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Subject: Inside the WBD Divorce
Date: Sat, 14 Jun 2025 19:04:36 +0100
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Ever since WarnerMedia was spun out of AT&T and smashed together with
Discovery Communications way back in 2022, with David Zaslav at the helm, we’ve
been transfixed by this only-in-Hollywood corporate horror story. Of course,
Puck’s Matt Belloni, William D. Cohan, and Dylan Byers were way ahead of the
curve in predicting how this marriage of convenience was likely to play out.
Dear reader,
Ever since WarnerMedia was spun out of AT&T and smashed together with
Discovery Communications way back in 2022, with David Zaslav at the helm, we’ve
been transfixed by this only-in-Hollywood corporate horror story. Of course,
Puck’s Matt Belloni, William D. Cohan, and Dylan Byers were way ahead of the
curve in predicting how this marriage of convenience was likely to play out.
Since the founding of Puck, one of our central promises has been to give
readers access, through our elite group of journalists, to the real inside
conversations taking place at the intersection of the nation’s power
corners: Hollywood, Washington, Wall Street, Silicon Valley, and beyond. So
you’ll forgive us if we took a bit of a victory lap this week upon the
bifurcation of Warner Bros. Discovery. The de-merger will see WBD’s
streaming and studio businesses set off into the wild, unshackled from the
profitable-but-declining TV business (remember TV?)—much as Matt, Bill, and
Dylan had long predicted.
Now, we’re on to predicting what comes next:
* Matthew Belloni, Hollywood’s most plugged-in journalist, chronicled the
grandiose ambitions of the HBO-Discovery Franken-streamer experiment. Then
he looked at how the separation of the two companies is likely to put new
financial pressure on film chiefs Mike De Luca and Pam Abdy to deliver hits…
* Bill Cohan broke down all the financial engineering happening behind the
scenes—from a $17.5 billion bridge loan to aggressive bond buybacks—that
will shape the future of ZazCo and GunnarCo.
* Dylan Byers got the inside story on what will likely happen to CNN under
new leadership, as incoming “Global Networks” C.E.O. Gunnar Wiedenfels
prepares to slash costs (and, inevitably, all those seven-figure anchor
salaries…).
* Meanwhile, Puck’s sports business savant, John Ourand, charted the fate of
TNT and WBD’s sports rights following the cable spinoff.
This is the exact kind of reporting you won’t find anywhere else. Become a
member today for exclusive access to what the power players are really
saying—across Wall Street, Washington, Hollywood, media, sports, art, and
fashion.
JOIN TODAY
As a reminder, a Puck subscription gives you access to not just Matt, Bill,
John, and Dylan's work, but exclusive content from Puck’s network of
industry experts, including Kim Masters, Julia Ioffe, Marion Maneker, Lauren
Sherman, and many others. Subscribe to Puck today.
David Zaslav Has Admitted Defeat
MATTHEW BELLONI
By splitting Warner Bros. Discovery in two, its C.E.O., as well as chief
architect John Malone, finally acknowledged that the math never worked on
their declining TV business, and the thesis of combining prestige (HBO) and
populism (Discovery) was doomed from the start.
Read Now
Zaz’s Financial Alchemy & The GunnarCo Perimeter
WILLIAM D. COHAN
Now that WBD is splitting in twain, a series of complex deals—a $17.5
billion bridge loan, a syndication, bond buybacks, etcetera—are about to
commence… all likely in the name of future transactions. Let the games
begin.
Read Now
CNN Prepares for the Afterlife
DYLAN BYERS
With the industry in inexorable decline, ratings at a nadir, and younger
audiences turning to YouTube and TikTok, Gunnar Wiedenfels will inevitably
look at CNN and decide he can maintain relatively similar profits at a mere
fraction of the cost. This is the beginning of the end.
Read Now
Top Gunnar
JOHN OURAND
Amid the seismic news of the WBD divorce, Zaslav’s hodgepodge of post-NBA
sports assets will find themselves in an excised cable company run by a
severe belt-tightener. There are worse options, right? Right?! Actually,
yes.
