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Thanks for reading The Backstory, your Saturday roundup of all the best new
work at Puck. It was another incredible week: Matt Belloni investigated how
high the Ellisons might bid for Paramount while Bill Cohan revealed the
limits of Netflix’s own financial firepower. Julia Alexander diagnosed the
streamers’ surprising vulnerabilities, and Eriq Gardner detailed an
unrelated legal snafu. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
͏ ͏ ͏ ͏ ͏
͏
Dec 13, 2025
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PREVIEW VERSION
Start a free 14-day trial to unlock access to Puck.
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Jon Kelly
Good morning,
Thanks for reading The Backstory, your Saturday roundup of all the best new
work at Puck.
It was another incredible week: Matt Belloni investigated how high the
Ellisons might bid for Paramount while Bill Cohan revealed the limits of
Netflix’s own financial firepower. Julia Alexander diagnosed the streamers’
surprising vulnerabilities, and Eriq Gardner detailed an unrelated legal
snafu. For his part, Dylan Byers parsed the derivative implications for the
anchors hyperventilating in the CNN crying rooms.
Meanwhile, Lauren Sherman unearthed the roots of a Versace defenestration;
Rachel Strugatz documented a beauty industry un-canceling; Sarah Shapiro
filed a dispatch from Substackistan; John Ourand relayed a college football
lovers quarrel; Ian Krietzberg demoed an A.I. life coach; and Marion Maneker
ran the numbers on the booming Les Lalanne market.
Down in Washington, Leigh Ann Caldwell pondered Mike Johnson’s career
crisis; Peter Hamby identified the Democrats’ latest potential 2028
headache; Julia Ioffe scrutinized Pete Hegseth’s Caribbean misadventure; and
Abby Livingston chronicled a Mamdani-esque saga in Texas.
Check out these stories, and others, via the links below. And stick around
for the backstory on how it all came together.
START A FREE 14-DAY TRIAL
A MESSAGE FROM OUR PARTNER
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FASHION
Lauren Sherman envisions Versace under Prada and weighs in on the Saks debt
discourse.
and…
Rachel Strugatz unpacks the John Demsey redemption tour.
meanwhile…
Sarah Shapiro captures the action on the industry’s new preferred platform.
<https://userimg-assets.customeriomail.com/images/client-env-107382/1729520868285_tbs-icon-art_01JAQQM732KCZHXS8XJBMTGS8Y.png>
ART MARKET
Marion Maneker reports back from Miami Art Week.
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HOLLYWOOD
Matt Belloni takes stock after David Ellison’s hostile bid for WBD.
and…
Julia Alexander articulates the Netflix–Warners thesis.
and…
Eriq Gardner monitors the streamer’s latest legal scuffle.
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A.I.
Ian Krietzberg explores the blossoming L.L.M. self-help sub-category.
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MEDIA
Dylan Byers breaks down the latest Bari Weiss–CBS kremlinology.
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SPORTS
John Ourand considers the Notre Dame College Football Playoff tantrum.
and…
Julia Alexander presages EA Sports’ streaming ambitions.
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WALL STREET
Bill Cohan details the junk-bond limits of Netflix’s pursuit of Zaz’s
Studios and Streaming business.
<https://userimg-assets.customeriomail.com/images/client-env-107382/1729520870794_tbs-icon-washington_01JAQQM9D691XMPJRQ226EDXSM.png>
WASHINGTON
Leigh Ann Caldwell charts Mike Johnson’s career crossroads.
and…
Peter Hamby tackles the left’s A.I. messaging problem.
and…
John Heilemann digs into the Hegseth double-tap scandal.
and…
Abby Livingston evaluates the Jasmine Crockett of it all.
AIR MAIL
Paul Goldberger revisits Frank Gehry’s career.
and…
Christine Muhlke toasts Raoul’s at 50.
meanwhile…
Carolina de Armas dissects the elements of style.
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PODCASTS
Dylan and Julia Alexander discuss Yahoo under Apollo rule on The Grill Room.
and…
Ourand declares the sports media winners and losers of the year on The
Varsity.
and…
Lauren and The New Yorker’s Lauren Collins make sense of the Uniqlo empire
on Fashion People.
and…
Heilemann and retired general Barry McCaffrey discuss Trump’s escalating war
games on Impolitic.
and…
Matt and research analyst Peter Supino map out the WBD conquest on The Town.
and…
Peter and Leigh Ann trade notes on the ’26 MAGA time bomb on The Powers That
Be.
As a reminder, you can update your profile at any time to get more stories
like these directly in your inbox. Click here to customize your email
settings.
That’s Not All, Folks
Last week, shortly before the bids were due for Warner Bros. Discovery, I
was catching up with a media executive near the nucleus of the action. It
was a social affair, but I was dying to ask for the latest information—even
if this person could only convey it off the record or within our circle of
trust. Instead, this person turned the telescope around and asked me the
same question—what were Matt Belloni and Bill Cohan and Dylan Byers and Kim
Masters and John Ourand hearing? What did Julia Alexander, Puck’s sui
generis streaming savant, make of the competing bidders? And what did Eriq
Gardner, our resident legal analyst, think about the various regulatory
paths? I could only smile. I told him to read carefully.
Soon thereafter, Netflix shocked the entertainment industry and Wall Street
with its winning bid, and, as I noted last week, my partners jumped into
action—defining all the contours of the public’s understanding of the deal.
