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Wall Power is heading out of town for a couple of days. You=E2=80=99ll get =
another newsletter from me next Sunday after my trip to the hinterlands.
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Wall Power is heading out of town for a couple of days. You=E2=80=99ll get =
another newsletter from me next Sunday after my trip to the hinterlands.
Before I go, I want to take another stab at the question: Where did all the=
money go? When I wrote about Jacob King=E2=80=99s analysis of the primary =
art market ( https://drive.google.com/open?id=3D1Q8Bafc9rP1481GXUv11bwX60-X=
qjSHMy&usp=3Ddrive_fs&utm_campaign=3DWall+Power+-+LEADS+%287%2F21%2F24%29&u=
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&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ), I got an email=
from a money manager who wanted to flag a major factor in declining art sp=
ending. As he noted, rich people often borrow against their art to buy more=
art. These days, of course, interest rates have surged, which may
explain the fairly abrupt drop in buying. I=E2=80=99ll explain how all of t=
his works, below.
=E2=9C=8D=EF=B8=8F P.S., we=E2=80=99ve updated our Newsletter Experience qu=
estionnaire for Puck subscribers. If you haven=E2=80=99t filled yours out, =
it takes less than 3 minutes, and your feedback will help us develop new pr=
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=E2=80=94no need to log in. Thanks!
But first=E2=80=A6
* Phillips posts robust sales: Phillips had $373 million in sales in the fi=
rst half of 2024, down from $409 million last year, an 8.8 percent decline=
=E2=80=94not great but
also not bad, considering the...
Can=E2=80=99t see the full story?
You=E2=80=99re receiving the free version of Wall Power at enzo@showfile.co=
m. For full access to Puck, and to each of my colleagues, you can
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=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
The End of the Art World=E2=80=99s Arb Era ( https://puck.news/the-end-of-t=
he-art-worlds-arb-era/?utm_campaign=3DWall+Power+-+LEADS+%287%2F21%2F24%29&=
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The End of the Art World=E2=80=99s Arb Era ( https://puck.news/the-end-of-t=
he-art-worlds-arb-era/?utm_campaign=3DWall+Power+-+LEADS+%287%2F21%2F24%29&=
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n&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
Why is the art market down so much in volume when other markets haven=E2=80=
=99t seen the same drop? One explanation might be the billions of dollars i=
n art loans that are now being reversed in our high-interest rate environme=
nt.
MARION MANEKER ( https://puck.news/author/marion-maneker/?utm_campaign=3DWa=
ll+Power+-+LEADS+%287%2F21%2F24%29&utm_content=3DWall+Power+-+LEADS+%287%2F=
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MARION MANEKER ( https://puck.news/author/marion-maneker/?utm_campaign=3DWa=
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21%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6=
c60615e3d301d48d28 )
One of the great ironies of finance, a banker friend likes to remind me, is=
that no institution wants to lend money to someone who really needs it. Be=
tween 2010 and 2022, as excess liquidity sloshed through the system, ultra-=
high-net-worth individuals borrowed billions and billions of dollars agains=
t their assets. For many art collectors, that meant...
Keep Reading with a Free Trial ( https://puck.news/the-end-of-the-art-world=
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FOUR STORIES WE=E2=80=99RE TALKING ABOUT
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customer.io&utm_term=3Df6c60615e3d301d48d28 )
Inspecting the R.N.C. media circus.
DYLAN BYERS
Zaz=E2=80=99s Epiphany ( https://puck.news/analysts-further-sour-on-david-z=
aslavs-warner-bros-discovery/?utm_campaign=3DWall+Power+-+LEADS+%287%2F21%2=
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A close look at David Zaslav=E2=80=99s WBD anxieties.
MATTHEW BELLONI
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A candid chat with MLB commish Rob Manfred.
JOHN OURAND
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Will the Kardashians bring Skims to market?
LAUREN SHERMAN
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<div style=3D"display: none; max-height: 0px; overflow: hidden;">Wall Pow=
er is heading out of town for a couple of days. You=E2=80=99ll get another =
newsletter from me next Sunday after my trip to the hinterlands.
