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Welcome back to your weekly roundup of Puck’s greatest hits from the past 
seven days. In this issue: Lauren Sherman examines the slow-motion drift 
between the Kardashian-Jenners and the Gredes. Bill Cohan examines S&P 
Global’s decision to swat the Warner Bros. debt down to BB+ territory. John 
Ourand unravels the latest legal developments in the Disney-YouTube turf 
war. And Sarah Shapiro checks in on the O.G. class of D.T.C. darlings.









Hey there,



Welcome back to your weekly roundup of Puck’s greatest hits from the past 
seven days.



In this issue: Lauren Sherman examines the slow-motion drift between the 
Kardashian-Jenners and the Gredes. Bill Cohan examines S&P Global’s decision 
to swat the Warner Bros. debt down to BB+ territory. John Ourand unravels 
the latest legal developments in the Disney-YouTube turf war. And Sarah 
Shapiro checks in on the O.G. class of D.T.C. darlings.



Enjoy!









Scenes From the Kardashians-Grede Marriage


LAUREN SHERMAN


Over the past decade, Emma and Jens Grede turbocharged the Kardashian/Jenner 
business empire—driving sales of denim and bodysuits and dish soap—while 
creating the mold for celebrity brands. But the Gredes also have businesses 
of their own, and their holdco, Popular Culture, and the Kardashian family 
businesses seem to be slowly but surely drifting apart.



Read Now









The Zaz Downgrade Debacle


WILLIAM D. COHAN


For years, David Zaslav and henchman Gunnar Wiedenfels had been following 
the yeoman’s path of paying down Warner Bros. Discovery’s $55 billion debt, 
all in the service of exploding the value of their publicly traded L.B.O. So 
why did S&P Global just swat WBD down to BB+?



Read Now









The Connolly War


JOHN OURAND


News, notes, and the latest court filings on the Disney–YouTube–Justin 
Connolly battle royale.



Read Now









The Millennial D.T.C. Brands’ Midlife Crisis


SARAH SHAPIRO


A decade ago, the direct-to-consumer revolt was in full bloom, with sky-high 
valuations and the promise that every brand could be the Warby Parker of 
something. So… how’s that going?



Read Now




  <https://userimg-bee.customeriomail.com/images/client-env-107382/Puck_EndSwash.png>








