Business
William Langewiesche, the ‘Steve McQueen of Journalism,’ Dies at 70
William Langewiesche, a magazine writer and author who forged complex narratives with precision-tooled prose that shed fresh light on national security, the occupation of Iraq and, especially, aviation disasters — he was a professional pilot — died on Sunday in East Lyme, Conn. He was 70.
Cullen Murphy, his longtime editor at The Atlantic and Vanity Fair, confirmed the death, at the home of a friend, saying the cause was prostate cancer.
Mr. Langewiesche (pronounced long-gah-vee-shuh) was one of the most prominent long-form nonfiction writers of recent decades. He was an international correspondent for Vanity Fair, a writer-at-large for The New York Times Magazine and a national correspondent for The Atlantic.
For 10 years running, from 1999 to 2008, his pieces were finalists for the National Magazine Award, and he won it twice: in 2007 for “Rules of Engagement,” about the killing of 24 unarmed civilians by U.S. Marines in 2005 in Haditha, Iraq; and in 2002 for “The Crash of EgyptAir 990,” about a flight that went down in the Atlantic Ocean in 1999 with the loss of all 217 people aboard.
He chose to write often about calamitous events, piecing together a meticulous explanation for what went wrong while portraying the human subjects under his microscope with sympathy.
“At his best there’s a sort of cinematic omniscience in the way he writes,” Mr. Murphy said in an interview. “And so you feel almost as he feels, with your face pressed up against the window watching something unfold, often very rapidly, and often wishing that things would unfold very differently but knowing there’s nothing that can be done.”
Mr. Langewiesche’s account of the EgyptAir crash in 1999, which was profoundly enriched by his own aviation background, blamed a suicidal co-pilot. Egyptian officials refused to accept that conclusion, a response, he wrote, that was rooted in political and cultural chauvinism.
Mr. Langewiesche learned to fly as a boy and worked as a commercial pilot early on to support his literary ambition. He drew on his aviation expertise in a number of articles and books that laid out highly technical subjects in lucid prose.
Writing about Capt. Chesley B. Sullenberger III’s famous landing of a commercial airliner in the Hudson River in 2009, Mr. Langewiesche made the case that that injury-free belly flop was a testament more to modern airplane technology than to the heroism of the pilot.
Captain Sullenberger took issue with that account, telling The New York Times that Mr. Langewiesche’s book about the episode, “Fly by Wire,” contained “misstatements of fact.”
Reviewing “Fly by Wire” in The Times, the book critic Dwight Garner wrote, “Written quickly, it lacks some of the eloquence and steely control of Mr. Langewiesche’s earlier books.” Mr. Garner called Mr. Langewiesche “the Steve McQueen of American journalism,” referring to the author’s muscular prose style and often gripping subject matter.
In other projects — pursued thanks to editors who allowed him months for reporting and writing — Mr. Langewiesche wrote an account in The Atlantic in 2006 about how terrorists might obtain a nuclear bomb; another article, also in The Atlantic, in 2004, dissected the sinking of a ferry in the Baltic Sea a decade earlier.
His 2002 book, “American Ground: Unbuilding The World Trade Center,” based on a three-part series in The Atlantic, was reported over six months at ground zero as he meticulously covered the cleanup after the terrorist attacks of Sept. 11, 2001.
Not all of his work described life and death dramas. His profile of Robert M. Parker Jr. in The Atlantic, “The Million-Dollar Nose,” opened with the enticing line: “The most influential critic in the world today happens to be a critic of wine.”
Closer to form, he wrote about another aviation mystery: the disappearance of a Malaysia Airlines flight with 277 passengers over the Indian Ocean in 2014, an article that generated enormous readership for The Atlantic.
The plane remained aloft for hours after someone in the cockpit shut down its communication signals, then plunged into the Indian Ocean.
Mr. Langewiesche hypothesized a scenario in which a pilot intent on murder-suicide had asphyxiated his passengers by climbing to 40,000 feet while depressurizing the cabin, then cruised onward until the fuel ran out and the plane plummeted.
“The scene would have been dimly lit by the emergency lights,” Mr. Langewiesche wrote, imagining those hours in chilling detail, “with the dead belted into their seats, their faces nestled in the worthless oxygen masks dangling on tubes from the ceiling.”
Of the captain, the last living soul in the plane, he wrote, “The cockpit is the deepest, most protective, most private sort of home.”
William Archibald Langewiesche was born on June 12, 1955, in Sharon, Conn. His mother, Priscila (Coleman) Langewiesche, was a computer analyst. His father, Wolfgang Langewiesche, a German-born émigré, was a test pilot for the maker of the Corsair fighter used by the U.S. Navy; he wrote a classic book on flying, “Stick and Rudder,” in the 1940s.
