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Thanks for reading The Backstory, your weekly review of the best new work 
emanating from Puck. It was yet another incredible week: Matt Belloni 
presaged the decline of the studio system; Kim Masters revealed a #MeToo 
reclamation project; Julia Alexander detailed YouTube’s A.I. play; Dylan 
Byers explained Bezos’s WaPo snub; Bill Cohan delineated Shari Redstone’s 
latest financial nightmare while Eriq Gardner weighed in on the settlement 
calculus.





Jun 07, 2025












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PREVIEW VERSION


Start a free 14-day trial to unlock unlimited access to Puck.






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Jon Kelly


Good morning,

Thanks for reading The Backstory, your weekly review of the best new work 
emanating from Puck.

It was yet another incredible week: Matt Belloni presaged the decline of the 
studio system; Kim Masters revealed a #MeToo reclamation project; Julia 
Alexander detailed YouTube’s A.I. play; Dylan Byers explained Bezos’s WaPo 
snub; Bill Cohan delineated Shari Redstone’s latest financial nightmare 
while Eriq Gardner weighed in on the settlement calculus; John Ourand 
examined the newest dialectic in the sports rights universe; Lauren Sherman 
captured the backstage drama at Dior; Rachel Strugatz investigated Meghan 
Markle’s brand pivot; Sarah Shapiro unfurled fashion’s post–Warby Parker 
blues; Marion Maneker chronicled the battle for Artnet; and Julie Brener 
Davich previewed a summer Jenny Saville show.

Meanwhile, Abby Livingston covered the dissolution of the Trump-Musk 
relationship; Leigh Ann Caldwell unveiled Josh Hawley’s higher ambitions; 
and Julia Ioffe reported on the silent agony inside the State Department.




Check out these stories, and others, via the links below. And stick around 
for the backstory on how it all came together.


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A Paleyfest Conversation with Diego Luna, Tony Gilroy & more



WATCH




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FASHION


Lauren Sherman dissects two of the industry’s most important partnerships: 
the union between Kim Kardashian and Jens and Emma Grede, and the dynamic 
between Jonathan Anderson and Delphine Arnault.
and…
Rachel Strugatz starts the countdown for the inevitable Meghan Markle 
beautyco.
meanwhile…
Sarah Shapiro offers a history of the D.T.C. brands of the aughts.






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ART MARKET


Marion Maneker chats with Artnet’s new owner and makes his way around the 
Monets in Connecticut.
and…
Julie Brener Davich sees what’s popping in London this summer.






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HOLLYWOOD


Matt Belloni assesses the layoffs at Disney and WBD, among others.
and…
Kim Masters reports on a cancellation comeback.






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MEDIA


Dylan Byers scrutinizes Jeff Bezos’s bizarre Times deal and Karine 
Jean-Pierre’s disastrous book launch.
and…
Julia Alexander untangles Netflix’s advertising opportunity.
meanwhile…
John Ourand documents the Disney-YouTube spat.






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WALL STREET


Bill Cohan reads the indentures behind Shari Redstone’s $550 million debt 
crisis, while Eriq Gardner runs down the settlement calculation.






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WASHINGTON


Julia Ioffe examines the inner turmoil in Foggy Bottom.
and…
Leigh Ann Caldwell previews Hawley ’28.
meanwhile…
Abby Livingston delivers the CliffsNotes for the Dems’ midterm playbook.






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PODCASTS


Dylan and Bill discuss Zaz’s credit downgrade on The Grill Room.
and…
John Ourand breaks down Gerry Cardinale’s latest venture on The Varsity.
and…
Lauren offers a master class on Jonathanology on Fashion People.
and…
John Heilemann and former UBS Americas C.E.O. and Obama buddy Robert Wolf 
study the TACO phenomenon on Impolitic.
and…
Matt and Broadway producer John Johnson discuss Clooney’s stage bet on The 
Town.
and…
Julia Alexander and Eriq discuss a Real Housewives legal bombshell 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.





The D.T.C. Generation



This week, I was running late to a meeting on a nondescript block in West 
Chelsea when a Proustian epiphany descended on me. The renovated factory 
buildings all looked vaguely familiar, and yet I couldn’t quite place it… 
until I walked by an office lobby that I suddenly recalled entering five 
years ago. Back then, in the throes of Covid, I’d been pitching an investor 
on Puck in person for perhaps the very first time.

In those days, as businesses were quickly adjusting to pandemic realities 
and new revenue streams—and the specter that we’d all be in our homes 
forever—I tried to take a delicate tack. After all, venture capital and 
private equity firms were consumed with supporting their destabilized 
portfolio companies rather than deploying new financing. But nevertheless, I 
persisted with a very simple pitch that operated on two distinct levels.




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READ




First, it was clear to me that we were nearing the end of a dreary era in 
media defined by an addiction to scale and virality. I barely read the 
output of any of the so-called unicorn media companies that were forged in 
that time, partly because they were built on the backs of over-Juuled young 
millennials and older Gen Z staffers each churning out half a dozen pieces 
of content a day. Editing—once excellently defined as the art of 
elimination—had been overridden by overproduction. Every brand now covered 
everything, from the poop cruise and the missing Malaysian airliner to the 
Mueller report and the Steele dossier. It was a depressing state of affairs, 
and the industry simply needed to start over.

Second, the model had to change in a more nuanced way. For generations, 
media companies were built on direct-sales advertising models. The primacy 
of Facebook and Twitter, however, had given rise to a nearly religious 
fervor for the direct-to-consumer model, which had become all the rage in 
industries ranging from C.P.G. to fashion. By then, many people my age had 
overdosed on these brands—Warby Parker, Allbirds, Outdoor Voices, 
etcetera—before the trend eventually migrated to the media industry. The 
Athletic, which eventually grew to more than 1 million paid subscribers 
through hardcore D.T.C. growth tactics, exemplified the bull case for the 
strategy.