Read Now
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0px; overflow: hidden; mso-hide:all;">Ever since WarnerMedia was spun =
out of AT&T and smashed together with Discovery Communications way =
back in 2022, with David Zaslav at the helm, we=E2=80=99ve been =
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eight:1.5"><p =
style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span =
style=3D"word-break: break-word; font-size: 16px;">Dear =
reader,=C2=A0=C2=A0=C2=A0</span></p><p =
style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span =
style=3D"word-break: break-word; font-size: =
16px;">=C2=A0=C2=A0</span></p><p =
style=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">Ever since =
WarnerMedia was spun out of AT&T and smashed together with Discovery =
Communications way back in 2022, with <strong>David Zaslav </strong>at =
the helm, we=E2=80=99ve been transfixed by this only-in-Hollywood =
corporate horror story. Of course, Puck=E2=80=99s <strong>Matt =
Belloni</strong>, <strong>William D. Cohan</strong>, and <strong>Dylan =
Byers </strong>were way ahead of the curve in predicting how this =
marriage of convenience was likely to play out.</span>
</p><p =
style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">=C2=A0</p><p =
style=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">Since the =
founding of Puck, one of our central promises has been to give readers =
access, through our elite group of journalists, to the <em>real</em> =
inside conversations taking place at the intersection of the =
nation=E2=80=99s power corners: Hollywood, Washington, Wall Street, =
Silicon Valley, and beyond. So you=E2=80=99ll forgive us if we took a =
bit of a victory lap this week upon the bifurcation of Warner Bros. =
Discovery. The de-merger will see WBD=E2=80=99s streaming and studio =
businesses set off into the wild, unshackled from the =
profitable-but-declining TV business (remember TV?)=E2=80=94much as =
Matt, Bill, and Dylan had long predicted.</span>
<br/><br/><span style=3D"word-break: break-word; font-size: 16px;">Now, =
we=E2=80=99re on to predicting what comes next:</span></p><ul =
style=3D"line-height:1.5;mso-line-height-alt:24px;font-size:16px"><li =
aria-level=3D"1">
<span style=3D"word-break: break-word; font-size: 16px;"><strong>Matthew =
Belloni</strong>, Hollywood=E2=80=99s most plugged-in journalist, <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYYjVtT2JqVDZSZ3VBV3FfSGJ0TT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZG=
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000cd96759785dd3f0bbaed2" style=3D"text-decoration: underline; color: =
#d40000;">chronicled</a> the grandiose ambitions of the HBO-Discovery =
Franken-streamer experiment. Then he looked at how the separation of the =
two companies is likely to put <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYYjVtT2JqVDZSZ3VBV3FfSGJ0TT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
h5LWEtc3VwZXJtYW4tZmxvcC13aWxsLW1lYW4tbW9yZS1mb3Itd2JkLXBvc3Qtc3BsaXQvP3V=
0bV9jYW1wYWlnbj1aYXorJTI2K1dCRCtTcGxpdCtBY3Jvc3MrUHVjaystK0hvdCtMZWFkcysl=
Mjg2JTJGMTQlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVpheislMjYrV0JEK1NwbGl0K0Fjc=
m9zcytQdWNrKy0rSG90K0xlYWRzKyUyODYlMkYxNCUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT=
1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm0=
9ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4=
IiwibGlua19pZCI6MjIzMzg1NX0/a2d9061ad10b03f49fb12c24583b4ffb8fffa5015ff3d=
df57a8e70950382b58f" style=3D"text-decoration: underline; color: =
#d40000;">new financial pressure</a> on film chiefs <strong>Mike De Luca =
</strong>and <strong>Pam Abdy</strong> to deliver hits=E2=80=A6</span>
</li><li aria-level=3D"1"><span style=3D"word-break: break-word; =
font-size: 16px;"><strong>Bill Cohan</strong> <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYYjVtT2JqVDZSZ3VBV3FfSGJ0TT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