Last Sunday, as the Ellisons were licking their chops, my peerless partner
Bill Cohan delivered the first of an epic pair of pieces, Netflix’s $83B
Math & The Ellison Hostile Meter. Sure enough, the Ellisons launched their
hostile bid mere hours later, which prompted Bill’s prescient tome, The
Ellisons at the Gate, which brilliantly laid out just how far Netflix could
take its own bid before veering into junk bond territory and public market
purgatory. “If the Ellisons really want to end this drama right here, right
now, they should raise their offer to $34 a share, all cash, and take this
baby off the table,” Bill wrote. “Netflix won’t be able to match it. Some
$93 billion in borrowings is both a bridge too far for Netflix’s balance
sheet and, dare I say, even for the debt markets as a whole during these
uncertain times.” Hours later, a WBD executive texted, “Cohan is a force of
nature.”
A MESSAGE FROM OUR PARTNER
Bill’s incredible work was complemented by so many of our partners, who
endeavored to evaluate the innumerable consequences of this saga. In How
High Will the Ellisons Go?, Matt scrutinized the deal from the other side.
“How high will they go? $32? $35?” Matt wrote. “If Warners rejects his
latest bid, Ellison will almost certainly offer more, I’m told. Will Netflix
match or exceed that offer? Netflix has restless shareholders. Ellison
controls Paramount and does not. Remember, Warner Discovery was trading at
less than $10 before the sale chatter began. Pretty amazing.” In Why Netflix
Needs Warner Bros., Julia Alexander enumerated the streaming hegemon’s
private challenges. It’s required reading for industry observers and company
executives, alike. (The usual, and now slightly ubiquitous disclosure:
Through our recent acquisition of Air Mail, both WBD C.E.O. David Zaslav and
Paramount investor RedBird Capital are minority investors in Puck. Zaz, for
what it’s worth, is a de minimis investor in the company.)
But if you’re Ellisoned out, or overwhelmed by the various attendant
subplots, I’d turn your attention to an entirely different part of the Puck
cinematic universe. As Wall Power readers well know, the art market has
recently been jolted out of a long somnolence by a successful series of
auctions in Paris and New York.
Recently, my partner Marion Maneker joined the traveling circus for the
latest stop on the tour—Art Basel Miami—to see if the momentum was enduring.
“There are a few possible reasons why this year’s fair was so
well-attended,” Marion reported from South Beach. “Not to get political,
but I’ve been wondering if the art market’s new mood is somehow intertwined
with the serious cracks emerging in the MAGA coalition. This crowd mostly
votes with its economic interests, even if its members often express a
different social point of view from the Republican powers that be. But rich
people got what they wanted from Trump, and now, perhaps believing they won’t
have to suffer through a forever administration, they’ve started to feel
better about spending.”
Then he offered a supplemental theory: “The other contributing factor,
ironically, seems to have been the relentless drumbeat of negative news in
the art press for the past year or more,” he said. “Many dealers, advisors,
and their clients were recoiling from all the gloom and doom—some of it
warranted, and much of it presented for the sake of drama. Buying art is
inherently social, and few collectors are self-directed enough to want to be
the only one doing it.” 50 Hours in Miami, his travelogue, is an excellent
snapshot of a nuanced and delicate market at an inflection point, featuring
cameos from plenty of the characters that make that world so fascinating.
Has the groundhog indeed failed to see its shadow? It’s one of the great
mysteries of the moment, and a topic that we’ll continue to explore just as
feverishly as the WBD deal here at Puck.
Have a great weekend,
Jon
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<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-=
align:top;">
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role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-align:left;line-h=
eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#d40000;font-family:'PuckSerifDi=
splay','Georgia';font-size:20px;font-weight:400;padding-botto=
m:24px;text-align:left;">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:0px;"><img alt=3D"Jon Kelly" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
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style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:400;color:#d40000;vertical-align:middle;letter-spacin=
g:normal;text-align:left;line-height:normal;">Jon Kelly
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:32px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;">Good =
morning,<br/><br/>Thanks for reading The Backstory, your Saturday =
roundup of all the best new work at
Puck.<br/><br/>It was another incredible week: <strong>Matt Belloni =
</strong>investigated how high the <strong>Ellisons</strong> might bid =
for Paramount while <strong>Bill Cohan </strong>revealed the limits of =
Netflix=E2=80=99s own financial firepower. <strong>Julia Alexander =
</strong>diagnosed the streamers=E2=80=99 surprising vulnerabilities, =
and <strong>Eriq Gardner </strong>detailed an unrelated legal snafu. For =
his part, <strong>Dylan Byers </strong>parsed the derivative =
implications for the anchors
hyperventilating in the CNN crying rooms.<br/><br/>Meanwhile, =
<strong>Lauren Sherman </strong>unearthed the roots of a Versace =
defenestration; <strong>Rachel Strugatz </strong>documented a beauty =
industry un-canceling; <strong>Sarah Shapiro </strong>filed a dispatch =
from Substackistan; <strong>John Ourand </strong>relayed a college =
football lovers quarrel; <strong>Ian Krietzberg </strong>demoed an A.I. =
life coach; and <strong>Marion Maneker </strong>ran the numbers on the =
booming <strong>Les
Lalanne</strong> market.<br/><br/>Down in Washington, <strong>Leigh Ann =
Caldwell </strong>pondered <strong>Mike Johnson</strong>=E2=80=99s =
career crisis; <strong>Peter Hamby </strong>identified the =
Democrats=E2=80=99 latest potential 2028 headache; <strong>Julia Ioffe =
</strong>scrutinized <strong>Pete Hegseth</strong>=E2=80=99s Caribbean =
misadventure; and <strong>Abby Livingston </strong>chronicled a =
<strong>Mamdani</strong>-esque saga in Texas.<br/><br/>Check out these =
stories, and others, via the links below. And stick
around for the backstory on how it all came together.</p></div>
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style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
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ign:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
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al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.2=
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MESSAGE FROM OUR PARTNER</p></div>
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cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-=
align:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-align:left;line-h=
eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#000;font-family:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"FASHION" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520868807_tbs-icon-fashion_01JAQQM7F4X1VMN1QPH2NRBDZ8.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;text-align:left;line-height:normal;">FASHION