And yet, I was pitching a different concept. Puck was going to build a 
subscription-first business that also leaned into advertising. After all, 
relevant and exceptional journalism for highly engaged and professional 
audiences was a great pitch for commercial partners. And I knew, from my own 
experiences in the salt mines of the industry, that email was the greatest 
format for connecting since the glossy magazine page in its heyday.

I was also skeptical about the future of D.T.C. pure plays, which would be 
forced to grow by discounting prices—and, inevitably, diluting their 
content—before being tempted to lurch into areas outside their brand 
permission structure. The industry had learned a ton from these D.T.C. 
challenger brands, but I suspected that the next generation would adopt a 
hybrid model. Anyway, that’s the concept I pitched that morning, all those 
years ago, in West Chelsea.

Earlier this week, my partner Sarah Shapiro published an excellent piece 
that takes stock of those D.T.C. fashion companies, all these years later. 
The Millennial D.T.C. Brands’ Midlife Crisis offers a circumspect view of 
their subsequent challenges and afterglow—and how, with the exception of a 
few outliers, their promise of bypassing the retail experience turned out to 
be less appealing than once predicted. Similarly, many of these companies 
stalled out on channel growth. The costs of acquiring new customers 
outweighed their lifetime values as consumers, resulting in worse unit 
economics than owning a store. Sarah explains how the travails of Allbirds 
and Everlane helped inspire a subsequent generation of companies, from Staud 
to Toteme, to create their own Goldilocks models based on limited retail and 
digital points of sale. The data these companies gather from their 
owned-and-operated channels help inform retail strategy and inventory. It’s 
a trajectory that mirrors the transformation in media, and if you have a 
minute this weekend, you should check out Sarah’s excellent piece.

Meanwhile, as I cruised through the far West 20s, I happened to be listening 
to my partner John Heilemann’s popular podcast, Impolitic. John was chatting 
with Robert Wolf, the former C.E.O. of UBS Americas and Obama’s former 
economic advisor, fundraiser, and golf buddy. (They still play, I should 
note.) Wolf is also an all-around mensch, and one of the brightest 
commentators on this particular tariff-inflected, politically impacted 
economic malaise we’re slogging through. Trump also happened to be his 
client at UBS during his investment banking days. Anyway, it’s a great 
conversation well worth your time.

As my epiphany landed and I finally realized where I was, I couldn’t help 
but smile. Now I remembered… Five years ago, it was actually Robert I’d been 
pitching to. It ended up not making sense for either of us, for entirely 
boring reasons, but we stayed friends and I have watched his career with 
awe. And, these days, we need his voice more than ever. He can narrate as 
well as anyone the interplay between Wall Street and Washington—the true 
story of these times, and precisely what you can always expect from Puck.