hhdHMtaGFwcGVucy10by13YmRzLWRlYnQtYWZ0ZXItdGhlLWNvbXBhbnktaXMtc3BsaXQvP3V=
0bV9jYW1wYWlnbj1aYXorJTI2K1dCRCtTcGxpdCtBY3Jvc3MrUHVjaystK0hvdCtMZWFkcysl=
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1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm0=
9ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4=
IiwibGlua19pZCI6MjIzMzAyMH0/fd9b652bb9dda9d142ba465dff3978662cebc2b59bf0b=
557160df30b5e6e20bb" style=3D"text-decoration: underline; color: =
#d40000;">broke down</a> all the financial engineering happening behind =
the scenes=E2=80=94from a $17.5 billion bridge loan to aggressive bond =
buybacks=E2=80=94that will shape the future of ZazCo and =
GunnarCo.</span></li><li aria-level=3D"1">
<span style=3D"word-break: break-word; font-size: 16px;"><strong>Dylan =
Byers</strong> got the inside story on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYYjVtT2JqVDZSZ3VBV3FfSGJ0TT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
hhdC16YXNsYXZzLXdiZC1zcGxpdC1tZWFucy1mb3ItY25uLz91dG1fY2FtcGFpZ249WmF6KyU=
yNitXQkQrU3BsaXQrQWNyb3NzK1B1Y2srLStIb3QrTGVhZHMrJTI4NiUyRjE0JTJGMjUlMjlc=
dTAwMjZ1dG1fY29udGVudD1aYXorJTI2K1dCRCtTcGxpdCtBY3Jvc3MrUHVjaystK0hvdCtMZ=
WFkcyslMjg2JTJGMTQlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMD=
I2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ=
4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIyMzIy=
MzJ9/0add2d8952087ea7b6cb2e0f0c0e8d926374f02d3b9ee41259c6e761b3e630dc" =
style=3D"text-decoration: underline; color: #d40000;">what will likely =
happen to CNN</a> under new leadership, as incoming =E2=80=9CGlobal =
Networks=E2=80=9D C.E.O. <strong>Gunnar Wiedenfels</strong> prepares to =
slash costs (and, inevitably, all those seven-figure anchor =
salaries=E2=80=A6).</span></li><li aria-level=3D"1">
<span style=3D"word-break: break-word; font-size: 16px;">Meanwhile, =
Puck=E2=80=99s sports business savant, <strong>John Ourand</strong>, <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYYjVtT2JqVDZSZ3VBV3FfSGJ0TT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
hhdC10aGUtd2JkLXNwbGl0LW1lYW5zLWZvci10bnQtc3BvcnRzP3V0bV9jYW1wYWlnbj1aYXo=
rJTI2K1dCRCtTcGxpdCtBY3Jvc3MrUHVjaystK0hvdCtMZWFkcyslMjg2JTJGMTQlMkYyNSUy=
OVx1MDAyNnV0bV9jb250ZW50PVpheislMjYrV0JEK1NwbGl0K0Fjcm9zcytQdWNrKy0rSG90K=
0xlYWRzKyUyODYlMkYxNCUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdT=
AwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDF=
kNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjIz=
NTc4N30/7aa065c5c14fa0f0799d8903777a7f0205a4542b1aa553b9a3e9c3426673bd8d"=
style=3D"text-decoration: underline; color: #d40000;">charted the =
fate</a> of TNT and WBD=E2=80=99s sports rights following the cable =
spinoff.=C2=A0</span></li></ul><p =
style=3D"margin:0;font-size:16px;mso-line-height-alt:18px" =
aria-level=3D"1">=C2=A0</p><p =
style=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">This is the =
exact kind of reporting you won=E2=80=99t find anywhere else. Become a =
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lYWRzKyUyODYlMkYxNCUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9WmF6KyUyNitXQkQrU3Bs=
aXQrQWNyb3NzK1B1Y2srLStIb3QrTGVhZHMrJTI4NiUyRjE0JTJGMjUlMjlcdTAwMjZ1dG1fb=
WVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG=
1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDF=
kNDhkMjgiLCJsaW5rX2lkIjo1NTg2Nzl9/e79e263cc477e9ef153ce85cbb7629f4169c9f8=
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#d40000;">member today</a> for exclusive access to what the power =
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cellpadding=3D"10" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td =
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href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
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ody><tr><td class=3D"pad" =
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style=3D"font-size:12px;font-family:Arial,'Helvetica =
Neue',Helvetica,sans-serif;mso-line-height-alt:18px;color:#000;line-h=
