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Subject: Zaz Turmoil, Kellyanne Murmurs & A $50M Mondrian
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Thanks for reading The Backstory, your weekly review of the best new work a=
t Puck. It was a fabulous week: Matt Belloni heralded David Zaslav=E2=80=99=
s cable-pocalypse; Dylan Byers parsed the latest musical chairs in the TV n=
ews racket; Lauren Sherman investigated Tom Ford=E2=80=99s mini-me and Meli=
nda French Gates=E2=80=99s glow-up.
=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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=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0
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PREVIEW VERSION
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Good morning,
Thanks for reading The Backstory, your weekly review of the best new work a=
t Puck.
It was a fabulous week: Matt Belloni heralded David Zaslav=E2=80=99s cable-=
pocalypse; Dylan Byers parsed the latest musical chairs in the TV news rack=
et; Lauren Sherman investigated Tom Ford=E2=80=99s mini-me and Melinda Fren=
ch Gates=E2=80=99s glow-up; Tara Palmeri broke the news that Kellyanne Conw=
ay is considering a return to Mar-a-Lago; Eriq Gardner analyzed the record =
industry=E2=80=99s full-blown legal war against A.I.; John Heilemann deline=
ated Kamala Harris=E2=80=99s campaign punch list while Bill Cohan spoke to =
her money guys on Wall Street. Meanwhile, Julia Ioffe dug into Putin=E2=80=
=99s prisoner swap politics, and John Ourand revealed the next shoe to drop=
in the
NBA media wars.
Check out these stories, and others, via the links below. And stick around =
for the backstory on how it all came together.
Learn More ( https://puck.news/join/?utm_campaign=3DThe+Backstory+-+LEADS+%=
288%2F10%2F24%29&utm_content=3DThe+Backstory+-+LEADS+%287%2F19%2F24%29&utm_=
medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48=
d28 )
A MESSAGE FROM OUR SPONSOR
$(ad2_title) ( https://ad.doubleclick.net/ddm/trackclk/N2267083.4235865PUCK=
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at=3D;dc_rdid=3D;tag_for_child_directed_treatment=3D;tfua=3D;ltd=3D;dc_tdv=
=3D1?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F10%2F24%29&utm_content=3DT=
he+Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=3Demail_action&utm_source=
=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
BMW captures timeless luxury with the iconic BMW 7 Series. Learn more at BM=
WUSA.com ( https://ad.doubleclick.net/ddm/trackclk/N2267083.4235865PUCKNEWS=
/B31862338.394547339;dc_trk_aid=3D592519743;dc_trk_cid=3D219728969;dc_lat=
=3D;dc_rdid=3D;tag_for_child_directed_treatment=3D;tfua=3D;ltd=3D;dc_tdv=3D=
1?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F10%2F24%29&utm_content=3DThe+=
Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=3Demail_action&utm_source=3D=
customer.io&utm_term=3Df6c60615e3d301d48d28 ).
FASHION:
Lauren Sherman investigates ( https://puck.news/what-really-led-to-peter-ha=
wkings-leaving-tom-ford/?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F10%2F2=
4%29&utm_content=3DThe+Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=3Dema=
il_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) how th=
e Tom Ford-Peter Hawkings relationship went south.
and=E2=80=A6
Rachel Strugatz interrogates ( https://puck.news/the-secret-to-elf-beautys-=
success/?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F10%2F24%29&utm_content=
=3DThe+Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=3Demail_action&utm_so=
urce=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) the C.M.O. of a $10 bi=
llion beauty brand.
ART MARKET:
Marion Maneker details ( https://puck.news/buffalo-akg-patron-jeffrey-gundl=
ach-art-investment-thesis/?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F10%2=
F24%29&utm_content=3DThe+Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=3De=
mail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) Jeff=
rey =E2=80=9CThe Bond King=E2=80=9D Gundlach=E2=80=99s path from art collec=
tor to museum builder.
HOLLYWOOD:
Matt Belloni wonders ( https://puck.news/david-zaslav-wbd-cant-escape-the-l=
inear-tv-decline/?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F10%2F24%29&ut=
m_content=3DThe+Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=3Demail_acti=
on&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) if Zaz can cl=
ean up his big mess at WBD.
and=E2=80=A6
Scott Mendelson runs the numbers ( https://puck.news/has-the-box-office-bou=
nced-back-for-good/?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F10%2F24%29&=
utm_content=3DThe+Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=3Demail_ac=
tion&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) on a promis=
ing late summer box office revival.
WALL STREET:
Bill Cohan chats with ( https://puck.news/wall-streets-very-own-kamala-hive=
-including-charles-phillips/?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F10=
%2F24%29&utm_content=3DThe+Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=
=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) =
Charles Phillips and Rufus Gifford about the ( https://puck.news/kamalas-fi=
nance-chair-rufus-gifford-on-that-310-million-haul/?utm_campaign=3DThe+Back=
story+-+LEADS+%288%2F10%2F24%29&utm_content=3DThe+Backstory+-+LEADS+%287%2F=
19%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6=
c60615e3d301d48d28 ) Harris fundraising machine.
MEDIA:
Dylan
Byers analyzes ( https://puck.news/david-zaslav-squeeze-cbs-news-new-hydra/=
?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F10%2F24%29&utm_content=3DThe+B=
ackstory+-+LEADS+%287%2F19%2F24%29&utm_medium=3Demail_action&utm_source=3Dc=
ustomer.io&utm_term=3Df6c60615e3d301d48d28 ) the latest executive switchero=
os at ABC and CBS.
and=E2=80=A6
John Ourand identifies ( https://puck.news/how-nbc-plans-to-use-its-new-nba=
-package/?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F10%2F24%29&utm_conten=
t=3DThe+Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=3Demail_action&utm_s=
ource=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) the next theater of w=
ar for NBC.
and=E2=80=A6
Eriq Gardner assesses ( https://puck.news/the-record-industrys-total-war-ag=
ainst-ai-music/?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F10%2F24%29&utm_=
content=3DThe+Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=3Demail_action=
&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) a major legal b=
attle in the music industry.
