“We have six months to a year,” he said, “because all these youths who are educated with the idea that the French are their enemies, they’ll take action one day.”

Mr. Lemaire arrived in Trappes, a banlieue, or suburb, in the outer orbit of Paris, two decades earlier. Once a village that grew around a millennium-old Roman Catholic parish, Trappes is now a city of 32,000.

Mr. Lemaire’s high school, La Plaine-de-Neauphle, stands at the heart of an area built to accommodate immigrant workers from France’s former colonies in the 1970s — a mixture of rent-subsidized high-rises, attractive five-story residences and a constellation of parks. The mosque is nearby. So is a market where vendors offer delicacies from sub-Saharan Africa and halal products.

Parti républicain solidariste, which espouses a hard line on France’s version of secularism, called laïcité. He now favors taking girls away from their parents, after a second warning, if the children violate laïcité rules by putting on Muslim veils during school field trips.

“We have to protect children from this manipulation,” of being used “as soldiers or as ideologues,” he said.

remarks to the newspaper Le Monde, the local préfet, the top civil servant representing the central government, praised Mr. Rabeh’s administration for its “total cooperation” in combating Islamism. The préfet also refuted the teacher’s claim to having been under a police escort.

The teacher’s story began wobbling. He admitted to the French news media, as he did to The Times, that he had “not received explicit death threats.” He had also accused the mayor of calling him a “racist and Islamophobe” in an interview with a Dutch television network.

But the network denied the mayor had said any such thing.

letter to the students at the teacher’s high school.

“Don’t let anybody ever tell you that you’re worth nothing and that you’re lost to the Republic,” he wrote.

debate was scheduled that evening between Ms. Le Pen and Gérald Darmanin, the interior minister leading the government’s crackdown on Islamism. Hours before the debate, he announced that the teacher would be granted police protection.

That evening, Jean-Michel Blanquer, the national education minister, issued a statement supporting the teacher. He also accused the mayor of trespassing into the high school to distribute tracts — the letter — that morning. “Political and religious neutrality is at the heart of the operation of the School of the Republic,” the minister said.

The city officials at the school that morning told The Times that no copies were distributed inside. The regional education office and Mr. Blanquer’s office refused to make the school principal available for an interview. The minister’s office declined to comment.

The trespassing accusations led to such an avalanche of threats against the mayor that he, too, was put under police protection — a shared destiny, for a while, for the two men of Trappes, who had each lost something.

The teacher was forced to leave the school where he had taught for 20 years and, despite his criticisms of Trappes, said “you really feel you’re on a mission.” He said he should have been more careful with the facts and had made “many mistakes,” but stuck by his interpretation of Trappes as “lost.”

His words, he said, had led to a “clarification of positions today in France.”

The mayor questioned the very Republic that once inspired him. He had believed that “the people who embody the Republic will come, the government will eventually express its solidarity with me.”

“Stunned,” he said, “I find that’s not the case.”

He declined his worried father’s request to resign.

“For a moment during the crisis, I told myself, well, if this is the Republic, I’m abandoning the Republic, just as it’s abandoned me,” Mr. Rabeh said. “But the truth is they’re not the Republic. The kids of Trappes are the Republic.”

Gaëlle Fournier contributed research.

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Amazon Accused of Manipulating Prices by D.C. Attorney General

The District of Columbia sued Amazon on Tuesday, accusing it of artificially raising prices for products in its ubiquitous online marketplace and around the web by abusing its monopoly power, a sign that regulators in the United States are increasingly turning their attention to the company’s dominance across the economy.

In the lawsuit, the D.C. government said that Amazon had effectively prohibited merchants that use its platform from charging lower prices for the same products elsewhere online. That, in turn, raised prices for those products not just on Amazon’s website but in other marketplaces as well, it said.

“Amazon has used its dominant position in the online retail market to win at all costs,” said Karl Racine, the attorney general for the District of Columbia. “It maximizes its profits at the expense of third-party sellers and consumers, while harming competition, stifling innovation, and illegally tilting the playing field in its favor.”

Jodi Seth, a spokeswoman for Amazon, said in a statement that Mr. Racine “has it exactly backwards — sellers set their own prices for the products they offer in our store.” She added that Amazon reserved the right “not to highlight offers to customers that are not priced competitively.”

others raise their prices elsewhere or choose to list solely on Amazon, the largest e-commerce site in the country, to avoid losing their listings. The complaint said “Walmart routinely fields requests from merchants to raise prices on Walmart’s online retail sales platform because the merchants worry that a lower price on Walmart will jeopardize their status on Amazon.”