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<span style=3D"word-break: break-word; font-size: 16px;">As a reminder, =
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width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
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class=3D"row-content" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;color:#000;width:600px;mar=
gin:0 auto" width=3D"600"><tbody><tr><td class=3D"column column-1" =
width=3D"100%" =
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:left;padding-bottom:5px;padding-left:30px;padding-right:30px;padding-top=
:5px;vertical-align:top"><table class=3D"divider_block block-1" =
width=3D"100%" border=3D"0" cellpadding=3D"10" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td =
class=3D"pad"><div class=3D"alignment" align=3D"center"><table =
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
width=3D"100%" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td =
class=3D"divider_inner" =
style=3D"font-size:1px;line-height:1px;border-top:1px solid #bbb"><span =
style=3D"word-break: =
break-word;">=E2=80=8A</span></td></tr></tbody></table></div></td></tr></=
tbody></table><table class=3D"image_block block-2" width=3D"100%" =
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td =
class=3D"pad" style=3D"width:100%"><div class=3D"alignment" =
align=3D"center"><div style=3D"max-width:540px"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYYjVtT2JqVDZSZ3VBV3FfSGJ0TT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZG=
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tabindex=3D"-1"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
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style=3D"display:block;height:auto;border:0;width:100%" width=3D"540" =
alt=3D"Zaz" title=3D"Zaz" =
height=3D"auto"/></a></div></div></td></tr></tbody></table><table =
class=3D"text_block block-3" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tb=
ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
style=3D"font-family:'Times New Roman',Georgia,serif"><div =
class=3D"" style=3D"font-size:12px;font-family:TimesNewRoman,'Times =
New =
Roman',Times,Beskerville,Georgia,serif;mso-line-height-alt:14.3999999=
99999999px;color:#000;line-height:1.2"><p =
style=3D"margin:0;mso-line-height-alt:14.399999999999999px">
<span style=3D"word-break: break-word; font-size: 30px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYYjVtT2JqVDZSZ3VBV3FfSGJ0TT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZG=
F2aWQtemFzbGF2cy13YXJuZXItYnJvcy1kaXNjb3ZlcnktZXhwZXJpbWVudC1oYXMtZmFpbGV=
kLz91dG1fY2FtcGFpZ249WmF6KyUyNitXQkQrU3BsaXQrQWNyb3NzK1B1Y2srLStIb3QrTGVh=
ZHMrJTI4NiUyRjE0JTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1aYXorJTI2K1dCRCtTcGxpd=
CtBY3Jvc3MrUHVjaystK0hvdCtMZWFkcyslMjg2JTJGMTQlMkYyNSUyOVx1MDAyNnV0bV9tZW=
RpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV9=
0ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0=
OGQyOCIsImxpbmtfaWQiOjIyMjkzMzV9/73db430a309805dce342f2de69f77afd74ce3f80=
000cd96759785dd3f0bbaed2" target=3D"_blank" style=3D"text-decoration: =
none; color: #d40000;" rel=3D"noopener">David Zaslav Has Admitted =
Defeat</a></span></p></div></div></td></tr></tbody></table><table =
class=3D"text_block block-4" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tb=
ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
style=3D"font-family:Arial,sans-serif"><div class=3D"" =
style=3D"font-size:12px;font-family:Arial,'Helvetica =
Neue',Helvetica,sans-serif;mso-line-height-alt:18px;color:#000;line-h=
eight:1.5"><p style=3D"margin:0;mso-line-height-alt:24px"><span =
style=3D"word-break: break-word; font-size: 16px;"><strong>MATTHEW =
BELLONI</strong></span></p></div></div></td></tr></tbody></table><table =
class=3D"text_block block-5" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tb=
ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
style=3D"font-family:Arial,sans-serif"><div class=3D"" =