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Lauren Sherman
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
hhdHMtbmV4dC1mb3ItdmVyc2FjZS1hZnRlci1kYXJpby12aXRhbGVzLWZpcmluZy8_dXRtX2N=
hbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjEzJTJGMjUlMjlcdTAwMjZ1=
dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxMyUyRjI1JTI5XHUwM=
DI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXH=
UwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE=
1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQ2OTYxNX0/88ee23f8ae1a4e5948104e8c8b6d=
12bf87baff75fe8b1361ed4512be5ef155dc" =
style=3D"text-decoration:underline;color:#d40000;">envisions</a> Versace =
under Prada and <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdG=
hpcy1ob2xpZGF5LXNlYXNvbi1jb3VsZC1iZS1tYWtlLW9yLWJyZWFrLWZvci1zYWtzLWdsb2J=
hbC8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjEzJTJGMjUl=
MjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxMyUyR=
jI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3=
RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI=
6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQ3NjQ3NH0/99dc3965fc357f38=
64da44a56991ad177c5b4506538bfd30dc18e93b522b80d8" =
style=3D"text-decoration:underline;color:#d40000;">weighs in</a> on the =
Saks debt discourse.<br/><em>and=E2=80=A6</em><br/><strong>Rachel =
Strugatz </strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaW=
5zaWRlLWpvaG4tZGVtc2V5cy1pbmR1c3RyeS1jb21lYmFjay8_dXRtX2NhbXBhaWduPVRoZSt=
CYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjEzJTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1U=
aGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxMyUyRjI1JTI5XHUwMDI2dXRtX21lZGl1b=
T1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm=
09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI=
4IiwibGlua19pZCI6MjQ3NDM5OH0/2f6dd6599c22feb4dc52fba7b7e776b59a0abdfb945f=
a65818e58a7c9bb3f9c7" style=3D"text-decoration:
underline;color:#d40000;">unpacks</a> the <strong>John Demsey =
</strong>redemption =
tour.<br/><em>meanwhile=E2=80=A6</em><br/><strong>Sarah Shapiro =
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
h5LWZhc2hpb24taW5mbHVlbmNlcnMtYXJlLW1pZ3JhdGluZy1mcm9tLWluc3RhZ3JhbS10by1=
zdWJzdGFjay1zaG9wbXkvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4=
MTIlMkYxMyUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTK=
yUyODEyJTJGMTMlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dX=
RtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI=
4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjI0NzMxMjh9=
/7bc31a316cd5f420844349140fa88997b2652826caceccfd323354aa51840a48" =
style=3D"text-decoration:underline;color:#d40000;">captures</a> the =
action on the industry=E2=80=99s new preferred platform.</p></div>
</td></tr></tbody></table>
<table class=3D"p" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;padding-top:32px;"><div class=3D"r" =
align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:1px solid #000;"><span =
style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-align:left;line-h=
eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#000;font-family:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"ART MARKET" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520868285_tbs-icon-art_01JAQQM732KCZHXS8XJBMTGS8Y.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;text-align:left;line-height:normal;">ART MARKET
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Marion Maneker</strong>
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvNT=
AtaG91cnMtb2YtYXJ0LWluLW1pYW1pLXRoZS1nb29kLW1hcmtldC12aWJlcy1jb250aW51ZS8=
_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjEzJTJGMjUlMjlc=
dTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxMyUyRjI1J=
TI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbW=
VyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY=
2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQ2NTYyMn0/e67023d2162c3e5d6a7b=
3e5e3da58cce8b29dfa1eb9d40b1125a82145dbe0b48" =
style=3D"text-decoration:underline;color:#d40000;">reports</a> back from =
Miami Art Week.</p></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;padding-top:32px;"><div class=3D"r" =
align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:1px solid #000;"><span =
style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-align:left;line-h=
eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#000;font-family:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"HOLLYWOOD" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520869111_tbs-icon-hollywood_01JAQQM7RNJPAHAYAT4JVP2FGA.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;text-align:left;line-height:normal;">HOLLYWOOD
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Matt Belloni
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
9ybGQtd2FyLXdiZC1uZXRmbGl4LXZzLXBhcmFtb3VudC1pbi03N2ItYmF0dGxlLz91dG1fY2F=
tcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMTMlMkYyNSUyOVx1MDAyNnV0=
bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjEzJTJGMjUlMjlcdTAwM=
jZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdT=
AwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTV=
lM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyNDcwNzU0fQ/910850b82a9c8591a6e3b6479e113=
df57e087d3615c618c40b99318c31b8ba37" =
style=3D"text-decoration:underline;color:#d40000;">takes stock</a> after =
<strong>David Ellison</strong>=E2=80=99s hostile bid for =
WBD.<br/><em>and=E2=80=A6</em><br/><strong>Julia Alexander </strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
h5LW5ldGZsaXgtbmVlZHMtd2FybmVyLWJyb3MvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J=
5Ky0rTEVBRFMrJTI4MTIlMkYxMyUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tz=
dG9yeSstK0xFQURTKyUyODEyJTJGMTMlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfY=
WN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNj=
E1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmt=
faWQiOjI0Nzc5NDR9/72249dd6ce7a2e691e968bc50f62da7c3192a6cd092dc5d8b6cdd46=
90288899e" =
style=3D"text-decoration:underline;color:#d40000;">articulates</a> the =
Netflix=E2=80=93Warners =
thesis.<br/><em>and=E2=80=A6</em><br/><strong>Eriq Gardner
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZG=
lkLWNhcmwtcmluc2NoLXNjYW0tbmV0ZmxpeC1vdXQtb2YtMTEtbWlsbGlvbi8_dXRtX2NhbXB=
haWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjEzJTJGMjUlMjlcdTAwMjZ1dG1f=
Y29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxMyUyRjI1JTI5XHUwMDI2d=
XRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMD=
I2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTN=
kMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQ3NDQ3OH0/224f97a3c8c78ff8a7f6bb55dbf90921=
9ac578fdce7111d273d23571ac9f828f" =
style=3D"text-decoration:underline;color:#d40000;">monitors</a> the =
streamer=E2=80=99s latest legal scuffle.</p></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;padding-top:32px;"><div class=3D"r" =
align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:1px solid #000;"><span =
style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-align:left;line-h=
eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#000;font-family:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"A.I." =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1750192320993_tbs-ai_01JXZSEWH3DSYQ0QETB525GJR3.png" height=3D"auto" =
width=3D"48" align=3D"center" style=3D"display:
block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;text-align:left;line-height:normal;">A.I.
