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   DealBook: Rejected
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   Also, the China angle to President Trump’s Venezuela fight.
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             December 17, 2025
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Breaking: Warner Bros. Discovery just published why it would stick with Netflix’s takeover bid over Paramount’s. It questioned Paramount’s offer, suggesting that it is backed by a revocable trust from Larry Ellison that has too much wiggle room for its comfort.
         </span>
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         <span>
          Warner Bros. also said it wasn’t buying the Paramount argument that a Netflix deal carries a higher risk of being blocked by regulators, essentially rejecting speculation that Ellison’s relationship with President Trump would advantage that offer. We’ve got a lot more below. (Was this newsletter forwarded to you?
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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            <img alt="The Warner Bros. logo is seen on a water tower rising above a series of buildings on a sunny day." class="css-3vswge" height="389" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F12%252F17%252Fmultimedia%252F17db-wb-tqlk%252F17db-wb-tqlk-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjU5NzgwMjMuOTEyNDMzNn0:1vVrYV:YwiL_awEGXnB9vRpk_0jZiL67R8Dt1rHYN_xhdLXyLc" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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            <span style="color:#666;font:normal 14px georgia,serif">
             Warner Bros. Discovery has officially rejected Paramount’s hostile buyout offer.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             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>
          An “illusory” offer
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Warner Bros. Discovery has just
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          rejected Paramount’s $78 billion hostile takeover bid
         </a>
         <span>
          , calling it “inadequate” and “illusory” compared with the $72 billion deal it signed to sell many of its assets to Netflix.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          its official notice
         </a>
         <span>
          , Warner Bros. Discovery rejected Paramount’s argument that the $40 billion in equity backing its bid was truly backstopped by Larry Ellison, the billionaire tech tycoon and father of its C.E.O., David Ellison.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And Warner Bros. Discovery said that it didn’t believe Paramount’s offer was any more likely to clear regulatory review than Netflix’s, despite the Ellison family’s political maneuvering.
         </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">
          “PSKY’s tender offer remains inferior to the Netflix merger,”
         </span>
         <span>
          the Warner Bros. Discovery board wrote to shareholders today, referring to Paramount’s stock ticker. Among its points:
         </span>
        </p>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The total value of Netflix’s offer — a combination of cash and Netflix stock, as well as shares in a new company consisting of Warner Bros. Discovery’s cable networks — was, the board implies, worth more than the $30 a share in cash that Paramount was offering.
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The board again raised
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                concerns it had
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                about claims that the Ellisons would backstop the $40 billion in equity backing the Paramount bid.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                And it argued that the $9 billion in cost savings that Paramount anticipated from combining with Warner Bros. Discovery would “make Hollywood weaker, not stronger” — a point clearly aimed at
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                creatives wary of the Netflix takeover
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Netflix quickly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          released its own letter
         </a>
         <span>
          to Warner Bros. Discovery shareholders defending its deal. (Among its points: The streaming giant said it would commit to “industry-standard windows” for Warner movies to be shown in theaters.)
         </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">
          Concerns about the political advantages of the Paramount bid also stand out.
         </span>
         <span>
          “The board believes that each transaction is capable of obtaining the necessary U.S. and foreign regulatory approvals and that any difference between the respective regulatory risk levels is not material,” the Warner Bros. Discovery directors wrote.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That hits at one of the strongest arguments Paramount has made about its offer — that it was more likely to receive antitrust clearance than Netflix, which dominates paid streaming. Paramount has also leaned on the political connections of its controlling Ellison family, which has reportedly been
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          courting Trump administration officials
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The fate of Warner Bros. Discovery is likely to rest in large part on President Trump, who has said he would be “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          involved in
         </a>
         <span>
          ” government review of any takeover bid.
         </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">
          Recent developments may have undercut some of Paramount’s political capital.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Affinity Partners
         </a>
         <span>
          , the investment firm run by Jared Kushner, the Trump son-in-law, has backed out of Paramount’s consortium of backers.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And Trump — whether to keep everyone on their toes or
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          out of pique
         </a>
         <span>
          — has continued to criticize Paramount over programming by CBS shows like “60 Minutes,” suggesting that his mind isn’t made up yet. Yesterday, he
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wrote this on Truth Social
         </a>
         <span>
          :
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          For those people that think I am close with the new owners of CBS, please understand that 60 Minutes has treated me far worse since the so-called “takeover,” than they have ever treated me before. If they are friends, I’d hate to see my enemies!
         </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">
          What’s next:
         </span>
         <span>
          Paramount has suggested it was willing to raise its offer. The question is how much would be enough to win over Warner Bros. Discovery’s board and shareholders.