style=3D"font-size:12px;font-family:Arial,'Helvetica =
Neue',Helvetica,sans-serif;mso-line-height-alt:18px;color:#000;line-h=
eight:1.5"><p style=3D"margin:0;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">By splitting =
Warner Bros. Discovery in two, its C.E.O., as well as chief architect =
John Malone, finally acknowledged that the math never worked on their =
declining TV business, and the thesis of combining prestige (HBO) and =
populism (Discovery) was doomed from the start.</span></p><p =
style=3D"margin:0;mso-line-height-alt:18px">=C2=A0</p><p =
style=3D"margin:0;mso-line-height-alt:24px">
<strong><span style=3D"word-break: break-word; font-size: 16px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYYjVtT2JqVDZSZ3VBV3FfSGJ0TT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZG=
F2aWQtemFzbGF2cy13YXJuZXItYnJvcy1kaXNjb3ZlcnktZXhwZXJpbWVudC1oYXMtZmFpbGV=
kLz91dG1fY2FtcGFpZ249WmF6KyUyNitXQkQrU3BsaXQrQWNyb3NzK1B1Y2srLStIb3QrTGVh=
ZHMrJTI4NiUyRjE0JTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1aYXorJTI2K1dCRCtTcGxpd=
CtBY3Jvc3MrUHVjaystK0hvdCtMZWFkcyslMjg2JTJGMTQlMkYyNSUyOVx1MDAyNnV0bV9tZW=
RpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV9=
0ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0=
OGQyOCIsImxpbmtfaWQiOjIyMjkzMzV9/73db430a309805dce342f2de69f77afd74ce3f80=
000cd96759785dd3f0bbaed2" target=3D"_blank" style=3D"text-decoration: =
underline; color: #d40000;" rel=3D"noopener">Read =
Now</a></span></strong></p></div></div></td></tr></tbody></table><table =
class=3D"divider_block block-6" width=3D"100%" border=3D"0" =
cellpadding=3D"10" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td =
class=3D"pad"><div class=3D"alignment" align=3D"center"><table =
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
width=3D"100%" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td =
class=3D"divider_inner" =
style=3D"font-size:1px;line-height:1px;border-top:1px solid #bbb"><span =
style=3D"word-break: =
break-word;">=E2=80=8A</span></td></tr></tbody></table></div></td></tr></=
tbody></table><table class=3D"image_block block-7" width=3D"100%" =
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td =
class=3D"pad" style=3D"width:100%"><div class=3D"alignment" =
align=3D"center"><div style=3D"max-width:540px"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYYjVtT2JqVDZSZ3VBV3FfSGJ0TT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
hhdHMtaGFwcGVucy10by13YmRzLWRlYnQtYWZ0ZXItdGhlLWNvbXBhbnktaXMtc3BsaXQvP3V=
0bV9jYW1wYWlnbj1aYXorJTI2K1dCRCtTcGxpdCtBY3Jvc3MrUHVjaystK0hvdCtMZWFkcysl=
Mjg2JTJGMTQlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVpheislMjYrV0JEK1NwbGl0K0Fjc=
m9zcytQdWNrKy0rSG90K0xlYWRzKyUyODYlMkYxNCUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT=
1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm0=
9ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4=
IiwibGlua19pZCI6MjIzMzAyMH0/fd9b652bb9dda9d142ba465dff3978662cebc2b59bf0b=
557160df30b5e6e20bb" target=3D"_blank" style=3D"outline:none" =
tabindex=3D"-1"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1749757095009_Screenshot%202025-06-12%20at%203.37.44%20PM_01JXJTCV3X6QAP=
SXETBQZAN2DP.png" =
style=3D"display:block;height:auto;border:0;width:100%" width=3D"540" =
alt=3D"WBD Debt" title=3D"WBD Debt" =
height=3D"auto"/></a></div></div></td>
</tr></tbody></table><table class=3D"text_block block-8" width=3D"100%" =
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tb=
ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
style=3D"font-family:'Times New Roman',Georgia,serif"><div =
class=3D"" style=3D"font-size:12px;font-family:TimesNewRoman,'Times =
New =
Roman',Times,Beskerville,Georgia,serif;mso-line-height-alt:14.3999999=
99999999px;color:#000;line-height:1.2"><p =
style=3D"margin:0;mso-line-height-alt:14.399999999999999px"><span =
style=3D"word-break: break-word; font-size: 30px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYYjVtT2JqVDZSZ3VBV3FfSGJ0TT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
