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Legislation that would have helped wildfire victims receive compensation more quickly, but that utilities said didn’t do enough to reduce their financial risks, died in Sacramento on Tuesday after the Assembly declined to vote on it.

The failure of Senate Bill 492 disappointed wildfire victims and lawmakers who had negotiated the language in a last-minute deal with Gov. Gavin Newsom.

“It is unfortunate that SB 492 was not given a vote,” said Senate President Pro Tempore Monique Limon (D-Santa Barbara). “Thousands of survivors made their voices clear — they needed reform to ensure the next wildfire does not continue to cause the mental and financial stress that recent disasters have placed on Californians.”

The bill’s failure was a win for the state’s three biggest for-profit utilities. Lawmakers say they will now continue working on reforms that Newsom had been pushing for, including limiting how much utilities have to pay for fires sparked by their equipment.

Share prices of Edison International and Pacific Gas & Electric had plummeted Monday after their investors learned that SB 492 did not include transferring more of the cost of utility-sparked fires to property insurers, a measure Newsom had proposed.

Insurers had warned the proposal could raise premiums by as much as 50%.

On Tuesday, with the failure of SB 492, the two companies’ stock recovered. Edison’s share price climbed nearly 9% to close at $58.80. PG&E’s shares rose 6% to $14.06.

The top executives of the two companies had written to legislative leaders Monday, calling on them to do more. The executives said their companies needed additional protection from wildfire costs because utility investors faced higher financial risks from such disasters in California than in other states.

“Faced with those risks, investors demand a higher return or invest elsewhere,” they wrote.

The companies had asked Newsom to strengthen a framework that he and lawmakers created in 2019 to protect utilities from bankruptcy after their equipment ignites a catastrophic fire.

With the help of those protections, even though investigators found Edison’s equipment sparked last year’s deadly Eaton fire, the company’s profit in 2025 soared by more than 200% — from $1.3 billion in 2024 to $4.5 billion

Some wildfire victims and consumer groups said Tuesday they were angry that lawmakers had backed away from the bill.

“If Wall Street does not trust Edison and PG&E to stop causing catastrophic fires, California should not solve that problem with another bailout,” said Joy Chen, executive director of Every Fire Survivor’s Network, and Jamie Court, president of Consumer Watchdog, in a statement. “Edison and PG&E should solve it by stopping the fires.”

The three utilities have caused at least seven of California’s 20 most destructive fires, according to the California Department of Forestry and Fire Protection.

Assembly Speaker Robert Rivas (D-Hollister) told reporters Tuesday that the final proposal had “some half measures” and “Californians expect a lot more than half measures.”

He said that Newsom didn’t ask him to abandon the bill.

“We’re going to tackle this issue in the best interest of our state, of residents, but certainly wildfire victims that expect a lot more from us,” Rivas said.

Newsom’s office declined to say Tuesday whether the governor would call a special session this year to debate the issue.

“The reforms in this bill, while important, did not address the underlying structural problems driving this crisis, as the initial market reaction this week demonstrates,” Newsom said in a statement. “Simply put, this measure did not meet the gravity of this moment. The only solution is to return to fix the entire problem, not part of it.”

Assemblymember Cottie Petrie-Norris (D-Irvine) said that the Legislature plans to hold a series of hearings this fall on how to deal with wildfire costs.

She acknowledged the rushed process of the last-minute proposal.

“It should come as no surprise to anybody that sometimes when policies get written at 6 a.m. perhaps we can do better,” Petrie-Norris said.

Democratic state Sen. Ben Allen, who represents the Pacific Palisades fire zone, said that he would have voted for the bill if it had cleared the Assembly.

“This bill package had a lot of good in it,” Allen said, adding that he understands “why a lot of colleagues felt as though it didn’t go far enough.”

The three utilities had been lobbying Newsom and lawmakers to further shield them and their shareholders from wildfire liabilities ever since last year’s Eaton fire.

Government fire investigators said the fire, which killed 19 people and destroyed thousands of homes in Altadena, was caused by electrical arcing on Edison’s out-of-service transmission line in Eaton Canyon. Edison kept the line in place despite not using it since 1971.