         </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>
           </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">
          OpenAI may add to its team of rivals.
         </span>
         <span>
          The artificial intelligence giant is in talks to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raise at least $10 billion from Amazon
         </a>
         <span>
          at a valuation above its current $500 billion level, according to The Information. A deal would help OpenAI pay the company’s growing bill for cloud computing, including for Amazon services; OpenAI would also use Amazon’s chips in its data services, further diversifying away from processors by Nvidia (itself an OpenAI investor). Reminder: Amazon has been a longtime backer of a competing A.I. start-up, Anthropic.
         </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">
          Tesla shares hit a record despite mounting legal woes.
         </span>
         <span>
          The electric carmaker’s stock has been
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          on an impressive rally
         </a>
         <span>
          , erasing losses from earlier in the year at a point when Elon Musk was criticized for his government work. Tesla shares are defying bad news, including a California regulatory agency warning that sales of its models
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          could be suspended
         </a>
         <span>
          there for 30 days unless it changes what the regulator calls deceptive marketing of its assisted-driving programs.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The Trump administration clashes with the E.U. over tech oversight.
         </span>
         <span>
          U.S. trade officials
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          threatened to penalize European tech companies
         </a>
         <span>
          in retaliation for what they called “harassing lawsuits, taxes, fines and directives” by the bloc and some member states aimed at American companies. The warning comes as Washington and Brussels seek to finalize a trade framework, and as the administration grows increasingly frustrated with the E.U.’s tough scrutiny of Big Tech.
         </span>
        </p>
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            </span>
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           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
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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>
          How Trump’s Venezuela clash could rock China
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump’s order for
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a “complete blockade of all sanctioned oil tankers
         </a>
         <span>
          ” going to and from Venezuela has jolted the oil market. Brent crude, the global benchmark, spiked this morning, a day after oil futures sank to nearly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          five-year lows
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The action — and the likelihood of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          further seizures of tankers
         </a>
         <span>
          — may be rattling one player with a lot at stake in the region: China, Grady McGregor 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">
          Venezuela sells roughly 80 percent of its exported oil to China
         </span>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          forming an economic lifeline
         </a>
         <span>
          for President Nicolás Maduro’s government.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “I think Beijing is worried,” Ryan Berg, director of the Americas Program at the Center for Strategic and International Studies, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump has long prized Venezuela’s vast oil reserves and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          is intent
         </a>
         <span>
          on keeping countries like China and Russia from having access to them. Disrupting Venezuela’s exports will make China “less able to continue propping up” Maduro’s government, Berg 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">
          China benefits from buying Venezuelan crude at a steep discount,
         </span>
         <span>
          and continues to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          invest significantly
         </a>
         <span>
          in Venezuela’s oil sector.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But analysts say Beijing is not necessarily concerned about losing Venezuela as a trading partner. The Chinese are frustrated with Venezuela’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          slow repayment
         </a>
         <span>
          of loans. Venezuelan oil makes up just around
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          4 percent of China’s total crude imports
         </a>
         <span>
          . And purchasing crude from the embattled nation comes with the added burden of needing to conceal shipments and route them through
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          countries like Cuba
         </a>
         <span>
          to evade U.S. sanctions.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Instead, Beijing’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          denunciation of the seizures
         </a>
         <span>
          may signal a broader worry that the U.S. is targeting China’s expanding interests in Latin America.
         </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">
          Strategic standoff:
         </span>
         <span>
          Trump may be easing off on tariffs and some export curbs directed at Beijing, but a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          new National Security Strategy
         </a>
         <span>
          prioritizes U.S. dominance in the Western Hemisphere and identifies China
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          as a leading threat
         </a>
         <span>
          to American influence.
         </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">
          China cares about three main economic issues in Latin and South America,
         </span>
         <span>
          Margaret Myers, who works on the Asia and Latin America Program at the Inter-American Dialogue, a research organization, told DealBook. They are soybeans (mostly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          via Brazil
         </a>
         <span>
          ); minerals from the so-called
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Lithium Triangle
         </a>
         <span>
          of Argentina, Bolivia and Chile; and the creation of new markets for electric vehicles and other Chinese goods.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For now, analysts say, Beijing is more likely to work behind the scenes to support Venezuela.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Maduro falling would take an important piece of the puzzle away for China’s influence in the Americas,” Berg said. “They’re not keen to see that happen.”