hhdHMtaGFwcGVucy10by13YmRzLWRlYnQtYWZ0ZXItdGhlLWNvbXBhbnktaXMtc3BsaXQvP3V=
0bV9jYW1wYWlnbj1aYXorJTI2K1dCRCtTcGxpdCtBY3Jvc3MrUHVjaystK0hvdCtMZWFkcysl=
Mjg2JTJGMTQlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVpheislMjYrV0JEK1NwbGl0K0Fjc=
m9zcytQdWNrKy0rSG90K0xlYWRzKyUyODYlMkYxNCUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT=
1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm0=
9ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4=
IiwibGlua19pZCI6MjIzMzAyMH0/fd9b652bb9dda9d142ba465dff3978662cebc2b59bf0b=
557160df30b5e6e20bb" target=3D"_blank" style=3D"text-decoration: none; =
color: #d40000;" rel=3D"noopener">Zaz=E2=80=99s Financial Alchemy & =
The GunnarCo =
Perimeter</a></span></p></div></div></td></tr></tbody></table><table =
class=3D"text_block block-9" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tb=
ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
style=3D"font-family:Arial,sans-serif"><div class=3D"" =
style=3D"font-size:12px;font-family:Arial,'Helvetica =
Neue',Helvetica,sans-serif;mso-line-height-alt:18px;color:#000;line-h=
eight:1.5"><p style=3D"margin:0;mso-line-height-alt:24px"><span =
style=3D"word-break: break-word; font-size: 16px;"><strong>WILLIAM D. =
COHAN</strong></span></p></div></div></td></tr></tbody></table><table =
class=3D"text_block block-10" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tb=
ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
style=3D"font-family:Arial,sans-serif"><div class=3D"" =
style=3D"font-size:12px;font-family:Arial,'Helvetica =
Neue',Helvetica,sans-serif;mso-line-height-alt:18px;color:#000;line-h=
eight:1.5"><p style=3D"margin:0;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">Now that WBD is =
splitting in twain, a series of complex deals=E2=80=94a $17.5 billion =
bridge loan, a syndication, bond buybacks, etcetera=E2=80=94are about to =
commence=E2=80=A6 all likely in the name of future transactions. Let the =
games begin.</span></p><p =
style=3D"margin:0;mso-line-height-alt:18px">=C2=A0</p><p =
style=3D"margin:0;mso-line-height-alt:24px">
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYYjVtT2JqVDZSZ3VBV3FfSGJ0TT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
hhdHMtaGFwcGVucy10by13YmRzLWRlYnQtYWZ0ZXItdGhlLWNvbXBhbnktaXMtc3BsaXQvP3V=
0bV9jYW1wYWlnbj1aYXorJTI2K1dCRCtTcGxpdCtBY3Jvc3MrUHVjaystK0hvdCtMZWFkcysl=
Mjg2JTJGMTQlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVpheislMjYrV0JEK1NwbGl0K0Fjc=
m9zcytQdWNrKy0rSG90K0xlYWRzKyUyODYlMkYxNCUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT=
1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm0=
9ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4=
IiwibGlua19pZCI6MjIzMzAyMH0/fd9b652bb9dda9d142ba465dff3978662cebc2b59bf0b=
557160df30b5e6e20bb" target=3D"_blank" style=3D"text-decoration: =
underline; color: #d40000;" rel=3D"noopener"><strong><span =
style=3D"word-break: break-word; font-size: =
16px;">Read</span></strong><span style=3D"word-break: break-word; =
font-size: 16px;"> =
<strong>Now</strong></span></a></p></div></div></td></tr></tbody></table>=
</td></tr></tbody></table></td></tr></tbody></table><table class=3D"row =
row-4" align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><table =
class=3D"row-content" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;color:#000;width:600px;mar=
gin:0 auto" width=3D"600"><tbody><tr><td class=3D"column column-1" =
width=3D"100%" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align=
:left;padding-bottom:5px;padding-left:30px;padding-right:30px;padding-top=
:5px;vertical-align:top"><table class=3D"divider_block block-1" =
width=3D"100%" border=3D"0" cellpadding=3D"10" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td =
class=3D"pad"><div class=3D"alignment" align=3D"center"><table =
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
width=3D"100%" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td =
