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    Trump Wants to Kill Carried Interest. Wall Street Will Fight to Keep It.

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    President Trump has been trying to eliminate the tax loophole, which benefits Wall Street, but Congressional Republicans may stand in the way.Nearly a month has passed since President Trump last spoke publicly of his desire to kill the carried interest loophole. (Yes, we know, some of you don’t consider it a “loophole.”) And yet the private equity industry, which stands to lose big if the president upends the tax break, is still bracing for a fight.This is the biggest challenge to the provision since it was nearly neutered three years ago under former President Joe Biden, Grady McGregor writes for DealBook.A reminder: the carried interest rule means that executives at hedge funds and P.E. and venture capital firms pay roughly 20 percent tax on their profits, a rate that’s so low it’s drawn criticism from Warren Buffett and from progressive senators like Elizabeth Warren, Democrat of Massachusetts.One Washington lawyer described the lobbying effort to DealBook as “significant,” a sign of the escalating stakes.Consider what’s happened in the past month: The American Investment Council, the private equity lobbying group, is reportedly circulating memos on Capitol Hill reminding lawmakers that private equity is a jobs creator. Venture capitalists, seemingly omnipresent in Trump’s Washington, grumble that they have to keep returning to Congress to “educate lawmakers” about the rule’s benefits. So-called free market groups, meanwhile, have banded together to ask Congress to maintain the status quo.“They’ll fight tooth-and-nail on any sort of change,” said Jessica Millett, a tax partner at Hogan Lovells.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      The Future of News Looks Niche

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      The media entrepreneur Jessica Lessin chats with DealBook about the news landscape and her latest media bet.In 2013, Jessica Lessin, a reporter at The Wall Street Journal, left the paper to start a competing publication, The Information.A few years later, her fledgling newsroom had grown to nearly two dozen reporters and editors and booked more than $20 million in sales, as she revealed in a profile I wrote for The Times’s Sunday Business. She says she has since doubled her editorial staff and continued to stay profitable, with revenue growing 30 percent in 2024 over the previous year.But it’s her investments outside of The Information that are gaining attention these days.Her company Lessin Media has put money into Semafor, The Ankler, the former Business Insider editor Nicholas Carlson’s Dynamo, Kevin Delaney’s Charter Works and other titles at a time when the news business appears bleaker than before. Lessin, however, is optimistic.I caught up with the entrepreneur about her latest media bet, the tennis publication Racquet magazine, and what she thinks about the changing news landscape. This interview has been edited and condensed.This investment seems different from your others. How did you come to it?I actually got introduced to Racquet by a number of fans of the magazine. And it was like the weirdest experience, because I was reading the magazine, and then I wanted to buy, like, all the clothes in the magazine. I went to the website, and I wanted to buy all the merch. And they’re hosting an event at the U.S. Open. And I was like I want to go to that. And I want to read this great profile about the mental coach behind the world No. 1 tennis player.This sounds like it was something that just struck you personally. I assumed you’d be more focused on sales and market size and margin.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      He’s the Face of a White House Press Corps Under Attack by Trump

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      Eugene Daniels, president of the White House Correspondents’ Association, is pushing back on the administration’s hostility to reporters as he navigates a move to MSNBC from Politico.Eugene Daniels didn’t plan on being the face of the White House press corps in the dawn of a new administration hostile to the news media.But because of a clause in the bylaws of the White House Correspondents’ Association, an 800-strong group of journalists who report on the president, he was next in line after Kaitlan Collins, the CNN star who was elected 2024-25 president of the association, had to step aside because of a move to New York.Mr. Daniels, 36, a co-author of Politico’s Playbook newsletter, has now emerged as a key figure in an escalating fight between the Trump White House and the news media over press access and freedom. And he’s balancing his role at the association, which is unpaid volunteer work, with his career, moving this month to a new on-air job at MSNBC.“We’re all competitors, fierce competitors, and the White House beat is tough, but at the same time, when it’s time to stand together, folks actually do that,” Mr. Daniels said of the correspondents’ association in an interview. “It’s unfortunate that this is where we are.”The Trump administration has made no secret of its contempt for reporters, but its actions in recent weeks have shocked many news outlets.President Trump first directed his communications team to bar The Associated Press from the press pool, a rotating group of reporters that travels with the president, and from spaces like the Oval Office and Air Force One. That was in retaliation for The A.P.’s continued use of “Gulf of Mexico” after Mr. Trump’s executive order to change the geographical name to Gulf of America. (Dozens of media outlets, including CNN, The New York Times and Fox News, protested the decision, and The A.P. has filed a First Amendment lawsuit.)We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Sums Up His Zelensky Showdown: ‘This Is Going to Be Great Television’

