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Joe Flint, Brian Schwartz, and Natalie Andrews, reporting for The Wall Street Journal (gift link, also in News+):

“Just tried calling you about new bid we have submitted,” Ellison texted Zaslav. “I heard you on all your concerns and believe we have addressed them in our new proposal. Please give me a call back when you can to discuss in detail.”

He didn’t hear back.

Sensing trouble, Ellison followed up, saying Paramount had offered a package that covered all the issues Warner had raised, including the need for “strong cash value” and “speed to close.”

“It would be the honor of a lifetime to be your partner and to be the owner of these iconic assets,” he texted, according to a regulatory filing.

Desperation is never a good look.

During a visit to Washington in recent days, David Ellison offered assurances to Trump administration officials that if he bought Warner, he’d make sweeping changes to CNN, a common target of President Trump’s ire, people familiar with the matter said. Trump has told people close to him that he wants new ownership of CNN as well as changes to CNN programming.

Lickspittling is never a good look, either. David Ellison cuts the figure of a pathetic little man, a mere shadow of his father. (I’ll bet he gets along well with Don Jr. and Eric.) And Trump is now already pissed that Ellison hasn’t turned 60 Minutes into Fox and Friends.

Bloomberg:
Sources: SpaceX plans an IPO in mid-to-late 2026, seeking to raise far above $30B and targeting a ~$1.5T valuation, potentially making it the largest IPO ever  —  SpaceX is moving ahead with plans for an initial public offering that would seek to raise significantly more than $30 billion …

Emily Sundberg / Feed Me:
Substack co-founder Hamish McKenzie says Substack is starting to test native sponsorships with some writers but won't take a cut for now  —  “During the pilot, Substack is simply facilitating payments and is not taking a cut.”  —  ∙ Paid  —  Hello everyone.

The Guardian:

There on a plinth, with “Donald J Trump” emblazoned on it in capital letters, was the uncoveted trophy: a golden globe resting on five golden hands big enough to compensate any tiny-handed recipient feeling sore about the Nobel peace prize.

But wait, there was more. “There is also a beautiful medal for you that you can wear everywhere you want to go,” added Infantino, knowing that with Trump there is no such thing as too much.

Glowing oranger than usual under the stage lights, Trump eagerly put the medal around his neck without waiting for Infantino to do the honours. He told the audience of 2,000 people: “This is truly one of the great honours of my life.”

It’s just perfect that Trump put the medal around his own neck.

The jokes practically wrote themselves.