=20
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
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<td style=3D"line-height:0;font-size:0;"><a href=3D"https://email.pu=
ck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdRMTJxaVhtYWV2Ty1feXQ=
xU2RHVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvP3V0bV9jYW1wYWlnbj1XYWxsK1Bvd2=
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<p style=3D"margin: 0; color: #000000; font-size: 16px; line-hei=
ght: 30px; margin-top: 0; margin-bottom: 0;">Wall Power is heading out of t=
own for a couple of days. You=E2=80=99ll get another newsletter from me nex=
t Sunday after my trip to the hinterlands.<br/><br/>Before I go, I want to =
take another stab at the question: Where did all the money go? When I wrote=
about <b>Jacob King</b>=E2=80=99s <b><u><a href=3D"https://email.puck.news=
/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdRMTJxaVhtYWV2Ty1feXQxU2RHVT=
0iLCJocmVmIjoiaHR0cHM6Ly9kcml2ZS5nb29nbGUuY29tL29wZW4_aWQ9MVE4QmFmYzlyUDE0O=
DFHWFV2MTFid1g2MC1YcWpTSE15XHUwMDI2dXNwPWRyaXZlX2ZzXHUwMDI2dXRtX2NhbXBhaWdu=
PVdhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjElMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVd=
hbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjElMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haW=
xfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwN=
jE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtf=
aWQiOjk1MDE4MH0/908d236e6dc1ee801cd5639010cda614486a2939fb90cde2ca3cd97be5c=
786ae" style=3D"color:rgb(212, 0, 0);text-decoration:none;font-weight:bold"=
class=3D"sdf">analysis of the primary art market</a></u></b>, I got an ema=
il from a money manager who wanted to flag a major factor in declining art =
spending. As he noted, rich people often borrow against their art to buy <i=
>more</i> art. These days, of course, interest rates have surged, which may
explain the fairly abrupt drop in buying. I=E2=80=99ll explain how all of t=
his works, below.<br/><br/>=E2=9C=8D=EF=B8=8F <i>P.S., we=E2=80=99ve update=
d our Newsletter Experience questionnaire for Puck subscribers. If you have=
n=E2=80=99t filled yours out, it takes less than 3 minutes, and your feedba=
ck will help us develop new products and services. <b><a href=3D"https://em=
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0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODclMkYyMSUyRjI0JT=
I5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyL=
mlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYw=
NjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6OTY2NDMxfQ/f8f8ad0b32185ae217601c70c264=
358ecc7b7cf96d845d7c77e9935126258b81" style=3D"color:rgb(212, 0, 0);text-de=
coration:none;font-weight:bold" class=3D"sdf">Click here to complete the br=
ief survey</a></b>=E2=80=94no need to log in. Thanks!</i><br/><br/><i>But f=
irst=E2=80=A6</i><br/><br/></p><ul style=3D"margin:0;color:#000000;font-siz=
e:16px;line-height:30px;margin-top:0;margin-bottom:0;list-style-type:square=
;mso-special-format:bullet"><li><i>Phillips posts robust sales</i>: Phillip=
s had $373 million in sales in the first half of 2024, down from $409 milli=
on last year, an 8.8 percent decline=E2=80=94not great but
also not bad, considering the...</li></ul><p></p>
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ght: 30px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-se=
rif;">
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<b>
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UyslMjg3JTJGMjElMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStMRUFEUys=
lMjg3JTJGMjElMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3=
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c9da2554b36ac0e8b3e96ad4dd01b1a8f2d0cad1a8fd56afc733813c" style=3D"color:#d=
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troke=3D"f" fillcolor=3D"#C2291B">
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<![endif]--><a class=3D"cta" href=3D"https://email.pu=
