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NYTIMES (Benjamin Mullin, Brooks Barnes and Lauren Hirsch) - David Ellison Floats Hollywood Exit as States Threaten His Warner Bros. Deal

Mr. Ellison told Paramount executives he is considering pulling the company out of California amid a lawsuit brought by state attorneys general.

NYTIMES (Maureen Farrell) - Private Equity Is Stuck With 33,575 Unsold Businesses

Even amid a booming deal-making environment, private equity firms are unable to exit a growing number of investments at values their investors require.

AXIOS (Marc Caputo) - Trump's mixed messages on Iran perplex his own team

President Trump isn't just befuddling foreign leaders and financial markets with his mixed signals on Iran . Advisers who speak regularly with the president tell Axios they're just as uncertain. Why it matters: Trump's off-the-cuff musings and Truth Social postings can have life-or-death consequences for the war, and massive implications for the market. Then the cycle restarts without any lasting clarity. Between the lines: Some Trump aides and allies say he's mostly improvising rather than following any clear plan. - He likes to keep his options open, spitball with different audiences, then capitalize if he thinks he sees an opportunity, they say. - Aides have been convinced at various points that Trump was leaning toward a major…

NEWSNATIONNOW (Julia Manchester) - Trump’s exit strategy on Iran swirling with uncertainty

Trump told reporters on Monday that the U.S. is “getting very close to finishing” its operations in Iran, suggesting a potential off ramp was in sight.