WASHINGTON:
John Heilemann foreshadows ( https://puck.news/kamala-harris-mad-dash-to-el=
ection-day/?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F10%2F24%29&utm_cont=
ent=3DThe+Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=3Demail_action&utm=
_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) Kamala=E2=80=99s ne=
xt three months while Peter Hamby articulates ( https://puck.news/the-bear-=
case-for-kamala-harris/?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F10%2F24=
%29&utm_content=3DThe+Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=3Demai=
l_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) her mos=
t significant vulnerabilities.
and=E2=80=A6
Tara Palmeri captures ( https://puck.news/can-kellyanne-conway-get-trump-th=
e-attention-he-craves/?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F10%2F24%=
29&utm_content=3DThe+Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=3Demail=
_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) the Kell=
yanne convos inside Mar-a-Lago.
meanwhile=E2=80=A6
Julia Ioffe examines ( https://puck.news/how-the-kremlin-spun-the-us-russia=
-prisoner-swap/?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F10%2F24%29&utm_=
content=3DThe+Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=3Demail_action=
&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) Putin=E2=80=99s=
prisoner swap political strategy.
PODCASTS:
MSNBC host and former G.O.P. campaign star Nicolle Wallace joins Heilemann =
on Impolitic ( https://puck.news/podcast_episode/nicolle-wallace-to-the-win=
dow-to-the-walz/?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F10%2F24%29&utm=
_content=3DThe+Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=3Demail_actio=
n&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ).
and=E2=80=A6
Matt and the Times=E2=80=99 Brooks Barnes parse Disney=E2=80=99s earnings o=
n The Town ( https://puck.news/podcast_episode/disneys-streaming-profits-an=
d-parks-problem/?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F10%2F24%29&utm=
_content=3DThe+Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=3Demail_actio=
n&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ).
and=E2=80=A6
Democratic strategist Doug Sosnik and Tara feel the Walzmentum on Somebody=
=E2=80=99s Gotta Win ( https://puck.news/podcast_episode/was-tim-walz-the-r=
ight-vp-pick-with-doug-sosnik/?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F=
10%2F24%29&utm_content=3DThe+Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=
=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ).
and=E2=80=A6
The Journal=E2=80=99s Jacob Gallagher and Lauren wade into the Nike vibe sh=
ift on Fashion People ( https://puck.news/podcast_episode/the-nike-vibe-shi=
ft/?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F10%2F24%29&utm_content=3DTh=
e+Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=3Demail_action&utm_source=
=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ).
and=E2=80=A6
Julia and Peter discuss the unfolding Middle East situation on The Powers T=
hat
Be ( https://puck.news/podcast_episode/middle-east-fears-the-gershkovich-ho=
mecoming/?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F10%2F24%29&utm_conten=
t=3DThe+Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=3Demail_action&utm_s=
ource=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ).
$(ad3_title) ( https://ad.doubleclick.net/ddm/trackclk/N2267083.4235865PUCK=
NEWS/B31862338.394502719;dc_trk_aid=3D592518861;dc_trk_cid=3D219600571;dc_l=
at=3D;dc_rdid=3D;tag_for_child_directed_treatment=3D;tfua=3D;ltd=3D;dc_tdv=
=3D1?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F10%2F24%29&utm_content=3DT=
he+Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=3Demail_action&utm_source=
=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
Zaz and Goliath
On Wednesday afternoon, just after 4 p.m., an email popped in my inbox from=
the investor relations team at Warner Bros. Discovery. It was a generic no=
te=E2=80=94a press release announcing their financial results for the secon=
d quarter. Normally, I would delete this sort of mass distribution, but I a=
dmit that I had been more than a little bit curious about the WBD earnings.
C.E.O. David Zaslav, after all, is not only a starring player in the verita=
ble and growing Puck cinematic universe; he=E2=80=99s also an avatar of a l=
arger transformation in the media business, in particular, and the culture,=
more broadly. More than three years ago, Zaz announced that his far smalle=
r Discovery Communications would ingest the WarnerMedia behemoth and its si=
zable $55 billion debt load via a $43 billion merger. (The enterprise value=
of the combined
entities was around $100 billion.)
It was a fascinating gambit: Given the profound, tectonic shake-up in the e=
ntertainment industry, Zaz had decided that he didn=E2=80=99t want to let D=
iscovery devolve into a mere content provider with a subscale streaming ser=
vice, like AMC. A cable visionary, weaned by Jack Welch, Zaz wanted to take=
a crack at incorporating Warner=E2=80=99s historic assets (HBO, the movie =
studio, etcetera) and numerous virtues (its nascent streaming service, TNT=
=E2=80=99s copious sports rights) with Discovery=E2=80=99s portfolio of pop=
ular lifestyle cable channels.
Zaz had burnished a reputation as a ruthless operator, and it seemed like h=
is ostensible thesis was simple: He believed he and his team could manage t=
hese toys a lot more profitably than the squares at AT&T. Coming out of Cov=
id, a deal of this magnitude was exciting. Everyone knew that the WarnerMed=
ia assets, which had traded hands only years earlier after a Trump-prompted=
D.O.J.
moratorium, were languishing under the Dallas phone guys. In some ways, thi=
s combination seemed to presage the creation of a legacy player that might =
one day rival Netflix. That was the idea, anyway.
Loyal Puck readers know a thing or two about the soap opera that ensued. Af=
ter a year spent wooing Hollywood while the deal closed, Zaz quickly lived =
up to his reputation for spreadsheet artistry. He made a series of unsentim=
ental decisions=E2=80=94killing projects, offing CNN+, licensing I.P. to ot=
her platforms, removing HBO=E2=80=99s brand from the Max product, slashing =
budgets=E2=80=94that suggested he would not tolerate unmitigated investment=
in streaming on his watch. He caught a fair amount of grief for this, part=
icularly as these decisions were juxtaposed against his generous salary and=
decision to buy Bob Evans=E2=80=99s Beverly Hills estate.
My partner Bill Cohan has wisely and frequently suggested that WBD is reall=
y a public leveraged buyout. Zaz=E2=80=99s promise to
Wall Street analysts was that he could continually pay down the debt, overa=
chieve on EBITDA targets, and then, voila, the stock would pop. And while Z=
az and C.F.O. Gunnar Wiedenfels have significantly reduced WBD=E2=80=99s (v=
ery good) debt to less than $40 billion, the company has fallen considerabl=
y short of its revenue expectations. And that was the leitmotif of the comp=
any=E2=80=99s Q2 earnings. WBD missed on revenues by about $300 million. Wo=
rse, the company took a $9.1 billion impairment charge on account of its ca=
ble business, its bread and butter, which pushed down the stock even furthe=
r. Its market capitalization, which has halved in the past year, is now abo=
ut $17 billion. (The enterprise value hovers around $55 billion.) Netflix=
=E2=80=99s market cap, in case you were wondering, is $272 billion.