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      One of the most surreal moments of Friday’s Oval Office showdown between President Trump and President Volodymyr Zelensky of Ukraine came at the very end.After all the shouting and the saber-rattling and the lecturing and the pleading and the politicking had ceased, the American president shifted a little in his seat and shared an observation.“This is going to be great television,” he remarked. “I will say that.”It was a conclusion as startling as it was fundamentally Trumpian.This was not a season finale boardroom scene of “The Apprentice” that had just taken place. It was the highest of high-stakes talks — one that could determine the fate of millions, the existence of a sovereign nation and the security of a continent — going wildly off the rails.But for Mr. Trump, one thing that was on his mind, as always, was the ratings. He sounded almost excited by the drama of the spectacle, as though he could feel the front pages of the world’s newspapers being written in real time.This is a man who spent years yelling at people on TV as a way to make a living. He is wired to think about things in terms of “great television.” He is a highly conscious performer. But playacting as a tough guy on NBC on Thursday nights between 9 and 10 p.m. is not the same thing as bossing around an ally before the eyes of the world, even if Mr. Trump uses the same language to describe one performance as he would the other.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Paramount’s Shari Redstone Wants a Resolution on President Trump Lawsuit Ahead of Skydance Merger

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      Redstone, who controls Paramount, has been trying to close a merger with the Hollywood studio Skydance. President Trump’s lawsuit against CBS News is complicating matters.Shari Redstone, the controlling shareholder of the entertainment giant Paramount, delivered a crucial message to her board a few weeks ago.For months, Paramount’s lawyers had been jousting with representatives for President Trump, who had sued the company’s CBS News network over its segment on former Vice President Kamala Harris. Mr. Trump accused the network of deceptively editing the interview; CBS said Trump’s lawsuit was without merit.But when the board gathered this month, Ms. Redstone was clear: She was in favor of resolving the issue, two people familiar with the matter told DealBook’s Lauren Hirsch and The New York Times’s Ben Mullin.As Paramount executives weighed the best course of action, Ms. Redstone said she was in favor of moving forward in a way that would lead to some form of conclusion, including mediation.It was the first time that Ms. Redstone made her wishes known to the full board. Many at CBS News and “60 Minutes,” where Ms. Harris’s interview aired, strongly opposed a settlement.Further complicating the matter: The Federal Communications Commission is reviewing Paramount’s pending deal with Skydance. Some executives said that a settlement would smooth the way to closing the merger, even as others worried that a settlement could be interpreted as bribery for the F.C.C. to clear the Skydance deal. Mr. Trump, for his part, told reporters on Wednesday that the two were not linked.National Amusements, Paramount’s parent company, declined to comment, and Paramount has said that its legal battle with Mr. Trump is unrelated to its deal with Skydance.Ms. Redstone’s carefully written statement did not mention Paramount’s deal with Skydance — but it did underscore the fact that a pending multibillion-dollar lawsuit from the president made it difficult for Paramount to do business. She also said that she was removing herself from day-to-day discussions about the lawsuit.This week, The Times reported that Paramount had agreed to bring in a mediator.Any settlement could be perceived as the latest corporate concession to the White House, including Disney’s $15 million settlement in December and Meta’s $25 million settlement last month. The possibility of a settlement, which is likely to further embolden Mr. Trump’s crusade against the media, has been met with a strong backlash within the CBS ranks and outside the company.Though Ms. Redstone didn’t mention the Skydance deal in her remarks, people familiar with her thinking believe she’s focused on closing the deal.Paramount is also navigating the consequences of doing business under a retributive president. Beyond the Skydance deal, Mr. Trump has made clear his willingness to exact revenge when it comes to companies.“Corporations — particularly these days are often in the cross hairs of policymakers — and they have to navigate that,” Jill Fisch, a professor at the University of Pennsylvania Law School, told DealBook. “And that’s not easy.” More

