Larry Ellison Personally Guarantees $40.4 Billion in Warner Bid

Plus: Top officials at the Heritage Foundation decamp to former Vice President Mike Pence’s Advance American Freedom organization. And cosmetics retailer Coty appoints a former Procter & Gamble veteran as interim chief executive. Alex Ossola hosts. Sign up for WSJ’s free What’s News newsletter. An artificial-intelligence tool assisted in the making of this episode by creating summaries that were based on Wall Street Journal reporting and reviewed and adapted by an editor.