I was busy doing a final read of Lauren Sherman=E2=80=99s excellent newslet=
ter, Line Sheet ( https://puck.news/newsletters/line-sheet/?utm_campaign=3D=
The+Backstory+-+LEADS+%288%2F10%2F24%29&utm_content=3DThe+Backstory+-+LEADS=
+%287%2F19%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_t=
erm=3Df6c60615e3d301d48d28 ), when the investor relations message hit my in=
box. But I couldn=E2=80=99t help myself and I quickly clicked on the email =
and blocked out the noise around me. As I scanned the results, of course, I=
knew that this disastrous quarter was going to inspire my partners in mean=
ingful and important ways to figure out what exactly was going on inside WB=
D and how it would impact the wider industry.
The fate of Zaz and WBD, after all, is truly one of the great plotlines of =
our era: It=E2=80=99s the tale of a big but not big enough company trying t=
o compete with trillion-dollar market cap tech giants, all while rebuilding=
its once steady and reliable business model to survive a far more expensiv=
e and uncertain future. I=E2=80=99ve argued in these digital pages before t=
hat CNN is an avatar for the future of the
news businesses. WBD is really a harbinger for all legacy media.
My partners attacked this story with characteristic authority and wisdom. I=
n The Zaz Squeeze & CBS=E2=80=99s New Hydra ( https://puck.news/david-zasla=
v-squeeze-cbs-news-new-hydra/?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F1=
0%2F24%29&utm_content=3DThe+Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=
=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ),=
Dylan Byers explained the new vulnerabilities that WBD countenances withou=
t NBA rights. In Hollywood Finally Faces the Cable-pocalypse ( https://puck=
=2Enews/david-zaslav-wbd-cant-escape-t=
he-linear-tv-decline/?utm_campaign=3DTh=
e+Backstory+-+LEADS+%288%2F10%2F24%29&utm_content=3DThe+Backstory+-+LEADS+%=
287%2F19%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_ter=
m=3Df6c60615e3d301d48d28 ), Matt Belloni detailed how the coming linear TV =
reckoning is playing out
in the industry. And in NBC Prepares for Those NBA Economics ( https://puck=
=2Enews/how-nbc-plans-to-use-its-new-n=
ba-package/?utm_campaign=3DThe+Backstor=
y+-+LEADS+%288%2F10%2F24%29&utm_content=3DThe+Backstory+-+LEADS+%287%2F19%2=
F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c606=
15e3d301d48d28 ), John Ourand identified the next shoes to drop for Zaz in =
the distribution wars. (Bill will have more on the Zazscape tomorrow in his=
brilliant Dry Powder private email. Sign up here ( https://puck.news/newsl=
etters/dry-powder/?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F10%2F24%29&u=
tm_content=3DThe+Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=3Demail_act=
ion&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ).)
Yes, yes, we become obsessed with certain topics here at Puck. But the scru=
tiny of the Zaz conundrum is really rooted in a larger fascination with the=
future of the increasingly thorny media business, which now seems like
it may one day become a shingle of the tech industry. I=E2=80=99m not sure =
that=E2=80=99s an outcome that anyone is prepared to fully contemplate, but=
I also don=E2=80=99t know if it=E2=80=99s enough to persuade the largest t=
raditional companies to ally with one another in material ways, beyond ephe=
meral joint ventures=E2=80=94at least not yet. My hypothesis, however, is t=
hat Zaz may be the most motivated executive to figure out what a sustainabl=
e future really looks like=E2=80=94he=E2=80=99s certainly compensated with =
that incentive in mind=E2=80=94and, clearly, time is of the essence. That r=
ace, of course, is one of the most extraordinary stories of our times, and =
precisely what you should expect to read about in Puck.
Have a great weekend,
Jon
Puck ( https://puck.news/?utm_campaign=3DThe+Backstory+-+LEADS+%288%2F10%2F=
24%29&utm_content=3DThe+Backstory+-+LEADS+%287%2F19%2F24%29&utm_medium=3Dem=
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<div style=3D"display: none; max-height: 0px; overflow: hidden;">Thanks f=
or reading The Backstory, your weekly review of the best new work at Puck. =
It was a fabulous week: Matt Belloni heralded David Zaslav=E2=80=99s cable-=
pocalypse; Dylan Byers parsed the latest musical chairs in the TV news rack=
et; Lauren Sherman investigated Tom Ford=E2=80=99s mini-me and Melinda Fren=
ch Gates=E2=80=99s glow-up.