William, a late child, had an adult sister and brothers when he was growing up. His father taught him to fly before the boy could see over the instrument panel. Later, as an undergraduate at Stanford University, Mr. Langewiesche helped pay his way through college by piloting air taxis and charters.
After earning a degree in anthropology, he moved to New York City and worked for Flying magazine. But he quit the job because he aspired to write literary nonfiction, in part inspired by The New Yorker writer John McPhee. While struggling to be published, Mr. Langewiesche supported himself as a corporate pilot.
“Other people trying to break into writing have to work as waiters,” he told Aviation News in 2001, “and I considered myself as having a technical skill — like a welder — that I could use to support myself.”
His breakthrough came in 1991, when The Atlantic published as its November cover story his article “The World in Its Extreme,’’ a 17,000-word travelogue and natural history of the Sahara Desert. He went on to write for the magazine as a national correspondent for 15 years. In 2006, he became an international correspondent for Vanity Fair, where he contributed two to four lengthy articles a year through 2019.
Mr. Langewiesche married Anne-Marie Girard in 1977, and they had two children. The marriage ended in divorce in 2017, and the following year, he married Tia Cibani, who survives him.
In addition to his wife, he is survived by his son Matthew and his daughter Anna Langewiesche, both from his first marriage; his son Archibald and his daughter Castine Langewiesche, from his second marriage; and his sister, Lena Langewiesche. He lived in North Salem, N.Y., in Westchester County.
In a 2007 interview with Mediabistro, an online career site for designers and writers, Mr. Langewiesche described his method. Instead of reading exhaustively about a subject and writing questions for interviews in advance, he preferred to plunge right into a subject “with very little preparation, intentionally somewhat naïve about it.”
“I just talk to people and listen carefully and respond to what they’re saying and try to give of myself as much as I’m asking them to give of themselves, so that a true conversation can develop,” he said. “These conversations typically will go on for weeks, on and off. Sometimes I take notes.”
The real work, he said, came later when he sat down to write.
“Writing is thinking; writing is a form of thought,” he said. “It’s difficult for me to believe that real thought is possible without writing.”
Ash Wu contributed reporting.
Business
Startup Varda Space Industries snags former Mattel plant in El Segundo
In an expansion of its business of processing pharmaceuticals in Earth’s orbit, Varda Space Industries is renting a large El Segundo plant where toy manufacturer Mattel used to design Hot Wheels and Barbie dolls.
The plant in El Segundo’s aerospace corridor will be an extension of Varda Space Industries’ headquarters in a much smaller building on nearby Aviation Boulevard.
Varda will occupy a 205,443-square-foot industrial and office campus at 2031 E. Mariposa Ave., which will give it additional capacity to manufacture spacecraft at scale, the company said.
Originally built in the 1940s as an aircraft facility, the complex has a history as part of aerospace and defense industries that have long shaped the South Bay and is near a host of major defense and space contractors. It is also close to Los Angeles Air Force Base, headquarters to the Space Systems Command.
Workers test AstroForge’s Odin asteroid probe, which was lost in space after launch this year.
(Varda Space Industries)
Varda is one of a new generation of aerospace startups that have flourished in Southern California and the South Bay over the last several years, particularly in El Segundo, often with ties to SpaceX.
Elon Musk’s company, founded in 2002 in El Segundo, has revolutionized the industry with reusable rockets that have radically lowered the cost of lifting payloads into space. Though it has moved its headquarters to Texas, SpaceX retains large-scale operations in Hawthorne.
Varda co-founder and Chief Executive Will Bruey is a former SpaceX avionics engineer, and the company’s spacecraft are launched on SpaceX’s workhorse Falcon 9 rockets from Vandenberg Space Force Base in Santa Barbara County.
Varda makes automated labs that look like cylindrical desktop speakers, which it sends into orbit in capsules and satellite platforms it also builds. There, in microgravity, the miniature labs grow molecular crystals that are purer than those produced in Earth’s gravity for use in pharmaceuticals.
It has contracts with drug companies and also the military, which tests technology at hypersonic speeds as the capsules return to Earth.
Its fifth capsule was launched in November and returned to Earth in late January; its next mission is set in the coming weeks. Varda has more than 10 missions scheduled on Falcon 9s through 2028.
For the last several decades, the Mariposa Avenue property served as the research and development center for Mattel Toys. El Segundo has also long been a center for the toy industry as companies like to set up shop in the shadow of Mattel.
The Mattel facility “has always been an exceptional property with a legacy tied to aerospace innovation, and leasing to Varda Space Industries feels like a natural continuation of that story,” said Michael Woods, a partner at GPI Cos., which owns the property.
