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   DealBook: The A.I. Bowl
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   Also, crypto investors’ search for the bottom.
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             February 9, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          We’re looking at this year’s Super Bowl ads, which were dominated by artificial intelligence companies, as well as the further drop in Bitcoin. And we’ve got an exclusive look at a letter that Senator Tim Scott, Republican of South Carolina, wrote to the S.E.C. about the Netflix-Warner Bros. Discovery deal.
         </span>
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         <span>
          By the way, here’s a fun factoid: Super Bowl Monday is typically the day of the year with the highest volume of workers calling in sick. Next year, the Super Bowl takes place over Presidents’ Day weekend, so the Monday after will be a federal holiday. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <span style="color:#666;font:normal 14px georgia,serif">
             The large number of A.I. ads featured during the Super Bowl LX broadcast may go down as more memorable than the game itself.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Loren Elliott 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>
          Ad blitz
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Big Tech’s artificial intelligence spending spree
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          has roiled the market
         </a>
         <span>
          lately.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The wallet was open for last night’s Super Bowl LX broadcast, too, with a flood of A.I.-related ads that may prove more memorable than the game.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The A.I. Bowl, as some are calling it, appeared to overshadow
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the Seattle Seahawks’ victory
         </a>
         <span>
          . Yes, there were some creative gems among the commercials. But the torrent of spending is reminding some of previous years when tech companies tried to capitalize on the Super Bowl limelight. Those efforts didn’t end well for the advertisers.
         </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 numbers:
         </span>
         <span>
          Almost a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          quarter of this year’s Super Bowl ads
         </a>
         <span>
          — 15 of the 66 spots, which sold for an average of $8 million for 30-second slots — featured A.I., according to iSpot, a TV advertising analytics company. That includes major names like OpenAI and Anthropic, which are said to be preparing to go public this year. Start-ups like Genspark and Base44 — and Svedka, the vodka brand, which used A.I. to make an ad — also tried to capitalize on the A.I. buzz.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          This comes after investors punished tech giants — including Alphabet, Google’s parent company, Microsoft, Amazon and Meta — for announcing huge increases in A.I.-related capital expenditures that would see the four
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          spend $650 billion in 2026
         </a>
         <span>
          on data centers and computing power.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The presence of technology companies
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          was double
         </a>
         <span>
          what it was the last time that NBC broadcast the game, in 2022, Peter Lazarus, executive vice president of ad sales and partnerships at NBC Sports, told Ad Age.
         </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 has struck some on Wall Street as ominous.
         </span>
         <span>
          The game in 2022 became known as the Crypto Bowl, when Coinbase, Crypto.com, eToro and FTX spent a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          combined $54 million
         </a>
         <span>
          on ads. By the end of the year, FTX had declared bankruptcy and Coinbase shares had tanked.
         </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 was the Super Bowl of 2000
         </span>
         <span>
          , a.k.a. the Dot-Com Bowl, after
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          more than a dozen ad spots
         </a>
         <span>
          were bought by internet start-ups like Pets.com, Epidemic.com and Lifeminders.com. Many shut down months later after the tech stock bubble popped.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “When an entire sector floods the most expensive advertising real estate on the planet, it’s not a signal to buy. It’s a signal to think VERY carefully about what comes next,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          George Noble
         </a>
         <span>
          , a longtime investment professional, wrote on X 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">
          The A.I.-related ads didn’t resonate with critics.
         </span>
         <span>
          Adweek put only one, Anthropic’s,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          on its list of favorites
         </a>
         <span>
          . Mike Hale, a TV critic for The Times,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          ranked OpenAI’s at No. 17
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But lots of people saw the ads. Preliminary estimates of the Super Bowl audience put it around 130 million, some of whom may have tuned in to catch Bad Bunny. The Puerto Rican star headlined the halftime show, an appearance that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          rankled President Trump
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the show also generated
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a boom in side bets
         </a>
         <span>
          on who would perform with him, especially on prediction markets.
         </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">
          Lawmakers call on Howard Lutnick to resign over Epstein ties.
