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Welcome back to Wall Power. I was surprised=E2=80=94and also not at all sur=
prised=E2=80=94on Friday morning by the news that Sotheby=E2=80=99s would b=
e receiving =E2=80=9Capproximately $1 billion=E2=80=9D in cash from A.D.Q.,=
the Abu Dhabi sovereign wealth fund with very deep pockets, and additional=
capital from Patrick Drahi, that would allow Drahi to retain a majority ow=
nership position. For now, that=E2=80=99s all we know about the deal.
=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=E2=80=8C=C2=A0=
=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0
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Welcome back to Wall Power. I was surprised=E2=80=94and also not at all sur=
prised=E2=80=94on Friday morning by the news that Sotheby=E2=80=99s would b=
e receiving =E2=80=9Capproximately $1 billion=E2=80=9D in cash from A.D.Q.,=
the Abu Dhabi sovereign wealth fund with very deep pockets, and additional=
capital from Patrick Drahi, that would allow Drahi to retain a majority ow=
nership position. For now, that=E2=80=99s all we know about the deal.
Tonight, I=E2=80=99m going to try to divine what I think is happening, and =
provide you with the context surrounding it. The CliffsNotes version is tha=
t Drahi has been pining for this investment for most of the year, and perha=
ps longer. The money buys the auction house the time it needs to pay its bi=
lls and bondholders as it takes the keys to its new headquarters on Madison=
Avenue in the Breuer building, originally designed for the Whitney
Museum, and opens new spaces in Paris and Hong Kong.
What the investment means for the future of the company, and Drahi=E2=80=99=
s ownership=E2=80=A6 Well, that is going to require a little more space. We=
lcome back to Wall Power. I was surprised=E2=80=94and also not at all surpr=
ised=E2=80=94on Friday morning by the news that Sotheby=E2=80=99s would be =
receiving =E2=80=9Capproximately $1 billion=E2=80=9D in cash from A.D.Q., t=
he Abu Dhabi sovereign wealth fund with very deep pockets, and additional c=
apital from Patrick Drahi, that would allow Drahi to retain a majority owne=
rship position. For now, that=E2=80=99s all we know about the deal.
But first=E2=80=A6
* Is this really how art dealers think about their clients?: An anonymous a=
rt dealer of 15 years=E2=80=99 experience (or so we=E2=80=99re told) took t=
o Artnet last week to publish a screed ( https://news.artnet.com/art-world-=
archives/art-collector-advice-column-2518718?utm_campaign=3DWall+Power+-+LE=
ADS+%288%2F11%2F24%29&utm_content=3DWall+Power+-+LEADS+%287%2F21%2F24%29&ut=
m_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d=
48d28 ) against...
A MESSAGE FROM OUR SPONSOR
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_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
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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Drahi=E2=80=99s Billion-Dollar Question ( https://puck.news/sothebys-plan-f=
or-its-1-billion-infusion/?utm_campaign=3DWall+Power+-+LEADS+%288%2F11%2F24=
%29&utm_content=3DWall+Power+-+LEADS+%287%2F21%2F24%29&utm_medium=3Demail_a=
ction&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
Drahi=E2=80=99s Billion-Dollar Question ( https://puck.news/sothebys-plan-f=
or-its-1-billion-infusion/?utm_campaign=3DWall+Power+-+LEADS+%288%2F11%2F24=
%29&utm_content=3DWall+Power+-+LEADS+%287%2F21%2F24%29&utm_medium=3Demail_a=
ction&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
Caught between a slowing art market and $1.88 billion in debt, Sotheby=E2=
=80=99s owner finally landed the investment he needed to see his art world =
adventure through. What will he do with the money?