Absent the policing, sellers “would be able to sell their products on their own or other online retail sales platforms for less than they sell them on Amazon’s platform,” it said.

“Most favored nation” contracts are common across industries, including the cable industry with media business partners. Mr. Racine’s office will have to prove how the price agreements harmed other sellers and were anticompetitive.

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Scrounging for Hits, Hollywood Goes Back to the Video Game Well

LOS ANGELES — For 28 years, ever since “Super Mario Bros.” arrived in cinemas with the tagline “This Ain’t No Game,” Hollywood has been trying and mostly failing — epically, famously — to turn hit video games into hit movies. For every “Lara Croft: Tomb Raider” (2001), which turned Angelina Jolie into an A-list action star, there has been a nonsensical “Max Payne” (2008), an abominable “Prince of Persia” (2010) and a wince-inducing “Warcraft” (2016).

If video games are the comic books of our time, why can’t Hollywood figure out how to mine them accordingly?

It may finally be happening, powered in part by the proliferation of streaming services and their need for intellectual property to exploit. “The need for established, globally appealing I.P. has naturally led to gaming,” Matthew Ball, a venture investor and the former head of strategy for Amazon Studios, wrote last year in an essay titled “7 Reasons Why Gaming I.P. Is Finally Taking Off in Film/TV.”

Sony Pictures Entertainment and its PlayStation-powered sibling, Sony Interactive, are finally working together to turn PlayStation games into mass-appeal movies and television shows. There are 10 game adaptations in the Sony Pictures pipeline, a big leap from practically none in 2018. They include “Uncharted,” a $120 million adventure based on a 14-year-old PlayStation property (more than 40 million copies sold). “Uncharted” stars Tom Holland, the reigning Spider-Man, as Nathan Drake, the treasure hunter at the center of the game franchise. It is scheduled for release in theaters on Feb. 18.

post-apocalyptic game of the same title. Pedro Pascal, “The Mandalorian” himself, is the star, and Craig Mazin, who created the Emmy-winning mini-series “Chernobyl,” is the showrunner. Executive producers include Carolyn Strauss, one of the forces behind “Game of Thrones,” and Neil Druckmann, who led the creation of the Last of Us game.

Sony games like Twisted Metal and Ghost of Tsushima are also getting the TV and film treatment. (Contrary to speculation, one that is not, at least not anytime soon, according to a Sony spokesman: God of War.)

In the past, Sony Pictures and Sony Interactive operated as fiefs, with creative control — it’s mine; no, it’s mine — impeding adaptation efforts. When he took over as Sony’s chief executive in 2018, Kenichiro Yoshida demanded cooperation. The ultimate goal is to make better use of Sony’s online PlayStation Network to bring Sony movies, shows and music directly to consumers. PlayStation Network, introduced in 2006, has more than 114 million monthly active users.

“I have witnessed a radical shift in the nature of cooperation between different parts of the company,” said Sanford Panitch, Sony’s movie president.

Halo,” a series based on the Xbox franchise about a war between humans and an alliance of aliens (more than 80 million copies sold), will arrive on the Paramount+ streaming service early next year; Steven Spielberg is an executive producer. Lionsgate is adapting the Borderlands games (roughly 60 million sold) into a science fiction film starring Cate Blanchett, Kevin Hart and Jamie Lee Curtis.

Buoyed by its success with “The Witcher,” a fantasy series adapted from games and novels, Netflix has shows based on the “Assassin’s Creed,” “Resident Evil,” “Splinter Cell” and “Cuphead” games on the way. Jonathan Nolan and Lisa Joy, the duo behind HBO’s “Westworld,” are developing a science-fiction show for Amazon that is based on the Fallout video game franchise.

And Nintendo and Illumination Entertainment, the Universal Pictures studio responsible for the “Despicable Me” franchise, have an animated Mario movie headed to theaters next year — another new collaboration between a game publisher and a film company.

Still, Hollywood’s game adaptation track record is terrible. Why should the coming projects be any different?

For a start, the games themselves have evolved, becoming more intricate and cinematic. “Games have stories that are so much more developed and advanced than they used to be,” Mr. Panitch said.

first major game adaptation in three decades to receive a “fresh” designation on Rotten Tomatoes, the review-aggregation site. Since then, two more adaptations, “Sonic the Hedgehog” (Paramount) and “The Angry Birds Movie 2” (Sony) have been critical and commercial successes.

“Quality has definitely been improving,” said Geoff Keighley, creator of the Game Awards, an Oscars-like ceremony for the industry.

