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   DealBook: Will donors follow Haley?
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   Also, the Justice Department’s probable case against Live Nation.
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            <p style="width:100%;margin-bottom:0;font:12px/12px georgia,serif">
             May 23, 2024
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          Good morning. I’m in Paris where C.E.O.s from around the world have descended on VivaTech, the big tech conference. Dario Amodei of Anthropic
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          broke news
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          about research to better understand the inner workings of A.I., and Eric Schmidt, the former Google C.E.O., argued that A.I. is underhyped. I also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          interviewed President Emmanuel Macron of France
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          , who argued that the country’s negative view of great wealth may be shifting as he pushes for more entrepreneurs and start-ups to invest in the country. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <img alt="Nikki Haley, dressed in a light blue outfit, gestures to her left while speaking at a lectern." class="css-1ytstr3" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2024%252F05%252F23%252Fmultimedia%252F23db-haley-mvpj%252F23db-haley-mvpj-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3MTY0NjU1ODYuNDMyODEwM30:1sA76o:cUmc1eGpxq4dJOqMt2J1I9U1pjr7ijqWdWCHNYp0CwA" 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">
             Nikki Haley, the former Republican presidential hopeful, settled one of the big questions hanging over Washington by throwing her support behind Donald Trump.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Haiyun Jiang for The New York Times
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        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The Haley rationale for backing Trump
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         <span>
          After months of speculation, Nikki Haley said — in her first appearance since dropping out of the Republican presidential primary — that she
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          would vote for Donald Trump
         </a>
         <span>
          , the man against whom she waged a sometimes scathing campaign.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The news appeared to disappoint some supporters who explicitly endorsed her as an anti-Trump candidate. But it may provide cover to prominent donors like Ken Griffin who in recent weeks has suggested that he might come in from the cold and donate to Trump.
         </span>
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          Deep-pocketed Republicans flocked to Haley during the primary
         </span>
         <span>
          . Among them: Griffin, who gave $5 million to her super PAC in December; Paul Singer of Elliott Management; Henry Kravis of KKR; Barry Sternlicht of Starwood Capital Group; Cliff Asness of AQR Capital Management; Stanley Druckenmiller; and Ken Langone. (Reid Hoffman, the Democratic venture capitalist and LinkedIn co-founder, also kicked in millions for her campaign.)
         </span>
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         <span>
          The draw was that she wasn’t Trump:
         </span>
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               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                “I’m supporting Nikki because I think the nation needs to move on from the divisiveness and fear-mongering of the far left and right,”
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                Sternlicht told The Times
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                .
               </span>
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               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                “I think she is just what we need right now,”
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                Langone said on Fox News
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                . “What Trump put this country through the last three months of his presidency was disgraceful.”
               </span>
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          But donors are rethinking their aversion to Trump,
         </span>
         <span>
          who handily beat Haley and other rivals and is now leading President Biden in some polls. Many say they oppose Biden’s economic and immigration policies and are dismayed by White House criticism of Israel in the war in Gaza.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Griffin — who months ago said he was focusing more on Republican state and local candidates — has increasingly suggested he was open to giving to Trump. “It’s a question I’m giving serious consideration to,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          he told The Times
         </a>
         <span>
          recently, and his camp has told Trump’s that he was waiting to see whether the former president would pick a traditional Republican as a running mate. Will Haley’s endorsement, such as it was, be enough justification?
         </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">
          The big picture:
         </span>
         <span>
          While Trump has trailed Biden in fund-raising, he
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          significantly out-raised the sitting president
         </a>
         <span>
          last month. An outpouring from megadonors could help close the cash gap — which could be especially critical as Trump’s legal bills mount.
         </span>
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               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                In other 2024 election news: why some prominent Silicon Valley donors
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                have shifted rightward
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                . And here’s a close look at
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                Nicole Shanahan
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                , the lawyer and ex-wife of the Google founder Sergey Brin. She’s now Robert Kennedy Jr.’s running mate.
               </span>
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             <span>
              HERE’S WHAT’S HAPPENING
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          Nvidia’s stock soars after a blockbuster earnings report.