More than 11,000 households have filed suit against the utility, claiming it acted negligently, which the company denies.

When LeBron James signed up to lead the Los Angeles Lakers to NBA glory with a $154 million contract in 2018, it wasn’t the biggest deal he did that year.

Just months before he joined, a limited liability company he controls borrowed almost $300 million from a pair of Midwestern life insurers advised by an arm of Guggenheim Partners, according to insurance industry records reviewed by Bloomberg.

The previously unreported bonds, which are due in 2049, were structured to provide immediate cash to James and backed by a stream of future revenue tied to his earnings outside basketball such as a lifetime Nike Inc. sponsorship, people with knowledge of the matter said.

The burst of lending began before Guggenheim leader Mark Walter started acquiring the storied basketball team. In an abrupt turn this month, the billionaire mogul agreed to sell the Lakers amid a federal probe into parts of his business empire. There’s no indication that the loans to James have anything to do with those inquiries.

Athletes and artists are increasingly using future earnings like royalties and licensing deals to structure deals that help them unlock immediate capital. David Bowie was famously the first recording artist to go to Wall Street to tap the future earnings of his music, paving the way for a thriving market for esoteric securities.

But James’ deal offers another look at how Walter and fellow Wall Street money managers have tectonically shifted the once-boring business of life insurance, steering policyholder premiums into more unusual investments. Guggenheim has moved insurers’ money deeper into private credit, sports franchises and — with James — financing for a star player. That’s far outside the industry’s traditional focus on plain-vanilla assets to reliably pay out future claims.

The two insurers — North American Company for Life and Health Insurance and Midland National Life Insurance Co. — are both owned by Sammons Financial Group. During a call with investors this week, Sammons said Guggenheim was the sole manager in charge of picking assets for the firm’s portfolios until 2021, according to people who heard the remarks and, like others in this story, asked not to be identified describing confidential dealings.

Sammons has been distancing itself from Guggenheim recently. Walter’s firm had long counted Sammons’ parent company among its biggest investors. During the call, though, Sammons’ representatives said it has been selling down that stake, the people said.

The “transactions were a securitization done by Mr. James with his personal, non-NBA salary, assets and income which is a very common financial structure for an individual with this level of earnings and assets,” a spokesperson for James said.

Spokespeople for Sammons and Guggenheim declined to comment.

The scrutiny of Walter’s empire by the Justice Department and Securities and Exchange Commission has turned up the spotlight on the intermingling of asset managers and insurers.

Wall Street power players have used insurance balance sheets to pursue their quest for higher returns, steering the savings of everyday Americans into more opaque and complex investments. The approach lets asset managers originate and structure deals, and then find uncomplaining buyers by parking such investments on the balance sheets of insurers they influence.

King James Funding

James’ borrowing from the two Midwestern insurers — structured as sales of asset-backed bonds — began when he was at the Cleveland Cavaliers and his career was poised for new heights.

The two companies bought almost $300 million bonds issued by an LLC he controlled called King James Funding, the records show. Within a few years, the LLC paid down some of that debt, then sold more bonds to the insurers, leaving them with about $245 million on their books by the end of last year, the records show.

The initial bonds from 2018 had a 4.8% interest rate and aren’t due until late 2049, the industry filings show. Terms are otherwise scant in the records reviewed by Bloomberg.

A few months after the deal, James started looking for another team as a free agent, ultimately picking the Lakers. In an oft-retold moment, he received a visit at home from Walter’s longtime business partner Magic Johnson, then a top executive for the Lakers. James ultimately signed a four-year contract.

Then in mid-August 2022, James signed a $97 million contract extension with the Lakers. Around that same time, the same Midwestern insurers provided his LLC with more cash, buying almost $60 million of 34-year bonds with a 5.75% interest rate, the insurers’ records show.

“Both transactions were independently credit rated by a third party and the 2022 transaction was fully approved by NBA,” James’ spokesperson said, noting the athlete had no affiliation with Guggenheim, Sammons, North American Co. or Midland National beyond their participation in the transactions.