MARION MANEKER ( https://puck.news/author/marion-maneker/?utm_campaign=3DWa=
ll+Power+-+LEADS+%288%2F11%2F24%29&utm_content=3DWall+Power+-+LEADS+%287%2F=
21%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6=
c60615e3d301d48d28 )
MARION MANEKER ( https://puck.news/author/marion-maneker/?utm_campaign=3DWa=
ll+Power+-+LEADS+%288%2F11%2F24%29&utm_content=3DWall+Power+-+LEADS+%287%2F=
21%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6=
c60615e3d301d48d28 )
Patrick Drahi, the founder of the Altice telecom empire, is a wily and unse=
ntimental investor=E2=80=94a master at using debt to finance his aspiration=
s. In 2019, he surprised the world by acquiring Sotheby=E2=80=99s for $3.7 =
billion and taking it private, financing a large portion of the acquisition=
with $1.88 billion in bonds. But as Altice struggles against its debt load=
, and upon the revelation that one of his closest partners had been bilking=
him via a procurement scam, Drahi has needed to shore up his hold on the a=
uction house, which will need to refinance some of its debt in the coming y=
ears. Of course, the art market contraction and subsequent...
Keep Reading with a Free Trial ( https://puck.news/sothebys-plan-for-its-1-=
billion-infusion/?utm_campaign=3DWall+Power+-+LEADS+%288%2F11%2F24%29&utm_c=
ontent=3DWall+Power+-+LEADS+%287%2F21%2F24%29&utm_medium=3Demail_action&utm=
_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
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1?utm_campaign=3DWall+Power+-+LEADS+%288%2F11%2F24%29&utm_content=3DWall+Po=
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er.io&utm_term=3Df6c60615e3d301d48d28 )
FOUR STORIES WE=E2=80=99RE TALKING ABOUT
Kellyanne Boomerang Murmurs ( https://puck.news/can-kellyanne-conway-get-tr=
ump-the-attention-he-craves/?utm_campaign=3DWall+Power+-+LEADS+%288%2F11%2F=
24%29&utm_content=3DWall+Power+-+LEADS+%287%2F21%2F24%29&utm_medium=3Demail=
_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
Kellyanne Boomerang Murmurs ( https://puck.news/can-kellyanne-conway-get-tr=
ump-the-attention-he-craves/?utm_campaign=3DWall+Power+-+LEADS+%288%2F11%2F=
24%29&utm_content=3DWall+Power+-+LEADS+%287%2F21%2F24%29&utm_medium=3Demail=
_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
Gathering the latest intel from Mar-a-Lago.
TARA PALMERI
Zaz=E2=80=99s Cable-pocalypse ( https://puck.news/david-zaslav-wbd-cant-esc=
ape-the-linear-tv-decline/?utm_campaign=3DWall+Power+-+LEADS+%288%2F11%2F24=
%29&utm_content=3DWall+Power+-+LEADS+%287%2F21%2F24%29&utm_medium=3Demail_a=
ction&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
Zaz=E2=80=99s Cable-pocalypse ( https://puck.news/david-zaslav-wbd-cant-esc=
ape-the-linear-tv-decline/?utm_campaign=3DWall+Power+-+LEADS+%288%2F11%2F24=
%29&utm_content=3DWall+Power+-+LEADS+%287%2F21%2F24%29&utm_medium=3Demail_a=
ction&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
On the latest inflection point in the linear TV meltdown.
MATTHEW BELLONI
The .0001% Glow-Up ( https://puck.news/melinda-gates-givenchy-sweater-and-t=
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<div style=3D"display: none; max-height: 0px; overflow: hidden;">Welcome =
back to Wall Power. I was surprised=E2=80=94and also not at all surprised=
=E2=80=94on Friday morning by the news that Sotheby=E2=80=99s would be rece=
iving =E2=80=9Capproximately $1 billion=E2=80=9D in cash from A.D.Q., the A=
bu Dhabi sovereign wealth fund with very deep pockets, and additional capit=
al from Patrick Drahi, that would allow Drahi to retain a majority ownershi=
p position. For now, that=E2=80=99s all we know about the deal.