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          The tech giant at the heart of the artificial intelligence boom
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reported quarterly revenue and profit
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         <span>
          that far exceeded analyst estimates, fueled by surging demand for its semiconductors. It also announced a 10-for-1 stock split. Its shares are up nearly 7 percent in premarket trading, helping to boost the S&amp;P 500. The benchmark index fell yesterday following the release of Fed minutes showing policymakers were
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          willing to raise interest rates
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          if high inflation persisted.
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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">
          Amazon reportedly plans to charge for a more capable Alexa.
         </span>
         <span>
          The tech company is considering a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          monthly subscription fee
         </a>
         <span>
          to access a new generative A.I.-powered version of its voice assistant, to offset its costs, CNBC 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">
          Harvard’s governing body won’t let 13 pro-Palestinian student protesters graduate.
         </span>
         <span>
          The Harvard Corporation
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          rejected a bid
         </a>
         <span>
          by faculty to award degrees to the students, who face disciplinary action for participating in a protest encampment. In related news, the hedge fund mogul Ken Griffin, an alumnus who paused his financial support for the school over its handling of antisemitism on campus,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          urged graduates
         </a>
         <span>
          to “constructively debate ideas even in moments of heated disagreement.”
         </span>
        </p>
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            <h3 class="css-kf37zi" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:7px;margin-top:0;text-align:center">
             ADVERTISEMENT
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        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The case for an antitrust fight against Live Nation
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Justice Department and several states plan to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sue Live Nation Entertainment
         </a>
         <span>
          , the parent company of Ticketmaster, as soon as today, The Times reports. The antitrust investigation has taken more than a year — and follows an even longer period of frustration at the company’s dominance of live event ticketing.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Here’s what the case is likely to focus on, according to The Times:
         </span>
        </p>
        <p class="css-vy6hlw" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          The government plans to argue in a lawsuit that Live Nation shored up its power through Ticketmaster’s exclusive ticketing contracts with concert venues, as well as the company’s dominance over concert tours and other businesses like venue management, said two of the people, who declined to be named because the lawsuit was still private. That helped the company maintain a monopoly, raising prices and fees for consumers, limiting innovation in the ticket industry and hurting competition, the people said.
         </span>
        </p>
        <p class="css-vy6hlw" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          The government will argue that tours promoted by the company were more likely to play venues where Ticketmaster was the exclusive ticket service, one of the people said, and that Live Nation’s artists played venues that it owns.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          Bloomberg News, which first reported the lawsuit’s timing, added that the Justice Department may seek to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          break up the company
         </a>
         <span>
          , which was formed by the 2010 union of Live Nation and Ticketmaster.
         </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">
          Live Nation has sought to head off such a lawsuit for some time,
         </span>
         <span>
          denying that it sets high prices and fees and arguing that it faces increased competition. Last year, it agreed to be
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          more transparent
         </a>
         <span>
          about the fees that are added to ticket sales, signing onto the Biden administration’s fight against so-called junk fees.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Last month, Live Nation
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          co-hosted a party in Washington
         </a>
         <span>
          ahead of the annual White House Correspondents’ Association dinner to press its case. Attendees took in a performance by the country singer Jelly Roll — and were greeted by cocktail napkins promoting positive facts about the company’s impact on the economy.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-1ux4czy" style="padding-bottom:15px">
           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The N.F.L. inches ahead on private equity deals
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In the end, N.F.L. owners didn’t vote on the big question hanging over their annual meeting in Nashville: whether to permit private equity firms to take stakes in teams as franchise valuations soar.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But they did make some progress, The Times’s Ken Belson and DealBook’s Lauren Hirsch 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">
          A policy could be in place by the end of the year
         </span>
         <span>
          , Roger Goodell, the N.F.L. commissioner, said. That’s after owners agreed to a framework for private equity funding similar to that in other pro sports leagues, Clark Hunt, the owner of the Kansas City Chiefs, who heads the special committee on ownership policy, 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 N.F.L. would probably put limits on such investments
         </span>
         <span>
          , including capping the number of teams in which a firm could invest and the size of the stake. The final figures are likely to be more conservative than what other leagues allow.