Guggenheim also got involved in some of James’ other personal ventures. As the Covid pandemic took hold in 2020, he and his childhood friend and business partner, Maverick Carter, announced that they had raised $100 million for their media venture called SpringHill Co. Guggenheim was listed among investors in that company.

Leaving the Lakers

For more than a decade, Walter has mixed money from insurers with investments in sports. His 2012 acquisition of the Los Angeles Dodgers with business partners including Johnson relied heavily on the insurance industry.

Afterward, the new team’s owners ramped up spending on players to turn the franchise into a jewel of professional baseball, appearing in five of the past nine World Series. But that playbook isn’t as feasible in the NBA, which has stricter caps on team salaries.

Walter’s acquisition of the Lakers began in 2021 when he purchased a minority stake, granting him rights that paved the way for him to take a majority stake last year.

The sale of the team came as Walter has been reshaping his empire to unwind more than $20 billion of loans on his insurers’ books that should have been marked as funding affiliated businesses, but weren’t. While regulations allow insurers to lend money to such parties, they require that the dealings be disclosed.

James, meanwhile, announced that he’s leaving the Lakers and he signed a two-year deal with the Philadelphia 76ers. His new team is co-owned by Josh Harris, whose 26North Partners invests across middle-market private equity, credit and insurance.

Li, Sridhar Natarajan and Rajbhandari write for Bloomberg.

Things people don’t want to do this summer, as evidenced by poor ratings: Watch CBS news anchor Tony Doukopil. Tune into Paramount+’s sci-fi teen drama “Star Trek: Starfleet Academy.” Read President Trump’s Truth Social posts.

No matter how much Trump posts, and he has been posting a lot lately, traffic to the platform he uses as his megaphone for official White House statements and personal rants has fallen off significantly this summer. Last month, the overall number of monthly visitors to Truth Social was down about 36% from where it was in 2025, according to the online tracking firm Similarweb. The numbers were similarly dismal in June.

But Trump’s slumping media fortunes may soon get an infusion of cash, or bitcoin, or whatever it takes to line his coffers before the jig is up.

Never one to leave a source of income untapped, the president has come up with yet another way to add to the $2.2 billion he made in just the first year of his second term. His majority-owned Trump Media & Technology Group earlier this month announced that it was rolling out a new service aimed at cashing in on the president’s every word.

Truth API is a subscription service that offers early access to posts from Trump and other notable users of the platform, for a price. It’s charging fees of up to $100,000 and month.

But there’s a hiccup in the president’s latest grift. On Wednesday, media organizations Freedom of the Press Foundation and The Intercept sued Trump, filing a complaint saying that providing quicker access to his posts to those who pay was “extraordinary, corrupt, and unconstitutional.”

Their suit alleges that Truth API contradicts the First Amendment’s guarantee of equal public access to the president’s statements and violates the Fifth Amendment by granting preferential access for “unreasonable sums.” The lawsuit filed in the U.S. District Court for the Southern District of New York, asked the court to block Trump from publishing official government information exclusively on Truth Social.

So why is this particular money-making scheme garnering so much attention outside Trump’s many other grifts? Because a president’s words can, and often do, sway the stock market. In the frenetic world of Wall Street trading, early access to statements and news from the Commander-in-Chief gives subscribers an edge, and as NPR pointed out, that could mean a difference of millions of dollars.

Unlike any other sitting U.S. president, Trump in his second term has ignored traditional means of communication such as press briefings, live addresses or posting official announcements, executive actions, press releases, and statements on the official White House Website. He’s done so in favor of communicating through his own privately controlled platform, delivering wild posting sprees that often forgo the fact-based, informative briefings we the people still need from our elected officials. But even back when he was using Twitter (now X) during his first term, the White House said his tweets should be considered official statements.

That standard still holds for his frequent barrages of boasts, insults, threats, grouses and indecipherable dispatches via Truth Social. After the humiliating failure of his America 250 celebration, he fired off 67 posts on Truth Social in just two hours, posting almost every single minute between 11:12 a.m. and 1:14 p.m. His musings ranged from attacks on a federal judge to a photo of himself at a 1991 New York City tree-lighting ceremony with his “Home Alone 2” co-stars.