=20
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<p style=3D"margin: 0; color: #000000; font-size: 16px; line-hei=
ght: 30px; margin-top: 5px; margin-bottom: 0;">Welcome back to Wall Power. =
I was surprised=E2=80=94and also not <i>at all </i>surprised=E2=80=94on Fri=
day morning by the news that Sotheby=E2=80=99s would be receiving =E2=80=9C=
approximately $1 billion=E2=80=9D in cash from A.D.Q., the Abu Dhabi sovere=
ign wealth fund with very deep pockets, and additional capital from <b>Patr=
ick Drahi</b>, that would allow Drahi to retain a majority ownership positi=
on. For now, that=E2=80=99s all we know about the deal. <br/><br/>Tonight, =
I=E2=80=99m going to try to divine what I think is happening, and provide y=
ou with the context surrounding it. The CliffsNotes version is that Drahi h=
as been pining for this investment for most of the year, and perhaps longer=
=2E The money buys the auction house th=
e time it needs to pay its bills and b=
ondholders as it takes the keys to its new headquarters on Madison Avenue i=
n the Breuer building, originally designed for the Whitney
Museum, and opens new spaces in Paris and Hong Kong.<br/><br/>What the inve=
stment means for the future of the company, and Drahi=E2=80=99s ownership=
=E2=80=A6 Well, that is going to require a little more space. Welcome back =
to Wall Power. I was surprised=E2=80=94and also not <i>at all </i>surprised=
=E2=80=94on Friday morning by the news that Sotheby=E2=80=99s would be rece=
iving =E2=80=9Capproximately $1 billion=E2=80=9D in cash from A.D.Q., the A=
bu Dhabi sovereign wealth fund with very deep pockets, and additional capit=
al from Patrick Drahi, that would allow Drahi to retain a majority ownershi=
p position. For now, that=E2=80=99s all we know about the deal. <br/><br/><=
i>But first=E2=80=A6 </i><br/><br/></p><ul style=3D"margin:0;color:#000000;=
font-size:16px;line-height:30px;margin-top:0;margin-bottom:0;list-style-typ=
e:square;mso-special-format:bullet"><li><i>Is this really how art dealers t=
hink about their clients?</i>: An anonymous art dealer of 15 years=E2=80=99=
experience (or so we=E2=80=99re told) took to Artnet last week to <u><a hr=
ef=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQ=
UdSUThjY1VmOWFIX0tYS1EwVHJvMD0iLCJocmVmIjoiaHR0cHM6Ly9uZXdzLmFydG5ldC5jb20v=
YXJ0LXdvcmxkLWFyY2hpdmVzL2FydC1jb2xsZWN0b3ItYWR2aWNlLWNvbHVtbi0yNTE4NzE4P3V=
0bV9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4OCUyRjExJTJGMjQlMjlcdTAwMjZ1dG=
1fY29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NyUyRjIxJTJGMjQlMjlcdTAwMjZ1dG1fb=
WVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1f=
dGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDh=
kMjgiLCJsaW5rX2lkIjo5OTEwMTN9/d3b8efcc73fd6b9323ed021d37696af66a92f10e6402a=
91c849a479415b1b604" style=3D"color:#d40000;text-decoration:none;font-weigh=
t:bold" class=3D"sdf">publish a screed</a></u> against...</li></ul>
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<td style=3D"font-size: 14px; line-height: 17px; color: #8a=
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<tbody><tr>
<td style=3D"padding-bottom: 10px;"><a href=3D"https://email.p=
uck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdSUThjY1VmOWFIX0tYS1=
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1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuY=
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<td style=3D"padding-bottom: 10px;"><a href=3D"https://email.p=
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target=3D"_blank">Drahi=E2=80=99s Billion-Dollar Question</a></td>
</tr>
<tr>
<td style=3D"font-size:18px; color:#000000;line-height:30px; p=
adding-bottom: 10px;">Caught between a slowing art market and $1.88 billion=
in debt, Sotheby=E2=80=99s owner finally landed the investment he needed t=
o see his art world adventure through. What will he do with the money?</td>
</tr>
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<tbody><tr>
<td width=3D"80"><a href=3D"https://email.puck.news/e/c/eyJ=
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19pZCI6ODQ3ODE3fQ/e66255aeba610b5c2417145d04e47517ba7c70433093b2bff9b847c48=
9c87ace" 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=
/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdSUThjY1VmOWFIX0tYS1EwVHJvMD0iLC=
JocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYXV0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2Ftc=
GFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODglMkYxMSUyRjI0JTI5XHUwMDI2dXRtX2NvbnRl=
bnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODclMkYyMSUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1=
lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09Zj=
ZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4Iiwib=
Glua19pZCI6ODQ3ODE3fQ/e66255aeba610b5c2417145d04e47517ba7c70433093b2bff9b84=
7c489c87ace" 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;"><b>Patrick Drahi</b=
>, the founder of the Altice telecom empire, is a wily and unsentimental in=
vestor=E2=80=94a master at using debt to finance his aspirations. In 2019, =
he surprised the world by acquiring Sotheby=E2=80=99s for $3.7 billion and =
taking it private, financing a large portion of the acquisition with $1.88 =
billion in bonds. But as Altice struggles against its debt load, and upon t=
he revelation that one of his closest partners had been bilking him via a p=
rocurement scam, Drahi has needed to shore up his hold on the auction house=
, which will need to refinance some of its debt in the coming years. Of cou=
rse, the art market contraction and subsequent...</td>
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<div>
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rtant;display:inline-block;font-family:sans-serif;font-size:13px;font-weigh=
t:bold;line-height:44px;text-align:center;text-decoration:none;width:220px;=
-webkit-text-size-adjust:none;">Keep Reading with a Free Trial</a><!--[if m=
so]>
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<td align=3D"center" style=3D"padding-bottom: 15px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D=
"w100pct" role=3D"presentation" style=3D"width: 100%; border-top: 3px solid=
#BBBBBB; border-bottom: 3px solid #BBBBBB; " width=3D"100%">
<tbody><tr>
<td align=3D"center" style=3D"padding: 16px 0;">
<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><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6=
ImRnVDJ4Z1lEQU5TTktOT05LQUdSUThjY1VmOWFIX0tYS1EwVHJvMD0iLCJocmVmIjoiaHR0cHM=
6Ly9hZC5kb3VibGVjbGljay5uZXQvZGRtL3RyYWNrY2xrL04xMjEyNTc2LjQyMzU5MjFQVUNLL0=
IzMjExNzAxMS4zOTgxMTI2MjE7ZGNfdHJrX2FpZD01ODk3MTMzOTc7ZGNfdHJrX2NpZD0yMTc2M=
DI5NTg7ZGNfbGF0PTtkY19yZGlkPTt0YWdfZm9yX2NoaWxkX2RpcmVjdGVkX3RyZWF0bWVudD07=
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WN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5h=
bCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6OTkxMDEyfQ/4096c34b4a04d1ea=
685d92c5bedf4298d943494128b63511993a7331f93b8ba8" target=3D"_blank"><img al=
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376XYD4KMFEWD1J.gif" style=3D"width: 540px;" width=3D"540"/></a></td>
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</tbody></table>
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=20
<!-- OTHER STORIES -->
<tr class=3D"replica" name=3D"stories">
<td align=3D"center" class=3D"padL20 padR20" style=3D"padding-top: 5=
px; 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=
lEQU5TTktOT05LQUdSUThjY1VmOWFIX0tYS1EwVHJvMD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3MvY2FuLWtlbGx5YW5uZS1jb253YXktZ2V0LXRydW1wLXRoZS1hdHRlbnRpb24taGUtY3Jh=
dmVzLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODglMkYxMSUyRjI0JTI5XHU=
wMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODclMkYyMSUyRjI0JTI5XHUwMD=
I2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwM=
DI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNk=
MzAxZDQ4ZDI4IiwibGlua19pZCI6OTg4NzMzfQ/46e1ed35a4b840dee41646b8e15830d0dedc=
84ec439fd46d9c734cbc8eeae608" target=3D"_blank"><img alt=3D"Kellyanne Boome=
rang Murmurs" class=3D"w80" src=3D"https://userimg-bee.customeriomail.com/i=
mages/client-env-107382/Icon_Martini.png" style=3D"width:145px;" width=3D"1=
45"/></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=
EQU5TTktOT05LQUdSUThjY1VmOWFIX0tYS1EwVHJvMD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvY2FuLWtlbGx5YW5uZS1jb253YXktZ2V0LXRydW1wLXRoZS1hdHRlbnRpb24taGUtY3Jhd=
mVzLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODglMkYxMSUyRjI0JTI5XHUw=
MDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODclMkYyMSUyRjI0JTI5XHUwMDI=