class=3D"divider_inner" =
style=3D"font-size:1px;line-height:1px;border-top:1px solid #bbb"><span =
style=3D"word-break: =
break-word;">=E2=80=8A</span></td></tr></tbody></table></div></td></tr></=
tbody></table><table class=3D"image_block block-2" width=3D"100%" =
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td =
class=3D"pad" style=3D"width:100%"><div class=3D"alignment" =
align=3D"center"><div style=3D"max-width:540px">
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYYjVtT2JqVDZSZ3VBV3FfSGJ0TT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
hhdC16YXNsYXZzLXdiZC1zcGxpdC1tZWFucy1mb3ItY25uLz91dG1fY2FtcGFpZ249WmF6KyU=
yNitXQkQrU3BsaXQrQWNyb3NzK1B1Y2srLStIb3QrTGVhZHMrJTI4NiUyRjE0JTJGMjUlMjlc=
dTAwMjZ1dG1fY29udGVudD1aYXorJTI2K1dCRCtTcGxpdCtBY3Jvc3MrUHVjaystK0hvdCtMZ=
WFkcyslMjg2JTJGMTQlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMD=
I2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ=
4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIyMzIy=
MzJ9/0add2d8952087ea7b6cb2e0f0c0e8d926374f02d3b9ee41259c6e761b3e630dc" =
target=3D"_blank" style=3D"outline:none" tabindex=3D"-1"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1749823834072_Screenshot%202025-06-13%20at%2010.09.21%20AM_01JXMT1HZJAVP=
51CRH2AGCXB6V.png" =
style=3D"display:block;height:auto;border:0;width:100%" width=3D"540" =
alt=3D"CNN" title=3D"CNN" =
height=3D"auto"/></a></div></div></td></tr></tbody></table><table =
class=3D"text_block block-3" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tb=
ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
style=3D"font-family:'Times New Roman',Georgia,serif"><div =
class=3D"" style=3D"font-size:12px;font-family:TimesNewRoman,'Times =
New =
Roman',Times,Beskerville,Georgia,serif;mso-line-height-alt:14.3999999=
99999999px;color:#000;line-height:1.2"><p =
style=3D"margin:0;mso-line-height-alt:14.399999999999999px">
<span style=3D"word-break: break-word; font-size: 30px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYYjVtT2JqVDZSZ3VBV3FfSGJ0TT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
hhdC16YXNsYXZzLXdiZC1zcGxpdC1tZWFucy1mb3ItY25uLz91dG1fY2FtcGFpZ249WmF6KyU=
yNitXQkQrU3BsaXQrQWNyb3NzK1B1Y2srLStIb3QrTGVhZHMrJTI4NiUyRjE0JTJGMjUlMjlc=
dTAwMjZ1dG1fY29udGVudD1aYXorJTI2K1dCRCtTcGxpdCtBY3Jvc3MrUHVjaystK0hvdCtMZ=
WFkcyslMjg2JTJGMTQlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMD=
I2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ=
4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIyMzIy=
MzJ9/0add2d8952087ea7b6cb2e0f0c0e8d926374f02d3b9ee41259c6e761b3e630dc" =
target=3D"_blank" style=3D"text-decoration: none; color: #d40000;" =
rel=3D"noopener">CNN Prepares for the =
Afterlife</a></span></p></div></div></td></tr></tbody></table><table =
class=3D"text_block block-4" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tb=
ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
style=3D"font-family:Arial,sans-serif"><div class=3D"" =
style=3D"font-size:12px;font-family:Arial,'Helvetica =
Neue',Helvetica,sans-serif;mso-line-height-alt:18px;color:#000;line-h=
eight:1.5"><p style=3D"margin:0;mso-line-height-alt:24px"><span =
style=3D"word-break: break-word; font-size: 16px;"><strong>DYLAN =
BYERS</strong></span></p></div></div></td></tr></tbody></table><table =
class=3D"text_block block-5" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tb=
ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
style=3D"font-family:Arial,sans-serif"><div class=3D"" =
style=3D"font-size:12px;font-family:Arial,'Helvetica =
Neue',Helvetica,sans-serif;mso-line-height-alt:18px;color:#000;line-h=
eight:1.5"><p style=3D"margin:0;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">With the =
industry in inexorable decline, ratings at a nadir, and younger =
audiences turning to YouTube and TikTok, Gunnar Wiedenfels will =
inevitably look at CNN and decide he can maintain relatively similar =
profits at a mere fraction of the cost. This is the beginning of the =
end.</span></p><p =
