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   DealBook: Hollywood cliffhanger
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   Also, OpenAI’s browser bet.
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             October 22, 2025
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         <span style="font-style:italic">
          Good morning. Andrew here. We’ve got a lot of deal news to bring you below. But keep an eye on this transaction: Meta is partnering with Blue Owl, an investment firm that specializes in private credit, to finance its massive data center in Louisiana, which is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          expected to cost $27 billion
         </a>
         <span style="font-style:italic">
          .
         </span>
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          Meta is offloading much of the building expense — and risk — to Blue Owl, which will
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          own 80 percent
         </a>
         <span style="font-style:italic">
          of the financing joint venture. (Meta will also get a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          one-time $3 billion payout
         </a>
         <span style="font-style:italic">
          from the vehicle; it has also guaranteed the data center’s lease from the joint venture for 16 years.) The financing for the data center — set to be as big as about 1,700 football fields — is the largest private credit deal yet. Watch for more deals like this in the future. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <img alt="Two men walk past a Warner Bros. logo on a studio wall in Burbank, Calif." class="css-3vswge" height="404" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F10%252F22%252Fmultimedia%252F22db-wbd-tphc%252F22db-wbd-tphc-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjExMzU1NzMuOTM5ODQwM30:1vBXoT:AICN_tUaO1ppyDh-k-nm557i8tfDJ3ObrnkL6ZGuU6M" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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             Warner Bros. Discovery has shaken up Hollywood and Wall Street with an announcement that it is weighing a sale.
            </span>
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             Mario Tama/Getty Images
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The calculus behind a potential media mega-deal
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Weeks of behind-the-scenes jockeying burst into public view yesterday as Warner Bros. Discovery revealed it was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          considering a sale
         </a>
         <span>
          after receiving takeover interest for some or all of the company.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As potential buyers circle — chief among them Paramount, but also Comcast, Amazon and, reportedly, Netflix — the big question now is how much higher David Ellison, Paramount’s C.E.O., will go above his roughly $23-a-share offer, and whether rivals can outmaneuver him, Lauren Hirsch writes.
         </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>
          Warner Bros. Discovery, which previously
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          outlined a planned split
         </a>
         <span>
          of its two core businesses, said it was now open to an “alternative separation structure” that would merge its studio and streaming operations with another company while spinning off its cable division.
         </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">
          That structure could unlock a wider range of potential deals.
         </span>
         <span>
          In some ways it would mimic Disney’s 2019
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          acquisition of 21st Century Fox
         </a>
         <span>
          , which allowed assets like Fox News and the Fox broadcast channel to be spun off into a separate entity.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And it sends a signal to possible suitors that they may be able to acquire only certain parts of Warner Bros. Discovery. That could be particularly appealing to Comcast or to Netflix, whose executives reiterated yesterday on the streaming giant’s earnings call that they
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          weren’t interested in legacy media networks
         </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">
          Wall Street thinks Ellison probably needs to bump up his bid.
         </span>
         <span>
          Jessica Reif Ehrlich, an analyst at Bank of America, told DealBook last week that Warner Bros. Discovery should only consider selling at $30 per share. (Shares of the company jumped 10 percent on yesterday’s news but closed at $20.33.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yet while Ellison has a deep-pocketed backer — his father, the Oracle co-founder Larry Ellison — he doesn’t have unlimited money. Significant questions about the structure of Paramount’s bid remain, Reif Ehrlich said, including whether any deal would end up significantly diluting Paramount shareholders.
         </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">
          Then there’s the Trump factor.
         </span>
         <span>
          Antitrust experts saw potential roadblocks for many of the deal options. But DealBook hears that some people involved in the process believe many of these risks can be managed with M.&amp;A. provisions like a hefty breakup fee.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The bigger question is how President Trump might react to any deal, especially given his strong feelings about CNN, which is owned by Warner Bros. Discovery. Trump has made clear his anger with Brian Roberts, Comcast’s C.E.O., and is friendly with Larry Ellison.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But even Larry Ellison’s relationship with the president couldn’t expedite the lengthy government review of his son’s takeover of Paramount. And Trump has repeatedly shown he is ultimately transactional.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          So if Roberts ends up making a play for Warner Bros. Discovery, can he find a way to win over Trump?