That spree is now among the thousands more posts from the president, that have not been followed up by announcements from the White House outside of Truth Social. “In other words, President Trump’s posts are the only way to get official government news,” the lawsuit said.

Trump Media & Technology Group, or TMTG, is majority-owned by the president. It was launched following Trump’s account suspension across mainstream social platforms including Twitter, Facebook and YouTube. The platforms cited risks of inciting violence following the Jan. 6, 2021, U.S. Capitol riot. Trump responded by creating his own platform, and Truth Social debuted in 2022.

But the platform’s parent company, TMTG, has lost money ever since it went public in 2024. On Monday, Trump Media reported a $238-million loss for the second quarter, tied mostly to cryptocurrency assets. Executives told investors on a conference call that they are now going to focus their energy on Truth Social and soft-explained their latest scheme to profit off the presidency.

“Our customers will get published and publicly available posts fractionally faster” than everyone else,” said Kevin McGurn, the company’s interim chief executive. He added that such early access is a “well-established business practice.”

Unless it’s a sitting U.S. president doing the selling. We’re in uncharted territory, once again. But another big question around this new subscription service is whether investors and traders can trust the intelligence they get from early access to Trump’s posts.

It was revealed this week that the president published deceptive information last month, putting the lives of dozens in danger. Before leaving a NATO meeting in Turkey, he posted that he’d be riding on the older Air Force One “for old time’s sake” instead of the newly retrofitted, Qatari-donated jet. His misdirection was part of an elaborate ruse to mask his transfer from Air Force One to a military fighter jet following intel that Iran may be targeting the president’s plane. The subterfuge involved him stowing away in an airport catering container to sneak onto the jet. Of course a president has to be protected, but Air Force One still had members of the press and his administration aboard when they sent it into the sky. Essentially, they were unwitting decoys.

Sometimes a president has to lie to stay safe. And often times this president peddles misinformation as a means to other ends, like amassing more money for himself while holding onto his seat of power. Paying for early access to Trump’s posts is a great idea — for Trump.

The chair of the California Senate’s utilities committee said Tuesday that he was “deeply troubled” by electric company executives’ recent threats to take action to protect their shareholders if they don’t get legislation in Sacramento to limit their wildfire liabilities.

In a letter to Southern California Edison and Pacific Gas & Electric, Sen. Benjamin Allen (D-Santa Monica) wrote that he was considering calling the utility executives to an oversight hearing to have them explain their plans.

Allen sent the letter after the Times reported that the two companies’ top executives promised their investors in recent conference calls that they planned to respond if they don’t get legislation for which they have been lobbying. Gov. Gavin Newsom and lawmakers are working behind closed doors on a package of wildfire bills.

“While I understand that utility investors seek predictability for their invested dollars, and stable utilities are important to the state of California, we as legislators must balance the additional interests of wildfire victims and survivors, our residents’ ability to access affordable insurance, and the need to ensure affordable utility service,” Allen wrote.

“We are certainly not interested in being threatened as we seek a balanced path that is right for California,” he added.

In response to the letter, PG&E and Edison said Tuesday night that The Times had “mischaracterized” their executives’ comments to investors.

“PG&E’s objectives remain unchanged: safely and reliably serve our customers, ensure wildfire victims are compensated quickly and fairly, and protect customer affordability,” PG&E said in a statement.

Edison declined to comment further.

Besides chairing the Senate’s Energy, Utilities and Communications Committee, Allen also is running in November’s election to be the state’s next insurance commissioner.

Newsom and lawmakers already passed legislation that cut the state’s three biggest electric companies’ liabilities for wildfires. Edison’s shareholders, for example, may pay little of the billions of dollars of damage from last year’s devastating Eaton fire — which killed 19 people and left thousands of families in Altadena homeless — under current laws championed by Newsom to protect the utilities from bankruptcy.

The utilities say more needs to be done. Among the recommendations in a report ordered by Newsom is limiting the amounts that victims can receive for pain and suffering and capping the fees of attorneys who represent them.