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Ian Krietzberg
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvbW=
Fyay1tYW5zb24tbGF1bmNoZXMtMjAtYS1tb250aC1haS1saWZlLWNvYWNoLWFwcC8_dXRtX2N=
hbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjEzJTJGMjUlMjlcdTAwMjZ1=
dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxMyUyRjI1JTI5XHUwM=
DI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXH=
UwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE=
1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQ3NTYyOX0/d07be51ffc5c4d840b2f0b41defa=
581db9443abb21a4f60b5fd685e25491707d" =
style=3D"text-decoration:underline;color:#d40000;">explores</a> the =
blossoming L.L.M. self-help sub-category.</p></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;padding-top:32px;"><div class=3D"r" =
align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:1px solid #000;"><span =
style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-align:left;line-h=
eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#000;font-family:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"MEDIA" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520869437_tbs-icon-media_01JAQQM82TC2CJD5T3P72A68MN.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;text-align:left;line-height:normal;">MEDIA
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Dylan Byers
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
hhdC1hLWZyZWUtcHJlc3MtdmliZS1taWdodC1sb29rLWxpa2UtYXQtY2JzLW5ld3MvP3V0bV9=
jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxMyUyRjI1JTI5XHUwMDI2=
dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMTMlMkYyNSUyOVx1M=
DAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1=
x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDY=
xNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjI0NzQ5NTd9/c532b0940aadb70f5f54e3c44ea=
777daaaf24b9ee1a35a91e379b8951b38ea6d" =
style=3D"text-decoration:underline;color:#d40000;">breaks down</a> the =
latest <strong>Bari Weiss</strong>=E2=80=93CBS kremlinology.</p></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;padding-top:32px;"><div class=3D"r" =
align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:1px solid #000;"><span =
style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-align:left;line-h=
eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#000;font-family:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"SPORTS" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520870311_tbs-icon-sports_01JAQQM8Y3NF00D05WEX5CR80E.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;text-align:left;line-height:normal;">SPORTS
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>John Ourand
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
h5LW5iYy1pcy1zdGFuZGluZy1ieS1ub3RyZS1kYW1lLWFtaWQtY29sbGVnZS1mb290YmFsbC1=
wbGF5b2ZmLWNvbXBsYWludHMvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMr=
JTI4MTIlMkYxMyUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQ=
URTKyUyODEyJTJGMTMlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMD=
I2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ=
4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjI0Nzcz=
Njd9/9b69ef440f0a04bb76d3806e62ed50da3cbb5bf5affe21cdfe6c6b169034e895" =
style=3D"text-decoration:underline;color:#d40000;">considers</a> the =
Notre Dame College Football Playoff =
tantrum.<br/><em>and=E2=80=A6</em><br/><strong>Julia Alexander =
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaW=
5zaWRlLWVhcy1saXZlLXNwb3J0cy1hbWJpdGlvbnMvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N=
0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxMyUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0Jh=
Y2tzdG9yeSstK0xFQURTKyUyODEyJTJGMTMlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1ha=
WxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2Yz=
YwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImx=
pbmtfaWQiOjI0NzM0NTB9/ba3c16a81c94ca2351fc7da9f30cea42ff9efdfe1c13318a2ea=
2623c66e8cdfc" =
style=3D"text-decoration:underline;color:#d40000;">presages</a> EA =
Sports=E2=80=99 streaming ambitions.</p></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;padding-top:32px;"><div class=3D"r" =
align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:1px solid #000;"><span =
style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-align:left;line-h=
eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#000;font-family:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"WALL =
STREET" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520870551_tbs-icon-wall-street_01JAQQM95KYVHSVTE1SADVAXTS.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;text-align:left;line-height:normal;">WALL STREET
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Bill Cohan
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaG=
93LWZhci13aWxsLW5ldGZsaXgtZ28tdG8tc2VjdXJlLXdiZC8_dXRtX2NhbXBhaWduPVRoZSt=
CYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjEzJTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1U=
aGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxMyUyRjI1JTI5XHUwMDI2dXRtX21lZGl1b=
T1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm=
09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI=
4IiwibGlua19pZCI6MjQ3NDI5N30/9a8fc78809127b3086457ca7f214dad8fc85c9f9f1af=
37dfe064e6c4821d932a" =
style=3D"text-decoration:underline;color:#d40000;">details</a> the =
junk-bond limits of Netflix=E2=80=99s pursuit of =
<strong>Zaz</strong>=E2=80=99s Studios and Streaming business.</p></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;padding-top:32px;"><div class=3D"r" =
align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:1px solid #000;"><span =
style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-align:left;line-h=
eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#000;font-family:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"WASHINGTON" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520870794_tbs-icon-washington_01JAQQM9D691XMPJRQ226EDXSM.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;text-align:left;line-height:normal;">WASHINGTON
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Leigh Ann Caldwell</strong>
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYW=
NhLXByZW1pdW0tY3Jpc2lzLWV4cG9zZXMtZGVlcC1nb3AtaGVhbHRoY2FyZS1yaWZ0cy8_dXR=
tX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjEzJTJGMjUlMjlcdTAw=
MjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxMyUyRjI1JTI5X=
HUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLm=
lvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzY=
wNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQ3NDY2N30/b692470d190afccb4e769e9c=
cdb9b4b22ad9d62cdb52af28f68be943b054b133" =
style=3D"text-decoration:underline;color:#d40000;">charts</a> =
<strong>Mike Johnson</strong>=E2=80=99s career =
crossroads.<br/><em>and=E2=80=A6</em><br/><strong>Peter Hamby =
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
hpY2gtcGFydHktd2lsbC10YWtlLXVwLXRoZS1wb3B1bGlzdC1hbnRpLWFpLW1hbnRsZS8_dXR=
tX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjEzJTJGMjUlMjlcdTAw=
MjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxMyUyRjI1JTI5X=
HUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLm=
lvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzY=
wNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQ3Mzc0OH0/31cc2b00b8f32e9e76c11eb1=
e641790bf7a1575cdcfdb68ad1955f1bf817b098" =
style=3D"text-decoration:underline;color:#d40000;">tackles</a> the =
left=E2=80=99s A.I. messaging =
problem.<br/><em>and=E2=80=A6</em><br/><strong>John Heilemann
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaG=
93LXRydW1wcy1taWxpdGFyeS1wdXJnZS1lbmFibGVkLWNhcmliYmVhbi1ib2F0LXN0cmlrZXM=
vP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxMyUyRjI1JTI5=
XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMTMlMkYyN=
SUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b2=
1lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJ=
mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjI0NzY0MjF9/6cca5a79844028c823d=
5be8ec8632b74948198a8bf3b914df1bfb2c6ac018618" =
style=3D"text-decoration:underline;color:#d40000;">digs into</a> the =
<strong>Hegseth</strong> double-tap =
scandal.<br/><em>and=E2=80=A6</em><br/><strong>Abby Livingston =
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvY2=
FuLWEtMjAyNi1ibHVlLXdhdmUtZmluYWxseS1kZWxpdmVyLWEtZGVtb2NyYXQtc2VuYXRvci1=
mcm9tLXRleGFzLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJG=
MTMlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxM=
iUyRjEzJTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3=
VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsIml=
udGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyNDcwNzU1fQ/e237f=
5beaf192beb7b5043bacf3ba764d966d27842c4262144371b99283f148c" =
style=3D"text-decoration:underline;color:#d40000;">evaluates</a> the =
<strong>Jasmine Crockett </strong>of it all.</p></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;padding-top:32px;"><div class=3D"r" =
align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:1px solid #000;"><span =
style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:14px;padding-top:8px;text-align:center;width:100%=
;"><h3 =
style=3D"margin:0;color:#000000;direction:ltr;font-family:'PuckSerifD=
isplay','Georgia';font-size:20px;font-weight:700;letter-spaci=
ng:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;ms=
o-line-height-alt:24px;"><strong>AIR MAIL</strong></h3>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Paul Goldberger
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9haXJtYWlsLm5ld3=
MvaXNzdWVzLzIwMjUtMTItMTMvYXJjaGl0ZWN0dXJlLXdpdGgtdGhlLXBvd2VyLW9mLWFydD9=
1dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMTMlMkYyNSUyOVx1=
MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjEzJTJGMjUlM=
jlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZX=
IuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZ=
jNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyNDc5MDAwfQ/8e6f11c8a0efb7ac78378=
82aa21e49e538e90f968284f4625246436c9b313342" =
style=3D"text-decoration:underline;color:#d40000;">revisits</a> =
<strong>Frank Gehry</strong>=E2=80=99s =
career.<br/><em>and=E2=80=A6</em><br/><strong>Christine Muhlke =
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9haXJtYWlsLm5ld3=
MvaXNzdWVzLzIwMjUtMTItNi90aGUtc3RhbHdhcnQtb2Ytc29obz91dG1fY2FtcGFpZ249VGh=
lK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMTMlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50=
PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjEzJTJGMjUlMjlcdTAwMjZ1dG1fbWVka=
XVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdG=
VybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDh=
kMjgiLCJsaW5rX2lkIjoyNDc5MDAxfQ/08c5bb7c877c6db5c7968748364ad1a10625e52c4=
a78db8b5de322acf970e6d5" =
style=3D"text-decoration:underline;color:#d40000;">toasts</a> =
Raoul=E2=80=99s at =
50.<br/><em>meanwhile=E2=80=A6</em><br/><strong>Carolina de =
Armas</strong>
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9haXJtYWlsLm5ld3=
MvaXNzdWVzLzIwMjUtMTItNi9pbi1kZWZlbnNlLW9mLXRoZS1lbS1kYXNoP3V0bV9jYW1wYWl=
nbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxMyUyRjI1JTI5XHUwMDI2dXRtX2Nv=
bnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMTMlMkYyNSUyOVx1MDAyNnV0b=
V9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNn=
V0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDM=
wMWQ0OGQyOCIsImxpbmtfaWQiOjI0Njk3MzV9/94eda13658149416472453b7fe07d1ac545=
9aca939c0fc8a55ee6e1d0d47e25f" =
style=3D"text-decoration:underline;color:#d40000;">dissects</a> the =
elements of style.</p></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;padding-top:32px;"><div class=3D"r" =
align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:1px solid #000;"><span =
