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Thanks for reading The Backstory, your Saturday review of all the best new
work at Puck. It was a jam-packed week: Matt Belloni pondered YouTube’s
Oscars challenge and chewed over the latest Zaz-Ellison-Netflix machinations
with Bill Cohan; Kim Masters surveyed Hollywood’s latest anxieties about the
deal. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
͏
Dec 20, 2025
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PREVIEW VERSION
Start a free 14-day trial to unlock access to Puck.
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Jon Kelly
Good morning,
Thanks for reading The Backstory, your Saturday review of all the best new
work at Puck.
It was a jam-packed week: Matt Belloni pondered YouTube’s Oscars challenge
and chewed over the latest Zaz-Ellison-Netflix machinations with Bill Cohan;
Kim Masters surveyed Hollywood’s latest anxieties about the deal; and Eriq
Gardner foreshadowed the industry’s most pressing A.I. issues. Meanwhile,
Julia Alexander bought the cable dip; John Ourand previewed the NBA’s
manifest destiny; Dylan Byers followed Semafor’s Middle East roadmap; Lauren
Sherman scooped Versace’s new designer; Rachel Strugatz explored some beauty
M&A fantasies; Sarah Shapiro monitored the Nike turnaround; Ian Krietzberg
evaluated Bob Iger’s Sora strategy; and Marion Maneker spotlighted the
anti-Sotheby’s.
In Washington, Julia Ioffe reported on the Jared Kushner vibe shift; Peter
Hamby revealed the biggest obstacle to J.D. Vance’s presidential dreams; and
Leigh Ann Caldwell chatted up a pair of House leaders about their dueling
plans for dominance in ’26.
Check out these stories, and others, via the links below. And stick around
for the backstory on how it all came together.
START A FREE 14-DAY TRIAL
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FASHION
Lauren Sherman celebrates the Leena Nair age at Chanel, reveals Versace’s
new creative director, and catches up on the Saks Global anxieties.
and…
Rachel Strugatz conjures Selena Gomez’s beauty dilemma.
meanwhile…
Sarah Shapiro channel-checks Nike’s reboot.
<https://userimg-assets.customeriomail.com/images/client-env-107382/1729520868285_tbs-icon-art_01JAQQM732KCZHXS8XJBMTGS8Y.png>
ART MARKET
Marion Maneker scrutinizes the action in the middle of the auction market.
<https://userimg-assets.customeriomail.com/images/client-env-107382/1729520869111_tbs-icon-hollywood_01JAQQM7RNJPAHAYAT4JVP2FGA.png>
HOLLYWOOD
Matt Belloni inspects the YouTube–Oscars deal and interrogates Paramount
investor Gerry Cardinale about the WBD sweepstakes.
and…
Kim Masters takes the pulse of the creative community on Netflix’s play for
Warner Bros.
and…
Eriq Gardner translates Disney’s Sora wager.
<https://userimg-assets.customeriomail.com/images/client-env-107382/1750192320993_tbs-ai_01JXZSEWH3DSYQ0QETB525GJR3.png>
A.I.
Ian Krietzberg goes further on Bob Iger’s A.I. gamble.
AIR MAIL
Jeff Toobin recalls when Al Gore moved on from the dangling chad.
and…
Jeanne Malle recounts the year in coffee table books.
meanwhile…
Paulina Prosnitz gets up close with Ben Radcliffe.
<https://userimg-assets.customeriomail.com/images/client-env-107382/1729520869437_tbs-icon-media_01JAQQM82TC2CJD5T3P72A68MN.png>
MEDIA
Dylan Byers details Semafor’s Arabian ambitions.
<https://userimg-assets.customeriomail.com/images/client-env-107382/1729520870311_tbs-icon-sports_01JAQQM8Y3NF00D05WEX5CR80E.png>
SPORTS
John Ourand identifies Adam Silver’s next market frontier.
and…
Julia Alexander studies the cable industry’s dead cat bounce.