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      In Trump’s Washington, a Moscow-Like Chill Takes Hold

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      A new administration’s efforts to pressure the news media, punish political opponents and tame the nation’s tycoons evoke the early days of President Vladimir V. Putin’s reign in Russia.She asked too many questions that the president didn’t like. She reported too much about criticism of his administration. And so, before long, Yelena Tregubova was pushed out of the Kremlin press pool that covered President Vladimir V. Putin of Russia.In the scheme of things, it was a small moment, all but forgotten nearly 25 years later. But it was also a telling one. Mr. Putin did not care for challenges. The rest of the press pool got the message and eventually became what the Kremlin wanted it to be: a collection of compliant reporters who knew to toe the line or else they would pay a price.The decision by President Trump’s team to handpick which news organizations can participate in the White House press pool that questions him in the Oval Office or travels with him on Air Force One is a step in a direction that no modern American president of either party has ever taken. The White House said it was a privilege, not a right, to have such access, and that it wanted to open space for “new media” outlets, including those that just so happen to support Mr. Trump.But after the White House’s decision to bar the venerable Associated Press as punishment for its coverage, the message is clear: Any journalist can be expelled from the pool at any time for any reason. There are worse penalties, as Ms. Tregubova would later discover, but in Moscow, at least, her eviction was an early step down a very slippery slope.The United States is not Russia by any means, and any comparisons risk going too far. Russia barely had any history with democracy then, while American institutions have endured for nearly 250 years. But for those of us who reported there a quarter century ago, Mr. Trump’s Washington is bringing back memories of Mr. Putin’s Moscow in the early days.The news media is being pressured. Lawmakers have been tamed. Career officials deemed disloyal are being fired. Prosecutors named by a president who promised “retribution” are targeting perceived adversaries and dropping cases against allies or others who do his bidding. Billionaire tycoons who once considered themselves masters of the universe are prostrating themselves before him.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Washington Post Opinion Editor Exits as Bezos Steers Pages in New Direction

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      Jeff Bezos, the owner of The Post, said that the newspaper’s opinion section would focus on “personal liberties and free markets.”The Washington Post’s opinion editor, David Shipley, is exiting as the newspaper’s owner, Jeff Bezos, steers the section in a libertarian direction.In an email to The Post’s employees on Wednesday, Mr. Bezos said that Mr. Shipley was stepping down amid a narrowing of the opinion section’s focus to defend “personal liberties and free markets.”“I am of America and for America, and proud to be so,” Mr. Bezos said. “Our country did not get here by being typical. And a big part of America’s success has been freedom in the economic realm and everywhere else. Freedom is ethical — it minimizes coercion — and practical; it drives creativity, invention and prosperity.”In his note, Mr. Bezos said that he asked Mr. Shipley whether he wanted to stay at The Post, and Mr. Shipley declined.“I suggested to him that if the answer wasn’t ‘hell yes,’ then it had to be ‘no,’ Mr. Bezos wrote.In a note to opinion staff members, Mr. Shipley said that he decided to step down “after reflection on how I can best move forward in the profession I love.”“I will always be thankful for the opportunity I was given to work alongside a team of opinion journalists whose commitment to strong, innovative, reported commentary inspired me every day,” Mr. Shipley wrote.This is a developing story. Check back for updates. More