         </span>
        </p>
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            <span>
             HERE’S WHAT’S HAPPENING
            </span>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Netflix slumps on tax fight with Brazil.
         </span>
         <span>
          Shares in the streaming giant fell more than 6 percent despite the company’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reporting a 17 percent jump in quarterly revenue
         </a>
         <span>
          , thanks to hits like “KPop Demon Hunters” and the second season of “Wednesday.” The culprit: a $619 million payout to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          settle a tax dispute with Brazil
         </a>
         <span>
          that ate into profits. (The quarter ended before Elon Musk called for people to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          cancel Netflix subscriptions
         </a>
         <span>
          because of its “woke” content.)
         </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">
          Gold posts its biggest drop in more than a decade.
         </span>
         <span>
          The
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          price of gold fell
         </a>
         <span>
          5.7 percent yesterday, its biggest one-day fall since 2013 — and just a day after settling a record. (Silver followed suit.) Precious metals
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          had been on a tear
         </a>
         <span>
          as investors sought safe-haven assets as refuge from inflation and President Trump’s tariffs.
         </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">
          Novo Nordisk’s chairman steps down.
         </span>
         <span>
          Helge Lund, the Danish drugmaker’s chair, and six other directors said yesterday that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          they would resign
         </a>
         <span>
          after a dispute with the company’s majority shareholder, the Novo Nordisk Foundation. Novo Nordisk, the maker of Ozempic, has been under pressure to turn around its business after falling behind Eli Lilly in the market for next-generation obesity drugs.
         </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">
          Travis Kelce goes activist on Six Flags.
         </span>
         <span>
          The N.F.L. star has teamed up with the hedge fund Jana Partners and others to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          take a 9 percent stake
         </a>
         <span>
          in the theme park operator, seeking changes to its business and, perhaps, a sale. Jana has worked with sports celebrities before, including Dwyane Wade and C.C. Sabathia, as a way to get attention.
         </span>
        </p>
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            </span>
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           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
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           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          What’s behind the browser war reboot
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Artificial intelligence companies are striking fund-raising and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          computing
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          power
         </a>
         <span>
          deals at a frenzied and seemingly endless clip as they seek to dominate the technology.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That race — and the need to eventually cover its astronomical costs — has led companies like OpenAI to march into increasingly competitive internet sectors to win.
         </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>
          OpenAI yesterday
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          unveiled Atlas
         </a>
         <span>
          , a free browser powered by ChatGPT. (There’s no address bar, per se — all queries go through the chatbot.) Available initially just for Apple’s Mac operating system, the app lets users ask ChatGPT queries directly in the browser, with paying subscribers also getting access to “agents” that can perform tasks on their behalf.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “We think that A.I. represents a rare, once-a-decade opportunity to rethink what a browser can be about,” Sam Altman, OpenAI’s C.E.O., said during the product’s unveiling yesterday.
         </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">
          Atlas serves several functions for OpenAI:
         </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">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                It’s meant to increase engagement with ChatGPT, essentially making a chatbot user’s window for
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
                everything
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                online, from browsing to e-commerce.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                It may also increase subscriptions if the so-called
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                agentic mode
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                proves popular, especially as paid-user growth
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                slows in some markets
               </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">
                Users’ Atlas activity can be used to train OpenAI’s A.I. models.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Perhaps more important, it replaces other search engines by default.
               </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">
          Can OpenAI succeed where others haven’t?
         </span>
         <span>
          Other A.I. companies have rolled out A.I.-infused browsers, including Comet by Perplexity and Neon by Opera.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But they haven’t taken much territory from the heavyweights of the category, including Google Chrome and Microsoft Edge — both of which have been beefed up with A.I. capabilities.
         </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 announcement created waves.