The most recent game-to-film entry, “Mortal Kombat” (Warner Bros.), received mixed reviews but has taken in $41.2 million in the United States since its release last month, a surprisingly large total considering it was released simultaneously on HBO Max and theaters were still operating with strict coronavirus safety protocols.

Mr. Panitch acknowledged that “video game movies have a checkered history.” But he added, “Failure is the mother of invention.”

Game adaptations, for instance, have often faltered by trying to rigidly replicate the action and story lines that fans know and love. That approach invites comparison, and movies (even with sophisticated visual effects) almost always fail to measure up. At the same time, such “fan service” turns off nongamers, resulting in films that don’t connect with any particular audience.

“It’s not just about adapting the story,” said Michael Jonathan Smith, who is leading Sony’s effort to turn Twisted Metal, a 1995 vehicular combat game, into a television series. “It’s about adapting how you feel when you play the game. It has to be about characters you care about. And then you can slide in the Easter eggs and story points that get fans absolutely pumped.”

“Uncharted” is a prequel that, for the first time, creates origin stories for the characters in the game. With any luck, such storytelling will satisfy fans by giving them something new — while also inviting nongamers, who may otherwise worry about not knowing what is going on, to buy tickets. (The producers of “Uncharted” include Charles Roven, who is known for the “Dark Knight” trilogy.)

“It’s a question of balance,” said Asad Qizilbash, a senior Sony Interactive executive who also runs PlayStation Productions, an entity started in 2019 and based on Sony’s movie lot in Culver City, Calif.

Unlike in the past, when Sony Pictures and Sony Interactive pledged to work together and ultimately did not, the current collaboration “has weight because there is a win for everyone,” Mr. Qizilbash added. “We have three objectives. Grow audience size for games. Bring product to Sony Pictures. Showcase collaboration.”

The stakes are high. A cinematic flop could hurt the game franchise.

“It’s risky,” Mr. Qizilbash allowed. “But I think we can do it.”

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The Woman Behind Iconic Beyoncé Looks and ‘Black Owned Everything’

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The costume designer and wardrobe stylist Zerina Akers does not want people to think that her life is picture-perfect, even if she spends her time making sure that her clients are.

“I want to dispel the thought that it is glamorous,” she said of her days, which often include piecing together ensembles for her celebrity clientele, overseeing fittings and tending to her e-tail site. “Yeah, you’re dealing with beautiful things, but you also have to deal with all the luggage, getting all the looks right and running around. It’s a lot of hard work and heavy lifting.”

And, lately, she has been doing all of that on a wounded ankle. She’s mainly worn comfort shoes during the pandemic, but a pair of post-quarantine wedge heels led to her recent mishap. (“Who did I think I was?!” she said, while describing the stumble during a phone interview.)

Ms. Akers, 35, is the go-to stylist for Beyoncé Knowles-Carter — the iconic oversized black hat that the singer modeled in the 2016 “Formation” music video was her handiwork. She also compiled the wardrobe for Ms. Knowles-Carter’s opulent 2020 visual album, “Black Is King,” pulling designs from both established European fashion houses and independent designers from across the African diaspora.

Black Owned Everything, an e-commerce hub featuring a curated selection of apparel, accessories, beauty and décor products.

“Last summer, there was a huge surge in support of Black brands,” she said, describing widespread calls for inclusivity and representation that swelled after the protests against racism and police brutality. That led some people to ask a new question: How long would this last?

“Would it be something that’s going to stick around and really create change, or was it just a trend?” Ms. Akers said. “I felt it was important to not wait around and gauge the reaction of the fashion industry. We were able to create something that we own, and we’re going to keep it going,” she said of the website, which features about three dozen brands.

Ms. Akers, a Maryland native who is based in Van Nuys, Calif., has also been designing clothing recently, a throwback to her teenage years spent creating garments for school fashion shows. Some of her work — a color-blocked dress, a chain-trim bodysuit, a trench jumpsuit — is featured in a capsule collection of separates for Bar III, the private label from Macy’s.

We spoke with her in early May, as she mulled over ideas for revamping the Black Owned Everything site and sorted through wardrobe items intended for the Colombian reggaeton artist Karol G and Chloe Bailey of the R&B duo Chloe x Halle.

Interviews are conducted by email, text and phone, then condensed and edited.

Brandice Daniel, the founder and chief executive of Harlem’s Fashion Row, as part of their annual Designer Retreat. We’re on with the accessories designer Brandon Blackwood, talking about our career paths and giving advice to young people on how to make it in fashion. I talk about the importance of being in good financial standing and doing what you love without prioritizing being “internet famous.”

