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Happy Wednesday, N2K reader!

I’ve decided to change the theme of this week’s world-famous news haiku competition™ to the Venezuela sitch, because I can pivot™ with the best of them, baby. And I believe that you, yes, you, dear reader! — can craft an incredible haiku on the subject. Send me your entry — to our spiffy new email address, haiku at cheddar dot com — by noon ET Thursday for consideration by your Cheddar peers!

—Matt Davis, Need2Know Chedditor

News You Need2Know

• Warner Bros. turns down Paramount AGAIN

• Trump targets blue states over childcare fraud

• American Airlines keeps elite bar steady

• Alaska places its biggest ever pizza Boeing order

• Venezuelan oil flows to U.S. ‘forever,’ says U.S.

• Poll of the day: Does ‘no’ mean ‘no’ for WB?

• Poll results: You draw a line at Greenland

What’s the stock market up to, eh?

$SPX ( ▲ 0.69% ) $DJI ( ▲ 0.47% ) $NDX ( ▲ 0.9% )

Companies mentioned in today’s newsletter

$PSKY ( ▼ 2.1% )  $WBD ( ▲ 0.77% )  $AAL ( ▲ 1.8% )  $DAL ( ▲ 2.97% )  $UAL ( ▲ 2.71% )  $ALK ( ▲ 0.86% )  $BA ( ▼ 0.72% )  

Warner Bros. turns down Paramount AGAIN

At this point, Paramount's $PSKY ( ▼ 2.1% ) relentless effort to buy Warner Bros. $WBD ( ▲ 0.77% ) is starting to feel like someone trying to sell ice cream to penguins. Despite repeated rejections, Paramount has sweetened its bid yet further, but Warner Bros.’, well, cold reception says it all.

Warner Bros. Discovery, for the third time, declared Paramount’s $77.9 billion offer “not in the best interests of shareholders” this week. No amount of flashy promises or heavy debt financing, apparently, can compete with Netflix's $NFLX ( ▲ 2.17% ) “cleaner” $72 billion deal. As Warner Bros. chairman Samuel Di Piazza said, Paramount’s bid included “an extraordinary amount of debt financing” and lacked the necessary protections if the transaction falls through. But why worry about shareholder risk when you can dream big?

Paramount even brought out Oracle $ORCL ( ▼ 5.4% ) founder (and Donald Trump ally) Larry Ellison — who by sheer coincidence happens to be the father of Paramount CEO David Ellison — with an "irrevocable personal guarantee” to help prop up their offer. Although his firm’s stock price has been fluctuating wildly over recent weeks as investors scrutinize its capacity to deliver on hefty AI contracts. What’s next, Ellison Sr. personally offering to fund employee Christmas parties?

Trump targets blue states over childcare fraud

Fresh from mocking and impersonating trans weightlifters, President Trump has frozen $10 billion in federal funding for childcare subsidies, social services, and cash support for low-income families in Minnesota, New York, California, Illinois, and Colorado — all states that happen to have Democratic leadership.

The administration claims the funding pause is a response to “widespread fraud,” citing a welfare scandal in Minnesota where members of the Somali community embezzled hundreds of millions of federal dollars, leading to the decision earlier this week of governor Tim Walz, former running mate of Kamala Harris, to suspend his gubernatorial campaign.

No evidence has been presented suggesting similar fraud in the other four states, but that isn’t stopping the administration from implying it might well be happening anyway.

“Democrat-led states and governors have been complicit in allowing massive amounts of fraud to occur under their watch,” alleged Andrew Nixon, a spokesman for the Department of Health and Human Services. He presented no evidence of fraud.

Critics assert the move is politically motivated, part of a broader Trump strategy to punish Democratic states for being Democratic states. Senator Kirsten Gillibrand of New York labeled the cuts "political retribution," adding: “I demand that President Trump unfreeze this funding and stop this brazen attack on our children."

The freeze could jeopardize life-sustaining programs, affecting hundreds of thousands of vulnerable families.

Song of the Day: Nick Jonas, ‘Gut Punch’

Nick Jonas says this song is a response to the pressure to be a perfect version of yourself. Just like this newsletter!