Have a great weekend,
Jon








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<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
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m:12px;text-align:center;">
<table class=3D"b" =
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role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
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cellspacing=3D"0" role=3D"presentation" =
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style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Ari=
al&#39;;font-size:14px;font-weight:400;letter-spacing:0px;line-height:1.5=
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style=3D"padding-top:24px;"><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 =
#d9d9d9;"><span style=3D"word-break:break-word;">=E2=80=8A</span>
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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;">
<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:#d40000;font-family:&#39;PuckSerifDi=
splay&#39;,&#39;Georgia&#39;;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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</td><td =
style=3D"font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-si=
ze:20px;font-weight:400;color:#d40000;vertical-align:middle;letter-spacin=
g:undefined;text-align:left;line-height:normal;">Jon Kelly
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"oq" 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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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 weekly review =
of the best new work
emanating from Puck.<br/><br/>It was yet another incredible week: =
<strong>Matt Belloni </strong>presaged the decline of the studio system; =
<strong>Kim Masters </strong>revealed a #MeToo reclamation project; =
<strong>Julia Alexander </strong>detailed YouTube=E2=80=99s A.I. play; =
<strong>Dylan Byers </strong>explained <strong>Bezos</strong>=E2=80=99s =
<em>WaPo </em>snub; <strong>Bill Cohan </strong>delineated <strong>Shari =
Redstone</strong>=E2=80=99s latest financial nightmare while =
<strong>Eriq Gardner
</strong>weighed in on the settlement calculus; <strong>John =
Ourand</strong> examined the newest dialectic in the sports rights =
universe; <strong>Lauren Sherman </strong>captured the backstage drama =
at Dior; <strong>Rachel Strugatz </strong>investigated <strong>Meghan =
Markle</strong>=E2=80=99s brand pivot; <strong>Sarah Shapiro =
</strong>unfurled fashion=E2=80=99s post=E2=80=93Warby Parker blues; =
<strong>Marion Maneker </strong>chronicled the battle for Artnet; and =
<strong>Julie Brener Davich </strong>previewed a summer
<strong>Jenny</strong> <strong>Saville =
</strong>show.<br/><br/>Meanwhile, <strong>Abby Livingston =
</strong>covered the dissolution of the =
<strong>Trump</strong>-<strong>Musk </strong>relationship; <strong>Leigh =
Ann Caldwell </strong>unveiled <strong>Josh Hawley</strong>=E2=80=99s =
higher ambitions; and <strong>Julia Ioffe </strong>reported on the =
silent agony inside the State Department.</p></div>
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cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
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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;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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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;">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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b662e114c25f6b73a713bc6aac15e5c75378cd32aae70597073" target=3D"_blank" =
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style=3D"display:block;height:auto;border:0;width:100%;" width=3D"536" =
alt=3D"Andor - Disney+" title=3D"Andor - Disney+" =
height=3D"auto"/></a></div></div>
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<table class=3D"j 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:16px;width:100%;"><div class=3D"r" =
align=3D"center"><div style=3D"max-width:536px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9hZC5kb3VibGVjbG=
ljay5uZXQvZGRtL3RyYWNrY2xrL042MzQ0LjQyMzU4NjVQVUNLTkVXUy9CMzM1MDI2MjMuNDI=
yNjAxMTk0O2RjX3Rya19haWQ9NjE1NTM3OTY3O2RjX3Rya19jaWQ9OTk4MDg3NjE7ZGNfbGF0=
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dXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuY=
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style=3D"outline:none" tabindex=3D"-1"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
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style=3D"display:block;height:auto;border:0;width:100%;" width=3D"536" =
alt=3D"Andor - Disney+" title=3D"Andor - Disney+" =
height=3D"auto"/></a></div></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;word-break:break-word;=
"><tbody><tr><td><div =
style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Ari=
al&#39;;font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.2=
;text-align:center;mso-line-height-alt:20px;"><p =
style=3D"margin:0;margin-bottom:0px;">=E2=80=9CBeautifully made and =
genuinely moving, =E2=80=98Andor=E2=80=99 Season 2 is one of the greats. =
This is small-screen storytelling at
its best.=E2=80=9D</p><p =
style=3D"margin:0;margin-bottom:0px;"><em>EMPIRE</em></p><p =
style=3D"margin:0;margin-bottom:0px;">=C2=A0</p><p =
style=3D"margin:0;margin-bottom:0px;">=E2=80=9CAn astonishing =
accomplishment.=E2=80=9D</p><p =
style=3D"margin:0;margin-bottom:0px;"><em>THE RINGER</em></p><p =
style=3D"margin:0;margin-bottom:0px;">=C2=A0</p><p =
style=3D"margin:0;margin-bottom:0px;">=E2=80=9CA fiercely intelligent =
spy thriller. Andor is a miracle, and we=E2=80=99d be so lucky if we see =
something like it ever again.=E2=80=9D</p><p style=3D"margin:0;
margin-bottom:0px;"><em>NY MAG</em></p><p =
style=3D"margin:0;margin-bottom:0px;">=C2=A0</p><p =
style=3D"margin:0;margin-bottom:0px;">A Paleyfest Conversation with =
Diego Luna, Tony Gilroy &amp; more</p><p =
style=3D"margin:0;margin-bottom:0px;">=C2=A0</p><p =
style=3D"margin:0;margin-bottom:0px;"><strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly93d3cueW91dHViZS=
5jb20vd2F0Y2g_dj1iX005VlNTUkJNUVx1MDAyNnV0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J=
5Ky0rTEVBRFMrJTI4NiUyRjclMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3Rv=
cnkrLStMRUFEUyslMjg2JTJGNyUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb=
25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2=
QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI=
6MjIyNDA2MH0/d25c65007914afca051968bf0dd2ebf1b9155c131421b709b196e0f55406=
b551" target=3D"_blank" =
style=3D"text-decoration:underline;color:#d40000;" =
rel=3D"noopener">WATCH</a></strong></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;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:&#39;PuckSerifDispl=