=20
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<p style=3D"margin: 0; color: #000000; font-size: 16px; line-hei=
ght: 30px; margin-top: 0; margin-bottom: 0;">Good morning,<br/><br/>Thanks =
for reading The Backstory, your weekly review of the best new work at Puck.=
<br/><br/>It was a <i>fabulous </i>week: <b>Matt Belloni </b>heralded <b>Da=
vid Zaslav</b>=E2=80=99s cable-pocalypse; <b>Dylan Byers </b>parsed the lat=
est musical chairs in the TV news racket; <b>Lauren Sherman </b>investigate=
d <b>Tom Ford</b>=E2=80=99s mini-me and <b>Melinda French Gates</b>=E2=80=
=99s glow-up; <b>Tara Palmeri </b>broke the news that <b>Kellyanne Conway <=
/b>is considering a return to Mar-a-Lago; <b>Eriq Gardner </b>analyzed the =
record industry=E2=80=99s full-blown legal war against A.I.; <b>John Heilem=
ann </b>delineated <b>Kamala Harris</b>=E2=80=99s campaign punch list while=
<b>Bill Cohan </b>spoke to her money guys on Wall Street. Meanwhile, <b>Ju=
lia Ioffe </b>dug into <b>Putin</b>=E2=80=99s prisoner swap politics, and <=
b>John Ourand </b>revealed the next shoe to drop in the
NBA media wars.<br/><br/>Check out these stories, and others, via the links=
below. And stick around for the backstory on how it all came together.<br/=
></p>
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7eb21ebbf9bf4a2bdd28762c119204eb88f3e1e1ea7f81a57cf416241fb357ed" style=3D"=
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e:13px;font-weight:bold;line-height:44px;text-align:center;text-decoration:=
none;width:220px;-webkit-text-size-adjust:none;">Learn More</a></div>
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<td style=3D"padding-bottom: 20px;"><a href=3D"https:/=
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<td style=3D"font-size: 14px; line-height: 17px; color=
: #8a8888;"><p style=3D"text-align:center">BMW captures timeless luxury wit=
h the iconic BMW 7 Series. Learn more at <u><a href=3D"https://email.puck.n=
ews/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdSUEdCUmlRbVVybjlBRWRBbVR=
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Y3MDgzLjQyMzU4NjVQVUNLTkVXUy9CMzE4NjIzMzguMzk0NTQ3MzM5O2RjX3Rya19haWQ9NTkyN=
TE5NzQzO2RjX3Rya19jaWQ9MjE5NzI4OTY5O2RjX2xhdD07ZGNfcmRpZD07dGFnX2Zvcl9jaGls=
ZF9kaXJlY3RlZF90cmVhdG1lbnQ9O3RmdWE9O2x0ZD07ZGNfdGR2PTE_dXRtX2NhbXBhaWduPVR=
oZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGMTAlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PV=
RoZStCYWNrc3RvcnkrLStMRUFEUyslMjg3JTJGMTklMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09Z=
W1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2=
YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImx=
pbmtfaWQiOjk5MDcxM30/7617240eb4d08be2dca1cf5e48a6486dc5715be22041a8b2371691=
d0f88d8994" style=3D"color:#d40000;text-decoration:underline;font-weight:bo=
ld" class=3D"sdf">BMWUSA.com</a></u>.</p></td>
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<td style=3D"padding-bottom: 36px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;"><b>FASHION:</b><br/=
><b>Lauren Sherman <u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZC=
I6ImRnVDJ4Z1lEQU5TTktOT05LQUdSUEdCUmlRbVVybjlBRWRBbVR3az0iLCJocmVmIjoiaHR0c=
HM6Ly9wdWNrLm5ld3Mvd2hhdC1yZWFsbHktbGVkLXRvLXBldGVyLWhhd2tpbmdzLWxlYXZpbmct=
dG9tLWZvcmQvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4OCUyRjEwJTJ=
GMjQlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NyUyRjE5JT=
JGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3Vzd=
G9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoi=
ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo5ODU2MTd9/bf4ffe0dac7a2932d2ee60=
b7c51c300e23a3ca204a5a09c96a957c26eb3567e5" style=3D"color:rgb(212, 0, 0);t=
ext-decoration:none;font-weight:bold" class=3D"sdf">investigates</a></u></b=
> how the <b>Tom Ford</b>-<b>Peter Hawkings </b>relationship went south.<br=
/><i>and=E2=80=A6</i><br/><b>Rachel Strugatz <u><a href=3D"https://email.pu=
ck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdSUEdCUmlRbVVybjlBRWR=
BbVR3az0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdGhlLXNlY3JldC10by1lbGYtYmVhdX=
R5cy1zdWNjZXNzLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODglMkYxM=
CUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODclMkYx=
OSUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN=
1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbC=
I6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6OTg3ODcyfQ/2716304f4395166448=
119bd313b5eea238842de88412713973b31108458d1226" style=3D"color:rgb(212, 0, =
0);text-decoration:none;font-weight:bold" class=3D"sdf">interrogates</a></u=
></b> the C.M.O. of a $10 billion beauty brand.<br/><br/><b>ART MARKET:</b>=
<br/><b>Marion Maneker <u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF=
9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdSUEdCUmlRbVVybjlBRWRBbVR3az0iLCJocmVmIjoia=
HR0cHM6Ly9wdWNrLm5ld3MvYnVmZmFsby1ha2ctcGF0cm9uLWplZmZyZXktZ3VuZGxhY2gtYXJ0=
LWludmVzdG1lbnQtdGhlc2lzLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyU=
yODglMkYxMCUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKy=
UyODclMkYxOSUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc=
291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJp=
bnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6OTg3NDIzfQ/06900701=
60660cf2dcd7b1221be5bc8448cdef8989551791abfbdb1efceee9d6" style=3D"color:rg=
b(212, 0, 0);text-decoration:none;font-weight:bold" class=3D"sdf">details</=
a></u> Jeffrey </b>=E2=80=9CThe Bond King=E2=80=9D <b>Gundlach</b>=E2=80=99=