<https://userimg-assets.customeriomail.com/images/client-env-107382/1729520870551_tbs-icon-wall-street_01JAQQM95KYVHSVTE1SADVAXTS.png>
WALL STREET
Bill Cohan mediates the deal fallout between the Ellisons and Zaz.
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WASHINGTON
Leigh Ann Caldwell previews the midterm battle between Rep. Suzan DelBene
and Rep. Richard Hudson.
and…
Peter Hamby finds the fault in J.D. Vance’s stars.
and…
Julia Ioffe explains how Jared Kushner won over natsec D.C.
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PODCASTS
Dylan and Orchestra C.E.O. Jonathan Rosen (and yours truly) discuss the
latest findings from the Puck Private Conversation on The Grill Room.
and…
Ourand and NBA-ologist Brian Windhorst dissect the league’s post-$76
billion-payday future on The Varsity.
and…
Lauren and Argent C.E.O. Sali Christeson illuminate the world of corpcore on
Fashion People.
and…
John Heilemann and Lincoln Project co-founder Rick Wilson reflect on Trump’s
political challenges on Impolitic.
and…
Matt and RedBird founder Gerry Cardinale debate the best course for WBD on
The Town.
and…
Peter and Julia Alexander examine Netflix’s Barstool era 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.
Fatherland
On Sunday afternoon, just past lunch time, I found myself circling an
exurban parking lot somewhere in Mountainside, New Jersey—an unspectacular
crumb on the map, about half an hour from Summit or Montclair, for those of
you with a compass point moored to the suburbs of Manhattan. I’d just
dropped off my older son at a basketball tournament, somewhere between a
Maaco and a Tesla dealership, and was frantically trying to find a parking
spot before the Garden State Warriors tipped off. In New Jersey, where
parking is a relentless war of attrition, this wasn’t a given.
My search was interrupted by a call from my partner Bill Cohan, who has been
breathlessly covering the saga of the Warner Bros. Discovery sales
process—the competing bids from Netflix and the Ellisons; the machinations
among the dealmakers; and the financial implications of the various
outcomes. I’d been trading texts and notes with Bill all morning after
reading the first draft of his searing exposé on the latest twist in this
telenovela. After ingesting Paramount Skydance’s tender offer filing and
speaking to sources working on the deal, he’d gotten to the very heart of
the matter: Netflix had won the bidding process not only because its offer
was financially superior (at least in the WBD board’s estimation), but also
because of a serious communication challenge that had emerged with the
dealmakers at PSKY.
Through his conversations with insiders about the 265-page document, Bill
had discovered impediments large and small. The WBD board, it seemed, had
grown leery of how their counterparts at Paramount had responded to the
press leak regarding three Middle Eastern sovereign wealth funds joining the
PSKY bid—all of whom, by the way, were cross-conditioned, meaning that they
could drop out and collapse the financing without consequences. Moreover,
the WBD side was increasingly skeptical that Larry Ellison, then the world’s
second-wealthiest man, was personally guaranteeing the equity in his son’s
offer—just as Elon Musk had backstopped his own bid for Twitter. “Maybe Dad’s
looking up and basically saying, You don’t get to be worth $350 billion by
doing crazy things,” one source told Bill. “Maybe Dad’s looking up and
saying, I’m not sure I’m willing to bet $40 billion behind my kid.”
To wit, page 185 of the tender offer filing explained the contours of Larry’s
“limited liability.” Long story short, if any one of the cross-conditioned
equity investors dropped out, and the deal fell apart, WBD could only go
after Larry for $2.8 billion—not the full $40.7 billion. In the deal world,
this was breathtaking stuff, and it explained, to some degree, how Netflix
had managed to swoop in. (Other reasons were revealed in WBD’s 14D-9 filing,
not to get too technical here…)
Everyone in the industry knows that Bill is just about the best-sourced
finance reporter in history. I’ve joked from time to time that the net worth
of his subscribers is equivalent to the G.D.P. of a Gulf state. And while he
was fact-checking his article, Bill had tapped into the anxieties at the
highest levels of the deal. After rolling calls, it became clear that he was
about to break news not only to the subscribers of Dry Powder, his private
email, but also to people working on the deal. He laid it all out to me as I
circled the lot and eventually, blessedly, found a spot. I could only smile
as I signed off, thinking of the various bonds between fathers and sons.