ay&#39;,&#39;Georgia&#39;;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:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:u=
ndefined;text-align:left;line-height:normal;">FASHION
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"oq" 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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
h5LXRoZS1ncmVkZXMtYXJlLW1vdmluZy1vbi1mcm9tLWthcmRhc2hpYW4tYnJhbmRzLz91dG1=
fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODYlMkY3JTJGMjUlMjlcdTAwMjZ1=
dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NiUyRjclMkYyNSUyOVx1MDAyN=
nV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MD=
AyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWU=
zZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIyMTYyNTd9/92d30b1f13ca45ed36bed5055231c01=
78661b066f2ebd582ac74d29fb9bd18d2" =
style=3D"text-decoration:underline;color:#d40000;">dissects</a> two of =
the industry=E2=80=99s most important partnerships: the union between =
<strong>Kim Kardashian </strong>and <strong>Jens </strong>and =
<strong>Emma Grede</strong>, and the <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZG=
lvcnMtam9uYXRoYW4tYW5kZXJzb24tZXJhLWJlZ2lucy8_dXRtX2NhbXBhaWduPVRoZStCYWN=
rc3RvcnkrLStMRUFEUyslMjg2JTJGNyUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0Jh=
Y2tzdG9yeSstK0xFQURTKyUyODYlMkY3JTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX=
2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MD=
YxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5=
rX2lkIjoyMjIxODM2fQ/7f41e3949372678a51ab55dd29abde177df93504a58f1adb7d9ea=
18eb1eefa10" =
style=3D"text-decoration:underline;color:#d40000;">dynamic</a> between =
<strong>Jonathan Anderson</strong> and
<strong>Delphine =
Arnault</strong>.<br/><em>and=E2=80=A6</em><br/><strong>Rachel Strugatz =
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
hhdC13ZW50LXdyb25nLXdpdGgtbWVnaGFuLW1hcmtsZXMtYXMtZXZlci1icmFuZC8_dXRtX2N=
hbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg2JTJGNyUyRjI1JTI5XHUwMDI2dXRt=
X2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODYlMkY3JTJGMjUlMjlcdTAwMjZ1d=
G1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMj=
Z1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2Q=
zMDFkNDhkMjgiLCJsaW5rX2lkIjoyMjIwNzkzfQ/c22931ddaec047b7a85e4a3083a4f8dca=
e9c6a96d4aa8848384767acf917eb88" =
style=3D"text-decoration:underline;color:#d40000;">starts</a> the =
countdown for the inevitable <strong>Meghan Markle =
</strong>beautyco.<br/><em>meanwhile=E2=80=A6</em><br/><strong>Sarah =
Shapiro </strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZX=
ZlcmxhbmUtdGhlLW1pbGxlbm5pYWwtZHRjLWJyYW5kcy1taWRsaWZlLWNyaXNpcy8_dXRtX2N=
hbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg2JTJGNyUyRjI1JTI5XHUwMDI2dXRt=
X2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODYlMkY3JTJGMjUlMjlcdTAwMjZ1d=
G1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMj=
Z1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2Q=
zMDFkNDhkMjgiLCJsaW5rX2lkIjoyMjE5MjYzfQ/91f023a7d27a0d3f8ac934bd3925725d7=
cdc9c836fc4fd05c5d6daae159bcfeb" =
style=3D"text-decoration:underline;color:#d40000;">offers</a> a
history of the D.T.C. brands of the aughts.</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;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;"><tbody><tr><td =
style=3D"padding-bottom:16px;"><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 class=3D"oq" 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:&#39;PuckSerifDispl=
ay&#39;,&#39;Georgia&#39;;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:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:u=
ndefined;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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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;margin-bottom:16px;"><strong>Marion Maneker</strong>
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
hhdC1hbmRyZXctd29sZmYtc2Vlcy1pbi1hcnRuZXQtYW5kLWFydHN5cy1mdXR1cmUvP3V0bV9=
jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NiUyRjclMkYyNSUyOVx1MDAyNnV0=
bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg2JTJGNyUyRjI1JTI5XHUwMDI2d=
XRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMD=
I2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTN=
kMzAxZDQ4ZDI4IiwibGlua19pZCI6MjIyMDc3MH0/8033220d0080c286329bfa18f7789512=
1d378b99c0d2156523685686ab59f4ec" =
style=3D"text-decoration:underline;color:#d40000;">chats</a> with =
Artnet=E2=80=99s new owner and makes his way around the =
<strong>Monets</strong> in =
Connecticut.<br/><em>and=E2=80=A6</em><br/><strong>Julie Brener Davich =
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZW=
5nbGFuZHMtc3VtbWVyLXNob3dzLXNwb3RsaWdodC1mZW1hbGUtYXJ0aXN0cy8_dXRtX2NhbXB=
haWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg2JTJGNyUyRjI1JTI5XHUwMDI2dXRtX2Nv=
bnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODYlMkY3JTJGMjUlMjlcdTAwMjZ1dG1fb=
WVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG=
1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDF=
kNDhkMjgiLCJsaW5rX2lkIjoyMjE1NzI2fQ/70b85d8ba16ce35ea3a6ec55e88a274c39716=
3dc94c50baba10f0ee6ba6dedb0" =
style=3D"text-decoration:underline;color:#d40000;">sees</a> =
what=E2=80=99s popping in London this summer.</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;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;"><tbody><tr><td =
style=3D"padding-bottom:16px;"><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 class=3D"oq" 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:&#39;PuckSerifDispl=
ay&#39;,&#39;Georgia&#39;;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:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:u=
ndefined;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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdG=
hlLWluY3JlZGlibGUtc2hyaW5raW5nLXN0dWRpby1zeXN0ZW0vP3V0bV9jYW1wYWlnbj1UaGU=
rQmFja3N0b3J5Ky0rTEVBRFMrJTI4NiUyRjclMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRo=
ZStCYWNrc3RvcnkrLStMRUFEUyslMjg2JTJGNyUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lb=
WFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09Zj=
ZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4Iiw=
ibGlua19pZCI6MjIyMjg4Nn0/76169f405a7948c07f02ae50bb0c32a9301aeed1fd6f6a33=
04998e07cffc8882" =
style=3D"text-decoration:underline;color:#d40000;">assesses</a> the =
layoffs at Disney and WBD, among =
others.<br/><em>and=E2=80=A6</em><br/><strong>Kim Masters </strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYW=
otY2FsbG93YXktaXMtbGF0ZXN0LW1ldG9vLXVuLWNhbmNlbGxhdGlvbi8_dXRtX2NhbXBhaWd=
uPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg2JTJGNyUyRjI1JTI5XHUwMDI2dXRtX2NvbnRl=
bnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODYlMkY3JTJGMjUlMjlcdTAwMjZ1dG1fbWVka=
XVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdG=
VybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDh=
kMjgiLCJsaW5rX2lkIjoyMjE4MTQ0fQ/8e216da5dd787213aeca62ba054ecd197a33c6bbd=
9335b2bbbb1ce9759111d86" =
style=3D"text-decoration:underline;color:#d40000;">reports</a> on a =
cancellation comeback.</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;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;"><tbody><tr><td =
style=3D"padding-bottom:16px;"><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 class=3D"oq" 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:&#39;PuckSerifDispl=
ay&#39;,&#39;Georgia&#39;;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:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:u=
ndefined;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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
h5LWFtYXpvbi1zdHJ1Y2stYW4tYWktZGVhbC13aXRoLXRoZS10aW1lcy1ub3QtdGhlLXBvc3Q=
vP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NiUyRjclMkYyNSUyOVx1=
MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg2JTJGNyUyRjI1JTI5X=
HUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLm=
lvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzY=
wNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjIyMTQwOH0/4ba54c24a818f6c9494b20c0=
6324672ebcd153bc77a63d4d61cb9081cee9d424" =
style=3D"text-decoration:underline;color:#d40000;">scrutinizes</a> =
<strong>Jeff Bezos</strong>=E2=80=99s bizarre <em>Times </em>deal and =
<strong>Karine Jean-Pierre</strong>=E2=80=99s <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZX=
ZlcnlvbmUtaXMtbWFkLWF0LWthcmluZS1qZWFuLXBpZXJyZS8_dXRtX2NhbXBhaWduPVRoZSt=
CYWNrc3RvcnkrLStMRUFEUyslMjg2JTJGNyUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhl=
K0JhY2tzdG9yeSstK0xFQURTKyUyODYlMkY3JTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtY=
WlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNm=
M2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJ=
saW5rX2lkIjoyMjIzOTMyfQ/33fa8a54499f8501d400d86f8bdf51de411653e3bcf80b537=
e6c3e5aab37c1b2" =
style=3D"text-decoration:underline;color:#d40000;">disastrous</a> book =
launch.<br/><em>and=E2=80=A6</em><br/><strong>Julia Alexander
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaG=
93LWFkdmVydGlzZXJzLWFyZS1hZGp1c3RpbmctdG8tc21hbGxlci1zdHJlYW1pbmctbnVtYmV=
ycy8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg2JTJGNyUyRjI1JTI5=
XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODYlMkY3JTJGMjUlM=
jlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZX=
IuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZ=
jNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMjE5NTU1fQ/e1f22b7d88f7ca6b8f0df=
c0939ce1c9e9d76f9b8a4a520345e49b93dc3f631d2" =
style=3D"text-decoration:underline;color:#d40000;">untangles</a> =
Netflix=E2=80=99s advertising =
opportunity.<br/><em>meanwhile</em>=E2=80=A6<br/><strong>John Ourand =
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaW=
5zaWRlLWRpc25leXMtbGVnYWwtZmlnaHQtb3Zlci1qdXN0aW4tY29ubm9sbHlzLWV4aXQvP3V=
0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NiUyRjclMkYyNSUyOVx1MDAy=
NnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg2JTJGNyUyRjI1JTI5XHUwM=
DI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXH=
UwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE=
1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjIxODAyMX0/f27f44b985ab7e83846f258fae4d=
edef3a135981d27def940814611b64db4b02" =
style=3D"text-decoration:underline;color:#d40000;">documents</a> the =
Disney-YouTube spat.</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;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;"><tbody><tr><td =
style=3D"padding-bottom:16px;"><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 class=3D"oq" 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:&#39;PuckSerifDispl=
ay&#39;,&#39;Georgia&#39;;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:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:u=
ndefined;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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
hhdC1oYXBwZW5zLWlmLXRoZS1wYXJhbW91bnQtc2t5ZGFuY2UtbWVyZ2VyLWZhbGxzLXRocm9=
1Z2gvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NiUyRjclMkYyNSUy=
OVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg2JTJGNyUyRjI1J=
TI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbW=
VyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY=
2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjIyMDQ4Mn0/e8a09f6211a8d38d6fbb=
c175490291f358034f3613f86d43f2f7729b08ed87de" =
style=3D"text-decoration:underline;color:#d40000;">reads</a> the =
indentures behind <strong>Shari Redstone</strong>=E2=80=99s $550 million =
debt crisis, while <strong>Eriq Gardner </strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
FyYW1vdW50cy10cnVtcC1zZXR0bGVtZW50LWNhbGN1bHVzLz91dG1fY2FtcGFpZ249VGhlK0J=
hY2tzdG9yeSstK0xFQURTKyUyODYlMkY3JTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUr=
QmFja3N0b3J5Ky0rTEVBRFMrJTI4NiUyRjclMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1ha=
WxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2Yz=
YwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImx=
pbmtfaWQiOjIyMjQwNjF9/b87ecb0f53d4b79627b6910e3ca86f20146b147d18fb4a028fb=
0fb84f6879fba" =
style=3D"text-decoration:underline;color:#d40000;">runs</a> down the =
settlement calculation.</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;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;"><tbody><tr><td =
style=3D"padding-bottom:16px;"><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 class=3D"oq" 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:&#39;PuckSerifDispl=
ay&#39;,&#39;Georgia&#39;;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:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:u=
ndefined;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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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>Julia Ioffe
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
h5LWhhcy10aGUtc3RhdGUtZGVwYXJ0bWVudC1nb25lLXNpbGVudC1vbi1nYXphLz91dG1fY2F=
tcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODYlMkY3JTJGMjUlMjlcdTAwMjZ1dG1f=
Y29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NiUyRjclMkYyNSUyOVx1MDAyNnV0b=
V9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNn=
V0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDM=
wMWQ0OGQyOCIsImxpbmtfaWQiOjIyMjIzMTd9/6d28f6b6d9b18622d2d3784f60fd8949dd3=
0caae33ced97ea39da30e0badddde" =
style=3D"text-decoration:underline;color:#d40000;">examines</a> the =
inner turmoil in Foggy =
Bottom.<br/><em>and=E2=80=A6</em><br/><strong>Leigh Ann Caldwell =
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
h5LWpvc2gtaGF3bGV5LWlzLWJyZWFraW5nLXdpdGgtdGhlLWdvcC8_dXRtX2NhbXBhaWduPVR=