The commissioned report also suggested that utilities should no longer reimburse property insurers for damage from fires sparked by electrical equipment. Although this would reduce utilities’ liability for fires, insurers say it would increase premiums for homeowners.

“If the Legislature does not act, or if they act and don’t actually solve the problem, then we’re going to have to take action,” Patti Poppe, PG&E’s chief executive, said on a July 23 call with Wall Street analysts.

Poppe did not specify what her company would do, but made it clear that any action would protect shareholders’ money.

In earlier conversations with analysts, PG&E executives had “alluded to the possibility of opportunistic share repurchases should the legislative process fail to deliver a more durable wildfire liability framework,” according to a report by the bank Jeffries.

Such buybacks could raise the company’s stock price and benefit shareholders while reducing money available for the utility’s California programs.

Last month, Pedro Pizarro, chief executive of Edison International, told Wall Street analysts on a conference call that he too was prepared to make financial changes if the Legislature does not pass a comprehensive bill to cut the utilities’ financial wildfire risk before the legislative session ends Aug. 31.

Any legislation that passes without a protective framework for utilities, Pizarro said, would “influence how we prioritize and deploy future capital.”

Pizarro declined analysts’ requests to say where the company would cut back, but said the utility would continue spending aimed at keeping its grid safe and reliable.

“We’re going to evaluate the totality of the package that comes to us and figure out our response that goes along with it,” Pizarro said.

This month, state and county officials released their investigation into the Eaton fire, blaming the deadly inferno on Edison’s century-old transmission line that the company kept in place even though it hadn’t carried electricity since 1971.

Utilities have long known that idle lines could spark fires. In 2019, the Kincade fire in Sonoma County, which destroyed hundreds of homes, was ignited by an old, unused transmission line owned by PG&E.

At least seven of the 20 most destructive fires in California history have been sparked by the three biggest for-profit utilities.

One day after a LIV Golf players-only meeting failed to produce a resolution, CEO Scott O’Neil announced Wednesday that a lead investor plans to fund the tour beyond this season and that the golfers will become the majority equity holders in the league.

The LIV Golf board of directors approved the term sheet, O’Neill said, giving the league new life after the Saudi Public Investment Fund decided in April to cease its financial backing at the end of the current season. The PIF had backed LIV Golf since its inception in 2022, spending an estimated $6 billion.

O’Neil, who made the announcement at Trump National Golf Club in Bedminster, N.J., the site of this week’s tournament, did not identify the investor or terms. He said the league hopes to finalize the transaction in September and that “our next chapter will make our players the majority equity holders in LIV Golf, a first for a major global sports league.”

“LIV Golf has an agreement in place with a lead investor, signed by the investor and approved by the board, to anchor the transaction and play a key role in supporting the path forward for the league’s next era, driven by and for the players,” O’Neil said in a statement. “We’re also seeing strong interest from more than a dozen additional parties to potentially serve as minority investors, creating a multi-partner model built for long-term stability and growth.”

The players-only meeting on Tuesday at Trump National came soon after O’Neil and other LIV Golf executives spoke to the players. The only player to speak at length with the media after the meeting was Richard Bland, who told the Athletic that Bryson DeChambeau had led the discussion to follow O’Neil’s lead, but that nothing definitive had been determined.

“We’re in this together. We’re fully backing Scott,” Bland said. “I think probably in the next two to three weeks we’ll have a bigger picture. We’re just in that kind of stage at the minute that we’re positive with what’s going on, but we just need everything to be fully signed off so you can go forward.”

O’Neil said in June that LIV Golf needed to secure roughly $300 million from outside private equity or institutional investors to sustain operations through 2027 and beyond. He has been pitching “LIV 2.0” with a streamlined business model.

“What we don’t have is a lot of time,” he said in June. “So we’re very urgently out there talking to those who are interested. We like the pool, but we have to get this done through the summer.”

It appears O’Neil might have met the deadline, although questions remain unanswered. LIV has been mulling whether to cancel its Team Championship on Aug. 27-30 at the Cardinal in Plymouth, Mich., the final tournament of the season. The purse is $40 million, cash that instead could be earmarked for 2027.