style=3D"margin:0;mso-line-height-alt:18px">=C2=A0</p><p =
style=3D"margin:0;mso-line-height-alt:24px">
<strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYYjVtT2JqVDZSZ3VBV3FfSGJ0TT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
hhdC16YXNsYXZzLXdiZC1zcGxpdC1tZWFucy1mb3ItY25uLz91dG1fY2FtcGFpZ249WmF6KyU=
yNitXQkQrU3BsaXQrQWNyb3NzK1B1Y2srLStIb3QrTGVhZHMrJTI4NiUyRjE0JTJGMjUlMjlc=
dTAwMjZ1dG1fY29udGVudD1aYXorJTI2K1dCRCtTcGxpdCtBY3Jvc3MrUHVjaystK0hvdCtMZ=
WFkcyslMjg2JTJGMTQlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMD=
I2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ=
4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIyMzIy=
MzJ9/0add2d8952087ea7b6cb2e0f0c0e8d926374f02d3b9ee41259c6e761b3e630dc" =
target=3D"_blank" style=3D"text-decoration: underline; color: #d40000;" =
rel=3D"noopener"><span style=3D"word-break: break-word; font-size: =
16px;">Read =
Now</span></a></strong></p></div></div></td></tr></tbody></table></td></t=
r></tbody></table></td></tr></tbody></table><table class=3D"row row-5" =
align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td>
<table class=3D"row-content" align=3D"center" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;color:#000;width:600px;mar=
gin:0 auto" width=3D"600"><tbody><tr><td class=3D"column column-1" =
width=3D"100%" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align=
:left;padding-bottom:5px;padding-left:30px;padding-right:30px;padding-top=
:5px;vertical-align:top"><table class=3D"divider_block block-1" =
width=3D"100%" border=3D"0" cellpadding=3D"10" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td =
class=3D"pad"><div class=3D"alignment" align=3D"center"><table =
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
width=3D"100%" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td =
class=3D"divider_inner" =
style=3D"font-size:1px;line-height:1px;border-top:1px solid #bbb"><span =
style=3D"word-break: =
break-word;">=E2=80=8A</span></td></tr></tbody></table></div></td></tr></=
tbody></table><table class=3D"image_block block-2" width=3D"100%" =
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td =
class=3D"pad" style=3D"width:100%"><div class=3D"alignment" =
align=3D"center"><div style=3D"max-width:540px"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYYjVtT2JqVDZSZ3VBV3FfSGJ0TT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
hhdC10aGUtd2JkLXNwbGl0LW1lYW5zLWZvci10bnQtc3BvcnRzLz91dG1fY2FtcGFpZ249WmF=
6KyUyNitXQkQrU3BsaXQrQWNyb3NzK1B1Y2srLStIb3QrTGVhZHMrJTI4NiUyRjE0JTJGMjUl=
MjlcdTAwMjZ1dG1fY29udGVudD1aYXorJTI2K1dCRCtTcGxpdCtBY3Jvc3MrUHVjaystK0hvd=
CtMZWFkcyslMjg2JTJGMTQlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXH=
UwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzA=
xZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIy=
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Gunnar</a></span></p></div></div></td></tr></tbody></table><table =
class=3D"text_block block-4" width=3D"100%" border=3D"0" =
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eight:1.5"><p style=3D"margin:0;mso-line-height-alt:24px"><span =
style=3D"word-break: break-word; font-size: 16px;"><strong>JOHN =
OURAND</strong></span></p></div></div></td></tr></tbody></table><table =
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cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
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Neue',Helvetica,sans-serif;mso-line-height-alt:18px;color:#000;line-h=
eight:1.5"><p style=3D"margin:0;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">Amid the =
seismic news of the WBD divorce, Zaslav=E2=80=99s hodgepodge of post-NBA =
sports assets will find themselves in an excised cable company run by a =
severe belt-tightener. There are worse options, right? Right?! Actually, =
yes.</span></p><p =
style=3D"margin:0;mso-line-height-alt:18px">=C2=A0</p><p =
style=3D"margin:0;mso-line-height-alt:24px">
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