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   DealBook: Paramount’s brinkmanship
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   Also, a big fund-raise for a Thrive A.I. venture.
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             <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" title="DealBook">
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             August 12, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          It’s been about a week since Treasury Secretary Scott Bessent said that a deal to fully reopen the Strait of Hormuz could be 24 to 48 hours away. Equity markets rallied and oil prices dropped soon after.
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          Flash-forward to today. There’s no apparent deal. (Anyone who has tried to negotiate in the Middle East would have told you that a deal is unlikely anytime soon.) Yet while the market rallies on the prospect of good news, it inexplicably rarely tumbles when that doesn’t arrive. Please
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          let me know
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          Sign up here.
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          )
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            <img alt="A room in the Paramount lot in Los Angeles, featuring the Paramount logo and red curtains and velvet ropes." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F12%252Fmultimedia%252F12db-paramount-kczv%252F12db-paramount-kczv-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODY1Mzc3ODEuMTI0OTk4OH0:1wu85V:DOQJaP6Voo5_uzlA1gb29Twc8grJxM2zN9BJI8w3t6E" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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             <span style="color:#666;font:normal 14px georgia,serif">
              Paramount’s C.E.O., David Ellison, is threatening to pull the company out of California if there isn’t progress in settling a lawsuit by states seeking to block its planned takeover of 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>
          Behind Ellison’s California exit threat
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Ellisons have increased the pressure on the states suing to block Paramount’s deal to buy Warner Bros. Discovery.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The threat — that
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          David Ellison
         </span>
         <span>
          , Paramount’s C.E.O., would start to relocate the media company from California if there was no progress toward a settlement by October — has rattled some in the movie industry, Lauren Hirsch reports. But will it be enough for the attorneys general opposing the agreement?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What’s happening:
         </span>
         <span>
          Ellison told Paramount’s senior leadership last week that he would begin moving the company if there was no progress toward resolving the lawsuit,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The Times
         </a>
         <span>
          and others reported.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Possible relocation areas, include Georgia, Tennessee and Texas, which have dangled tax credits.
         </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">
          You “go to the place where you’re wanted,”
         </span>
         <span>
          Paramount’s chief legal officer,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Makan Delrahim
         </span>
         <span>
          , said yesterday. He added that Ellison’s “intent is to be committed to California.”
         </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">
          Rob Bonta
         </span>
         <span>
          , California’s attorney general, called the threat “blackmail.”
         </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">
          Ellison wants to regain leverage.
         </span>
         <span>
          The states scored a win last week when the judge in the antitrust case set a trial date in March. Paramount is set to start paying Warner Bros. Discovery shareholders a so-called ticking fee tied to a delay in the deal closing — some $650 million a quarter — in October.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The fee —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          backstopped
         </a>
         <span>
          by Larry Ellison, David Ellison’s father — would be in stock, so it wouldn’t directly hurt Paramount’s balance sheet. But Larry Ellison probably doesn’t want to throw more money behind an already $111 billion deal.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What else could be worrying Paramount:
         </span>
         <span>
          Both businesses could suffer if it’s in a holding pattern for the deal closing. Paramount also probably wants to avoid the depositions that a trial would entail.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “I think they are eager to enter those talks,” Bonta said of potential settlement talks. “We are very happy with where we are.”
         </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">
          Other parties seem to favor a settlement.
         </span>
         <span>
          The heads of the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          biggest movie theater chains
         </a>
         <span>
          are backing the deal, while
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Gov. Gavin Newsom
         </span>
         <span>
          of California has reportedly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          expressed reservations
         </a>
         <span>
          about the lawsuit.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Several of Hollywood’s biggest unions have been pushing for talks between Bonta and the Ellisons, The Times reports. So has
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bryan Lourd
         </span>
         <span>
          of Creative Artists Agency.
         </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 the prospects of settlement talks remain unclear.
         </span>
         <span>
          Paramount seemingly hasn’t offered the one thing California says it wants: so-called structural remedies, including keeping some businesses separate, rather than behavioral ones like promising to release 30 movies in theaters a year.