2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMD=
I2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkM=
zAxZDQ4ZDI4IiwibGlua19pZCI6OTg4NzMzfQ/46e1ed35a4b840dee41646b8e15830d0dedc8=
4ec439fd46d9c734cbc8eeae608" rel=3D"noopener" style=3D"text-decoration: non=
e; color: #d40000; font-size: 22px; font-weight: 700; line-height: 26px; fo=
nt-family: Beskerville,Georgia,'Times New Roman',Times,serif;" targ=
et=3D"_blank">Kellyanne Boomerang Murmurs</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">Gathering the latest intel from =
Mar-a-Lago.</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>TARA PALMERI</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=
lEQU5TTktOT05LQUdSUThjY1VmOWFIX0tYS1EwVHJvMD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3MvZGF2aWQtemFzbGF2LXdiZC1jYW50LWVzY2FwZS10aGUtbGluZWFyLXR2LWRlY2xpbmUv=
P3V0bV9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4OCUyRjExJTJGMjQlMjlcdTAwMjZ=
1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NyUyRjIxJTJGMjQlMjlcdTAwMjZ1dG=
1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1d=
G1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFk=
NDhkMjgiLCJsaW5rX2lkIjo5ODkyNjJ9/92c20e0e1d477b5a40c42f7e677fa0cbe447d425ce=
1414b2ff80500cf2c548b0" target=3D"_blank"><img alt=3D"Zaz=E2=80=99s Cable-p=
ocalypse" class=3D"w80" src=3D"https://userimg-bee.customeriomail.com/image=
s/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=
EQU5TTktOT05LQUdSUThjY1VmOWFIX0tYS1EwVHJvMD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvZGF2aWQtemFzbGF2LXdiZC1jYW50LWVzY2FwZS10aGUtbGluZWFyLXR2LWRlY2xpbmUvP=
3V0bV9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4OCUyRjExJTJGMjQlMjlcdTAwMjZ1=
dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NyUyRjIxJTJGMjQlMjlcdTAwMjZ1dG1=
fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG=
1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkN=
DhkMjgiLCJsaW5rX2lkIjo5ODkyNjJ9/92c20e0e1d477b5a40c42f7e677fa0cbe447d425ce1=
414b2ff80500cf2c548b0" rel=3D"noopener" style=3D"text-decoration: none; col=
or: #d40000; font-size: 22px; font-weight: 700; line-height: 26px; font-fam=
ily: Beskerville,Georgia,'Times New Roman',Times,serif;" target=3D"=
_blank">Zaz=E2=80=99s Cable-pocalypse</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">On the latest inflection point i=
n the linear TV meltdown.</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=
lEQU5TTktOT05LQUdSUThjY1VmOWFIX0tYS1EwVHJvMD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3MvbWVsaW5kYS1nYXRlcy1naXZlbmNoeS1zd2VhdGVyLWFuZC10aGUtMDEtcGVyY2VudC1n=
bG93LXVwLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODglMkYxMSUyRjI0JTI=
5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODclMkYyMSUyRjI0JTI5XH=
UwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvX=
HUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1=
ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6OTg4NjYzfQ/ea42a00a97d9891fa26eecd8b4b8f544=
9a93e12c8c5553530aba64827467b4d8" target=3D"_blank"><img alt=3D"The .0001% =
Glow-Up" class=3D"w80" src=3D"https://userimg-bee.customeriomail.com/images=
/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=
EQU5TTktOT05LQUdSUThjY1VmOWFIX0tYS1EwVHJvMD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvbWVsaW5kYS1nYXRlcy1naXZlbmNoeS1zd2VhdGVyLWFuZC10aGUtMDEtcGVyY2VudC1nb=
G93LXVwLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODglMkYxMSUyRjI0JTI5=
XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODclMkYyMSUyRjI0JTI5XHU=
wMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXH=
UwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1Z=
TNkMzAxZDQ4ZDI4IiwibGlua19pZCI6OTg4NjYzfQ/ea42a00a97d9891fa26eecd8b4b8f5449=
a93e12c8c5553530aba64827467b4d8" rel=3D"noopener" style=3D"text-decoration:=
none; color: #d40000; font-size: 22px; font-weight: 700; line-height: 26px=
; font-family: Beskerville,Georgia,'Times New Roman',Times,serif;" =
target=3D"_blank">The .0001% Glow-Up</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">Why billionaires are leaning int=
o designer fashion.</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>LAUREN SHERMAN</strong></td>
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<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
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