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style=3D"background-color:#C2291B;border-radius:4px;color:#ffffff!importan=
t;text-decoration:none!important;display:inline-block;font-family:sans-seri=
f;font-size:13px;font-weight:bold;line-height:44px;text-align:center;text-d=
ecoration:none;width:220px;-webkit-text-size-adjust:none;">Learn More</a><!=
--[if mso]>
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<!-- END OF CTA -->
<!-- STORY HERO -->
<tr class=3D"replica" name=3D"hero1">
<td>
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D=
"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td style=3D"padding-bottom: 10px;"><a href=3D"https://email.p=
uck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdRMTJxaVhtYWV2Ty1feX=
QxU2RHVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdGhlLWVuZC1vZi10aGUtYXJ0LXdvc=
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RjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODclMkYyMSUyRjI=
0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbW=
VyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2Y=
zYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6OTY3Mzg5fQ/84969d1228003ae138e1a5ade=
6127ca2639f716b8c70b03b1d8c95fc171d9659" target=3D"_blank"><img alt=3D"The =
End of the Art World=E2=80=99s Arb Era" class=3D"w100pct" src=3D"https://im=
ages.scalero.io/email_assets/4014/UL5084HD2FC5M6WEKH1BG184QC23MQ6VLOTVE4HBB=
E4LTM20CNSVVX2G8G1YV7W8.png" style=3D"width:540px;" width=3D"540"/></a></td=
>
</tr>
<tr>
<td style=3D"padding-bottom: 10px;"><a href=3D"https://email.p=
uck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdRMTJxaVhtYWV2Ty1feX=
QxU2RHVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdGhlLWVuZC1vZi10aGUtYXJ0LXdvc=
mxkcy1hcmItZXJhLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODclMkYyMSUy=
RjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODclMkYyMSUyRjI=
0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbW=
VyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2Y=
zYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6OTY3Mzg5fQ/84969d1228003ae138e1a5ade=
6127ca2639f716b8c70b03b1d8c95fc171d9659" rel=3D"noopener" style=3D"text-dec=
oration: none; color: #d70a09; font-family: Beskerville, Georgia, 'Time=
s New Roman', Times, serif; font-size:30px; line-height:36px;" target=
=3D"_blank">The End of the Art World=E2=80=99s Arb Era</a></td>
</tr>
<tr>
<td style=3D"font-size:18px; color:#000000;line-height:30px; p=
adding-bottom: 10px;">Why is the art market down so much in volume when oth=
er markets haven=E2=80=99t seen the same drop? One explanation might be the=
billions of dollars in art loans that are now being reversed in our high-i=
nterest rate environment.</td>
</tr>
<tr class=3D"replica" name=3D"author">
<td style=3D"padding-bottom: 24px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td width=3D"80"><a href=3D"https://email.puck.news/e/c/eyJ=
lbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdRMTJxaVhtYWV2Ty1feXQxU2RHVT0iLCJocm=
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19pZCI6ODQ3ODE3fQ/760230ed321c26655f5079890f656264ca1d1e8c92b6581af499af4fd=
9c4d699" target=3D"_blank"><img alt=3D"MARION MANEKER" src=3D"https://image=
s.scalero.io/email_assets/4014/5U91RL8QH35FF9HGFOAQOSQW8H4C5DPTZ2B6X3OWH55F=
47VW83M55HOB5IFV2UDZ.png" style=3D"width:45px;" width=3D"45"/></a></td>
<td style=3D"font-size:18px; color:#555555;line-height:22px=
; border-bottom: 1px solid #bbbbbb;"><a href=3D"https://email.puck.news/e/c=
/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdRMTJxaVhtYWV2Ty1feXQxU2RHVT0iLC=
JocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYXV0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2Ftc=
GFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODclMkYyMSUyRjI0JTI5XHUwMDI2dXRtX2NvbnRl=
bnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODclMkYyMSUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1=
lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09Zj=
ZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4Iiwib=
Glua19pZCI6ODQ3ODE3fQ/760230ed321c26655f5079890f656264ca1d1e8c92b6581af499a=
f4fd9c4d699" rel=3D"noopener" style=3D"text-decoration: none; color: #d70a0=
9;" target=3D"_blank"> <strong>MARION MANEKER</strong></a></td>
</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY HERO -->
<!-- REGULAR CONTENT -->
<tr class=3D"replica" name=3D"s1">
<td style=3D"padding-bottom: 36px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;">One of the great ir=
onies of finance, a banker friend likes to remind me, is that no institutio=
n wants to lend money to someone who really <i>needs</i> it. Between 2010 a=
nd 2022, as excess liquidity sloshed through the system, ultra-high-net-wor=
th individuals borrowed billions and billions of dollars against their asse=
ts. For many art collectors, that meant...</td>
</tr>
<!-- END OF REGULAR CONTENT -->
<!-- CTA -->
<tr class=3D"replica" name=3D"s2_cta">
<td align=3D"center" style=3D"padding-bottom: 30px;">
<div>
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<v:roundrect xmlns:v=3D"urn:schemas-microsoft-com:vml=
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6127ca2639f716b8c70b03b1d8c95fc171d9659" style=3D"height:44px;v-text-anchor=
:middle;width:220px;" arcsize=3D"10%" stroke=3D"f" fillcolor=3D"#C2291B">
<w:anchorlock/>
<center>
<![endif]--><a class=3D"cta" href=3D"https://email.pu=
ck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdRMTJxaVhtYWV2Ty1feXQ=
xU2RHVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdGhlLWVuZC1vZi10aGUtYXJ0LXdvcm=
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yLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2Yz=
YwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6OTY3Mzg5fQ/84969d1228003ae138e1a5ade6=
127ca2639f716b8c70b03b1d8c95fc171d9659" style=3D"background-color:#C2291B;b=
order-radius:4px;color:#ffffff!important;text-decoration:none!important;dis=
play:inline-block;font-family:sans-serif;font-size:13px;font-weight:bold;li=
ne-height:44px;text-align:center;text-decoration:none;width:220px;-webkit-t=
ext-size-adjust:none;">Keep Reading with a Free Trial</a><!--[if mso]>
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<!-- END OF CONTENT -->
<!-- DIVIDER -->
<tr class=3D"replica" name=3D"quote3">
<td align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"w1=
00pct" role=3D"presentation" style=3D"width: 540px;" width=3D"540">
<tbody><tr>
<td align=3D"center" style=3D"font-size:20px; line-height:34px; b=
order-top:1px solid #BBBBBB; padding: 0px 0;">
</td>
</tr>
</tbody></table>
</td>
</tr>
<!-- DIVIDER -->
<!-- OTHER STORIES -->
<tr class=3D"replica" name=3D"stories">
<td align=3D"center" class=3D"padL20 padR20" style=3D"padding-top: 2=
0px; padding-bottom: 20px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"w1=
00pct" role=3D"presentation" style=3D"width: 540px;" width=3D"540">
<tbody><tr>
<td class=3D"padL0 padR0" style=3D"font-size:14px; font-weight:bo=
ld;color:#d70a09;line-height:18px; padding: 0 30px 20px 30px;">FOUR STORIES=
WE=E2=80=99RE TALKING ABOUT</td>
</tr>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D=
"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<!-- STORY ITEM -->
<tbody><tr class=3D"replica" name=3D"story1">
<td style=3D"padding-right: 10px; padding-bottom: 10px;" valig=
n=3D"top"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdRMTJxaVhtYWV2Ty1feXQxU2RHVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3MvY2FuLXRoZS1rYXJkYXNoaWFucy1wdWxsLW9mZi1hLXNraW1zLWlwby8_dXRtX2NhbXBh=
aWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjElMkYyNCUyOVx1MDAyNnV0bV9jb250ZW5=
0PVdhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjElMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW=
1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2Y=
zYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxp=
bmtfaWQiOjk2NTE1OH0/6961d6007f27cc1626db5cc16c7cc672337262b13e712809beaf122=
843a375c0" target=3D"_blank"><img alt=3D"R.N.C. Media Murmurs" class=3D"w80=