oZStCYWNrc3RvcnkrLStMRUFEUyslMjg2JTJGNyUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9=
VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODYlMkY3JTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtP=
WVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT=
1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjg=
iLCJsaW5rX2lkIjoyMjIxMTQ1fQ/e44f9ab38b4c01d603c37a0235e4bf74e17c216e19b29=
04ec48fd17409a0a150" =
style=3D"text-decoration:underline;color:#d40000;">previews</a> =
<strong>Hawley =
</strong>=E2=80=9928.<br/><em>meanwhile=E2=80=A6</em><br/><strong>Abby =
Livingston
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZG=
VtLW1pZHRlcm0tcmVjcnVpdG1lbnQtYmlkZW4taW5zaWRlcnMtbmVlZC1ub3QtYXBwbHkvP3V=
0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NiUyRjclMkYyNSUyOVx1MDAy=
NnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg2JTJGNyUyRjI1JTI5XHUwM=
DI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXH=
UwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE=
1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjIxNzkzOH0/ab1add5b8f1ef7c63fb3ac89ff6f=
da8cf48b6eb5b87a9c3f5343213506986d8b" =
style=3D"text-decoration:underline;color:#d40000;">delivers</a> the =
CliffsNotes for the Dems=E2=80=99 midterm playbook.</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;padding-bottom:16px;padding-left:24px;padding-right:24px;paddin=
g-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;"><tbody><tr><td =
style=3D"padding-bottom:16px;"><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 class=3D"oq" 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:&#39;PuckSerifDispl=
ay&#39;,&#39;Georgia&#39;;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:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:u=
ndefined;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:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Ari=
al&#39;;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 Bill discuss <strong>Zaz</strong>=E2=80=99s credit downgrade on
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL3RoZS16YXotcmVwb3J0Lz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9=
yeSstK0xFQURTKyUyODYlMkY3JTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0=
b3J5Ky0rTEVBRFMrJTI4NiUyRjclMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0a=
W9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZT=
NkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQ=
iOjIyMTg5Nzd9/c2e94c306e94edbd163aee68d3b3ea155df22a2405b9883a55d0d16c3e2=
3e6fb" style=3D"text-decoration:underline;color:#d40000;"><em>The Grill =
Room</em></a>.<br/><em>and=E2=80=A6</em><br/>John Ourand breaks down =
<strong>Gerry Cardinale</strong>=E2=80=99s latest venture on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL21vbmV5YmFsbC1tZWV0cy10aGUtZi1iLWkvP3V0bV9jYW1wYWlnbj1=
UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NiUyRjclMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50=
PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg2JTJGNyUyRjI1JTI5XHUwMDI2dXRtX21lZGl1b=
T1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm=
09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI=
4IiwibGlua19pZCI6MjIyMDI1OH0/5ef6785b65ec26f86bc4ef19a5fdc18a80204c95ca88=
369f5362b7173e8e96af" =
style=3D"text-decoration:underline;color:#d40000;"><em>The =
Varsity</em></a>.<br/><em>and=E2=80=A6</em><br/>Lauren offers a master =
class on Jonathanology on
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlLzItYmVjb21lLTEtZGlvci8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3R=
vcnkrLStMRUFEUyslMjg2JTJGNyUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tz=
dG9yeSstK0xFQURTKyUyODYlMkY3JTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2Fjd=
Glvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNW=
UzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2l=
kIjoyMjE4OTc4fQ/154c80a63d54a555c7c68018d4b635dd820274bba0dcc76726d3a736f=
cd7d7c4" style=3D"text-decoration:underline;color:#d40000;"><em>Fashion =
People</em></a>.<br/><em>and=E2=80=A6</em><br/><strong>John =
Heilemann</strong> and former UBS Americas C.E.O. and <strong>Obama =
</strong>buddy <strong>Robert Wolf </strong>study the TACO phenomenon on =
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL3JvYmVydC13b2xmLWVsb25zLWFkaW9zLWJpZGVuLWFnb25pc3Rlcy1=
0aGUtdGFjby10aGF0LWF0ZS10cnVtcC8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStM=
RUFEUyslMjg2JTJGNyUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK=
0xFQURTKyUyODYlMkY3JTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MD=
AyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ=
0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMjE5=
NjA3fQ/d4fa23ae77324f1c37a7952d233383548ce45b750d439da73ad08dee3ccc42f0" =
style=3D"text-decoration:underline;color:#d40000;"><em>Impolitic</em></a>=
.<br/><em>and=E2=80=A6</em><br/>Matt
and Broadway producer <strong>John Johnson </strong>discuss =
<strong>Clooney</strong>=E2=80=99s stage bet on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL2Nsb29uZXlzLWJpZy1icm9hZHdheS1iZXQtYW5kLWhvdy10by1tYWt=
lLXJlYWwtbW9uZXktaW4tdGhlYXRlci8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStM=
RUFEUyslMjg2JTJGNyUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK=
0xFQURTKyUyODYlMkY3JTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MD=
AyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ=
0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMjIw=
MjU3fQ/21b0c25c709aa6cdd7974d9b1a5d6e47b8a3f92717b39df0ad6de7edfcbd35a5" =
style=3D"text-decoration:underline;color:#d40000;"><em>The =
Town</em></a>.<br/><em>and=E2=80=A6</em><br/>Julia Alexander and Eriq =
discuss a <em>Real Housewives </em>legal bombshell on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL3RoZS1iZXpvcy1hLWktYmV0cmF5YWwtYS1yZWFsLWhvdXNld2l2ZXM=
tbGVnYWwtYm9tYi8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg2JTJG=
NyUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODYlM=
kY3JTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2=
U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGV=
ybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMjIzNjM4fQ/bb2d84345=
f04200a8f43d515a72a1b8c08fa9c851c83744a9d20609785015eb1" =
style=3D"text-decoration:
underline;color:#d40000;"><em>The Powers That Be</em></a>.</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;padding-left:24px;padding-right:24px;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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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;"><em>As a reminder, you can update your profile at =
any time to get more stories like these directly in your
inbox. <strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvbm=
V3c2xldHRlcnMvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NiUyRjc=
lMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg2JTJG=
NyUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlP=
WN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm=
5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MTU2fQ/641200a87ac7ca03=
026e0d2a292e393691feb224d429c63c069bd92318a2ea01" target=3D"_blank" =
rel=3D"noopener" =
style=3D"text-decoration:underline;color:#d40000;">Click =
here</a></strong> to customize your email settings.</em></p></div>
</td></tr></tbody></table>
<table class=3D"oq" 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:&#39;PuckSerifD=
isplay&#39;,&#39;Georgia&#39;;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;">The D.T.C. Generation</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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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;">This =
week, I was running late to a meeting on a nondescript block in West =
Chelsea when a Proustian epiphany
descended on me. The renovated factory buildings all looked vaguely =
familiar, and yet I couldn=E2=80=99t quite place it=E2=80=A6 until I =
walked by an office lobby that I suddenly recalled entering five years =
ago. Back then, in the throes of Covid, I=E2=80=99d been pitching an =
investor on Puck <em>in person </em>for perhaps the very first =
time.<br/><br/>In those days, as businesses were quickly adjusting to =
pandemic realities and new revenue streams=E2=80=94and the specter that =
we=E2=80=99d all be in our homes forever=E2=80=94I tried to take a
delicate tack. After all, venture capital and private equity firms were =
consumed with supporting their destabilized portfolio companies rather =
than deploying new financing. But nevertheless, I persisted with a very =
simple pitch that operated on two distinct levels.</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-bottom:32px;padding-left:32px;padding-right:32px;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:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Ari=
al&#39;;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 SPONSOR</p></div>
</td></tr></tbody></table>
<table class=3D"j oq 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:16px;width:100%;"><div class=3D"r" =
align=3D"center"><div style=3D"max-width:536px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9hZC5kb3VibGVjbG=
ljay5uZXQvZGRtL3RyYWNrY2xrL042MzQ0LjQyMzU4NjVQVUNLTkVXUy9CMzM1MDI2MjMuNDI=
yNDA1MTAxO2RjX3Rya19haWQ9NjE1NTM3OTY3O2RjX3Rya19jaWQ9OTk4MDg3NjE7ZGNfbGF0=
PTtkY19yZGlkPTt0YWdfZm9yX2NoaWxkX2RpcmVjdGVkX3RyZWF0bWVudD07dGZ1YT07bHRkP=
TtkY190ZHY9MT91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODYlMkY3JT=
JGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NiUyRjc=
lMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1j=
dXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuY=
WwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIyMjQwNjJ9/471340dc21a5a=
519688de77e983c53a25e14260060a1a6a5e42385dba3fb3ee8" target=3D"_blank" =
style=3D"outline:none" tabindex=3D"-1"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1749220505878_ana_puck_600x400_02_rd02_01JX2TNEA3RSXJFBQHMBGDQDX1.jpg" =
style=3D"display:block;height:auto;border:0;width:100%;" width=3D"536" =
alt=3D"Andor - Disney+" title=3D"Andor - Disney+" =
height=3D"auto"/></a></div></div>
</td></tr></tbody></table>
<table class=3D"j 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:16px;width:100%;"><div class=3D"r" =
align=3D"center"><div style=3D"max-width:536px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9hZC5kb3VibGVjbG=
ljay5uZXQvZGRtL3RyYWNrY2xrL042MzQ0LjQyMzU4NjVQVUNLTkVXUy9CMzM1MDI2MjMuNDI=
yNDA1MTAxO2RjX3Rya19haWQ9NjE1NTM3OTY3O2RjX3Rya19jaWQ9OTk4MDg3NjE7ZGNfbGF0=
PTtkY19yZGlkPTt0YWdfZm9yX2NoaWxkX2RpcmVjdGVkX3RyZWF0bWVudD07dGZ1YT07bHRkP=
TtkY190ZHY9MT91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODYlMkY3JT=
JGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NiUyRjc=
lMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1j=
dXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuY=
WwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIyMjQwNjJ9/471340dc21a5a=
519688de77e983c53a25e14260060a1a6a5e42385dba3fb3ee8" target=3D"_blank" =
style=3D"outline:none" tabindex=3D"-1"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1749220504374_ana_puck_600x700_02_rd01_01JX2TNCW2T70Z7VYH6CV44PQ2.jpg" =
style=3D"display:block;height:auto;border:0;width:100%;" width=3D"536" =
alt=3D"Andor - Disney+" title=3D"Andor - Disney+" =
height=3D"auto"/></a></div></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;word-break:break-word;=
"><tbody><tr><td><div =
style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Ari=
al&#39;;font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.2=
;text-align:center;mso-line-height-alt:20px;"><p =
style=3D"margin:0;margin-bottom:0px;">=E2=80=9COne of the best TV shows =
of the decade.=E2=80=9D</p><p =
style=3D"margin:0;margin-bottom:0px;"><em>THE WRAP</em></p><p =
style=3D"margin:0;margin-bottom:0px;">=C2=A0</p><p =
style=3D"margin:0;margin-bottom:0px;">=E2=80=9CA masterpiece. The =
performances are riveting throughout, Diego Luna is =
brilliant.=E2=80=9D</p><p =
style=3D"margin:0;margin-bottom:0px;"><em>FORBES</em></p><p =
style=3D"margin:0;margin-bottom:0px;">=C2=A0</p><p =
style=3D"margin:0;margin-bottom:0px;">=E2=80=9CTony Gilroy and Diego =
Luna bring the best Star Wars story to an extraordinary =
end.=E2=80=9D</p><p style=3D"margin:0;margin-bottom:0px;"><em>THE =
WASHINGTON POST</em></p><p style=3D"margin:0;
margin-bottom:0px;">=C2=A0</p><p =
style=3D"margin:0;margin-bottom:0px;">How Diego Luna &amp; Tony =
Gilroy=E2=80=99s collaboration revolutionized the Emmy-nominated, =
Peabody Award Winning series a for a timely final reason brought it back =
for an even stronger, more timely final season.<br/><br/></p><p =
style=3D"margin:0;margin-bottom:0px;"><strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly92YXJpZXR5LmNvbS=
8yMDI1L3R2L25ld3MvYW5kb3ItZmluYWxlLWRpZWdvLWx1bmEtdG9ueS1naWxyb3ktc3Rhci1=
3YXJzLTEyMzYzOTQ2NTIvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4=
NiUyRjclMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslM=
jg2JTJGNyUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc2=
91cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJ=
pbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjIyNDA2M30/0572=
9c6c9f9d86b45659a0483de021f9b354446f570270c879ba7b9388239197" =
target=3D"_blank" style=3D"text-decoration:underline;color:#d40000;" =
data-mce-attribute-name-1=3D"" data-mce-attribute-value-1=3D"" =
rel=3D"noopener">READ</a></strong></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;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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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;">First, it was clear to me that we were nearing the =