s path from art collector to museum builder.<br/><br/><b>HOLLYWOOD:</b><br/=
><b>Matt Belloni <u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6=
ImRnVDJ4Z1lEQU5TTktOT05LQUdSUEdCUmlRbVVybjlBRWRBbVR3az0iLCJocmVmIjoiaHR0cHM=
6Ly9wdWNrLm5ld3MvZGF2aWQtemFzbGF2LXdiZC1jYW50LWVzY2FwZS10aGUtbGluZWFyLXR2LW=
RlY2xpbmUvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4OCUyRjEwJTJGM=
jQlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NyUyRjE5JTJG=
MjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9=
tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZj=
ZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo5ODkyNjJ9/a9a3ed031efbfef64d00d152=
0b574242f779902f16d851e3c14fad6ff8e89eb9" style=3D"color:rgb(212, 0, 0);tex=
t-decoration:none;font-weight:bold" class=3D"sdf">wonders</a></u></b> if <b=
>Zaz</b> can clean up his big mess at WBD.<br/><i>and=E2=80=A6</i><br/><b>S=
cott Mendelson <u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6Im=
RnVDJ4Z1lEQU5TTktOT05LQUdSUEdCUmlRbVVybjlBRWRBbVR3az0iLCJocmVmIjoiaHR0cHM6L=
y9wdWNrLm5ld3MvaGFzLXRoZS1ib3gtb2ZmaWNlLWJvdW5jZWQtYmFjay1mb3ItZ29vZC8_dXRt=
X2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGMTAlMkYyNCUyOVx1MDAyNnV=
0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg3JTJGMTklMkYyNCUyOVx1MDAyNn=
V0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyN=
nV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMw=
MWQ0OGQyOCIsImxpbmtfaWQiOjk4NjgwMn0/e9ec7b345e58152bba3d58e7d494c21cecff3ae=
95c824258c1cef9866751e019" style=3D"color:rgb(212, 0, 0);text-decoration:no=
ne;font-weight:bold" class=3D"sdf">runs the numbers</a></u></b> on a promis=
ing late summer box office revival.<br/><br/><b>WALL STREET:</b><br/><b>Bil=
l Cohan <u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z=
1lEQU5TTktOT05LQUdSUEdCUmlRbVVybjlBRWRBbVR3az0iLCJocmVmIjoiaHR0cHM6Ly9wdWNr=
Lm5ld3Mvd2FsbC1zdHJlZXRzLXZlcnktb3duLWthbWFsYS1oaXZlLWluY2x1ZGluZy1jaGFybGV=
zLXBoaWxsaXBzLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODglMkYxMC=
UyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODclMkYxO=
SUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1=
c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI=
6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6OTg0NDg2fQ/615c9d515121d6f32c1=
a9686c29875277d4fbe58d56a0d932a1d29b6eaf19f07" style=3D"color:rgb(212, 0, 0=
);text-decoration:none;font-weight:bold" class=3D"sdf">chats with</a></u> C=
harles Phillips </b><i>and </i><b>Rufus Gifford <u><a href=3D"https://email=
=2Epuck.news/e/c/eyJlbWFpbF9pZCI6ImRnVD=
J4Z1lEQU5TTktOT05LQUdSUEdCUmlRbVVybjlB=
RWRBbVR3az0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mva2FtYWxhcy1maW5hbmNlLWNoYWl=
yLXJ1ZnVzLWdpZmZvcmQtb24tdGhhdC0zMTAtbWlsbGlvbi1oYXVsLz91dG1fY2FtcGFpZ249VG=
hlK0JhY2tzdG9yeSstK0xFQURTKyUyODglMkYxMCUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V=
GhlK0JhY2tzdG9yeSstK0xFQURTKyUyODclMkYxOSUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1l=
bWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZ=
jNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibG=
lua19pZCI6OTg4MDY1fQ/9443d12145da7a130fb741bf5b99cc1ffcd34a985f712ea876ae89=
1b30559873" style=3D"color:rgb(212, 0, 0);text-decoration:none;font-weight:=
bold" class=3D"sdf"> about the</a></u> Harris </b>fundraising machine.<br/>=
<br/><b>MEDIA:</b><br/><b>Dylan
Byers <u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdSUEdCUmlRbVVybjlBRWRBbVR3az0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvZGF2aWQtemFzbGF2LXNxdWVlemUtY2JzLW5ld3MtbmV3LWh5ZHJhLz91dG1fY2FtcGFpZ=
249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODglMkYxMCUyRjI0JTI5XHUwMDI2dXRtX2NvbnRl=
bnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODclMkYxOSUyRjI0JTI5XHUwMDI2dXRtX21lZGl=
1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm=
09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4I=
iwibGlua19pZCI6OTg4MjQ3fQ/11d5b0a0e30fa78859c832413a952133fb175360bba0e0875=
74b0d8ea7e552bf" style=3D"color:rgb(212, 0, 0);text-decoration:none;font-we=
ight:bold" class=3D"sdf">analyzes</a></u></b> the latest executive switcher=
oos at ABC and CBS.<br/><i>and=E2=80=A6</i><br/><b>John Ourand <u><a href=
=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUd=
SUEdCUmlRbVVybjlBRWRBbVR3az0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaG93LW5iYy=
1wbGFucy10by11c2UtaXRzLW5ldy1uYmEtcGFja2FnZS8_dXRtX2NhbXBhaWduPVRoZStCYWNrc=
3RvcnkrLStMRUFEUyslMjg4JTJGMTAlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNr=
c3RvcnkrLStMRUFEUyslMjg3JTJGMTklMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN=
0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZT=
NkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiO=
jk4ODg1Nn0/f1b7f7e482f61c21eb2048387db67b74e64b4df3915c954c1fafd8eda6ffcfd2=
" style=3D"color:rgb(212, 0, 0);text-decoration:none;font-weight:bold" clas=
s=3D"sdf">identifies</a></u></b> the next theater of war for NBC.<br/><i>an=
d=E2=80=A6</i><br/><b>Eriq Gardner <u><a href=3D"https://email.puck.news/e/=
c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdSUEdCUmlRbVVybjlBRWRBbVR3az0iL=
CJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdGhlLXJlY29yZC1pbmR1c3RyeXMtdG90YWwtd2Fy=
LWFnYWluc3QtYWktbXVzaWMvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI=
4OCUyRjEwJTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJT=
I4NyUyRjE5JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb=
3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImlu=
dGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo5ODc0NzN9/b9da90c3f5=