“We are proud to support a company that is genuinely pushing the boundaries of what’s possible, and are excited to watch Varda grow and thrive here in El Segundo,” Woods said.
As one of the country’s most active hubs of aerospace and defense innovation, El Segundo has seen its industrial property vacancy fall to 3.4% on demand from space companies, government contractors and technology startups, real estate brokerage CBRE said.
Successful startups often have to leave the neighborhood when they want to expand, real estate broker Bob Haley of CBRE said. The 9-acre Mattel facility was big enough to keep Varda in the city.
Last year, Varda subleased about 55,000 square feet of lab space from alternative protein company Beyond Meat at 888 Douglas St. in El Segundo, which it started moving into in June.
Varda will get the keys to its new building in December and spend four to eight months building production and assembly facilities as it ramps up operations. By the end of next year, it expects to have constructed 10 more spacecraft.
In the future, Varda could consolidate offices there, given its size. Currently, though, the plan is to retain all properties, creating a campus of three buildings within a mile of one another that are served by the company’s transportation services, Chief Operating Officer Jonathan Barr said.
“We already have Varda-branded shuttles running up and down Aviation Boulevard,” he said.
Business
How Iran War Is Threatening Global Oil and Gas Supplies
Ships near the Strait of Hormuz before and after attacks began
Every day, around 80 oil and gas tankers typically pass through the Strait of Hormuz, the narrow waterway off Iran’s southern coast that carries a fifth of the world’s oil and a significant amount of natural gas.
On Monday, just two oil and gas tankers appear to have crossed the strait, according to a New York Times analysis of shipping activity from Kpler, an industry data firm. Since then, one tanker passed through.
“It’s a de facto closure,” said Dan Pickering, chief investment officer of Pickering Energy Partners, a Houston financial services firm. “You’ve got a significant number of vessels on either side of the strait but no one is willing to go through.”
Tankers have been staying away from Hormuz since the U.S.-Israeli attacks on Iran that began on Saturday. A prolonged conflict could ripple broadly across the global economy, threatening the energy supplies of countries halfway around the world and stoking inflation.
International oil prices have climbed 12 percent since the fighting began, trading Tuesday around $81 a barrel, and natural gas prices have surged in Europe and in Asia.
A senior Iranian military official threatened on Monday to “set on fire” any ships traveling through the Strait of Hormuz. Vessels in the region have already come under attack. Several oil and gas facilities have also been struck or affected by nearby shelling, though the damage did not initially appear to be catastrophic.
Where ships and energy facilities have been damaged
A fire broke out Tuesday at a major energy hub in Fujairah, United Arab Emirates, from the falling debris of a downed drone, the authorities said. On Monday, Qatar halted production of liquefied natural gas, or fuel that has been cooled so that it can be transported on ships, after attacks on its facilities.
The sharp reduction in tanker traffic is reducing the supply of oil and gas to world markets, pushing up prices for both commodities. And the longer that ships stay away from the Strait of Hormuz, the less oil and gas get out to the world, which could raise prices even more.
Shipping companies have paused their tankers to protect their crew and cargo, and because insurance companies are charging significantly more to cover vessels in the conflict area.
On Tuesday, President Trump said that “if necessary,” the U.S. Navy would begin escorting tankers through the strait. He also said a U.S. government agency would begin offering “political risk insurance” to shipping lines in the area.
In addition to tankers, other large vessels regularly go through the strait, including car carriers and container ships. In normal conditions, nearly 160 make the trip each day.
Some ships in the region turn off the devices that broadcast their positions, while others transmit false locations — making it hard to give a full picture of the traffic in the strait.
The Shiva is a small oil tanker that has repeatedly faked its location, according to TankerTrackers.com, which tracks global oil shipments. It is suspected of carrying sanctioned Iranian oil, according to Kpler. The Shiva was one of the two tankers that crossed the strait on Monday.
The oil and gas that typically move through the strait come from big producing countries like Saudi Arabia, Iraq, Iran and United Arab Emirates, and are exported around the world.
Where tankers moving through the Strait have traveled
In 2024, more than 80 percent of the oil and gas transported through the Strait of Hormuz went to Asia. China, India, Japan and South Korea were the top importers, according to the U.S. Energy Information Administration.
Countries have energy stockpiles that could last them into the coming months, but a continued shutdown of the strait could damage their economies.
Several big disruptions have roiled supply chains in recent years, but the tanker standstill in the Strait of Hormuz could have an outsize impact.