style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-align:left;line-h=
eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#000;font-family:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"PODCASTS" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520869698_tbs-icon-podcasts_01JAQQM8AY9NH956YXMPQWX3NY.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;text-align:left;line-height:normal;">PODCASTS
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:32px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;">Dylan =
and Julia Alexander discuss Yahoo under Apollo rule on
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL2Nhbi15YWhvby1zdXJ2aXZlLWluLWEtaHlwZXItbmljaGUtd29ybGQ=
vP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxMyUyRjI1JTI5=
XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMTMlMkYyN=
SUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b2=
1lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJ=
mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjI0NzA3NTd9/e8043cf97dcad3052c9=
bd9ebb91ca518fd135ec1f280e72e29c3f44e7b296e09" =
style=3D"text-decoration:underline;color:#d40000;"><em>The Grill =
Room</em></a>.<br/><em>and=E2=80=A6</em><br/>Ourand declares the sports =
media winners and losers of the year on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL3Nwb3J0cy1tZWRpYXMtd2lubmVycy1hbmQtbG9zZXJzLW9mLTIwMjU=
vP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxMyUyRjI1JTI5=
XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMTMlMkYyN=
SUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b2=
1lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJ=
mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjI0NzQyMjl9/accd6439de4e3357706=
f0d6cb14fdeba78f24ed7e0c2c7a91ccc47619421a70e" =
style=3D"text-decoration:underline;color:#d40000;"><em>The =
Varsity</em></a>.<br/><em>and=E2=80=A6</em><br/>Lauren and <em>The</em> =
<em>New Yorker</em>=E2=80=99s <strong>Lauren Collins
</strong>make sense of the Uniqlo empire on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL2dlZS10aGFua3MtaXRzLWZyb20tdW5pcWxvLz91dG1fY2FtcGFpZ24=
9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMTMlMkYyNSUyOVx1MDAyNnV0bV9jb250=
ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjEzJTJGMjUlMjlcdTAwMjZ1dG1fb=
WVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG=
1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDF=
kNDhkMjgiLCJsaW5rX2lkIjoyNDc5MDAyfQ/ef1d9470ab003e2ac474e6239edfe6ec66fb6=
0002cdfbb1444040c12215142eb" =
style=3D"text-decoration:underline;color:#d40000;"><em>Fashion =
People</em></a>.<br/><em>and=E2=80=A6</em><br/>Heilemann and retired =
general <strong>Barry McCaffrey </strong>discuss =
<strong>Trump</strong>=E2=80=99s escalating war games on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL2JhcnJ5LW1jYWZmcmV5LXRydW1wcy13YXItYWltcy1pbi12ZW5lenV=
lbGEtbWFkdXJvLW91dC1jaGV2cm9uLWluLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSst=
K0xFQURTKyUyODEyJTJGMTMlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3Rvc=
nkrLStMRUFEUyslMjgxMiUyRjEzJTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdG=
lvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWU=
zZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lk=
IjoyNDc5MDAzfQ/7224837ae5470fa1c325582329a867b353b3ea8a20c0d23a633146249a=
ad255e" =
style=3D"text-decoration:underline;color:#d40000;"><em>Impolitic</em></a>=
.<br/><em>and=E2=80=A6</em><br/>Matt
and research analyst <strong>Peter Supino </strong>map out the WBD =
conquest on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL3RoZS1lbGxpc29uLWVtcGlyZS1zdHJpa2VzLWJhY2stcGFyYW1vdW5=
0LWdvZXMtaG9zdGlsZS8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgx=
MiUyRjEzJTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJ=
TI4MTIlMkYxMyUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG=
1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjg=
iLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQ3MDc1Nn0/=
3e1cab5a2aac4713d0ee45540e837b75c90576e5a9e9bfe49803a1c58e2113b1" =
style=3D"text-decoration:underline;color:#d40000;"><em>The =
Town</em></a>.<br/><em>and=E2=80=A6</em><br/>Peter and Leigh Ann trade =
notes on the =E2=80=9926 MAGA time bomb on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL21hZ2FzLTI2LW5pZ2h0bWFyZS8_dXRtX2NhbXBhaWduPVRoZStCYWN=
rc3RvcnkrLStMRUFEUyslMjgxMiUyRjEzJTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUr=
QmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxMyUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lb=
WFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09Zj=
ZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4Iiw=
ibGlua19pZCI6MjQ3MDc1OH0/1581fc721d62a5bd36747a42121555d28b93ddfc3c6ba38f=
118127c7a87b2501" =
style=3D"text-decoration:underline;color:#d40000;"><em>The Powers That =
Be</em></a>.<br/><br/><em>As a
reminder, you can update your profile at any time to get more stories =
like these directly in your inbox. </em><a =
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<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:32px;"><div class=3D"r" align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"30%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:2px solid =
#d40000;"><span style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:32px;padding-left:24px;padding-right:24px;text-al=
ign:center;width:100%;"><h3 =
style=3D"margin:0;color:#000000;direction:ltr;font-family:'PuckSerifD=
isplay','Georgia';font-size:24px;font-weight:400;letter-spaci=
ng:normal;line-height:1.2;text-align:center;margin-top:0;margin-bottom:0;=
mso-line-height-alt:29px;"><span style=3D"word-break:
break-word;">That=E2=80=99s Not All, Folks</span></h3>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:32px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;">Last =
week, shortly before the bids were due for Warner Bros. Discovery, I was =
catching up with a media
executive near the nucleus of the action. It was a social affair, but I =