Here I was, rushing into a youth basketball game while Larry was putting up
billions—perhaps not quite enough of them—to cement his firstborn’s status
as Hollywood mogul.
Ellison Irrevocable Trust Issues, Bill’s masterstroke, is one of my favorite
recent pieces of Puck journalism, filled with insight, humanity, and the
sort of exacting financial detail that could only be conveyed by a true
domain expert. It also quickly shook up the deal flow, and played a seminal
role in Bill and our partner Matt Belloni’s symposium-style follow-up, Who
Wants Warner Bros. More?, and in Matt’s excellent interview with Gerry
Cardinale, the founder of RedBird Capital and longtime Ellison partner, on
his excellent podcast, The Town. (Usual disclosure: Through a recent
acquisition, WBD C.E.O. David Zaslav is a de minimis investor in Puck, and
RedBird is a minority investor.) If you have a moment this weekend, I could
not recommend Bill’s piece more strongly.
A couple days later, I was lucky enough to join my partner Dylan Byers and
our friend Jonathan Rosen, the C.E.O. of Orchestra, for a breakfast event at
the Hotel Chelsea—a million miles from a suburban parking lot. We had
gathered industry executives to unveil the latest data set from our Puck
Private Conversation series, powered by Orchestra, which focused on the
impact of A.I. and new financial models, among other factors, on the
industry, based on a reader survey. The results were compelling, and quite
surprising. If you care about the fate of this industry, I’d encourage you
to turn your attention to our conversation either on The Grill Room, Dylan’s
podcast, or his piece, The 2025 Media State of the Union. Yes, yes, no one
can see around the corner with perfect clarity, but both the event and Bill’s
piece were the latest reminders that the industry expects us to predict it
more accurately than anyone else.
Happy holidays,
Jon
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</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"y 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: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;text-align:center;line=
-height:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#000000;font-family:'PuckSerifDi=
splay','Georgia';font-size:20px;font-weight:400;padding-botto=
m:12px;text-align:center;">
<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:8px;"><img alt=3D"PREVIEW =
VERSION" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
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height=3D"auto" width=3D"32" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:400;color:#000000;vertical-align:middle;letter-spacin=
g:normal;text-align:center;line-height:normal;">PREVIEW VERSION
</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><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:14px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:center;mso-line-height-alt:21px;"><p =
style=3D"margin:0;"><strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvam=
9pbi8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjIwJTJGMjU=
lMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyMCUy=
RjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c=
3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbC=
I6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6NTU4Njc5fQ/7418ce33b241ef97=
61d6cea8894e4a1456ed517e38728de7697173f2e544b1f6" target=3D"_blank" =
rel=3D"noopener" =
style=3D"text-decoration:underline;color:#d40000;">Start
a free 14-day trial</a></strong> to unlock access to Puck.</p></div>
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<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-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>
</td></tr></tbody></table></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"y 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:'PuckSerifDi=
splay','Georgia';font-size:20px;font-weight:400;padding-botto=
m:24px;text-align:left;">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:0px;"><img alt=3D"Jon Kelly" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1739207840362_avatar-jon-update-2025-02-10_01JKRDV4MWG66YABQ09KYQKNAE.pn=
