Congress and the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          ELVIS Act
         </a>
         <span>
          in Tennessee.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" 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-size:17px;line-height:25px;vertical-align:middle">
                In related reading: Do Silicon Valley institutions like Y Combinator, the start-up incubator that Altman once led, encourage unsavory business practices? The
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                investor Roger McNamee thinks so
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-1ux4czy" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The Live Nation case, by the numbers
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Shares in Live Nation tumbled nearly 8 percent yesterday after the Justice Department and 29 states
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sued the $23 billion events colossus
         </a>
         <span>
          that owns Ticketmaster, calling for its breakup.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s the latest in a string of antitrust cases brought by the Biden administration, challenging the dominance of companies in Big Tech and beyond.
         </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 Justice Department says Live Nation operates the biggest monopoly in live events
         </span>
         <span>
          , and it plans to cite
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          potentially incriminating emails
         </a>
         <span>
          from Michael Rapino, Live Nation’s C.E.O.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “It is time for fans and artists to stop paying the price for Live Nation’s monopoly,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Attorney General Merrick Garland said at a news conference yesterday, adding, “The American people are ready for it.”
         </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">
          Here are some of the big numbers to consider in the case:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" 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-size:17px;line-height:25px;vertical-align:middle">
                Live Nation owns, operates, and/or has exclusive booking rights in
               </span>
               <span style="font-size:17px;line-height:25px;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                373 venues
               </span>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                globally and more than
               </span>
               <span style="font-size:17px;line-height:25px;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                60 percent of the top 100 U.S. amphitheaters
               </span>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                . No other U.S. company “owns more than a handful of amphitheaters,” according to the complaint.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" 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-size:17px;line-height:25px;vertical-align:middle">
                Through Ticketmaster, Live Nation controls roughly
               </span>
               <span style="font-size:17px;line-height:25px;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                80 percent of major concert venues’ ticketing business
               </span>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                , plus a large share of the resales market.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                In Live Nation’s defense: The Justice Department notes that the “face values of tickets are typically set or approved by artists,” an acknowledgment the company
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                was quick to seize upon
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                . Live Nation said it takes a
               </span>
               <span style="font-size:17px;line-height:25px;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                5 percent commission
               </span>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                on ticket sales, which it says is lower than the booking fees levied by Airbnb and Uber as well as the download commissions charged by Apple’s App Store.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table width="100%">
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           </td>
          </tr>
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          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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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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        <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-9m6grc" 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-size:17px;line-height:25px;vertical-align:middle">
                In Elon Musk news: His A.I. start-up, xAI,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                has secured funding
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                from Andreessen Horowitz, Sequoia and Tribe; and SpaceX is reportedly considering a tender offer that would
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                value the company at roughly $200 billion
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                , up from $180 billion in December. (FT, Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                The private equity firm Hg
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                has agreed to buy AuditBoard
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                , a cloud-based risk and compliance computing platform, in a deal valued at more than $3 billion. (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                A blast from the past: Atari
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                has acquired
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Intellivision, its one-time fierce rival in console gaming. (The Verge)
               </span>
              </li>
             </ul>
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          Policy
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                The Justice Department and the E.P.A. have reached a
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                $310 million settlement
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                with Norfolk Southern on last year’s toxic train derailment in Ohio. (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                Haley Donors Will Vote But Not Give to Trump
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                , GOP’s Sununu Says” (Bloomberg)
               </span>
              </li>
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          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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          <tbody>
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               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                A close examination of Ampla,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                the lender backed by venture capital
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                , whose financial woes have left its small-business customers reeling. (NYT)
               </span>
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                Singapore Air Changes Seatbelt Rules
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                After Fatal Turbulence” (Bloomberg)
               </span>
              </li>
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