5b7738b5450c3fd9cd59b75975840cc56bcb7d423ef6dd0356fb83" style=3D"color:rgb(=
212, 0, 0);text-decoration:none;font-weight:bold" class=3D"sdf">assesses</a=
></u></b> a major legal battle in the music industry.<br/><br/><b>WASHINGTO=
N:</b><br/><b>John Heilemann <u><a href=3D"https://email.puck.news/e/c/eyJl=
bWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdSUEdCUmlRbVVybjlBRWRBbVR3az0iLCJocmV=
mIjoiaHR0cHM6Ly9wdWNrLm5ld3Mva2FtYWxhLWhhcnJpcy1tYWQtZGFzaC10by1lbGVjdGlvbi=
1kYXkvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4OCUyRjEwJTJGMjQlM=
jlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NyUyRjE5JTJGMjQl=
MjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXI=
uaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNj=
A2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo5ODQ3Mzh9/485de8c6244cddf553924e481375=
00d848b92f0c48f1cffccbb97389e86eae97" style=3D"color:rgb(212, 0, 0);text-de=
coration:none;font-weight:bold" class=3D"sdf">foreshadows</a></u></b> Kamal=
a=E2=80=99s next three months while <b>Peter Hamby <u><a href=3D"https://em=
ail.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdSUEdCUmlRbVVyb=
jlBRWRBbVR3az0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdGhlLWJlYXItY2FzZS1mb3It=
a2FtYWxhLWhhcnJpcy8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJ=
GMTAlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg3JT=
JGMTklMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZ=
T1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJu=
YWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjk4NjcxOH0/dc1ef398caa3945=
2836454ac5a5c74ba9adcbc3a98ef21a872bdcfb36746d501" style=3D"color:rgb(212, =
0, 0);text-decoration:none;font-weight:bold" class=3D"sdf">articulates</a><=
/u></b> her most significant vulnerabilities.<br/><i>and=E2=80=A6</i><br/><=
b>Tara Palmeri <u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6Im=
RnVDJ4Z1lEQU5TTktOT05LQUdSUEdCUmlRbVVybjlBRWRBbVR3az0iLCJocmVmIjoiaHR0cHM6L=
y9wdWNrLm5ld3MvY2FuLWtlbGx5YW5uZS1jb253YXktZ2V0LXRydW1wLXRoZS1hdHRlbnRpb24t=
aGUtY3JhdmVzLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODglMkYxMCU=
yRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODclMkYxOS=
UyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c=
3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6=
ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6OTg4NzMzfQ/0eefa32c2b15b3b0810e=
9b8a133426dd953c53b6250ee9279d8579e8aafe75c2" style=3D"color:rgb(212, 0, 0)=
;text-decoration:none;font-weight:bold" class=3D"sdf">captures</a></u></b> =
the <b>Kellyanne </b>convos inside Mar-a-Lago.<br/><i>meanwhile=E2=80=A6</i=
><br/><b>Julia Ioffe <u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9p=
ZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdSUEdCUmlRbVVybjlBRWRBbVR3az0iLCJocmVmIjoiaHR=
0cHM6Ly9wdWNrLm5ld3MvaG93LXRoZS1rcmVtbGluLXNwdW4tdGhlLXVzLXJ1c3NpYS1wcmlzb2=
5lci1zd2FwLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODglMkYxMCUyR=
jI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODclMkYxOSUy=
RjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3R=
vbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6Im=
Y2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6OTg3NTk0fQ/ccc7d36df0069e77f80a52=
8d2b71882fd82334bfeffc67af37b8735b4ea9e4f5" style=3D"color:rgb(212, 0, 0);t=
ext-decoration:none;font-weight:bold" class=3D"sdf">examines</a></u> Putin<=
/b>=E2=80=99s prisoner swap political strategy.<br/><br/><b>PODCASTS:</b><b=
r/>MSNBC host and former G.O.P. campaign star <b>Nicolle Wallace </b>joins =
Heilemann on <b><u><i><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZC=
I6ImRnVDJ4Z1lEQU5TTktOT05LQUdSUEdCUmlRbVVybjlBRWRBbVR3az0iLCJocmVmIjoiaHR0c=
HM6Ly9wdWNrLm5ld3MvcG9kY2FzdF9lcGlzb2RlL25pY29sbGUtd2FsbGFjZS10by10aGUtd2lu=
ZG93LXRvLXRoZS13YWx6Lz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODg=
lMkYxMCUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyOD=
clMkYxOSUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291c=
mNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRl=
cm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6OTg3Nzk4fQ/d597f16559b6=
91ba4c024941b3a1b65d3fe7c9f8afc885573a170ff7a7955442" style=3D"color:rgb(21=
2, 0, 0);text-decoration:none;font-weight:bold" class=3D"sdf">Impolitic</a>=
</i></u></b>.<br/><i>and=E2=80=A6</i><br/>Matt and the <i>Times</i>=E2=80=
=99 <b>Brooks Barnes </b>parse Disney=E2=80=99s earnings on <i><b><u><a hre=
f=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQU=
dSUEdCUmlRbVVybjlBRWRBbVR3az0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG9kY2Fzd=
F9lcGlzb2RlL2Rpc25leXMtc3RyZWFtaW5nLXByb2ZpdHMtYW5kLXBhcmtzLXByb2JsZW0vP3V0=
bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4OCUyRjEwJTJGMjQlMjlcdTAwMjZ=
1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NyUyRjE5JTJGMjQlMjlcdTAwMj=
Z1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwM=
jZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2Qz=
MDFkNDhkMjgiLCJsaW5rX2lkIjo5ODg1MjR9/0b65f8f871253f342e03fed65cfcd8added9a3=
22c0dfde01f6f98db46b28cf32" style=3D"color:rgb(212, 0, 0);text-decoration:n=
one;font-weight:bold" class=3D"sdf">The Town</a></u></b></i>.<br/><i>and=E2=
=80=A6</i><br/>Democratic strategist <b>Doug Sosnik </b>and Tara feel the <=
b>Walz</b>mentum on <b><u><i><a href=3D"https://email.puck.news/e/c/eyJlbWF=
pbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdSUEdCUmlRbVVybjlBRWRBbVR3az0iLCJocmVmIj=
oiaHR0cHM6Ly9wdWNrLm5ld3MvcG9kY2FzdF9lcGlzb2RlL3dhcy10aW0td2Fsei10aGUtcmlna=