         </span>
        </p>
        <table width="100%">
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           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          How Epstein made his money
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The answer to one of the big questions about Jeffrey Epstein — how did he amass the wealth and power that enabled his sex-trafficking operation? — appears to be simple, if improbable: a series of lucky breaks and an apparent willingness to scam his business and social connections.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The disgraced financier’s big break
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          appears to have come from Wall Street
         </a>
         <span>
          and Jimmy Cayne, who later ran Bear Stearns, a new Times investigation reveals. “That’s what really catapulted him,” recalled Michael Tennenbaum, a former Bear executive. (Tennenbaum called Epstein and Cayne “two sleazeballs.”)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          More from The Times’s report:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Abundant conspiracy theories hold that Epstein worked for spy services or ran a lucrative blackmail operation, but we found a more prosaic explanation for how he built a fortune. A relentless scammer, he abused expense accounts, engineered inside deals and demonstrated a remarkable knack for separating seemingly sophisticated investors and businessmen from their money. He started small, testing his tactics and seeing what he could get away with. His early successes laid the foundation for more ambitious ploys down the road. Again and again, he proved willing to operate on the edge of criminality and burn bridges in his pursuit of wealth and power.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          Epstein’s associations with Les Wexner, the billionaire retail tycoon who ran The Limited and Victoria’s Secret, and the private equity mogul Leon Black would also help bring him into the orbit of more rich and powerful connections.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Here are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          more takeaways
         </a>
         <span>
          from the investigation.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td style="border-top:0 solid #dcdcdc;padding-top:15px">
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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            <span style="text-align:center">
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              <tbody>
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                <td style="line-height:0;font-size:0">
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                <td style="line-height:0;font-size:0">
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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_20251217%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjU5NzgwMjMuOTEyOTgxNX0:1vVrYV:ff_dYv8icoCyir5kBT6mvig-pYWA_h4UcYrLIIYJaKs" style="display:block;width:100%;max-width:480px" width="480"/>
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              </tbody>
             </table>
            </span>
           </td>
          </tr>
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           <td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
           </td>
          </tr>
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           <td height="20">
           </td>
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         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “I said: ‘This is where we’re going to end up. So figure out how you can work into what he’s already thinking.’ Well, they couldn’t get there.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Susie Wiles
         </a>
         <span style="font-style:italic">
          , the White House chief of staff, on what she said she told advisers to President Trump who were divided over his tariff rollout At one point, Wiles told Vanity Fair, that she tried to get Vice President JD Vance to help persuade Trump to pause the plan. The
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          remarkably candid interview
         </a>
         <span style="font-style:italic">
          has also made waves for what Wiles said about Vance (“a conspiracy theorist”), Elon Musk (“an avowed ketamine” user) and Attorney General Pam Bondi (“completely whiffed” in handling the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Jeffrey Epstein
         </a>
         <span style="font-style:italic">
          files).
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         DEALBOOK QUIZ
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          This question comes from a recent Times story. Click an answer to see if you’re right. (The link will be free.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump has declared himself the first crypto president, and he has delivered on that claim. Trump has promoted crypto from the Oval Office, signed pro-crypto legislation and started his own memecoin.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          His embrace of the industry has helped to unleash
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a wave of boundary-pushing new ventures
         </a>
         <span>
          , raising concerns about risk. And under the Trump administration, the S.E.C. has eased off its crackdown on crypto.
         </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">
          Under the Biden administration, the S.E.C. brought 105 crypto cases in four years. How many crypto cases has the S.E.C. brought since Trump took office in January?
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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                11
               </a>
              </li>
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                0
               </a>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                3
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              </li>
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                6
               </a>
              </li>
             </ul>
            </td>
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         </table>
        </div>
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            <span>
             THE SPEED READ
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          Deals
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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">
                Databricks, an artificial intelligence software start-up, said it was raising
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                roughly $4 billion in funding
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                at a $134 billion valuation. (WSJ)
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              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
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                In I.P.O. news: Medline Industries
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                has raised about $6.3 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in the biggest listing of the year; and
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                CloudKitchens
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Travis Kalanick’s ghost kitchen start-up, is said to be delaying plans to list its Middle Eastern business. (FT, Bloomberg)
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          Politics, policy and regulation
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                President Trump is set
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                to interview Christopher Waller
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a Fed governor, today as he closes in on a choice for a new Fed chair. Separately, the billionaire investor
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Ken Griffin
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                called on Trump to put “distance” between the White House and the central bank to avoid roiling markets. (NYT, 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">
                Trump said that construction costs on the White House ballroom project could now
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                hit $400 million
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Bloomberg)
               </span>
              </li>
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          Best of the rest
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Vivek Ramaswamy
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the former Republican candidate for president, offers his definition for “Americanness.” (Times Opinion)
               </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 penny seems headed for extinction — but some of the last to be minted fetched
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                more than $16 million at auction
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (ABC News)
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