g" height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:400;color:#d40000;vertical-align:middle;letter-spacin=
g:normal;text-align:left;line-height:normal;">Jon Kelly
</td></tr></tbody></table>
</td></tr></tbody></table>
<table 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:22px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;">Good =
morning,<br/><br/>Thanks for reading The Backstory, your Saturday review =
of all the best new
work at Puck.<br/><br/>It was a jam-packed week: <strong>Matt Belloni =
</strong>pondered YouTube=E2=80=99s Oscars challenge and chewed over the =
latest <strong>Zaz</strong>-<strong>Ellison</strong>-Netflix =
machinations with <strong>Bill Cohan</strong>; <strong>Kim Masters =
</strong>surveyed Hollywood=E2=80=99s latest anxieties about the deal; =
and <strong>Eriq Gardner</strong> foreshadowed the industry=E2=80=99s =
most pressing A.I. issues. Meanwhile, <strong>Julia Alexander =
</strong>bought the cable dip; <strong>John Ourand
</strong>previewed the NBA=E2=80=99s manifest destiny; <strong>Dylan =
Byers </strong>followed Semafor=E2=80=99s Middle East roadmap; =
<strong>Lauren Sherman </strong>scooped Versace=E2=80=99s new designer; =
<strong>Rachel Strugatz </strong>explored some beauty M&A fantasies; =
<strong>Sarah Shapiro </strong>monitored the Nike turnaround; =
<strong>Ian Krietzberg </strong>evaluated <strong>Bob =
Iger</strong>=E2=80=99s Sora strategy; and <strong>Marion Maneker =
</strong>spotlighted the anti-Sotheby=E2=80=99s.<br/><br/>In Washington, =
<strong>Julia
Ioffe </strong>reported on the <strong>Jared Kushner</strong> vibe =
shift; <strong>Peter Hamby </strong>revealed the biggest obstacle to =
<strong>J.D. Vance</strong>=E2=80=99s presidential dreams; and =
<strong>Leigh Ann Caldwell </strong>chatted up a pair of House leaders =
about their dueling plans for dominance in =E2=80=9926.</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"u" 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"y 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:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;">Check =
out these stories, and others, via the links below. And stick around for =
the backstory on how it all
came together.</p></div>
</td></tr></tbody></table>
<table class=3D"g 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:16px;text-align:center;"><div class=3D"r" =
align=3D"center"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvam=
9pbi8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjIwJTJGMjU=
lMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyMCUy=
RjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c=
3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbC=
I6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6NTU4Njc5fQ/7418ce33b241ef97=
61d6cea8894e4a1456ed517e38728de7697173f2e544b1f6" target=3D"_blank" =
style=3D"color:#ffffff;text-decoration:none;"><span class=3D"m" =
style=3D"background-color:#d40000;mso-shading:transparent;border-bottom:2=
px solid #d40000;border-left:2px solid =
#d40000;border-radius:4px;border-right:2px solid
#d40000;border-top:2px solid =
#d40000;color:#ffffff;display:inline-block;font-family:'Inter',&#=
39;Arial';font-size:14px;font-weight:700;mso-border-alt:none;padding-=
bottom:8px;padding-top:8px;padding-left:20px;padding-right:20px;text-alig=
n:center;width:60%;word-break:keep-all;letter-spacing:normal;"><span =
style=3D"word-break:break-word;line-height:28px;">START A FREE 14-DAY =
TRIAL</span></span></a></div>
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</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"y 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:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"FASHION" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520868807_tbs-icon-fashion_01JAQQM7F4X1VMN1QPH2NRBDZ8.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;text-align:left;line-height:normal;">FASHION