HQtdnAtcGljay13aXRoLWRvdWctc29zbmlrLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSst=
K0xFQURTKyUyODglMkYxMCUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSs=
tK0xFQURTKyUyODclMkYxOSUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdT=
AwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkN=
DhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6OTg4NTIz=
fQ/08ae054700ab1bffe6f751dbcff4d30f892075881e5fe47152fdedc6fc156b7c" style=
=3D"color:rgb(212, 0, 0);text-decoration:none;font-weight:bold" class=3D"sd=
f">Somebody=E2=80=99s Gotta Win</a></i></u></b>.<br/><i>and=E2=80=A6</i><br=
/>The <i>Journal</i>=E2=80=99s <b>Jacob Gallagher </b>and Lauren wade into =
the Nike vibe shift on <i><b><u><a href=3D"https://email.puck.news/e/c/eyJl=
bWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdSUEdCUmlRbVVybjlBRWRBbVR3az0iLCJocmV=
mIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG9kY2FzdF9lcGlzb2RlL3RoZS1uaWtlLXZpYmUtc2hpZn=
QvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4OCUyRjEwJTJGMjQlMjlcd=
TAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NyUyRjE5JTJGMjQlMjlc=
dTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9=
cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MT=
VlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo5OTAzNTB9/df9a87ea27b7d3d5c189b694954ead9a=
6c8bb166a6638f3a67ca89bf7a8604f3" style=3D"color:rgb(212, 0, 0);text-decora=
tion:none;font-weight:bold" class=3D"sdf">Fashion People</a></u></b></i>.<b=
r/><i>and=E2=80=A6</i><br/>Julia and Peter discuss the unfolding Middle Eas=
t situation on <u><i><b><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9p=
ZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdSUEdCUmlRbVVybjlBRWRBbVR3az0iLCJocmVmIjoiaHR=
0cHM6Ly9wdWNrLm5ld3MvcG9kY2FzdF9lcGlzb2RlL21pZGRsZS1lYXN0LWZlYXJzLXRoZS1nZX=
JzaGtvdmljaC1ob21lY29taW5nLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTK=
yUyODglMkYxMCUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURT=
KyUyODclMkYxOSUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1=
fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLC=
JpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6OTg3MjkyfQ/a54132=
26e1ea4fac1d65f391bbd6ede942db4b879de89efc78058dccd84edd96" style=3D"color:=
rgb(212, 0, 0);text-decoration:none;font-weight:bold" class=3D"sdf">The Pow=
ers That
Be</a></b></i></u>.<br/></td>
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lass=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%=
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<td><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9=
pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdSUEdCUmlRbVVybjlBRWRBbVR3az0iLCJocmVmIjoiaH=
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UNLTkVXUy9CMzE4NjIzMzguMzk0NTAyNzE5O2RjX3Rya19haWQ9NTkyNTE4ODYxO2RjX3Rya19j=
aWQ9MjE5NjAwNTcxO2RjX2xhdD07ZGNfcmRpZD07dGFnX2Zvcl9jaGlsZF9kaXJlY3RlZF90cmV=
hdG1lbnQ9O3RmdWE9O2x0ZD07ZGNfdGR2PTE_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLS=
tMRUFEUyslMjg4JTJGMTAlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrL=
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"https://images.scalero.io/email_assets/2165/JL76HY1KQ63GBV809ASQHEQYP996A0=
DY7M4WHYVBDCWP42BP2T295VRDA813G6K7.png" style=3D"width: 540px;" width=3D"54=
0"/></a></td>
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<td align=3D"center" style=3D"font-size:20px; line-height:34px=
; border-top:0px solid #d40000; padding: 24px 0;"><b>Zaz and Goliath</b></t=
d>
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<td style=3D"padding-bottom: 36px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;">On Wednesday aftern=
oon, just after 4 p.m., an email popped in my inbox from the investor relat=
ions team at Warner Bros. Discovery. It was a generic note=E2=80=94a press =
release announcing their financial results for the second quarter. Normally=
, I would delete this sort of mass distribution, but I admit that I had bee=
n <i>more than a little bit </i>curious about the WBD earnings. <br/><br/>C=
=2EE.O. <b>David Zaslav</b>, after all,=
is not only a starring player in the=20=
veritable and growing Puck cinematic universe; he=E2=80=99s also an avatar =
of a larger transformation in the media business, in particular, and the cu=
lture, more broadly. More than three years ago, Zaz announced that his far =
smaller Discovery Communications would ingest the WarnerMedia behemoth and =
its sizable $55 billion debt load via a $43 billion merger. (The enterprise=
value of the combined
entities was around $100 billion.)<br/><br/>It was a fascinating gambit: Gi=
ven the profound, tectonic shake-up in the entertainment industry, Zaz had =
decided that he didn=E2=80=99t want to let Discovery devolve into a mere co=
ntent provider with a subscale streaming service, like AMC. A cable visiona=
ry, weaned by <b>Jack Welch</b>, Zaz wanted to take a crack at incorporatin=
g Warner=E2=80=99s historic assets (HBO, the movie studio, etcetera) and nu=
merous virtues (its nascent streaming service, TNT=E2=80=99s copious sports=
rights) with Discovery=E2=80=99s portfolio of popular lifestyle cable chan=
nels. <br/><br/>Zaz had burnished a reputation as a ruthless operator, and =
it seemed like his ostensible thesis was simple: He believed he and his tea=
m could manage these toys a <i>lot </i>more profitably than the squares at =
AT&T. Coming out of Covid, a deal of this magnitude was exciting. Every=
one knew that the WarnerMedia assets, which had traded hands only years ear=
lier after a <b>Trump</b>-prompted D.O.J.