         </span>
         <span>
          Shares in Alphabet, Google’s parent company, fell 2 percent yesterday. Expect leaders of the tech giant to be peppered with questions about Atlas on the company’s earnings call next week.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Atlas is unlikely in the near term to dethrone Google as the browser market leader, Ronald Josey, a Citigroup analyst, wrote in a research note yesterday. But the growth of A.I. agents represents a potential transformation of “the broader internet experience,” especially when it comes to advertising and e-commerce, he added.
         </span>
        </p>
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                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251022%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjExMzU1NzMuOTQwOTAwOH0:1vBXoT:pCBXq6Pzv5extw_899tdU9OZjmM1jtTtqtgyEAQnWHo" style="display:block;width:100%;max-width:480px" width="480"/>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “Nobody else has the same incentive as Amazon to find the way to automate. Once they work out how to do this profitably, it will spread to others, too.”
         </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">
          Daron Acemoglu
         </a>
         <span style="font-style:italic">
          , a Nobel laureate who studies automation, in a Times report on Amazon’s plans to replace more than half a million jobs with robots. The e-commerce giant has more than tripled its U.S. work force since 2018, to almost 1.2 million people. But its increasingly automated warehouses could create a drastic workplace shift in which the company becomes “a net job destroyer, not a net job creator,” Acemoglu warned.
         </span>
        </p>
        <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>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="" class="css-xsf469" height="480" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F10%252F22%252Fbusiness%252F22DB%252F22DB-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjExMzU1NzMuOTQxMDUyfQ:1vBXoT:p1RlpKjX2mYuSJin4adllbUjhs9nJj0wKRq2xnlESmc" 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:3px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Bank of America Global Research, Crunchbase. Note: Data as of Oct. 13.
             </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>
          The incredible growth of the private market
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Private capital — the money managed by private equity, venture capital, private credit and other alternative asset managers — has been on a decades-long tear. But a new report by Bank of America’s global research group reveals the staggering scale of the industry and the world’s largest private companies.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The report includes an eye-opening diagram depicting 55 of the largest private companies, which have a combined valuation of $2.8 trillion.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Here are three more data points that caught our eye:
         </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;font-weight:700;font-family:arial,sans-serif;color:#000">
                Private market returns are outpacing the public markets.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Bank of America notes that private equity has outperformed the S&amp;P 500 and the Russell 2000 Growth Index each of the last 10 years, by an average of 5.6 and 9.3 percentage points respectively.
               </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-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;font-weight:700;font-family:arial,sans-serif;color:#000">
                If private capital assets under management were a country, it would have the world’s second-largest economy.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Private assets more than doubled over 12 years, to $22 trillion in 2024 from $9.7 trillion in 2012. They account for 8 percent of the overall U.S. market, up from 1 percent in 2000. High returns, investors’ desire to diversify from the stock market and growing access to private markets have fueled that growth.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Companies are staying private longer,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                now waiting an average of 16 years to make a public debut, 33 percent longer than a decade ago. The regulatory cost of being public is one reason for the delay. The median compliance cost for a public U.S. company is 4.1 percent of the company’s market capitalization, Bank of America estimated.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A bar chart shows the decline in the number of publicly traded companies, dating back to 2021." class="css-xsf469" height="489" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F10%252F22%252Fbusiness%252F22db-chart%252F22db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjExMzU1NzMuOTQxMjA5OH0:1vBXoT:tNPvxz5QdMMf18VHxiYz0LhAvzAiXhoudydzj6wXE3s" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
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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">
          What’s next?
         </span>
         <span>
          Retail investors are expected to be the industry’s fastest-growing segment, a trend driven by the Trump administration’s executive order clearing the way for private markets to enter 401(k)s. That could be a boon for retail investors seeking higher returns, though experts caution it could pose
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          serious risks
         </a>
         <span>
          for everyday investors.
         </span>
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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>
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          Deals
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        <div style="margin:0 auto;max-width:600px;width:100%">
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                DraftKings agreed 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">
                acquire Railbird Technologies
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a trading platform licensed by the Commodity Futures Trading Commission, as it moves to expand from sports betting into prediction markets. (WSJ)
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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">
                The activist investor Starboard Value has pushed
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