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Lauren Sherman
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZm=
FzaGlvbnMtaGVyby1vZi10aGUteWVhci1pcy1jaGFuZWwtY2VvLWxlZW5hLW5haXIvP3V0bV9=
jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyMCUyRjI1JTI5XHUwMDI2=
dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjAlMkYyNSUyOVx1M=
DAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1=
x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDY=
xNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjI0ODQ0NjB9/c33232931fcf294498137c892c6=
f7efd09524aa8d9e59885d52999c55892fcd4" =
style=3D"text-decoration:underline;color:#d40000;">celebrates</a> the =
<strong>Leena Nair </strong>age at Chanel, <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvdm=
Vyc2FjZXMtbmV3LWNyZWF0aXZlLWRpcmVjdG9yLWlzLz91dG1fY2FtcGFpZ249VGhlK0JhY2t=
zdG9yeSstK0xFQURTKyUyODEyJTJGMjAlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStC=
YWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjIwJTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtY=
WlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNm=
M2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJ=
saW5rX2lkIjoyNDgwMjQyfQ/17df5836994b3d01aba07c95d9fb7340870f101004a831220=
6ca9f652d190694" =
style=3D"text-decoration:underline;color:#d40000;">reveals</a> =
Versace=E2=80=99s new creative director, and <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvc2=
Frcy1nbG9iYWxzLWJpZy1iaWxsLW96ZW1waWMtY29uc3VtZXItdHJlbmRzLz91dG1fY2FtcGF=
pZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjAlMkYyNSUyOVx1MDAyNnV0bV9j=
b250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjIwJTJGMjUlMjlcdTAwMjZ1d=
G1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMj=
Z1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2Q=
zMDFkNDhkMjgiLCJsaW5rX2lkIjoyNDg2MDcyfQ/ebe326bf6a5fc84fc829b3fcfd9897b73=
a98a4f2086a9cd1b86126f638848cd8" =
style=3D"text-decoration:underline;color:#d40000;">catches up</a>
on the Saks Global =
anxieties.<br/><em>and=E2=80=A6</em><br/><strong>Rachel Strugatz =
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvbG=
luZS1zaGVldHMtYmVhdXR5LW1haWxiYWctMjAyNi1mb3JlY2FzdGluZy1lZGl0aW9uLz91dG1=
fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjAlMkYyNSUyOVx1MDAy=
NnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjIwJTJGMjUlMjlcd=
TAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW=
9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA=
2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyNDg0MDc0fQ/b60d65209ef8dbafd6ce39412=
2257edb583d2e655b13c45c0339ace10e6a6fdb" =
style=3D"text-decoration:underline;color:#d40000;">conjures</a> =
<strong>Selena Gomez</strong>=E2=80=99s beauty =
dilemma.<br/><em>meanwhile=E2=80=A6</em><br/><strong>Sarah Shapiro =
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaW=
5zaWRlLWVsbGlvdHQtaGlsbHMtbmlrZS10dXJuYXJvdW5kLXN0cmF0ZWd5Lz91dG1fY2FtcGF=
pZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjAlMkYyNSUyOVx1MDAyNnV0bV9j=
b250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjIwJTJGMjUlMjlcdTAwMjZ1d=
G1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMj=
Z1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2Q=
zMDFkNDhkMjgiLCJsaW5rX2lkIjoyNDgxODU0fQ/883945a4651cdfdc7240edd5df6791fbf=
ba31d3664fe49b28ca66f743d0062ae" =
style=3D"text-decoration:underline;color:#d40000;">channel-checks</a> =
Nike=E2=80=99s reboot.</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"y 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:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"ART MARKET" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520868285_tbs-icon-art_01JAQQM732KCZHXS8XJBMTGS8Y.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;text-align:left;line-height:normal;">ART MARKET
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Marion Maneker</strong>
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
J0cy1taWR3ZXN0LW1pZGRsZW1hbi1qYXkta3JlaGJpZWwtb2YtZnJlZW1hbnMvP3V0bV9jYW1=
wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyMCUyRjI1JTI5XHUwMDI2dXRt=