         </span>
         <span>
          A prominent Republican and the top Democrat on the House Oversight Committee
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          called on the commerce secretary
         </a>
         <span>
          to step down after revelations that he had a more extensive relationship with Jeffrey Epstein than previously disclosed. Separately, the Epstein files show Ghislaine Maxwell played a major role in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          setting up the Clinton Global Initiative
         </a>
         <span>
          , and KKR has cut ties with the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lobbying firm set up by Peter Mandelson
         </a>
         <span>
          , a senior British politician under investigation over his Epstein ties.
         </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">
          Jimmy Lai, a Hong Kong media mogul, is sentenced to 20 years in prison.
         </span>
         <span>
          A Hong Kong court
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          meted out the punishment
         </a>
         <span>
          after Lai was convicted under a security law for what Beijing said was masterminding pro-democracy protests years ago. (Six of his former employees at Apple Daily were also sentenced.) The move underscores the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tighter hold China has exerted
         </a>
         <span>
          over Hong Kong in recent years.
         </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">
          Investors celebrate a landslide victory for Japan’s prime minister, Sanae Takaichi.
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Japanese stocks soared
         </a>
         <span>
          after the governing Liberal Democratic Party won by huge margins. The result was interpreted as a mandate for Takaichi and her agenda, including an expansionary fiscal policy and state-led investments in so-called national champions.
         </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">
          Shares in Novo Nordisk soar after the F.D.A. deals a blow to a rival.
         </span>
         <span>
          The Danish drugmaker’s stock jumped in Copenhagen trading today after
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Hims &amp; Hers called off plans
         </a>
         <span>
          to introduce a generic version to a pill variant of Wegovy. Hims &amp; Hers made its move after the F.D.A. warned that the generic pill, which was meant to be far cheaper than Wegovy,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          might be illegal
         </a>
         <span>
          . This morning, Novo Nordisk
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sued Hims &amp; Hers
         </a>
         <span>
          , seeking to permanently block the telehealth company from offering unauthorized copies of its GLP-1 treatments.
         </span>
        </p>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “Is Bitcoin dead?”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Bitcoin is slumping again this morning, sinking to $69,000. That’s after the token fell roughly 16 percent last week, as crypto winter fears reverberate from Wall Street to Reddit message boards.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The plunge has raised new questions about whether the asset is losing the investment case that propelled its rise — and whether bigger losses are coming, 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">
          For years, crypto traders viewed Bitcoin as a hedge against the dollar,
         </span>
         <span>
          with investors often piling into the asset alongside traditional havens like gold and silver during periods of market stress. But most digital assets sank during last month’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bull run for precious metals
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Bitcoin should have participated in this debasement trade that we’ve seen, particularly in precious metals, but that just didn’t happen,” James Butterfill, the head of research at CoinShares, a crypto investment company, told DealBook. A potential reason: Large holders — whales, in market lingo — may be in sell mode, he added.
         </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">
          Another explanation may be structural.
         </span>
         <span>
          The initial wipeout that prompted the monthslong decline came on Oct. 10, a date known in crypto shorthand as 10/10.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          At the time,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          DealBook reported
         </a>
         <span>
          that the sell-off was driven in part by an immense buildup of leverage and derivative trades across crypto markets.
         </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 those dynamics may be resurfacing:
         </span>
         <span>
          Crypto’s sell-off last week prompted
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $2.5 billion
         </a>
         <span>
          in forced liquidations, the biggest wipeout of leveraged bets since the October crash, according to the data provider CoinGlass.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Many traders believed, prematurely, that a bottom had formed and revenge-traded on leverage, hoping for a relief rally that really hasn’t materialized,” Justin d’Anethan, the head of partnerships at Arctic Digital, a crypto investment company, 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">
          Even veteran traders are reeling.
         </span>
         <span>
          They
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          have seen big swoons before
         </a>
         <span>
          , most recently in 2022 as the collapse of the industry giant FTX shook the sector. But the market rebounded in 2024 after the S.E.C.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          approved applications for exchange-traded funds tied to Bitcoin
         </a>
         <span>
          , a move that opened crypto trading to Wall Street and mainstream investors.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Many traders are now questioning who the new buyers will be. Ivan Cosovic, the managing director of Breakout Point, a market data firm that tracks investor sentiment. In November, the main discussion theme around crypto was, “Maybe this is a bottom,” he told DealBook. That optimism has since faded.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          He said: “February has become ‘Is Bitcoin dead?’”