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      Trump and Paramount Seek Mediator for CBS News Lawsuit

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      The move is another indicator that the two sides are exploring ways to resolve the case, over the editing of a “60 Minutes” interview, out of court.Lawyers for Paramount and President Trump have agreed to appoint a mediator in his $20 billion lawsuit against CBS, according to two people with knowledge of the decision.The move to bring in a mediator is another indicator that the two sides are trying to resolve the case, over the editing of a “60 Minutes” interview with Vice President Kamala Harris, out of court. A mediator could help them reach a settlement, but whether they will do so remains far from certain.Paramount declined to comment. Ed Paltzik, a lawyer for Mr. Trump, said in a statement: “President Trump will pursue this vital matter to its just and rightful conclusion.”Mr. Trump sued CBS days before the 2024 election, accusing the company of deceptively editing the interview with his Democratic opponent. He later amended the suit to include Paramount as a separate defendant.Paramount, CBS’s parent company, began settlement talks with Mr. Trump this year. Those talks have created discord at Paramount, with employees at CBS News strongly opposed to any settlement. Bill Owens, the executive producer of “60 Minutes,” told the show’s staff this month that he would not apologize as part of any prospective settlement after The New York Times reported that the settlement talks with Mr. Trump were underway.The lawsuit has complicated Paramount’s merger with Skydance, a deal that would unite an up-and-coming media start-up backed by the tech mogul Larry Ellison with the gilded Hollywood studio behind “The Godfather” and “Rosemary’s Baby.” The multibillion-dollar deal, struck last year, would end the Redstone family’s decades-long run atop Paramount and anoint Mr. Ellison and his son, David, in their stead.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump’s Ban on The A.P. Echoes Orwell’s ‘1984’

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      President Trump has been battling with The Associated Press over his decree that the body of water between Florida and Mexico be identified as the Gulf of America. This may look like no more than a classic Washington quarrel, long a characteristic of the press and the presidency, that has reached an extreme level over semantics. It’s much bigger than that, and the implications are far-reachingI say that as a former longtime White House reporter. I began my stint there covering Jimmy Carter for The A.P. As its senior White House correspondent during most of Ronald Reagan’s first term, I was in and out of the Oval Office almost daily and regularly traveled aboard Air Force One. Later, as a Los Angeles Times correspondent, I covered the White House during Mr. Reagan’s second term and the presidencies of George H.W. Bush, Bill Clinton and George W. Bush.This far from conventional dispute erupted nearly two weeks ago when an A.P. reporter was barred from an Oval Office event because his news organization had continued to refer to the Gulf of Mexico by its longstanding name. Three days later, a White House official said the administration would bar A.P. reporters from the Oval Office and from Air Force One, though they would retain credentials to the White House complex. Mr. Trump weighed in on Tuesday, saying, “We’re going to keep them out until such time as they agree that it’s the Gulf of America.”Dozens of major news organizations, including The New York Times and the conservative outlets Fox News and Newsmax, called on the White House on Monday to lift its ban on The A.P., to no avail. On Friday, The A.P. sued top White House officials, accusing them of violating the First and Fifth Amendments by denying its reporters access.The attack on the news agency brings into focus the administration’s refusal to respect the First Amendment, with presidential aides and the president himself trying to dictate the very language news reporters may use — just as George Orwell’s fictional dictators did. It is emblematic of the broader assault by the White House on the public’s right to know. In the administration’s opening weeks, Brendan Carr, Mr. Trump’s new chairman of the Federal Communications Commission, has ordered his agency to investigate ABC, CBS, NBC, PBS and NPR. The Defense Department has thrown such mainstream media outlets as The New York Times, NBC News and NPR out of their work spaces in the Pentagon and moved in some conservative outlets.The pressure has begun to take on the outlines of chilling history. Dictators and other authoritarian leaders have long sought to control the critical role the mass media plays in shaping public discourse.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More