X2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjAlMkYyNSUyOVx1MDAyN=
nV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MD=
AyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWU=
zZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjI0ODM0OTN9/bf017def61285463fb327c113897c68=
03fd081164a7ea5d32ab72390383ffddb" =
style=3D"text-decoration:underline;color:#d40000;">scrutinizes</a> the =
action in the middle of the auction market.</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"y 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:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"HOLLYWOOD" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520869111_tbs-icon-hollywood_01JAQQM7RNJPAHAYAT4JVP2FGA.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;text-align:left;line-height:normal;">HOLLYWOOD
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Matt Belloni </strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
lsbC10aGUtb3NjYXJzLXdvcmstb24teW91dHViZS8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3R=
vcnkrLStMRUFEUyslMjgxMiUyRjIwJTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFj=
a3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyMCUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpb=
F9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNj=
A2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGl=
ua19pZCI6MjQ4NTQ4OH0/28cd444aaf4a752d0d9b3f02814c8d7d40c03c532223b7821775=
7564995ef896" =
style=3D"text-decoration:underline;color:#d40000;">inspects</a> the =
YouTube=E2=80=93Oscars deal and <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
hvLXdhbnRzLXdhcm5lci1icm9zLW1vcmUtbmV0ZmxpeC1vci1kYXZpZC1lbGxpc29uLz91dG1=
fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjAlMkYyNSUyOVx1MDAy=
NnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjIwJTJGMjUlMjlcd=
TAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW=
9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA=
2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyNDgwNDA5fQ/63d7c8a9f110bf8e5a5e6504e=
b0f64fd447d3b6f6feed2c469dadc02b268ba41" =
style=3D"text-decoration:underline;color:#d40000;">interrogates</a> =
Paramount investor <strong>Gerry Cardinale </strong>about the WBD =
sweepstakes.<br/><em>and=E2=80=A6</em><br/><strong>Kim Masters =
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZG=
9lcy1hbnlvbmUtYmVsaWV2ZS1uZXRmbGl4LXdpbGwta2VlcC13YXJuZXItYnJvcy1tb3ZpZXM=
taW4tdGhlYXRlcnMvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIl=
MkYyMCUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyO=
DEyJTJGMjAlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3=
NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4Iiw=
iaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjI0ODQyMDV9/825=
35953377620c6bc35284c175d136cad93d7a95b4702a3b8818227853b9a38" =
style=3D"text-decoration:underline;
color:#d40000;">takes</a> the pulse of the creative community on =
Netflix=E2=80=99s play for Warner =
Bros.<br/><em>and=E2=80=A6</em><br/><strong>Eriq Gardner </strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZG=
lzbmV5cy1zb3JhLXdhZ2VyLWhvbGx5d29vZHMtbmV4dC1haS1sZWdhbC1iYXR0bGVzLz91dG1=
fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjAlMkYyNSUyOVx1MDAy=
NnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjIwJTJGMjUlMjlcd=
TAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW=
9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA=
2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyNDgxNDYwfQ/715ddcc7e0bd4cd73801fc090=
2373d1b020ba7df74a15aecf8898e6e4f7fec88" =
style=3D"text-decoration:underline;color:#d40000;">translates</a> =
Disney=E2=80=99s Sora wager.</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"y 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:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"A.I." =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1750192320993_tbs-ai_01JXZSEWH3DSYQ0QETB525GJR3.png" height=3D"auto" =
width=3D"48" align=3D"center" style=3D"display:
block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;text-align:left;line-height:normal;">A.I.