3:30 p.m. My assistant, Christian Barberena, arrives at my house and we chill in the backyard, going over our next two weeks of work and divvying up tasks. Usually, my team handles internet shopping and sourcing items in stores. Then, I’ll primarily handle things that are being custom-made by designers.

5:45 p.m. I realize I’m about 15 minutes late for a Netflix virtual screening event for “Halston,” and Chris and I tune in to watch. It’s a must-see. Based on what I’ve read about him, it was well-cast — and it’s visually quite stunning.

8 a.m. I awake with a bit of anxiety, because I’ve been trying to figure out how to seamlessly do some construction on the Black Owned Everything site without alarming our followers. I want it to have much more storytelling, engage more Black photographers and graphic designers, and make it more than just a generic e-commerce space. I also have to find an entry-level social media manager to help make the Instagram account more robust while the site is down.

The Rooftop by JG with Liza Vassell, the founder of Brooklyn PR. We’re both late but make it just in time to not lose our table. It’s our first time connecting outside of work and we spent an hour and a half stuffing our faces, discussing our experiences being Black women making our own way, and investing in and supporting each other.

6:30 p.m. Today was one of those weird days — productive, yet somehow I was left feeling like I didn’t quite do enough. I start checking out mentally by watching trash TV.

8:30 a.m. My makeup artist, Leah Darcy Pike, arrives to help me get ready for a portrait for this column. I decided to throw on an aqua blue look from my Macy’s collection.

1:17 p.m. I call my product development consultant and deliver the good news that I love our new Black Owned Everything candle sample. It’s kind of woody and sort of like patchouli, with these other weird notes. We also discuss possible product ideas we could launch for Juneteenth, like a summer travel kit.

2:05 p.m. I open my garage in an attempt to organize it, then close it back. It’s filled with jewelry, clothes from past photo shoots, my personal wardrobe overflow, B.O.E. stuff … it’s gotten a little crazy.

3 p.m. It’s Chris’s birthday, so I run out and grab a cake from Sweet Lady Jane and we indulge for just a moment.

4:15 p.m. I go to a mall in Sherman Oaks to pick up monochromatic sneakers for my weekend shoot with Karol G. I love color-blocking, particularly red shoes and red bags.

Sally Hemings. I’m currently obsessed with the narratives of slaves. The varied experiences never cease to amaze me. I keep them etched in my brain as a reminder of how resilient we really are as a people.

8:33 a.m. I’m cracking open the week’s packages one by one. There are 20 to 30 — a combination of gifts, things from Black-owned businesses that they want us to review, and some celeb stuff. For the most part, I try to have some stuff go to my office, but since we’re blurring lines with the pandemic, I’ve just been having it come straight to one place.

10:45 a.m. Head out to meet Chris so we can set up a rack for Karol G before heading into a fitting. The first thing I usually try to do with fittings is see what makes the client’s face light up, then I’ll start with those things that they’re most excited about. Typically, the trickiest part is the alterations because you want to make sure they hold up and last, but not damage the garment. On this day, everything went smoothly.

5:33 p.m. After grabbing a bowl of fried tofu with veggies and grits at Souley Vegan, I head to my office to work on a new project with Chris. We’re trying to start a virtual reality character for the site. She’ll be dressed in the Black-owned brands and you can follow her day-to-day.

8 p.m. We realize we should probably stop working and head home to pack for a shoot in San Francisco. When I fly, I have to have my travel blanket (right now, it’s Burberry), my memory foam neck pillow and a sleep mask — I can never stay awake on a plane, even if it’s just an hourlong flight.

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Stocks Rebound as Wall Street Shakes Off Inflation Worries: Live Updates

manufacturing activity in the United States and Europe showed a rapid pickup, as did retail sales data from Britain.

The Stoxx Europe 600 rose 0.6 percent led by gains in consumer companies. One of the biggest gainers was Richemont, the Swiss luxury goods company that owns brands including Cartier and Montblanc. Richemont shares rose after the company reported its full-year results with strong growth in sales in Asia especially for its jewelry and watch brands.

Oil prices rose. Futures of West Texas Intermediate, the U.S. crude benchmark, rose 1.4 percent to $63.48 a barrel.

There are many ways to measure how much the economy has reopened after pandemic lockdowns. One offbeat way is to compare the share prices of Clorox to Dave & Buster’s.

Nick Mazing, the director of research at the data provider Sentieo, came up with this metric to gauge shifts in postpandemic activity. The higher Clorox’s share price rises relative to Dave & Buster’s, the more people appear to be staying home and disinfecting everything than going out to crowded bars.

By this measure, the DealBook newsletter reports, conditions have nearly returned to prepandemic levels — indeed, Dave & Buster’s recently lifted its sales forecast, as nearly all of its beer-and-arcade bars have reopened.