O’Neil said that making players the majority equity holders “gives the league the foundation to keep growing the game worldwide…. In the meantime, our focus is on delivering a great week for fans and players at Bedminster and finishing the 2026 season strong.’’

The competition will reduce to 10 events from next season, with five in the United States and five held around the world.

There were 14 events planned for the 2026 season but in April, LIV postponed June’s New Orleans competition amid questions over its future and has not announced a rescheduled date.

O’Neil said LIV is focused on “delivering a great week for fans and players at Bedminster” in New York, starting on Sunday and “finishing the 2026 season strong” – but made no explicit mention of the final two events scheduled this season, in Indianapolis from 23 August and the concluding team championship in Michigan from 30 August.

Major winners including Bryson DeChambeau, Dustin Johnson, Jon Rahm, Cameron Smith, Martin Kaymer and Sergio Garcia remain part of the LIV roster after having left the PGA Tour.

American major champions Brooks Koepka and Patrick Reed rejoined the PGA Tour after it introduced a returning member programme.

In July, the PGA Tour and DP World Tour struck an alliance with the Asian Tour in another blow to LIV Golf.

O’Neil added: “We’re also seeing strong interest from more than a dozen additional parties to potentially serve as minority investors, creating a multi-partner model built for long-term stability and growth.”

LIV was founded in 2021 and launched the following year with 54-hole events and took its name from the Roman numeral for 54.

However, it moved to the tradition 72-hole format for golf tournaments from this season.

Under a new licensing agreement, Netflix will be streaming “The Walking Dead” franchise globally.

Netflix and AMC Global Media, the network that originally aired the zombie series, inked a new five-year co-streaming deal, according to a press release on Thursday. Both companies will be able to show the original “The Walking Dead” series and its six spinoffs on Netflix and AMC+. The deal is valued at $500 million, AMC Global Media said in its second-quarter earnings report.

“This deal creates a global destination for this universe — all shows, all episodes — making the franchise more accessible than ever to fans around the world. In addition, the co-exclusive agreement allows us to bring the original series to AMC+ for the first time early next year,” Kristin Dolan, the company’s chief executive, said in a statement. “This agreement is a fantastic result for our companies, for the fans and for this timeless IP.”

AMC Global Media is renting the franchise, not selling it. The five-year licenses run separately for each show, with start dates that vary based on territory and the expiration of existing streaming deals. The rights to “The Walking Dead” revert to AMC Global Media when the term ends.

The company also keeps global rights to run the “Walking Dead” universe on its own services throughout. Dolan told investors the agreement would supply what she called “a meaningful source of cash flow for years to come,” framing it as evidence that the company’s library still commands premium prices even as its cable business shrinks.

The agreement will extend the franchise’s reach on Netflix in places like the U.K., Italy, Australia and New Zealand — making episodes available beginning in 2027.

“The Walking Dead” premiered on the AMC network in 2010, introducing audiences to the high-stakes world of a zombie apocalypse. In 2011, the series began streaming exclusively on Netflix in the U.S. The show aired for 11 seasons and became one of AMC’s most influential shows. Other popular programs from the network include “Mad Men” and “Breaking Bad.”

“Audiences have discovered and loved ‘The Walking Dead’ on Netflix for nearly 15 years and the show continues to attract new fans,” Lori Conkling, Netflix’s vice president of licensing, said in a statement.

The deal landed alongside a rough quarter. AMC Global Media reported second-quarter revenue of $547 million, down 9% from a year earlier, and a loss of 51 cents a share, compared with 91 cents in profit in the same period last year. Operating income fell to about $16 million from $64 million.

Netflix’s second-quarter earnings showed mixed results. The company‘s revenue rose 13% to $12.6 billion; its net income was $3.4 billion, up 9% from a year ago; and its advertising business is on track to reach $3 billion in revenue this year, double the amount in 2025.

The same filing offered some details on Netflix’s acquisition of InterPositive, the AI post-production startup founded by Ben Affleck, for $587 million in cash in March.

But Netflix’s stock price has continued to waver due in part to investor concerns about the streamer’s future growth.