end of a dreary era in media defined by an addiction to
scale and virality. I barely read the output of any of the so-called =
unicorn media companies that were forged in that time, partly because =
they were built on the backs of over-Juuled young millennials and older =
Gen Z staffers each churning out half a dozen pieces of content a day. =
Editing=E2=80=94once excellently defined as the art of =
elimination=E2=80=94had been overridden by overproduction. =
<em>Every</em> brand now covered <em>everything</em>, from the poop =
cruise and the missing Malaysian airliner to the
<strong>Mueller</strong> report and the <strong>Steele </strong>dossier. =
It was a depressing state of affairs, and the industry simply needed to =
start over.<br/><br/>Second, the model had to change in a more nuanced =
way. For generations, media companies were built on direct-sales =
advertising models. The primacy of Facebook and Twitter, however, had =
given rise to a nearly religious fervor for the direct-to-consumer =
model, which had become all the rage in industries ranging from C.P.G. =
to fashion.
By then, many people my age had overdosed on these brands=E2=80=94Warby =
Parker, Allbirds, Outdoor Voices, etcetera=E2=80=94before the trend =
eventually migrated to the media industry. The Athletic, which =
eventually grew to more than 1 million paid subscribers through hardcore =
D.T.C. growth tactics, exemplified the bull case for the =
strategy.<br/><br/>And yet, I was pitching a different concept. Puck was =
going to build a subscription-first business that also leaned into =
advertising. After all, relevant and
exceptional journalism for highly engaged and professional audiences was =
a great pitch for commercial partners. And I knew, from my own =
experiences in the salt mines of the industry, that email was the =
greatest format for connecting since the glossy magazine page in its =
heyday.<br/><br/>I was also skeptical about the future of D.T.C. pure =
plays, which would be forced to grow by discounting prices=E2=80=94and, =
inevitably, diluting their content=E2=80=94before being tempted to lurch =
into areas outside their brand
permission structure. The industry had learned a ton from these D.T.C. =
challenger brands, but I suspected that the next generation would adopt =
a hybrid model. Anyway, that=E2=80=99s the concept I pitched that =
morning, all those years ago, in West Chelsea.<br/><br/>Earlier this =
week, my partner <strong>Sarah Shapiro </strong>published an excellent =
piece that takes stock of those D.T.C. fashion companies, all these =
years later. <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZX=
ZlcmxhbmUtdGhlLW1pbGxlbm5pYWwtZHRjLWJyYW5kcy1taWRsaWZlLWNyaXNpcy8_dXRtX2N=
hbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg2JTJGNyUyRjI1JTI5XHUwMDI2dXRt=
X2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODYlMkY3JTJGMjUlMjlcdTAwMjZ1d=
G1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMj=
Z1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2Q=
zMDFkNDhkMjgiLCJsaW5rX2lkIjoyMjE5MjYzfQ/91f023a7d27a0d3f8ac934bd3925725d7=
cdc9c836fc4fd05c5d6daae159bcfeb" =
style=3D"text-decoration:underline;color:#d40000;"><em>The Millennial =
D.T.C. Brands=E2=80=99 Midlife Crisis</em></a> offers a circumspect view =
of their subsequent challenges and afterglow=E2=80=94and how, with the =
exception of a few outliers, their promise of bypassing the retail =
experience turned out to be less appealing than once predicted. =
Similarly, many of these companies stalled out on channel growth. The =
costs of acquiring new customers outweighed their lifetime values as =
consumers, resulting in
worse unit economics than owning a store. Sarah explains how the =
travails of Allbirds and Everlane helped inspire a subsequent generation =
of companies, from Staud to Toteme, to create their own Goldilocks =
models based on limited retail and digital points of sale. The data =
these companies gather from their owned-and-operated channels help =
inform retail strategy and inventory. It=E2=80=99s a trajectory that =
mirrors the transformation in media, and if you have a minute this =
weekend, you should check out
Sarah=E2=80=99s excellent piece.<br/><br/>Meanwhile, as I cruised =
through the far West 20s, I happened to be listening to my partner =
<strong>John Heilemann</strong>=E2=80=99s popular podcast, <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdHMvaW1wb2xpdGljLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyU=
yODYlMkY3JTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMr=
JTI4NiUyRjclMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX=
3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4Ii=
wiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjk0MjAxNH0/f7e=
ab5271d8fbd680a4b0a8fe7235a8ee3a43541129eb0e028078065c677a562" =
style=3D"text-decoration:underline;color:#d40000;"><em>Impolitic</em></a>=
. John was chatting with <strong>Robert Wolf</strong>, the former C.E.O. =
of UBS Americas and <strong>Obama</strong>=E2=80=99s former economic =
advisor, fundraiser, and golf buddy. (They still play, I should note.)
Wolf is also an all-around mensch, and one of the brightest commentators =
on this particular tariff-inflected, politically impacted economic =
malaise we=E2=80=99re slogging through. <strong>Trump </strong>also =
happened to be his client at UBS during his investment banking days. =
Anyway, it=E2=80=99s a great conversation well worth your =
time.<br/><br/>As my epiphany landed and I finally realized where I was, =
I couldn=E2=80=99t help but smile. <em>Now I remembered=E2=80=A6</em> =
Five years ago, it was actually<em> Robert</em> I=E2=80=99d been
pitching to. It ended up not making sense for either of us, for entirely =
boring reasons, but we stayed friends and I have watched his career with =
awe. And, these days, we need his voice more than ever. He can narrate =
as well as anyone the interplay between Wall Street and =
Washington=E2=80=94the true story of these times, and precisely what you =
can always expect from Puck.</p></div>
</td></tr></tbody></table>
<table class=3D"oq" 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;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:32px;"><div =
style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Ari=
al&#39;;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>
</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-bottom:32px;padding-left:24px;padding-right:24px;paddin=
g-top:22px;vertical-align:top;">
<table class=3D"j" 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"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=
05LQUdYU25wWS0tUWg0VDBaaEFVTVZjaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvam=
9pbi8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg2JTJGNyUyRjI1JTI=
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