Two more ratios that Mr. Mazing suggest comparing are Netflix versus Live Nation and Peloton versus Planet Fitness.

The first is also nearly back to where it was before the pandemic: Live Nation is preparing for a packed concert schedule, selling tickets to people who may have already binge-watched all of “Below Deck.”

The second, however, suggests that people aren’t as eager to get back to huffing and puffing at the gym as they are content to exercise at home. As restrictions lift and people feel safer in crowds, drinking and dancing appear to be higher priorities.

George Greenfield, the founder of CreativeWell, a literary agency in Montclair, N.J., applied for a loan in March with Biz2Credit. The initial amount he was offered was less than a quarter of what he was eligible for.
Credit…Ed Kashi for The New York Times

The government’s $788 billion relief effort for small businesses ravaged by the coronavirus pandemic, the Paycheck Protection Program, is ending as it began, with the initiative’s final days mired in chaos and confusion.

Millions of applicants are seeking money from the scant handful of lenders still making the government-backed loans. Hundreds of thousands of people are stuck in limbo, waiting to find out if they will receive their approved loans — some of which have been stalled for months because of errors or glitches. Lenders are overwhelmed, and borrowers are panicking, The New York Times’s Stacy Cowley reports.

The relief program had been scheduled to keep taking applications until May 31. But two weeks ago, its manager, the Small Business Administration, announced that the program’s $292 billion in financing for forgivable loans this year had nearly run out and that it would immediately stop processing most new applications.

Then the government threw another curveball: The Small Business Administration decided that the remaining money, around $9 billion, would be available only through community financial institutions, a small group of specially designated institutions that focus on underserved communities.

A roll of steel is packaged and labeled.
Credit…Taylor Glascock for The New York Times

The American steel industry is experiencing a comeback that few would have predicted even months ago.

Steel prices are at record highs and demand is surging as businesses step up production amid an easing of pandemic restrictions. Steel makers have consolidated in the past year, allowing them to exert more control over supply. Tariffs on foreign steel imposed by the Trump administration have kept cheaper imports out. And steel companies are hiring again, The New York Times’s Matt Phillips reports.

It’s not clear how long the boom will last. This week, the Biden administration began discussions with European Union trade officials about global steel markets. Some steel workers and executives believe that could lead to an eventual pullback of the Trump-era tariffs, which are widely credited for spurring the turnaround in the steel industry.

Record prices for steel are not going to reverse decades of job losses. Since the early 1960s, employment in the steel industry has fallen more than 75 percent. More than 400,000 jobs disappeared as foreign competition grew and as the industry shifted toward production processes that required fewer workers. But the price surge is delivering some optimism to steel towns across the country, especially after job losses during the pandemic pushed American steel employment to the lowest level on record.

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A Tally of Resignations Tied to the Jeffrey Epstein Scandal

When Jeffrey Epstein gave The Times columnist James Stewart a tour of his apartment a few years ago, he boasted of his expansive Rolodex of billionaires — and the dirt he had on them. A year and a half after the financier’s death by suicide in a New York jail, the fallout for those in the registered sex offender’s orbit, and increasingly those a step or two removed from it, continues to spread.

For example, the latest management reshuffle at Apollo, as we reported yesterday, can be linked back to Epstein. Tracing all the resignations and reshuffles directly and indirectly tied to the scandal will take a while (we’re working on it), but here’s a tally of some so far:

  • The Apollo co-founder Leon Black said in January that he would resign as C.E.O. but stay on as chairman, after an internal inquiry found he had paid $158 million to Epstein for tax advice. He unexpectedly quit both posts in March, and later stepped down as chairman of the Museum of Modern Art. Josh Harris, a fellow co-founder who had unsuccessfully pushed Black to quit immediately, said yesterday that he was stepping back from Apollo after failing to become the next C.E.O.; Marc Rowan, Apollo’s third co-founder and Black’s pick as successor, now leads the firm.

  • When the details of meetings between Epstein and Bill Gates burst into public view in late 2019, the billionaire’s wife, Melinda French Gates, hired divorce lawyers. The couple’s split, announced this month, could upend their numerous investments and philanthropic ventures

  • Les Wexner announced last February that he would step down as C.E.O. of the Victoria’s Secret parent company L Brands, under pressure from multiple internal investigations about his close ties to Epstein. Earlier this year, he and his wife, Abigail Wexner, said they would not stand for re-election to the L Brands board this month. (The company is now in the process of spinning off Victoria’s Secret.) Mr. Wexner was Epstein’s biggest early client and, a Times investigation found, the original source of the financier’s wealth.