         </span>
        </p>
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            <img alt="Two people are seen walking between buildings with the Warner Bros. water tower in the background." class="css-xsf469" height="375" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F02%252F09%252Fmultimedia%252F09db-wbd-jctw%252F09db-wbd-jctw-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzA2NDQxMTQuNDc0ODg5M30:1vpRQ2:Auo8UhVML0G6m9kSESDrMxlBOSz44whKHa7zl7zkFgA" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Washington has weighed in on one of the biggest Hollywood deals of all time.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Philip Cheung for The New York Times
             </span>
            </span>
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         </tbody>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Playing for time in the fight for Warner Bros. Discovery
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As the fight between Paramount and Netflix over Warner Bros. Discovery gets down to the wire, both sides are battling for an advantage. Netflix and Warner Bros. Discovery argue that their deal is a bird-in-hand for shareholders, while Paramount is looking to show regulatory momentum.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A big factor in who gets the upper hand in timing will be the date Warner Bros. Discovery sets for an investor vote on the Netflix deal. It can’t do that until the S.E.C. has approved its proxy filing — and a letter to the agency by a top senator appears aimed at influencing that timeline, Lauren Hirsch 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 latest:
         </span>
         <span>
          Senator Tim Scott, Republican of South Carolina, wrote to Paul Atkins, the S.E.C. chairman, last week, expressing concern about “the inadequacy of the information” that Warner Bros. Discovery has disclosed in regulatory filings, according to a copy of the letter obtained by DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In particular, Scott focused on a warning in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Warner Bros. Discovery’s proxy
         </a>
         <span>
          that how much cash Netflix will pay may be reduced, depending on how much debt Warner Bros. Discovery moves from its cable business, which would be spun out, to the streaming and studio assets that Netflix is set to buy. Warner Bros. Discovery hasn’t given a firm number.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “W.B.D.’s stockholders are being asked to evaluate competing offers without access to material information necessary to make an informed decision,” Scott writes.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Representatives for Warner Bros. Discovery and the S.E.C. declined to comment.
         </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">
          Of note:
         </span>
         <span>
          Scott has described Larry Ellison, the main financial backer of Paramount’s competing offer and the father of the Paramount C.E.O. David Ellison, as a “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          mentor
         </a>
         <span>
          .” Larry Ellison has also been a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          major donor to a super PAC aligned with Scott
         </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">
          Both companies are deep into the regulatory process.
         </span>
         <span>
          The Justice Department, which is also examining the Netflix deal, has asked whether the deal could
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lead to a monopoly
         </a>
         <span>
          . (Scott has written to the Justice Department
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          expressing antitrust concerns
         </a>
         <span>
          about the combination as well.) A Netflix spokesperson told DealBook it was “not aware of any investigation into our business outside of the standard merger review process.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Paramount has applied for antitrust approval for a tender offer, rather than a traditional acquisition. That requires less time for the first stage of the review and less documentation for the full process. Clearance for Paramount
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          could now be weeks away
         </a>
         <span>
          , whereas Netflix has said it expects its own process to take 12 to 18 months.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s not the same as deal
         </span>
         <span style="font-style:italic">
          approval
         </span>
         <span>
          : The Justice Department could still sue to block a deal even after an investigation concludes without a suit, as the F.T.C. did with
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Illumina’s acquisition of Grail
         </a>
         <span>
          .
         </span>
        </p>
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          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             THE SPEED READ
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           </h3>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Deals
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-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">
                President Trump publicly backed
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Nexstar Media Group’s $3.5 billion bid
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for a rival broadcaster, Tegna. (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A group led by FedEx and the private equity firm Advent International
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                agreed to buy InPost
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a Polish delivery locker company, in a $9.25 billion transaction. (FT)
               </span>
              </li>
             </ul>
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