was dying to ask for the latest information=E2=80=94even if this person =
could only convey it off the record or within our circle of trust. =
Instead, this person turned the telescope around and asked me the same =
question=E2=80=94what were <strong>Matt Belloni</strong> and =
<strong>Bill Cohan </strong>and <strong>Dylan Byers </strong>and =
<strong>Kim Masters </strong>and <strong>John Ourand </strong>hearing? =
What did <strong>Julia
Alexander</strong>, Puck=E2=80=99s <em>sui generis</em> streaming =
savant, make of the competing bidders? And what did <strong>Eriq =
Gardner</strong>, our resident legal analyst, think about the various =
regulatory paths? I could only smile. I told him to read =
carefully.<br/><br/>Soon thereafter, Netflix shocked the entertainment =
industry and Wall Street with its winning bid, and, as I noted last =
week, my partners jumped into action=E2=80=94defining all the contours =
of the public=E2=80=99s understanding of the deal. Last
Sunday, as the <strong>Ellisons </strong>were licking their chops, my =
peerless partner <strong>Bill Cohan </strong>delivered the first of an =
epic pair of pieces, <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
lsbC1wYXJhbW91bnQtY2hhbGxlbmdlLW5ldGZsaXgtd2JkLWRlYWwvP3V0bV9jYW1wYWlnbj1=
UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxMyUyRjI1JTI5XHUwMDI2dXRtX2NvbnRl=
bnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMTMlMkYyNSUyOVx1MDAyNnV0bV9tZ=
WRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV=
90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ=
0OGQyOCIsImxpbmtfaWQiOjI0Njc5Njl9/9c922d03543b271297dc01aa9436f24260eadc9=
40202fbaaedf73ff215dc4aad" =
style=3D"text-decoration:underline;color:#d40000;"><em>Netflix=E2=80=99s =
$83B Math & The Ellison Hostile Meter</em></a>. Sure enough, the =
Ellisons launched their hostile bid mere hours later, which prompted =
Bill=E2=80=99s prescient tome,
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaG=
93LWZhci13aWxsLW5ldGZsaXgtZ28tdG8tc2VjdXJlLXdiZC8_dXRtX2NhbXBhaWduPVRoZSt=
CYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjEzJTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1U=
aGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxMyUyRjI1JTI5XHUwMDI2dXRtX21lZGl1b=
T1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm=
09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI=
4IiwibGlua19pZCI6MjQ3NDI5N30/9a8fc78809127b3086457ca7f214dad8fc85c9f9f1af=
37dfe064e6c4821d932a" =
style=3D"text-decoration:underline;color:#d40000;"><em>The Ellisons at =
the Gate</em></a>, which brilliantly laid out just how far Netflix could =
take its own bid before veering into junk bond territory and public =
market purgatory. =E2=80=9CIf the Ellisons really want to end this drama =
right here, right now, they should raise their offer to $34 a share, all =
cash, and take this baby off the table,=E2=80=9D Bill wrote. =
=E2=80=9CNetflix won=E2=80=99t be able
to match it. Some $93 billion in borrowings is both a bridge too far for =
Netflix=E2=80=99s balance sheet and, dare I say, even for the debt =
markets as a whole during these uncertain times.=E2=80=9D Hours later, a =
WBD executive texted, =E2=80=9CCohan is a force of =
nature.=E2=80=9D</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;border-bottom:1px solid #d40000;border-top:1px solid =
#d40000;padding-left:24px;padding-right:24px;padding-top:32px;vertical-al=
ign:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.2=
;text-align:left;mso-line-height-alt:20px;"><p style=3D"margin:0;">A =
MESSAGE FROM OUR PARTNER</p></div>
</td></tr></tbody></table>
<table class=3D"j n5" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:32px;width:100%;"><div class=3D"r" =
align=3D"center"><div style=3D"max-width:552px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9zZXJ2ZWRieS5mbG=
FzaHRhbGtpbmcuY29tL2NsaWNrLzgvMjk0NTIwOzEwMDkwNjg3OzUwMTI2OzIxMTswLz9mdF9=
3aWR0aD0xXHUwMDI2ZnRfaGVpZ2h0PTFcdTAwMjZnZHByPSR7R0RQUn1cdTAwMjZnZHByX2Nv=
bnNlbnQ9JHtHRFBSX0NPTlNFTlRfNzh9XHUwMDI2dXNfcHJpdmFjeT0ke1VTX1BSSVZBQ1l9X=
HUwMDI2dXJsPTQzMjQ1NDg2XHUwMDI2dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRU=
FEUyslMjgxMiUyRjEzJTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0=
rTEVBRFMrJTI4MTIlMkYxMyUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25c=
dTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzM=
DFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6Mj=
Q3ODk5OX0/4a1b1519205329381d211cfe6586faff60aa545da5aeeecafb44f63f7c8eafe=
0" target=3D"_blank"><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"552" =
alt=3D"Rolex" title=3D"Rolex" height=3D"auto"/></a></div></div>
</td></tr></tbody></table>
<table class=3D"j p n" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;mso-hide:all;display:n=
one;max-height:0;overflow:hidden;"><tbody><tr><td =
style=3D"padding-bottom:32px;width:100%;"><div class=3D"r" =
align=3D"center"><div style=3D"max-width:552px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9zZXJ2ZWRieS5mbG=
FzaHRhbGtpbmcuY29tL2NsaWNrLzgvMjk0NTIwOzEwMDkwNjg3OzUwMTI2OzIxMTswLz9mdF9=
3aWR0aD0xXHUwMDI2ZnRfaGVpZ2h0PTFcdTAwMjZnZHByPSR7R0RQUn1cdTAwMjZnZHByX2Nv=
bnNlbnQ9JHtHRFBSX0NPTlNFTlRfNzh9XHUwMDI2dXNfcHJpdmFjeT0ke1VTX1BSSVZBQ1l9X=
HUwMDI2dXJsPTQzMjQ1NDg2XHUwMDI2dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRU=
FEUyslMjgxMiUyRjEzJTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0=
rTEVBRFMrJTI4MTIlMkYxMyUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25c=
dTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzM=
DFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6Mj=
Q3ODk5OX0/4a1b1519205329381d211cfe6586faff60aa545da5aeeecafb44f63f7c8eafe=
0" target=3D"_blank"><img =
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_2025_JPG_01K9877DE5ZAEYFM4SAJ0MVHS3.jpg" =
style=3D"display:block;height:auto;border:0;width:100%;" width=3D"552" =