         </span>
        </p>
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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">
          OpenAI sees growth in business sales.
         </span>
         <span>
          Run-rate revenue from business customers of the artificial intelligence giant increased 32 percent month on month in July, driven largely by big enterprises, DealBook has learned. (Overall run rate revenue in July grew 20 percent month on month.) OpenAI has focused on growing its business customer base to catch up with Anthropic; both companies are preparing to go public.
         </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">
          Oil prices remain choppy amid fighting in the Middle East.
         </span>
         <span>
          Brent crude, the international benchmark for oil, hovered near $89 a barrel after climbing as high as $90. American forces
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          fired on a Panama-flagged ship
         </a>
         <span>
          trying to transit to an Iranian port in apparent defiance of a U.S. blockade of Iran. And at least
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          six people were killed
         </a>
         <span>
          when a cargo ship in the Red Sea was hit by missiles fired by the Iran-backed Houthi militia, Yemen’s government said.
         </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">
          New York City opens investigations into Kalshi and Polymarket.
         </span>
         <span>
          The City Council is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          examining the prediction market operators
         </a>
         <span>
          and two others over claims of deceptive marketing and the targeting of minors, according to The Wall Street Journal. Separately, the Commodity Futures Trading Commission ordered Kalshi to keep doing business in New York despite a legal effort by the state to halt its operations there.
         </span>
        </p>
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             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260812%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODY1Mzc3ODEuMTI1MTY3Nn0:1wu85V:wMbEkKDr3UkloxDAgzV1rG0C7Ye8ZaYABOXbQ6lPeqQ" style="max-width:96px;margin-bottom:7px"/>
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            <span style="text-align:center">
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              <tbody>
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           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
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           <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>
          A big bet on “touching grass” with A.I.
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Investors are still eager to deploy billions to build out artificial intelligence infrastructure. But for many, backing efforts to actually apply A.I. to real-world business cases is increasingly attractive.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The latest proof: Thrive Holdings, which buys up traditional service providers and infuses them with A.I., plans to announce today that it has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raised $2 billion
         </a>
         <span>
          at a $12 billion valuation, Michael de la Merced is first to report.
         </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">
          Some of the investors have bet heavily on A.I.,
         </span>
         <span>
          like SoftBank, D1 Capital Partners and Altimeter Capital.
         </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">
          Catch up:
         </span>
         <span>
          Thrive Holdings was created last year by Thrive Capital, the investment firm founded by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Josh Kushner
         </span>
         <span>
          , a longtime A.I. investor.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It began with two platforms: Current, focused on accounting, and Shield Technology Partners, centered on I.T. services. Together, they have acquired nearly 70 businesses to date,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Anuj Mehndiratta
         </span>
         <span>
          , a Thrive Capital partner who oversees Thrive Holdings’ tech strategy, told 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">
          The company is part of the search for practical A.I. uses.
         </span>
         <span>
          Mehndiratta described a core value as “touching grass,” using the technology to reduce automation and help accountants and I.T. professionals spend more face time with customers.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          OpenAI (which also owns a stake in Thrive Holdings) and Anthropic have teamed up with private equity firms on billion-dollar ventures to help their portfolio companies use A.I.
         </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 results so far:
         </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">
                Member firms of Current, now one of the 20 biggest U.S. accounting firms, processed more than 7,000 tax returns this season, while reducing prep times by nearly a third.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Member firms of Shield now resolve I.T. queries 36 times faster on average.
               </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">
          Thrive Holdings is adding a third platform,
         </span>
         <span>
          focused on navigating regulatory paperwork in the construction industry. (For every day of field work in the business, there’s one to three days of paperwork involved, according to
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Kareem Zaki
         </span>
         <span>
          , a Thrive Capital partner who oversees investment at Thrive Holdings.)
         </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">
          Some questions:
         </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">
                How much more efficient and transformative can Thrive Holdings be?