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Ian Krietzberg
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaG=
93LWJvYi1pZ2VyLWxlYXJuZWQtdG8tbG92ZS1haS8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3R=
vcnkrLStMRUFEUyslMjgxMiUyRjIwJTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFj=
a3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyMCUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpb=
F9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNj=
A2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGl=
ua19pZCI6MjQ4NDIwMX0/a6e45bdac7eae965bdd99b67be5f82aa2e407e4c6dfe0792f3e6=
52943567a580" style=3D"text-decoration:underline;color:#d40000;">goes =
further</a> on <strong>Bob Iger</strong>=E2=80=99s A.I. =
gamble.</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"y 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;"><tbody><tr><td =
style=3D"padding-bottom:14px;padding-top:8px;text-align:center;width:100%=
;"><h3 =
style=3D"margin:0;color:#000000;direction:ltr;font-family:'PuckSerifD=
isplay','Georgia';font-size:20px;font-weight:700;letter-spaci=
ng:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;ms=
o-line-height-alt:24px;"><strong>AIR MAIL</strong></h3>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Jeff Toobin
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9haXJtYWlsLm5ld3=
MvaXNzdWVzLzIwMjUtMTItMTMvdGhlLXZpZXctZnJvbS1oZXJlP3V0bV9jYW1wYWlnbj1UaGU=
rQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyMCUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9=
VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjAlMkYyNSUyOVx1MDAyNnV0bV9tZWRpd=
W09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZX=
JtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQ=
yOCIsImxpbmtfaWQiOjI0ODYwNzN9/b209a9abfeb3063d94049429e293efb19c7064fa814=
8d95c24f909c5a278d284" =
style=3D"text-decoration:underline;color:#d40000;">recalls</a> when =
<strong>Al Gore </strong>moved on from the dangling =
chad.<br/><em>and=E2=80=A6</em><br/><strong>Jeanne Malle </strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9haXJtYWlsLm5ld3=
MvaXNzdWVzLzIwMjUtMTItMTMvdGhlLWJlc3QtY29mZmVlLXRhYmxlLWJvb2tzLW9mLTIwMjU=
_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjIwJTJGMjUlMjlc=
dTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyMCUyRjI1J=
TI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbW=
VyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY=
2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQ4NjA3NH0/b2b8e69358688a8f042e=
d761118c2b04759db1d91e5416ceb6693ffac16381a9" =
style=3D"text-decoration:underline;color:#d40000;">recounts</a> the year =
in coffee table =
books.<br/><em>meanwhile=E2=80=A6</em><br/><strong>Paulina Prosnitz
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9haXJtYWlsLm5ld3=
MvaXNzdWVzLzIwMjUtMTItMTMvYmVuLXJhZGNsaWZmZT91dG1fY2FtcGFpZ249VGhlK0JhY2t=
zdG9yeSstK0xFQURTKyUyODEyJTJGMjAlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStC=
YWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjIwJTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtY=
WlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNm=
M2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJ=
saW5rX2lkIjoyNDg2MDc1fQ/bf3afcd912a41d1e6834e39de0704bde01db90a2169f6c386=
5ce7f399370dc5c" style=3D"text-decoration:underline;color:#d40000;">gets =
up close</a> with <strong>Ben Radcliffe</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"y 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:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"MEDIA" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520869437_tbs-icon-media_01JAQQM82TC2CJD5T3P72A68MN.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;text-align:left;line-height:normal;">MEDIA
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Dylan Byers
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaW=
5zaWRlLXNlbWFmb3JzLWd1bGYtZXhwYW5zaW9uLWFuZC1ldmVudHMtcGl2b3QvP3V0bV9jYW1=
wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyMCUyRjI1JTI5XHUwMDI2dXRt=
X2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjAlMkYyNSUyOVx1MDAyN=
nV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MD=
AyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWU=
zZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjI0ODM2MzN9/7b7259872032991b87599161add9329=
911d8268f81a6942d39f7043066727814" =
style=3D"text-decoration:underline;color:#d40000;">details</a> =
Semafor=E2=80=99s Arabian ambitions.</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"y 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:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"SPORTS" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520870311_tbs-icon-sports_01JAQQM8Y3NF00D05WEX5CR80E.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;text-align:left;line-height:normal;">SPORTS
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>John Ourand