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roundup of Puck=E2=80=99s greatest hits from the past seven days. In =
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Kardashian-Jenners and the Gredes. Bill Cohan examines S&amp;P =
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style=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">Welcome back to =
your weekly roundup of Puck=E2=80=99s greatest hits from the past seven =
days.</span></p><p =
style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">=C2=A0</p><p =
style=3D"margin:0;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">In this issue: =
<strong>Lauren Sherman </strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
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4d7c92dd633c863806701124cbfa" style=3D"text-decoration: underline; =
color: #d40000;">examines the slow-motion drift</a> between the =
<strong>Kardashian-Jenners</strong> and the <strong>Gredes</strong>. =
<strong>Bill Cohan </strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYVDJuS3Z4Z3N3N3dHdEVUVVlKVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvc3=
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5e7f88ec4b3b" style=3D"text-decoration: underline; color: =
#d40000;">examines</a> S&amp;P Global=E2=80=99s decision to swat the =
Warner Bros. debt down to BB+ territory. <strong>John Ourand</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYVDJuS3Z4Z3N3N3dHdEVUVVlKVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaW=
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5fe8850a636e2ea69f9bfc881316b4e" style=3D"text-decoration: underline; =
color: #d40000;"> unravels</a> the latest legal developments in the =
Disney-YouTube turf war. And <strong>Sarah Shapiro </strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYVDJuS3Z4Z3N3N3dHdEVUVVlKVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZX=
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0af7c305623d52b1f2f62d826" style=3D"text-decoration: underline; color: =
#d40000;">checks in</a> on the O.G. class of D.T.C. =
darlings.=C2=A0=C2=A0</span>
</p><p =
style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">=C2=A0</p><p =
style=3D"margin:0;font-size:16px;mso-line-height-alt:24px"><span =
style=3D"word-break: break-word; font-size: =
16px;">Enjoy!</span></p></div></div></td></tr></tbody></table></td></tr><=
/tbody></table></td></tr></tbody></table><table class=3D"row row-3" =
align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
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tbody></table><table class=3D"image_block block-2" width=3D"100%" =
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class=3D"pad" style=3D"width:100%"><div class=3D"alignment" =
align=3D"center"><div style=3D"max-width:540px"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
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fY2FtcGFpZ249V2VlaytSZXZpZXcrLStMRUFEUyslMjg2JTJGOCUyRjI1JTI5XHUwMDI2dXRt=
X2NvbnRlbnQ9V2VlaytSZXZpZXcrLStMRUFEUyslMjg2JTJGOCUyRjI1JTI5XHUwMDI2dXRtX=
21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dX=
RtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzA=
xZDQ4ZDI4IiwibGlua19pZCI6MjIxNjI1N30/40c936bffe7e238a1f67520965404479340a=
4d7c92dd633c863806701124cbfa" target=3D"_blank" 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"540" =
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height=3D"auto"/></a></div></div></td></tr></tbody></table><table =
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ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
style=3D"font-family:&#39;Times New Roman&#39;,Georgia,serif"><div =
class=3D"" style=3D"font-size:14px;font-family:TimesNewRoman,&#39;Times =
New =
Roman&#39;,Times,Beskerville,Georgia,serif;mso-line-height-alt:16.8px;col=
or:#000;line-height:1.2"><p =
style=3D"margin:0;font-size:14px;mso-line-height-alt:16.8px">
<span style=3D"word-break: break-word; font-size: 30px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYVDJuS3Z4Z3N3N3dHdEVUVVlKVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
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4d7c92dd633c863806701124cbfa" target=3D"_blank" =
style=3D"text-decoration: none; color: #d40000;" rel=3D"noopener">Scenes =
From the Kardashians-Grede =
Marriage</a></span></p></div></div></td></tr></tbody></table><table =
class=3D"text_block block-4" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tb=
ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
style=3D"font-family:sans-serif"><div class=3D"" =
style=3D"font-size:14px;font-family:Arial,Helvetica =
Neue,Helvetica,sans-serif;mso-line-height-alt:16.8px;color:#000;line-heig=
ht:1.2"><p style=3D"margin:0;mso-line-height-alt:16.8px"><span =
style=3D"word-break: break-word; font-size: 16px;"><strong>LAUREN =
SHERMAN</strong></span></p></div></div></td></tr></tbody></table><table =
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cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tb=
ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
style=3D"font-family:sans-serif"><div class=3D"" =
style=3D"font-size:14px;font-family:Arial,Helvetica =
Neue,Helvetica,sans-serif;mso-line-height-alt:21px;color:#000;line-height=
:1.5"><p style=3D"margin:0;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">Over the past =
decade, Emma and Jens Grede turbocharged the Kardashian/Jenner business =
empire=E2=80=94driving sales of denim and bodysuits and dish =
soap=E2=80=94while creating the mold for celebrity brands. But the =
Gredes also have businesses of their own, and their holdco, Popular =
Culture, and the Kardashian family businesses seem to be slowly but =
surely drifting apart.</span></p><p =
style=3D"margin:0;mso-line-height-alt:21px">=C2=A0</p><p =
style=3D"margin:0;mso-line-height-alt:24px"><strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
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style=3D"text-decoration: underline; color: #d40000;" =
rel=3D"noopener"><span style=3D"word-break: break-word; font-size: =
16px;">Read =
Now</span></a></strong></p></div></div></td></tr></tbody></table></td></t=
r></tbody></table></td></tr></tbody></table><table class=3D"row row-4" =
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style=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align=
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class=3D"pad"><div class=3D"alignment" align=3D"center"><table =
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
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class=3D"divider_inner" =
style=3D"font-size:1px;line-height:1px;border-top:1px solid #bbb"><span =
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tbody></table><table class=3D"image_block block-2" width=3D"100%" =
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
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class=3D"pad" style=3D"width:100%"><div class=3D"alignment" =
align=3D"center"><div style=3D"max-width:540px">
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05LQUdYVDJuS3Z4Z3N3N3dHdEVUVVlKVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvc3=
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ody><tr><td class=3D"pad" =
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or:#000;line-height:1.2"><p =
style=3D"margin:0;font-size:14px;mso-line-height-alt:16.8px">