  • Prince Andrew of Britain gave up his public duties last November, days after a disastrous interview with the BBC centered on his relationship with Epstein. At least 47 charities and nonprofits of which he was a patron have since cut ties to the prince.

  • Joi Ito resigned as the director of the M.I.T. Media Lab, a prominent research group, in 2019 and as member of several corporate boards (including The New York Times Co.), after acknowledging that he had received $1.7 million in investments from Epstein.

  • Alexander Acosta resigned as Donald Trump’s labor secretary in 2019, amid criticism of his handling of a 2008 sex crimes case against Epstein when he was a federal prosecutor in Miami.

Morgan Stanley sets up its C.E.O. succession competition. The Wall Street firm gave new roles to four top executives, marking them as candidates to take over from James Gorman: Ted Pick and Andy Saperstein were named co-presidents; Jonathan Pruzan was named C.O.O.; and Dan Simkowitz was named co-head of strategy with Pick.

The U.S. endorses a global minimum tax of at least 15 percent. The proposal, which was lower than some had expected, is closely tied to the Biden administration’s plans to raise the corporate tax rate. Global coordination would discourage multinationals from shifting to tax havens overseas.

Treasury officials said they could capture at least $700 billion in additional revenue. That would involve hiring 5,000 new I.R.S. agents, imposing new rules on reporting crypto transactions and other measures.

U.S. customs officials block a Uniqlo shipment over Chinese forced labor concerns. Agents at the Port of Los Angeles acted under an order prohibiting imports of cotton items produced in the Xinjiang region.

U.S. steel prices are soaring. After years of job losses and mill closures, American steel producers have enjoyed a reversal of fortune: Nucor, for instance, is the year’s top-performing stock in the S&P 500. Credit goes to industry consolidation, a recovering economy and Trump-era tariffs. Unsurprisingly, steel consumers aren’t thrilled about it.

Oprah Winfrey to Blackstone, made its stock market debut yesterday, ending its first trading session with a valuation of about $13 billion. DealBook spoke with Oatly’s C.E.O., Toni Petersson, about the I.P.O. and what’s next for the company.

resignation letter offering both praise of SoftBank’s chief, Masa Son — and unusually pointed criticism of the company’s corporate governance.


It’s been a while since we checked in on an alternative indicator of pandemic economic activity: the share price ratio of Clorox to Dave & Buster’s.

Wait, what? Nick Mazing, the director of research at the data provider Sentieo, came up with that metric to gauge the openness of the economy. The higher Clorox’s share price rises relative to Dave & Buster’s, the more people appear to be staying home and disinfecting everything than going out to crowded bars. By this measure, conditions have nearly returned to prepandemic levels — indeed, Dave & Buster’s recently lifted its sales forecast, as nearly all of its beer-and-arcade bars have reopened.

packed concert schedule, selling tickets to people who may have already binge-watched all of “Below Deck.” The second, however, suggests that people aren’t as eager to get back to huffing and puffing at the gym as they are content to exercise at home. As restrictions lift and people feel safer in crowds, drinking and dancing appear to be higher priorities.

new book, “Noise: A Flaw in Human Judgment,” the Princeton psychology professor and Nobel laureate Daniel Kahneman, along with co-authors Olivier Sibony and Cass Sunstein, argue that these inconsistencies have enormous and avoidable consequences. Kahneman spoke to DealBook about how to hone judgment and reduce noise.

DealBook: What is “noise” in this context?

Kahneman: It’s unwanted and unpredictable variability in judgments about the same situations. Some decisions and solutions are better than others and there are situations where everyone should be aiming at the same target.

Can you give some examples?

A basic example is the criminal justice system, which is essentially a machine for producing sentences for people convicted of crimes. The punishments should not be too different for the same crime yet sentencing turns out to depend on the judge and their mood and characteristics. Similarly, doctors looking at the same X-ray should not be reaching completely different conclusions.

How do individuals or institutions detect this noise?

You detect noise in a set of measurements and can run an experiment. Present underwriters with the same policy to evaluate and see what they say. You don’t want a price so high that you don’t get the business or one so low that it represents a risk. Noise costs institutions. One underwriter’s decision about one policy will not tell you about variability. But many underwriters’ decisions about the same cases will reveal noise.

WSJ)

  • An arm of Goldman Sachs has raised $3 billion from clients to invest in later-stage start-ups. (WSJ)

  • SPACs have raised $100 billion this year through May 19, a record, but new fund listings dropped sharply last month. (Insider)

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    After Media Detour, AT&T Confronts Old Problems

    “It would have been an amazing merger,” said David Barden, a senior research analyst at Bank of America. “It would have kind of perpetuated the AT&T juggernaut of growth through acquisition — not through organic — but it failed.”