" src=3D"https://userimg-bee.customeriomail.com/images/client-env-107382/Ic=
on_Martini.png" style=3D"width:145px;" width=3D"145"/></a></td>
<td class=3D"padB30" style=3D"padding-bottom: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdRMTJxaVhtYWV2Ty1feXQxU2RHVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvY2FuLXRoZS1rYXJkYXNoaWFucy1wdWxsLW9mZi1hLXNraW1zLWlwby8_dXRtX2NhbXBha=
WduPVdhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjElMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50=
PVdhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjElMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1=
haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2Yz=
YwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpb=
mtfaWQiOjk2NTE1OH0/6961d6007f27cc1626db5cc16c7cc672337262b13e712809beaf1228=
43a375c0" rel=3D"noopener" style=3D"text-decoration: none; color: #d40000; =
font-size: 22px; font-weight: 700; line-height: 26px; font-family: Beskervi=
lle,Georgia,'Times New Roman',Times,serif;" target=3D"_blank">R.N.C=
=2E Media Murmurs</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">Inspecting the R.N.C. media circ=
us.</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>DYLAN BYERS</strong></td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY ITEM -->
<!-- STORY ITEM -->
<tr class=3D"replica" name=3D"story2">
<td style=3D"padding-right: 10px; padding-bottom: 10px;" valig=
n=3D"top"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdRMTJxaVhtYWV2Ty1feXQxU2RHVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3MvYW5hbHlzdHMtZnVydGhlci1zb3VyLW9uLWRhdmlkLXphc2xhdnMtd2FybmVyLWJyb3Mt=
ZGlzY292ZXJ5Lz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODclMkYyMSUyRjI=
0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODclMkYyMSUyRjI0JT=
I5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyL=
mlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYw=
NjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6OTY1OTMyfQ/57da6875c5d5b06ad97812c2d0bd=
77a2ba297601f819e7a0da428507bd093582" target=3D"_blank"><img alt=3D"Zaz=E2=
=80=99s Epiphany" class=3D"w80" src=3D"https://userimg-bee.customeriomail.c=
om/images/client-env-107382/Icon_MoneyBag.png" style=3D"width:145px;" width=
=3D"145"/></a></td>
<td class=3D"padB30" style=3D"padding-bottom: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdRMTJxaVhtYWV2Ty1feXQxU2RHVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvYW5hbHlzdHMtZnVydGhlci1zb3VyLW9uLWRhdmlkLXphc2xhdnMtd2FybmVyLWJyb3MtZ=
GlzY292ZXJ5Lz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODclMkYyMSUyRjI0=
JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODclMkYyMSUyRjI0JTI=
5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLm=
lvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwN=
jE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6OTY1OTMyfQ/57da6875c5d5b06ad97812c2d0bd7=
7a2ba297601f819e7a0da428507bd093582" rel=3D"noopener" style=3D"text-decorat=
ion: none; color: #d40000; font-size: 22px; font-weight: 700; line-height: =
26px; font-family: Beskerville,Georgia,'Times New Roman',Times,seri=
f;" target=3D"_blank">Zaz=E2=80=99s Epiphany</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">A close look at David Zaslav=E2=
=80=99s WBD anxieties.</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>MATTHEW BELLONI</strong></td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY ITEM -->
<!-- STORY ITEM -->
<tr class=3D"replica" name=3D"story3">
<td style=3D"padding-right: 10px; padding-bottom: 10px;" valig=
n=3D"top"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdRMTJxaVhtYWV2Ty1feXQxU2RHVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3MvbWxiLWNvbW1pc3Npb25lci1ydWxlcy1jaGFuZ2VzLWFyZS1oZWxwaW5nLWF0dHJhY3Qt=
eW91bmctdmlld2Vycy8_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjE=
lMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjElMk=
YyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b=