alt=3D"Rolex" title=3D"Rolex" height=3D"auto"/></a></div></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-=
align:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:32px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;">Bill=E2=80=99s incredible work was complemented by =
so many of our partners, who endeavored to evaluate the
innumerable consequences of this saga. In <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
9ybGQtd2FyLXdiZC1uZXRmbGl4LXZzLXBhcmFtb3VudC1pbi03N2ItYmF0dGxlLz91dG1fY2F=
tcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMTMlMkYyNSUyOVx1MDAyNnV0=
bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjEzJTJGMjUlMjlcdTAwM=
jZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdT=
AwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTV=
lM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyNDcwNzU0fQ/910850b82a9c8591a6e3b6479e113=
df57e087d3615c618c40b99318c31b8ba37" =
style=3D"text-decoration:underline;color:#d40000;"><em>How High Will the =
Ellisons Go?</em></a>, Matt scrutinized the deal from the other side. =
=E2=80=9CHow high will they go? $32? $35?=E2=80=9D Matt wrote. =
=E2=80=9CIf Warners rejects his latest bid, Ellison will almost =
certainly offer more, I=E2=80=99m told. Will Netflix match or exceed =
that offer? Netflix has restless shareholders. Ellison controls =
Paramount
and does not. Remember, Warner Discovery was trading at less than $10 =
before the sale chatter began. Pretty amazing.=E2=80=9D In <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
h5LW5ldGZsaXgtbmVlZHMtd2FybmVyLWJyb3MvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J=
5Ky0rTEVBRFMrJTI4MTIlMkYxMyUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tz=
dG9yeSstK0xFQURTKyUyODEyJTJGMTMlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfY=
WN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNj=
E1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmt=
faWQiOjI0Nzc5NDR9/72249dd6ce7a2e691e968bc50f62da7c3192a6cd092dc5d8b6cdd46=
90288899e" style=3D"text-decoration:underline;color:#d40000;"><em>Why =
Netflix Needs Warner Bros.</em></a>, Julia Alexander enumerated the =
streaming hegemon=E2=80=99s private challenges. It=E2=80=99s required =
reading for industry observers and company executives, alike. (The =
usual, and now slightly <em>ubiquitous</em> disclosure: Through our =
recent
acquisition of Air Mail, both WBD C.E.O. <strong>David Zaslav =
</strong>and Paramount investor RedBird Capital are minority investors =
in Puck. Zaz, for what it=E2=80=99s worth, is a <em>de minimis =
</em>investor in the company.)<br/><br/>But if you=E2=80=99re Ellisoned =
out, or overwhelmed by the various attendant subplots, I=E2=80=99d turn =
your attention to an entirely different part of the Puck cinematic =
universe. As Wall Power readers well know, the art market has recently =
been jolted out of a long somnolence by a
successful series of auctions in Paris and New York. <br/><br/>Recently, =
my partner <strong>Marion Maneker </strong>joined the traveling circus =
for the latest stop on the tour=E2=80=94Art Basel Miami=E2=80=94to see =
if the momentum was enduring. =E2=80=9CThere are a few possible reasons =
why this year=E2=80=99s fair was so well-attended,=E2=80=9D Marion =
reported from South Beach. =E2=80=9CNot to get political, but =
I=E2=80=99ve been wondering if the art market=E2=80=99s new mood is =
somehow intertwined with the serious cracks emerging in the MAGA =
coalition. This
crowd mostly votes with its economic interests, even if its members =
often express a different social point of view from the Republican =
powers that be. But rich people got what they wanted from Trump, and =
now, perhaps believing they won=E2=80=99t have to suffer through a =
forever administration, they=E2=80=99ve started to feel better about =
spending.=E2=80=9D<br/><br/>Then he offered a supplemental theory: =
=E2=80=9CThe other contributing factor, ironically, seems to have been =
the relentless drumbeat of negative news in the art
press for the past year or more,=E2=80=9D he said. =E2=80=9CMany =
dealers, advisors, and their clients were recoiling from all the gloom =
and doom=E2=80=94some of it warranted, and much of it presented for the =
sake of drama. Buying art is inherently social, and few collectors are =
self-directed enough to want to be the only one doing it.=E2=80=9D <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiR0FOUmk5ZzlybDlPSjV0Q0F3RT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvNT=
AtaG91cnMtb2YtYXJ0LWluLW1pYW1pLXRoZS1nb29kLW1hcmtldC12aWJlcy1jb250aW51ZS8=
_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjEzJTJGMjUlMjlc=
dTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxMyUyRjI1J=
TI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbW=
VyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY=
2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQ2NTYyMn0/e67023d2162c3e5d6a7b=
3e5e3da58cce8b29dfa1eb9d40b1125a82145dbe0b48" =
style=3D"text-decoration:underline;color:#d40000;"><em>50 Hours in =
Miami</em></a>, his travelogue, is
an excellent snapshot of a nuanced and delicate market at an inflection =
point, featuring cameos from plenty of the characters that make that =
world so fascinating. Has the groundhog indeed failed to see its shadow? =
It=E2=80=99s one of the great mysteries of the moment, and a topic that =
we=E2=80=99ll continue to explore just as feverishly as the WBD deal =
here at Puck.</p></div>
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role=3D"presentation" width=3D"30%" =
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style=3D"font-size:1px;line-height:1px;border-top:2px solid =
#d40000;"><span style=3D"word-break:break-word;">=E2=80=8A</span>
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al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;">Have =
a great weekend,<br/>Jon</p></div>
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