    Mr. Stephenson then looked to the attractive profit margins found in media and entertainment. In 2014, he announced a deal for DirecTV, a transaction that he promised would “redefine the industry.”

    But AT&T bought into the pay-TV industry at its peak. Not long after it acquired the satellite service, consumers left in droves.

    “One thing they didn’t — they could not have anticipated, was that 2014 was the last year linear video would grow,” Mr. Barden, referring to the cable TV business. “Because who was out there in the wings? This little company called Netflix.” Customers began to cut their cords and cable subscriptions began their descent.

    Then came Time Warner. Numerous analysts pointed out that owning a company that makes money by distributing shows and films as widely as possible wouldn’t give AT&T any advantage. In other words, it would still have to license HBO and CNN to rivals like Verizon’s television service, or to cable giants like Comcast. AT&T would have a hard time justifying keeping the content for itself.

    The Justice Department sued AT&T to block the deal, but it lost its case in court.

    Makan Delrahim, the former Justice Department antitrust chief who oversaw the suit, said in an interview that AT&T’s rampant deal making was a “classic case” of corporate misbehaving. The company “did a series of mergers and acquisitions and really were not rational for their business execution,” he said, “T-Mobile, DirecTV and Time Warner. And this is the result.”

    Mr. Whitacre, the founding chief executive of the modern AT&T, offered another view.

    “The deals we made while I was chairman — which was a long time — was acquiring the businesses that we were familiar with, the businesses we were in,” he said in an interview. “And when I left, that changed.”

    Mr. Whitacre, who is still an AT&T shareholder, said he liked the Discovery deal, getting the company back to “where we came from, if you would.”

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    How AT&T Got Here, and What’s Next.

    AT&T is painting a rosy picture for the future of its media business, which it will spin off and merge with Discovery. That new streaming giant is a formidable stand-alone competitor to Netflix and Disney. The move leaves AT&T to focus on its telecom business, which looks less bright after being overshadowed by its expensive — and ultimately futile — deal-making binge in media and entertainment under its previous chief, Randall Stephenson.

    The DealBook newsletter explains how AT&T got here, in three key deals:

    • A $39 billion bid to buy T-Mobile. After regulatory pushback, in 2011 AT&T walked away from an effort to become the country’s largest wireless company. T-Mobile paired up instead with Sprint, and the two went on to buy huge amounts of spectrum in the high-stakes battle for 5G, leaving AT&T behind as it lobbies regulators to step in. The failed deal hit AT&T with a $3 billion dollar breakup fee, at the time the largest ever.

    • The $67 billion acquisition of DirectTV. In 2015, AT&T bet on cable TV as a way to amass customers whom it could eventually convert to streaming. But DirectTV bled subscribers as customers cut the cord, and AT&T unloaded a stake in the company last year to TPG that valued DirectTV at about a third of its acquisition price. The deal also cost AT&T about $50 million in advisory fees, according to Refinitiv.

    • The $85 billion acquisition of Time Warner. In 2018, Stephenson called the deal a “perfect match,” but the combined group struggled to invest in its telecom business while also spending enough to compete with the entertainment specialists at Netflix and Disney. Three years later, AT&T is now spinning off the company so it can (re)focus on its quest for 5G market share. AT&T paid $94 million in advisory fees to put the two companies together and an estimated $61 million to split them apart.

    buy another independent studio, MGM.

    In a sign of the pressure that players face to spend big to bulk up, shares in Comcast, the telecom company that owns NBCUniversal, fell 5.5 percent on Monday.

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    MGM Looks to Amazon as the Hollywood Studio Tries to Find a Buyer

    Streaming has become fiercely competitive, with Disney+ coming on strong and HBO Max, Apple TV+ and Paramount+ determined to make inroads. That has pushed the original streaming disrupters — Netflix and Amazon Prime Video — to lean harder on broad-appeal movies to keep growing, particularly overseas.

    The 58-year-old James Bond franchise is a Hollywood crown jewel that has generated tens of billions of dollars in ticket sales, home entertainment revenue, video games and marketing partnerships. But 007 has been both an enticement and a deterrent to prospective MGM bidders.

    That is because MGM owns only 50 percent of the spy franchise. The balance is held by Barbara Broccoli and her brother, Michael G. Wilson. Through their company, Eon, which stands for Everything or Nothing, the siblings also have ironclad creative control, approving every line of dialogue, casting decision, stunt sequence, TV ad, poster and billboard. Bond has enormous untapped value, with television offshoots as one potential bonanza. But Ms. Broccoli and Mr. Wilson, worried about adulterating the brand, have blocked spinoff efforts in the past: Bond belongs on big screens, not small ones.