21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJm=
NmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjk2NTc3NH0/60e072979b20574961750ce=
9f71071486d22c5a63bd6ac3c1515de6702ac1202" target=3D"_blank"><img alt=3D"Ir=
on Manfred" class=3D"w80" src=3D"https://userimg-bee.customeriomail.com/ima=
ges/client-env-107382/Icon_UFO.png" style=3D"width:145px;" width=3D"145"/><=
/a></td>
<td class=3D"padB30" style=3D"padding-bottom: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdRMTJxaVhtYWV2Ty1feXQxU2RHVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvbWxiLWNvbW1pc3Npb25lci1ydWxlcy1jaGFuZ2VzLWFyZS1oZWxwaW5nLWF0dHJhY3Qte=
W91bmctdmlld2Vycy8_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjEl=
MkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjElMkY=
yNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b2=
1lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmN=
mM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjk2NTc3NH0/60e072979b20574961750ce9=
f71071486d22c5a63bd6ac3c1515de6702ac1202" rel=3D"noopener" style=3D"text-de=
coration: none; color: #d40000; font-size: 22px; font-weight: 700; line-hei=
ght: 26px; font-family: Beskerville,Georgia,'Times New Roman',Times=
,serif;" target=3D"_blank">Iron Manfred</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">A candid chat with MLB commish R=
ob Manfred.</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>JOHN OURAND</strong></td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY ITEM -->
<!-- STORY ITEM -->
<tr class=3D"replica" name=3D"story4">
<td style=3D"padding-right: 10px; padding-bottom: 10px;" valig=
n=3D"top"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdRMTJxaVhtYWV2Ty1feXQxU2RHVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3MvY2FuLXRoZS1rYXJkYXNoaWFucy1wdWxsLW9mZi1hLXNraW1zLWlwby8_dXRtX2NhbXBh=
aWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjElMkYyNCUyOVx1MDAyNnV0bV9jb250ZW5=
0PVdhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjElMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW=
1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2Y=
zYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxp=
bmtfaWQiOjk2NTE1OH0/6961d6007f27cc1626db5cc16c7cc672337262b13e712809beaf122=
843a375c0" target=3D"_blank"><img alt=3D"The Shape of Skims" class=3D"w80" =
src=3D"https://userimg-bee.customeriomail.com/images/client-env-107382/Icon=
_Ace.png" style=3D"width:145px;" width=3D"145"/></a></td>
<td class=3D"padB30" style=3D"padding-bottom: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdRMTJxaVhtYWV2Ty1feXQxU2RHVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvY2FuLXRoZS1rYXJkYXNoaWFucy1wdWxsLW9mZi1hLXNraW1zLWlwby8_dXRtX2NhbXBha=
WduPVdhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjElMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50=
PVdhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjElMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1=
haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2Yz=
YwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpb=
mtfaWQiOjk2NTE1OH0/6961d6007f27cc1626db5cc16c7cc672337262b13e712809beaf1228=
43a375c0" rel=3D"noopener" style=3D"text-decoration: none; color: #d40000; =
font-size: 22px; font-weight: 700; line-height: 26px; font-family: Beskervi=
lle,Georgia,'Times New Roman',Times,serif;" target=3D"_blank">The S=
hape of Skims</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">Will the Kardashians bring Skims=
to market?</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>LAUREN SHERMAN</strong></td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY ITEM -->
</tbody></table>
</td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF OTHER STORIES -->
<!-- DIVIDER -->
<tr class=3D"replica" name=3D"quote3">
<td align=3D"center" style=3D"padding-bottom: 20px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"w1=
00pct" role=3D"presentation" style=3D"width: 540px;" width=3D"540">
<tbody><tr>
<td align=3D"center" style=3D"font-size:20px; line-height:34px; b=