               </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 will the company manage the growing costs of using A.I. models? (Mehndiratta said that despite OpenAI owning a stake, Thrive Holdings was “model agnostic” and could use cheaper open-weight models.)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table width="100%">
         <tbody>
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           <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="A New York Yankees player is shown running onto the field at Yankee Stadium with the crowded stands behind him. " class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F12%252Fmultimedia%252F12db-yankee-stadium-bwtl%252F12db-yankee-stadium-bwtl-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODY1Mzc3ODEuMTI1Njg3OH0:1wu85V:gYsrRm7mg4WigCTc94IspiZJeQrjOWTfu286tk6l3N4" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
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            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              The New York Yankees are worth an estimated $8.5 billion, making the team the most valuable franchise in baseball.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Sarah Stier/Getty Images
             </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 Bronx Bombers team up with private equity
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The slugger Aaron Judge may be sidelined with a rib injury. But his team, the New York Yankees, got a big power boost from Wall Street yesterday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Apollo Sports Capital, a division of the investment giant Apollo Global Management, said it had agreed to a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $2.6 billion deal
         </a>
         <span>
          with Yankee Global Enterprises, the baseball team’s parent company.
         </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 Steinbrenner family is keeping control.
         </span>
         <span>
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Hal Steinbrenner
         </span>
         <span>
          , the chairman of Yankee Global Enterprises, will stay on as the team’s managing general partner. Y.G.E. is giving a board seat to
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Al Tylis
         </span>
         <span>
          , the C.E.O. of Apollo Sports Capital.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In March, Forbes
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          estimated the value of the Yankees
         </a>
         <span>
          at $8.5 billion, making it the most valuable franchise in Major League Baseball. Organization rules limit a single private equity firm from owning
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          more than 15 percent of a franchise
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The capital infusion, a mix of debt and equity, will allow the Yankees to pay off or refinance existing debt and make new investments.
         </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">
          This adds to Apollo’s growing sports portfolio.
         </span>
         <span>
          In March, Apollo Sports Capital completed its
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          acquisition of a majority stake
         </a>
         <span>
          in Atlético de Madrid, a big Spanish soccer, in a deal that valued the team at around $2.55 billion.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Apollo also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          purchased a minority stake
         </a>
         <span>
          in Wrexham, the Welsh soccer club owned by the actors Ryan Reynolds and Rob Mac.
         </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">
          Private equity has been growing interested in sports properties.
         </span>
         <span>
          Before the Yankees deal was announced, there had already been 52 private equity deals in professional sports in 2026, according to PitchBook. That matches the total number for 2024 and puts this year on pace to surpass the 2025 total, 71.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A bar chart showing the number of private equity deals in professional sports from 2020 to this year. The highest is in 2025." class="css-mcckse" height="519" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F12%252Fbusiness%252F12DB-CHART-2%252F12DB-CHART-2-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODY1Mzc3ODEuMTI1ODc4OH0:1wu85V:dNoSuKedO-iVNlGJaj0WSqSsxdqdOrZWOvhnZLGA0j0" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Expect the private equity deals to keep coming,
         </span>
         <span>
          according to Salvatore Galatioto, the president of Galatioto Sports Partners, a sports finance and advisory firm. Until recently, he said, sports ownership was viewed more as a hobby for the wealthy than a legitimate investment.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s changed. “I have never seen demand greater than it is today,” Galatioto told DealBook. “Never.”
         </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">
          Sports as a portfolio diversifier:
         </span>
         <span>
          Investment firms and wealthy individuals now view investing in sports properties as a hedge against higher-risk investments, Galatioto said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          They’re more attractive as technology continues to shorten the life cycle of businesses. “If I were a wagering man,” Galatioto told DealBook, “I’d say the odds are much better that the New York Yankees will be here in a hundred years than Apple.”