    “If we get the wrong partners, there are liable to be conflicts,” Mr. Wilson said in a 2015 interview.

    “No Time to Die,” the 25th installment in the Bond series, cost about $250 million to make and is scheduled for pandemic-delayed release in theaters on Oct. 8. (The previous film, “Spectre,” took in about $900 million worldwide in 2015.) The role of James Bond is expected to be recast after “No Time to Die,” as Daniel Craig leaves the role after 15 years.

    Amazon’s entertainment strategy has evolved as streaming services have proliferated. Indie films like “Manchester by the Sea” and unconventional shows like “The Marvelous Mrs. Maisel” and “Transparent” gave Amazon a foothold in Hollywood; domination will require a steady supply of mainstream hits.

    The problem: Amazon Studios has limited bandwidth, most of which is tied up with television series — including a coming “Lord of the Rings” adaptation that is believed to be the most expensive show ever made, with a one-season budget of $465 million. To stock its shelves with big movies, Amazon has been turning to outside suppliers. It paid $125 million for the rights to “Coming 2 America” and $80 million for “Borat Subsequent Moviefilm.” In July, Amazon will release “The Tomorrow War,” a science-fiction spectacle it bought for $200 million.

    Nicole Sperling contributed reporting.

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    AT&T’s WarnerMedia Group to Merge With Discovery

    It’s as if Logan Roy, the fictional patriarch of the Waystar Royco media empire on HBO’s popular series “Succession,” masterminded the deal himself: AT&T has thrown in the towel on its media business and decided to spin it off into a new company that will merge with Discovery Inc.

    The transaction will combine HBO, Warner Bros. studios, CNN, TNT, TBS and several other cable networks with a host of reality-based cable channels from Discovery such as Oprah Winfrey’s OWN, HGTV, the Food Network and Animal Planet.

    But it raises numerous questions about what that will mean for popular shows and streaming platforms, whether entertainment bills will go up or down, or what will happen to the people working at WarnerMedia and Discovery.

    WarnerMedia is known for producing some of the industry’s biggest theatrical and television hits.

    HBO last year captured more Emmys than any other network, studio or platform, and its hit shows include “Succession,” “Curb Your Enthusiasm” and “Last Week Tonight With John Oliver.” It also has a huge library that includes “The Sopranos,” “Game of Thrones” and “Sex and the City.”

    Netflix, the industry leader, has over 200 million subscribers, and everyone else is far behind.

    Both WarnerMedia and Discovery have invested heavily in streaming. WarnerMedia has spent billions building HBO Max, which together with the HBO cable network has about 44 million customers. Discovery has 15 million global streaming subscribers, most of them for its Discovery+ app.

    The companies plan to invest more in both services to get those numbers much higher. David Zaslav, the chief executive of Discovery, who will run the new business, said on Monday that he envisioned hundreds of millions of subscribers around the world, but that will be tough as Netflix and Disney invest in new shows of their own to keep a grip on the market.

    Jason Kilar, who was hired to run AT&T’s media group only last year, is most likely on his way out. He was kept in the dark about the deal until a few days ago, and he has hired a legal team to negotiate his departure, according to two people briefed on the matter.

    But it could mean the elevation of other executives within WarnerMedia. On Monday, Mr. Zaslav praised Toby Emmerich, the head of the film division, Casey Bloys, who runs HBO, and Jeff Zucker, the leader of CNN. Mr. Zucker and Mr. Zaslav are also longtime golfing buddies.

    When asked about his plan for the management team, Mr. Zaslav said he would not favor Discovery executives.

    “Philosophically, our view is we don’t know better,” he said. “There’s a reason WarnerMedia is where it is today.”

    The companies expect the deal to be finalized in the middle of next year, and they anticipate annual cost savings of $3 billion. That usually means layoffs are coming.

    WarnerMedia already went through several rounds of deep staff cuts after AT&T’s purchase of the company in 2018 as Mr. Stankey, who led the unit for a time, slimmed down the operations. Executives and managers were let go as he combined HBO, Warner Bros., CNN and the other cable networks under a single management team.

    When Mr. Kilar came aboard last year, he cut further. Over 2,000 employees were laid off in the process.

    To realize $3 billion in cost savings will inevitably mean more layoffs — at both WarnerMedia and Discovery. Mr. Zaslav said there was “a treasure trove of talent” at WarnerMedia, and emphasized the fact that Discovery doesn’t make scripted shows.

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