         </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">
          “
         </span>
         <span>
          When we started on this project — you can go back a year ago — there were a number of owners who were very concerned,” Hunt said. Now, he added, “pretty much everybody in the room is on board with the conversations proceeding.”
         </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 lack of a vote suggests some owner hesitation.
         </span>
         <span>
          “We’re pretty proud of the way we govern the N.F.L. at this particular time,” said Jerry Jones, the owner of the Dallas Cowboys. “These things are certainly a part of any consideration.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Goodell, the commissioner, said the league was only considering working with private equity investors for the moment. (Jones said not to rule out other future possibilities, including sovereign wealth funds.)
         </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 league approved other important deal-making considerations.
         </span>
         <span>
          Investors can use up to $700 million in debt to finance a deal, up from $500 million. That was probably spurred by the challenges that Josh Harris and his investor group had last year in financing
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          its $6 billion deal for the Washington Commanders
         </a>
         <span>
          .
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-1ux4czy" style="padding-bottom:15px">
           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
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        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
         </span>
        </h2>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          What will Ramaswamy do with BuzzFeed?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Vivek Ramaswamy is getting into the digital media business.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Shares in BuzzFeed soared yesterday after Ramaswamy, a wealthy investor and a former Republican presidential hopeful, revealed that he had acquired a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          7.7 percent stake
         </a>
         <span>
          in the struggling web publisher. Ramaswamy, the author of “Woke, Inc.,” is known as a culture warrior, which raises questions about his plans for 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">
          BuzzFeed has fallen far.
         </span>
         <span>
          It grew quickly from a site known for games and quizzes to a Pulitzer Prize–winning news outlet that landed big scoops, including
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          publishing the dossier
         </a>
         <span>
          that contained unverified reports of connections between Donald Trump’s 2016 presidential campaign and Russia.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But in recent years, it has struggled amid a declining ad market and plummeting reader referrals from social networks. Its stock has fallen more than 90 percent since it went public in 2021 and the company has shut down its news division to save money.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Will Ramaswamy push BuzzFeed rightward?
         </span>
         <span>
          The investor, now the company’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          fourth-largest shareholder
         </a>
         <span>
          ,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          declined to comment on his goals, telling DealBook, “Stay tuned.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But his history of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          railing against the “mainstream media”
         </a>
         <span>
          suggests he could try to influence the company’s editorial and ideological direction. In a security filing disclosing his holding, Ramaswamy said he saw “numerous operational and strategic opportunities.”
         </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">
          It’s unclear whether he can fix the company.
         </span>
         <span>
          BuzzFeed’s troubles are shared by much of the media industry. Its publisher has warned that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          things could get tougher
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And Ramaswamy doesn’t have a media background: He made his fortune in biotech and his name fighting Wall Street’s embrace of E.S.G., investing strategies that prioritize environmental, social and governance issues.
         </span>
        </p>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                In other media news: The Murdoch family’s News Corp, which owns The Wall Street Journal and The New York Post,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                struck a licensing deal
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                with OpenAI that allows the tech company to train its artificial intelligence software on the publishers’ content.
               </span>
              </li>
             </ul>
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            <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
             <span>
              THE SPEED READ
             </span>
            </h3>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Deals
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                DuPont will break itself
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                into three companies. (CNN Business)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Oaktree Capital
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                seized control of F.C. Inter Milan
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                , after the champion Italian soccer club’s Chinese owners defaulted on a loan by the investment firm. (WSJ)
               </span>
              </li>
             </ul>
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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">
          Artificial intelligence
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                OpenAI didn’t seek to copy Scarlett Johansson’s voice
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                for its latest ChatGPT update, according to documents and interviews, but its C.E.O. muddied the waters with his actions. (WaPo)
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                The F.C.C. is moving toward possible new rules requiring political ads to
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                disclose any use of A.I.
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               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                (CNN Business)
               </span>
              </li>
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                Sam Bankman-Fried
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                Then the Market Tanked.
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                ” (WSJ)
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