<span style=3D"word-break: break-word; font-size: 30px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYVDJuS3Z4Z3N3N3dHdEVUVVlKVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvc3=
AtaXNudC1idXlpbmctemF6cy10dXJuYXJvdW5kLWp1c3QteWV0Lz91dG1fY2FtcGFpZ249V2V=
laytSZXZpZXcrLStMRUFEUyslMjg2JTJGOCUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2Vl=
aytSZXZpZXcrLStMRUFEUyslMjg2JTJGOCUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpb=
F9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNj=
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#d40000;" rel=3D"noopener">The Zaz Downgrade =
Debacle</a></span></p></div></div></td></tr></tbody></table><table =
class=3D"text_block block-4" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
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ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
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style=3D"font-size:14px;font-family:Arial,Helvetica =
Neue,Helvetica,sans-serif;mso-line-height-alt:16.8px;color:#000;line-heig=
ht:1.2"><p style=3D"margin:0;mso-line-height-alt:16.8px"><span =
style=3D"word-break: break-word; font-size: 16px;"><strong>WILLIAM D. =
COHAN</strong></span></p></div></div></td></tr></tbody></table><table =
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cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
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Neue,Helvetica,sans-serif;mso-line-height-alt:21px;color:#000;line-height=
:1.5"><p style=3D"margin:0;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">For years, =
David Zaslav and henchman Gunnar Wiedenfels had been following the =
yeoman=E2=80=99s path of paying down Warner Bros. Discovery=E2=80=99s =
$55 billion debt, all in the service of exploding the value of their =
publicly traded L.B.O. So why did S&amp;P Global just swat WBD down to =
BB+?</span></p><p =
style=3D"margin:0;mso-line-height-alt:21px">=C2=A0</p><p =
style=3D"margin:0;mso-line-height-alt:24px">
<strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
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5e7f88ec4b3b" target=3D"_blank" style=3D"text-decoration: underline; =
color: #d40000;" rel=3D"noopener"><span style=3D"word-break: break-word; =
font-size: 16px;">Read =
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style=3D"font-size:1px;line-height:1px;border-top:1px solid #bbb"><span =
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5zaWRlLWRpc25leXMtbGVnYWwtZmlnaHQtb3Zlci1qdXN0aW4tY29ubm9sbHlzLWV4aXQvP3V=
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dG1fY29udGVudD1XZWVrK1JldmlldystK0xFQURTKyUyODYlMkY4JTJGMjUlMjlcdTAwMjZ1d=
G1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMj=
Z1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2Q=
zMDFkNDhkMjgiLCJsaW5rX2lkIjoyMjE4MDIxfQ/f4fac0788d41884612d0e5d83c903dabc=
5fe8850a636e2ea69f9bfc881316b4e" target=3D"_blank" =
style=3D"text-decoration: none; color: #d40000;" rel=3D"noopener">The =
Connolly War</a></span></p></div></div></td></tr></tbody></table><table =
class=3D"text_block block-4" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tb=
ody><tr><td class=3D"pad" style=3D"padding-bottom:5px;padding-top:5px">
<div style=3D"font-family:sans-serif"><div class=3D"" =
style=3D"font-size:14px;font-family:Arial,Helvetica =
Neue,Helvetica,sans-serif;mso-line-height-alt:16.8px;color:#000;line-heig=
ht:1.2"><p style=3D"margin:0;mso-line-height-alt:16.8px"><span =
style=3D"word-break: break-word; font-size: 16px;"><strong>JOHN =
OURAND</strong></span></p></div></div></td></tr></tbody></table><table =
class=3D"text_block block-5" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tb=
ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
style=3D"font-family:sans-serif"><div class=3D"" =
style=3D"font-size:14px;font-family:Arial,Helvetica =
Neue,Helvetica,sans-serif;mso-line-height-alt:21px;color:#000;line-height=
:1.5"><p style=3D"margin:0;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">News, notes, =
and the latest court filings on the =
Disney=E2=80=93YouTube=E2=80=93Justin Connolly battle =
royale.</span></p><p =
style=3D"margin:0;mso-line-height-alt:21px">=C2=A0</p><p =
style=3D"margin:0;mso-line-height-alt:24px"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
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5fe8850a636e2ea69f9bfc881316b4e" target=3D"_blank" =
style=3D"text-decoration: underline; color: #d40000;" =
rel=3D"noopener"><strong><span style=3D"word-break: break-word; =
font-size: 16px;">Read Now</span></strong></a>
</p></div></div></td></tr></tbody></table></td></tr></tbody></table></td>=
</tr></tbody></table><table class=3D"row row-6" align=3D"center" =
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cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
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style=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align=
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width=3D"100%" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td =
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style=3D"font-size:1px;line-height:1px;border-top:1px solid #bbb"><span =
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tbody></table><table class=3D"image_block block-2" width=3D"100%" =
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class=3D"pad" style=3D"width:100%"><div class=3D"alignment" =
align=3D"center"><div style=3D"max-width:540px"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYVDJuS3Z4Z3N3N3dHdEVUVVlKVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZX=
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style=3D"font-family:&#39;Times New Roman&#39;,Georgia,serif"><div =
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New =
Roman&#39;,Times,Beskerville,Georgia,serif;mso-line-height-alt:16.8px;col=
or:#000;line-height:1.2"><p =
style=3D"margin:0;font-size:14px;mso-line-height-alt:16.8px">
<span style=3D"word-break: break-word; font-size: 30px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
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0af7c305623d52b1f2f62d826" target=3D"_blank" style=3D"text-decoration: =
none; color: #d40000;" rel=3D"noopener">The Millennial D.T.C. =
Brands=E2=80=99 Midlife =
Crisis</a></span></p></div></div></td></tr></tbody></table><table =
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ody><tr><td class=3D"pad" =
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style=3D"font-family:sans-serif"><div class=3D"" =
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ht:1.2"><p style=3D"margin:0;mso-line-height-alt:16.8px"><span =
style=3D"word-break: break-word; font-size: 16px;"><strong>SARAH =
SHAPIRO</strong></span></p></div></div></td></tr></tbody></table><table =
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Neue,Helvetica,sans-serif;mso-line-height-alt:21px;color:#000;line-height=
:1.5"><p style=3D"margin:0;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">A decade ago, =
the direct-to-consumer revolt was in full bloom, with sky-high =
valuations and the promise that every brand could be the Warby Parker of =
something. So=E2=80=A6 how=E2=80=99s that going?</span></p><p =
style=3D"margin:0;mso-line-height-alt:21px">=C2=A0</p><p =
style=3D"margin:0;mso-line-height-alt:24px">
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underline; color: #d40000;" rel=3D"noopener"><strong><span =
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