         </span>
        </p>
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           <td height="10">
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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            <img alt="Anton Osika and Fabian Hedin, both wearing T-shirts, smile for the camera, Osika’s hands grasping Hedin’s shoulders. " class="css-18ei5jy" height="332" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F12%252F23%252Fbusiness%252F12db-lovable-funding%252F18db-lovable-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODY1Mzc3ODEuMTI2NjI4OX0:1wu85V:VVREXDjcmCzuXE3dBgxwjG6zo_zW2UFa08R2Ar3_KFM" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Lovable’s C.E.O., Anton Osika, right, with his co-founder, Fabian Hedin. The Stockholm-based company is now valued at $13.3 billion.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Lovable
             </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 vibecoding start-up Lovable raises $400 million
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          When the adoption of Claude Code, Anthropic’s artificial intelligence-powered coding assistant, skyrocketed last year, many predicted that the tool would spell doom for smaller A.I. start-ups offering similar ones.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          One start-up, the Stockholm-based Lovable, is countering that narrative. Today, the company is announcing a $400 million funding round, Niko Gallogly reports.
         </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 round values the company at $13.3 billion
         </span>
         <span>
          , more than double
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          its valuation in December
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Lovable’s annual revenue rate has surged to nearly $600 million, according to the company.
         </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">
          Lovable has attracted investors globally.
         </span>
         <span>
          Menlo Ventures and Scaleup Europe Fund, a vehicle overseen by the big Swedish investment firm EQT, are leading the round.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Funds from Latin America and Asia, including Tencent and World Innovation Lab, are also participating.
         </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">
          Lovable is succeeding by targeting the nontechnical set, Matt Murphy
         </span>
         <span>
          , a partner at Menlo Ventures who is joining Lovable’s board, told DealBook. Many A.I. coding assistants still require some technical proficiency.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Lovable’s guiding question, Murphy said, is: “How do we make this the most simple thing in the world for everyone to use?”
         </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">
          Entrepreneurs and small businesses are Lovable’s key customer base, Anton Osika
         </span>
         <span>
          , the company’s C.E.O. and a founder, told DealBook. Its users “don’t just build apps and software,” he said, “they run their business on our platform.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That is done by connecting Lovable’s platform to the payment systems, analytics and messaging platforms companies rely on.
         </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 start-up has faced security challenges.
         </span>
         <span>
          In April, a user on X
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reported
         </a>
         <span>
          being able to gain access to some Lovable users’ source code, A.I. chat history and other data. Lovable
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          acknowledged the issue
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Critics said the episode was an example of the security vulnerabilities associated with vibecoding software.
         </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">
          How Lovable will use its new capital:
         </span>
         <span>
          Osika says the company will invest more heavily infrastructure
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          needed to run complex applications reliably and securely. Those investments, he said, will help clients — especially larger ones — feel more comfortable hosting critical operations on Lovable’s software.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Corporations are Lovable’s fastest-growing segment by revenue, Lovable said. Nvidia and Adidas are two of its biggest new customers.
         </span>
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            <span>
             THE SPEED READ
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          Deals
         </span>
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        <div style="margin:0 auto;max-width:600px;width:100%">
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          <tbody>
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             <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">
                “How investors
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                killed AstraZeneca’s $400 billion megadeal
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Bank of America will
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                earmark $250 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to seek to support infrastructure projects like data centers and the mining of critical minerals. (WSJ)
               </span>
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          Technology and artificial intelligence
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Shares in CoreWeave, which leases computing power to A.I. companies, are up sharply after the company said that quarterly revenue
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                more than doubled
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                year on year. (CNBC)
               </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">
                Brad Lightcap
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a longtime OpenAI executive,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                is stepping down
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (WSJ)
               </span>
              </li>
             </ul>
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          Best of the rest
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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;font-weight:700;font-family:arial,sans-serif;color:#000">
                Zhu Rongji
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a former Chinese premier who pushed Beijing to embrace a market economy,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                died today
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . He was 97. (NYT)
               </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 founders of the e-commerce start-up Phia — including
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Phoebe Gates
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a daughter of
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Bill Gates
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                — reportedly knew that its app took credit for
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                sales it didn’t generate
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Bloomberg)
               </span>
              </li>
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