Business
Paramount credit downgraded to ‘junk’ status over debt worries
Paramount Skydance’s jubilation over its come-from-behind victory to claim Warner Bros. Discovery has entered a new phase:
Call it the deal-debt hangover.
Two major ratings agencies have raised concerns about Paramount’s credit because of the enormous debt the David Ellison-led company will have to shoulder — at least $79 billion — once it absorbs the larger Warner Bros. Discovery, bringing CNN, HBO, TBS and Cartoon Network into the Paramount fold.
Fitch Ratings said Monday that it placed Paramount on its “negative” ratings watch, and downgraded its credit to BB+ from BBB-, which puts the company’s credit into “junk” territory. Fitch said it took action due to “uncertainty” surrounding Paramount’s $110-billion deal for Warner Bros. Discovery, which the boards of both companies approved on Friday.
S&P Global Ratings took similar action.
To finance the Warner takeover, Ellison’s billionaire father, Larry Ellison, has agreed to guarantee the $45.7 billion in equity needed. Bank of America, Citibank and Apollo Global have agreed to provide Paramount with more than $54 billion in debt financing.
“Potential credit risks include the prospective debt-funded structure, Fitch’s expectation of materially elevated leverage and limited visibility on post-transaction financial policy and capital structure,” Fitch said.
Late last week, Paramount sent $2.8 billion to Netflix as a “termination fee” to officially end the streaming giant’s pursuit of Warner Bros. That payment paved the way for Warner and Paramount’s board to enter into the new merger agreement.
Paramount hopes the merger will be wrapped up by the end of September. It needs the approval of Warner Bros. Discovery shareholders and regulators, including the European Union.
Paramount executives acknowledged this week the new company would emerge with $79 billion in debt — a considerably higher total than what Warner Bros. Discovery had following its spinoff from AT&T. That 2022 transaction left Warner Bros. Discovery with nearly $55 billion of debt, a burden that led to endless waves of cost-cutting, including thousands of layoffs and dozens of canceled projects.
Warner still has $33.5 billion in debt, a lingering legacy that will be passed on to Paramount.
Paramount plans to restructure about $15 billion in Warner Bros. Discovery’s existing debt.
Paramount CEO David Ellison at a 2024 movie premiere for a Netflix show.
(Evan Agostini / Invision / AP)
Paramount told Wall Street it would find more than $6 billion in cost cuts or “synergies” within three years — a number that has weighed heavily on entertainment industry workers, particularly in Los Angeles.
Hollywood already is reeling from previous mergers in addition to a sharp pullback in film and television production locally as filmmakers chase tax credits offered overseas and in other states, including New York and New Jersey.
Some entertainment executives, including Netflix Co-Chief Executive Ted Sarandos, have speculated that Paramount will need to find more than $10 billion in cost cuts to make the math work. More recently, Sarandos went higher, telling Bloomberg News that Paramount may need $16 billion in cuts.
Cognizant of widespread fears about additional layoffs, Paramount Chief Operating Officer Andrew Gordon took steps this week to try to tamp down such concerns.
Gordon is a former Goldman Sachs banker and a former executive with RedBird Capital Partners, an investor in Paramount and the proposed Warner Bros. deal. He joined Paramount last August as part of the Ellison takeover.
During a conference call Monday with analysts, Gordon said Paramount would look beyond the workforce for cuts because the company wants to maintain its film and TV production levels.
Paramount plans to look for cost savings by consolidating the “technology stacks and cloud providers” for its streaming services, including Paramount+ and HBO Max, Gordon said. The company also would search for reductions in corporate overhead, marketing expenses, procurement, business services and “optimizing the combined real estate footprint.”
It’s unclear whether Paramount would sell the historic Melrose Avenue lot or simply centralize the sprawling operations onto the Warner Bros. and Paramount lots in Burbank and Hollywood.
Workers are scattered throughout the region.
HBO, owned by Warner Bros. Discovery, maintains its West Coast headquarters in Culver City; CBS television stations operate from CBS’ former lot off Radford Avenue in Studio City; and CBS Entertainment and Paramount cable channels executive teams are located in a high-rise off Gower Street and Sunset Boulevard, blocks from the Paramount movie studio lot.
“The combination of PSKY and WBD could create a materially stronger business than either individual entity,” Standard & Poor’s said in its note to investors. “However, this transaction presents unique challenges because it would involve the combination of three companies, with the smallest, Skydance, being the controlling entity.”
David Ellison’s production firm, Skydance Media, was the entity that bought Paramount, creating Paramount Skydance.
Ellison has not announced what the combined company will be called.
Paramount shares closed down more than 6% Tuesday to $12.45.
Warner Bros. Discovery fell 1% to $28.20. Netflix added less than 1% to close at $97.70.
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