order-top:1px solid #BBBBBB; padding: 0px 0;">
</td>
</tr>
</tbody></table>
</td>
</tr>
<!-- DIVIDER -->
<!-- IMAGE -->
<tr>
<td align=3D"center" class=3D"padL12 padR12" style=3D"padding: 10px;=
"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTk=
tOT05LQUdRMTJxaVhtYWV2Ty1feXQxU2RHVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mva=
m9pbi8_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjElMkYyNCUyOVx1=
MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjElMkYyNCUyOVx1MDA=
yNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MD=
AyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZ=
DMwMWQ0OGQyOCIsImxpbmtfaWQiOjU1ODY3OX0/66f0d044c9da2554b36ac0e8b3e96ad4dd01=
b1a8f2d0cad1a8fd56afc733813c" target=3D"_blank"><img alt=3D"Start your free=
trial today" class=3D"w100pct" src=3D"https://images.scalero.io/email_asse=
ts/2253/7RWTT0DHVQ58C08FARBHACTOFLPIIERZ38SQAJ21ZIY1UZI7QAIIR83OH81KK0QN.pn=
g" style=3D"width:540px;border: 0;" width=3D"540"/></a></td>
</tr>
<!-- END OF IMAGE -->
<!-- FOOTER -->
<tr>
<td align=3D"center" class=3D"padL20 padR20" style=3D"padding: 50px =
0 30px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pre=
sentation" width=3D"100%">
<tbody><tr>
<td align=3D"center" style=3D"padding-bottom: 20px;"><a href=3D"h=
ttps://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdRMTJx=
aVhtYWV2Ty1feXQxU2RHVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvP3V0bV9jYW1wYWl=
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WlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2=
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rX2lkIjoxfQ/b50058beb613c33bff3d6ee538ff1b3fd2cb7d94df5b7e67cee4fbb3af971ec=
6" target=3D"_blank"><img alt=3D"Puck" src=3D"https://images.scalero.io/ema=
il_assets/2419/PH11UUE1DH0FLVW3ZTAP8F32P0TL01M9PHL0QR4EMT1VD8R7ZBZMSHRDZGEB=
64OU.png" style=3D"width:120px;border: 0;" width=3D"120"/></a></td>
</tr>
<!-- FOOTER SOCIAL -->
<tr>
<td align=3D"center" style=3D"padding-bottom: 16px;">
<table align=3D"center" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation">
<tbody><tr>
<td style=3D"padding: 0 10px;"><a href=3D"https://email.puck.n=
ews/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdRMTJxaVhtYWV2Ty1feXQxU2R=
HVT0iLCJocmVmIjoiaHR0cHM6Ly9mYWNlYm9vay5jb20vcHVja2RvdG5ld3M_dXRtX2NhbXBhaW=
duPVdhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjElMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50P=
VdhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjElMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1h=
aWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzY=
wNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbm=
tfaWQiOjEwfQ/76dddaa5fe7be69b4cc00c802b7ed00a40f4a4d93ce88992af914ad25598fd=
9f" target=3D"_blank"><img alt=3D"Facebook" height=3D"48" src=3D"https://im=
ages.scalero.io/email_assets/2370/JQ413334NLVVPW2HD33POEGGI8TVO1QB9OXTB1HDO=
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<td style=3D"padding: 0 10px;"><a href=3D"https://email.puck.n=
ews/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdRMTJxaVhtYWV2Ty1feXQxU2R=
HVT0iLCJocmVmIjoiaHR0cHM6Ly90d2l0dGVyLmNvbS9QdWNrTmV3cz91dG1fY2FtcGFpZ249V2=
FsbCtQb3dlcistK0xFQURTKyUyODclMkYyMSUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2Fsb=
CtQb3dlcistK0xFQURTKyUyODclMkYyMSUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9h=
Y3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTV=
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I6MTF9/3fdf45ac1811a5cf526c99de948d3f0cdaf785d5c294ad0f874465bafd7ece00" ta=
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<td style=3D"padding: 0 10px;"><a href=3D"https://email.puck.n=
ews/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdRMTJxaVhtYWV2Ty1feXQxU2R=
HVT0iLCJocmVmIjoiaHR0cHM6Ly9pbnN0YWdyYW0uY29tL3B1Y2tkb3RuZXdzP3V0bV9jYW1wYW=
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2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW=
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