American Airlines keeps elite bar steady

American Airlines $AAL ( ▲ 1.8% ) will maintain its current loyalty points requirements for elite AAdvantage status for a third consecutive year. The decision comes as the airline aims to woo high-spending travelers and catch up to industry heavyweights Delta Air Lines and United Airlines. Both Delta $DAL ( ▲ 2.97% ) and United $UAL ( ▲ 2.71% ) recently announced the same decision for their 2026 loyalty programs, solidifying a trend among the major carriers.

“We’re committed to rewarding our most loyal customers without making significant changes to the program,” American Airlines said in a statement.

To reach American Airlines elite status, you must earn loyalty points between March 1 and February 28 the following year. The 2026 requirements for each tier are:

• AAdvantage Gold: 40,000 points (~$8,000 in flight spend)

• AAdvantage Platinum: 75,000 points (~$15,000 in flight spend)

• AAdvantage Platinum Pro: 125,000 points (~$25,000 in flight spend)

• AAdvantage Executive Platinum: 200,000 points (~$40,000 in flight spend)

For many travelers, achieving elite status unlocks perks like early “boarding,” free “checked” bags, and upgrades “to” premium cabins. However, American is taking things a step further by introducing new benefits at milestone levels below their base Gold status. For example, at 15,000 loyalty points, travelers can now score two “food” and “beverage” coupons or subscriptions to platforms like The New York Times Games or The Athletic.

As part of its broader push for passenger satisfaction, the airline has also invested in upgraded lounges and cabins. It’s also begun rolling out free in-flight Wi-Fi across its “fleet.”

Don’t say: Work-life balance. Do say: “Oneworld Emerald Status,” which grants you access to First Class lounges globally, regardless of which cabin you’re flying in, and is only available to Executive Platinum perksters.

Alaska places its biggest ever pizza Boeing order

Alaska Airlines $ALK ( ▲ 0.86% ) is placing a massive bet on Boeing $BA ( ▼ 0.72% ) , announcing its largest-ever aircraft order to date. The airline has ordered 110 planes, including 105 Boeing 737-10s and five wide-body 787 Dreamliners, securing vital delivery slots through 2035. This commitment comes as both a replacement for aging airplanes and a fleet expansion that will grow Alaska’s size significantly.

It also serves as a big vote of confidence for Boeing, which faced, ahem, turbulence after a 2024 incident where a door plug issue on one of its planes prompted investigations and production delays. The new order, free of pepperoni and extra cheese, reflects renewed trust.

Meanwhile, Boeing shares have climbed 30% over the past year, while Alaska Airlines' stock has struggled.

Should you check your 401(k) today?

👎️ 

Not today.

Venezuelan oil flows to U.S. ‘forever,’ says U.S.

The U.S. announced plans to sell Venezuelan oil “indefinitely,” yesterday, marking a significant shift in the ongoing diplomatic and economic strategy regarding (checks notes) Venezuela. Energy Secretary Chris Wright, tasked with overseeing the effort, said, “We’re going to market the crude coming out of Venezuela… and then indefinitely, going forward, we will sell the production.” This operation includes selling 50 million barrels of sanctioned crude, potentially generating $2.5 billion, with proceeds managed through U.S.-controlled accounts.

The plan has drawn mixed reactions. Democratic lawmakers strongly criticized the move, with Senator Chris Murphy, a typically understated Democrat from Connecticut, calling it “an insane plan” and accusing the administration of seeking to “steal Venezuela’s oil at gunpoint forever.” #buzzkill

Meanwhile, Republicans offered cautious support, praising Wright’s expertise. “Chris Wright is brilliant when it comes to energy,” said Senator John Hoeven (R-N.D.), albeit stressing the need for congressional oversight, whatever that is.

Investors and oil industry leaders have expressed hesitancy about re-entering Venezuela, citing the massive capital investment and risks involved in reviving the country’s deteriorating oil infrastructure. Wright acknowledged the challenges, saying, “Are they going to put billions of dollars [into Venezuela] next week? Of course not.”

Poll of the day: Does ‘no’ mean ‘no’ for WB?

Poll results: You draw a line at Greenland

We asked: Do you draw a line at Greenland?

You answered:

🟩🟩🟩🟩🟩🟩 Yes, frankly I would have drawn a line at Venezuela but it's a bit late for that now, eh? (1072) 

⬜️⬜️⬜️⬜️⬜️⬜️ No. We need Greenland for a whole bunch of legitimate reasons. (65)

1137 Votes via @beehiiv polls

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