moratorium, were languishing under the Dallas phone guys. In some ways, thi=
s combination seemed to presage the creation of a legacy player that might =
one day rival Netflix. That was the idea, anyway.<br/><br/>Loyal Puck reade=
rs know a thing or two about the soap opera that ensued. After a year spent=
wooing Hollywood while the deal closed, Zaz quickly lived up to his reputa=
tion for spreadsheet artistry. He made a series of unsentimental decisions=
=E2=80=94killing projects, offing CNN+, licensing I.P. to other platforms, =
removing HBO=E2=80=99s brand from the Max product, slashing budgets=E2=80=
=94that suggested he would not tolerate unmitigated investment in streaming=
on his watch. He caught a fair amount of grief for this, particularly as t=
hese decisions were juxtaposed against his generous salary and decision to =
buy <b>Bob Evans</b>=E2=80=99s Beverly Hills estate.<br/><br/>My partner <b=
>Bill Cohan </b>has wisely and frequently suggested that WBD is really a pu=
blic leveraged buyout. Zaz=E2=80=99s promise to
Wall Street analysts was that he could continually pay down the debt, overa=
chieve on EBITDA targets, and then, <i>voila</i>, the stock would pop. And =
while Zaz and C.F.O. <b>Gunnar Wiedenfels </b><i>have</i> significantly red=
uced WBD=E2=80=99s (very good) debt to less than $40 billion, the company h=
as fallen considerably short of its revenue expectations. And that was the =
leitmotif of the company=E2=80=99s Q2 earnings. WBD missed on revenues by a=
bout $300 million. Worse, the company took a <i>$9.1 billion impairment cha=
rge</i> on account of its cable business, its bread and butter, which pushe=
d down the stock even further. Its market capitalization, which has halved =
in the past year, is now about $17 billion. (The enterprise value hovers ar=
ound $55 billion.) Netflix=E2=80=99s market cap, in case you were wondering=
, is <i>$272 billion</i>.<br/><br/>I was busy doing a final read of <b>Laur=
en Sherman</b>=E2=80=99s excellent newsletter, <b><u><a href=3D"https://ema=
il.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdSUEdCUmlRbVVybj=
lBRWRBbVR3az0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvbmV3c2xldHRlcnMvbGluZS1za=
GVldC8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGMTAlMkYyNCUy=
OVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg3JTJGMTklMkYyNCU=
yOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci=
5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2M=
DYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjQyNjA0NX0/ed9cc2639f19148c0b43b916b4f6=
27b085abea23b76059d92ee067c9bd264760" style=3D"color:rgb(212, 0, 0);text-de=
coration:none;font-weight:bold" class=3D"sdf">Line Sheet</a></u></b>, when =
the investor relations message hit my inbox. But I couldn=E2=80=99t help my=
self and I quickly clicked on the email and blocked out the noise around me=
=2E As I scanned the results, of course=
, I knew that this disastrous quarter=20=
was going to inspire my partners in meaningful and important ways to figure=
out what exactly was going on inside WBD and how it would impact the wider=
industry.<br/><br/>The fate of Zaz and WBD, after all, is truly one of the=
great plotlines of our era: It=E2=80=99s the tale of a big <i>but not big =
enough</i> company trying to compete with trillion-dollar market cap tech g=
iants, all while rebuilding its once steady and reliable business model to =
survive a far more expensive and uncertain future. I=E2=80=99ve argued in t=
hese digital pages before that CNN is an avatar for the future of the
news businesses. WBD is really a harbinger for all legacy media.<br/><br/>M=
y partners attacked this story with characteristic authority and wisdom. In=
<i><u><b><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdSUEdCUmlRbVVybjlBRWRBbVR3az0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3MvZGF2aWQtemFzbGF2LXNxdWVlemUtY2JzLW5ld3MtbmV3LWh5ZHJhLz91dG1fY2FtcGFp=
Z249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODglMkYxMCUyRjI0JTI5XHUwMDI2dXRtX2NvbnR=
lbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODclMkYxOSUyRjI0JTI5XHUwMDI2dXRtX21lZG=
l1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlc=
m09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4=
IiwibGlua19pZCI6OTg4MjQ3fQ/11d5b0a0e30fa78859c832413a952133fb175360bba0e087=
574b0d8ea7e552bf" style=3D"color:rgb(212, 0, 0);text-decoration:none;font-w=
eight:bold" class=3D"sdf">The Zaz Squeeze & CBS=E2=80=99s New Hydra</a>=
</b></u></i>, <b>Dylan Byers </b>explained the new vulnerabilities that WBD=
countenances without NBA rights. In <i><u><b><a href=3D"https://email.puck=
=2Enews/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdSUEdCUmlRbVVybjlBRWRBb=
VR3az0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZGF2aWQtemFzbGF2LXdiZC1jYW50LWVz=
Y2FwZS10aGUtbGluZWFyLXR2LWRlY2xpbmUvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0=
rTEVBRFMrJTI4OCUyRjEwJTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky=
0rTEVBRFMrJTI4NyUyRjE5JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1M=
DAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0=
OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo5ODkyNjJ=
9/a9a3ed031efbfef64d00d1520b574242f779902f16d851e3c14fad6ff8e89eb9" style=
=3D"color:rgb(212, 0, 0);text-decoration:none;font-weight:bold" class=3D"sd=
f">Hollywood Finally Faces the Cable-pocalypse</a></b></u></i>, <b>Matt Bel=
loni </b>detailed how the coming linear TV reckoning is playing out
in the industry. And in <i><u><b><a href=3D"https://email.puck.news/e/c/eyJ=
lbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdSUEdCUmlRbVVybjlBRWRBbVR3az0iLCJocm=
VmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaG93LW5iYy1wbGFucy10by11c2UtaXRzLW5ldy1uYmEtc=
GFja2FnZS8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGMTAlMkYy=
NCUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg3JTJGMTklMkY=
yNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b2=
1lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmN=
mM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjk4ODg1Nn0/f1b7f7e482f61c21eb204838=
7db67b74e64b4df3915c954c1fafd8eda6ffcfd2" style=3D"color:rgb(212, 0, 0);tex=
t-decoration:none;font-weight:bold" class=3D"sdf">NBC Prepares for Those NB=
A Economics</a></b></u></i>, <b>John Ourand </b>identified the next shoes t=
o drop for Zaz in the distribution wars. (Bill will have more on the Zazsca=
pe tomorrow in his brilliant Dry Powder private email. <u><b><a href=3D"htt=
ps://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdSUEdCUm=
lRbVVybjlBRWRBbVR3az0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvbmV3c2xldHRlcnMvZ=
HJ5LXBvd2Rlci8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGMTAl=
MkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg3JTJGMTk=
lMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdX=
N0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiO=
iJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjI5OTYzfQ/c25be6456d8113391b527=
a89a7af765b23eb42288084f5b76363646b090ba077" style=3D"color:rgb(212, 0, 0);=
text-decoration:none;font-weight:bold" class=3D"sdf">Sign up here</a></b></=
u>.)<br/><br/>Yes, yes, we become obsessed with certain topics here at Puck=
=2E But the scrutiny of the Zaz conundr=
um is really rooted in a larger fascin=
ation with the future of the increasingly thorny media business, which now =
seems like
it may one day become a shingle of the tech industry. I=E2=80=99m not sure =
that=E2=80=99s an outcome that <i>anyone</i> is prepared to fully contempla=
te, but I also don=E2=80=99t know if it=E2=80=99s enough to persuade the la=
rgest traditional companies to ally with one another in material ways, beyo=
nd ephemeral joint ventures=E2=80=94at least not yet. My hypothesis, howeve=
r, is that Zaz may be the most motivated executive to figure out what a sus=
tainable future really looks like=E2=80=94he=E2=80=99s certainly compensate=
d with that incentive in mind=E2=80=94and, clearly, time is of the essence.=
That race, of course, is one of the most extraordinary stories of our time=
s, and precisely what you should expect to read about in Puck.<br/><br/>Hav=
e a great weekend,<br/>Jon <br/></td>
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sentation" width=3D"100%">
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