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdG=
hlLW5iYXMtbG9vbWluZy1zdXBlcnN0YXItcmV0aXJlbWVudC1jcmlzaXMvP3V0bV9jYW1wYWl=
nbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyMCUyRjI1JTI5XHUwMDI2dXRtX2Nv=
bnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjAlMkYyNSUyOVx1MDAyNnV0b=
V9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNn=
V0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDM=
wMWQ0OGQyOCIsImxpbmtfaWQiOjI0ODUzMjZ9/586c42836f70b38f4a0cda735ebba5c4dbd=
2339a3a94af10cee0f19dfab3684f" =
style=3D"text-decoration:underline;color:#d40000;">identifies</a> =
<strong>Adam Silver</strong>=E2=80=99s next market =
frontier.<br/><em>and=E2=80=A6</em><br/><strong>Julia Alexander =
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvY2=
FibGVzLWRlYWQtY2F0LWJvdW5jZS1maXJzdC1ncm93dGgtc2luY2UtMjAxNy8_dXRtX2NhbXB=
haWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjIwJTJGMjUlMjlcdTAwMjZ1dG1f=
Y29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyMCUyRjI1JTI5XHUwMDI2d=
XRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMD=
I2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTN=
kMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQ4MTcyN30/93e8365d1e4ead709de237b6b6457bf1=
2e2ce4d1411a733f2ee9a48d09e774cd" =
style=3D"text-decoration:underline;color:#d40000;">studies</a> the cable =
industry=E2=80=99s dead cat bounce.</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"y 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:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"WALL =
STREET" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520870551_tbs-icon-wall-street_01JAQQM95KYVHSVTE1SADVAXTS.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;text-align:left;line-height:normal;">WALL STREET
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Bill Cohan </strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaG=
93LXRoZS1lbGxpc29ucy1sb3N0LXdiZC1mb3Itbm93Lz91dG1fY2FtcGFpZ249VGhlK0JhY2t=
zdG9yeSstK0xFQURTKyUyODEyJTJGMjAlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStC=
YWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjIwJTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtY=
WlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNm=
M2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJ=
saW5rX2lkIjoyNDc5Njg1fQ/68533abd11344a809ef79fb576952adc7c5ae47390a7df903=
18bb0bddeb8ca09" =
style=3D"text-decoration:underline;color:#d40000;">mediates</a> the deal =
fallout between the <strong>Ellisons </strong>and =
<strong>Zaz</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"y 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:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"WASHINGTON" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520870794_tbs-icon-washington_01JAQQM9D691XMPJRQ226EDXSM.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;text-align:left;line-height:normal;">WASHINGTON
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Leigh Ann Caldwell</strong>
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaG=
91c2UtY2FtcGFpZ24tY2hpZWZzLWNsYXNoLW92ZXItdHJ1bXAtdHVybm91dC1zdHJhdGVneS8=
_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjIwJTJGMjUlMjlc=
dTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyMCUyRjI1J=
TI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbW=
VyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY=
2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQ4MTc2M30/d046cf01af3f617bd217=
ab19baf014a81757fb9f269979b972b035880fcd6527" =
style=3D"text-decoration:underline;color:#d40000;">previews</a> the =
midterm battle between Rep. <strong>Suzan DelBene </strong>and Rep. =
<strong>Richard =
Hudson</strong>.<br/><em>and=E2=80=A6</em><br/><strong>Peter Hamby =
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaW=
YtdHJ1bXAtc291cnMtb24tamQtdmFuY2Utd2hhdC1kb2VzLWl0LW1lYW4tZm9yLTIwMjgvP3V=
0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyMCUyRjI1JTI5XHUw=
MDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjAlMkYyNSUyO=
Vx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci=
5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM=
2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjI0ODM1MTB9/1c245c7014dd27578d8a5f8=
08c5be1fd090e2a3ed5ffbd087c32f3fec9514f51" =
style=3D"text-decoration:underline;color:#d40000;">finds the fault</a> =
in <strong>J.D. Vance</strong>=E2=80=99s
stars.<br/><em>and=E2=80=A6</em><br/><strong>Julia Ioffe </strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvam=
FyZWQta3VzaG5lcnMtcmV0dXJuLXRvLWRpcGxvbWFjeS1pbi10cnVtcHMtc2Vjb25kLXRlcm0=
vP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyMCUyRjI1JTI5=
XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjAlMkYyN=
SUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b2=
1lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJ=
mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjI0ODUwOTF9/b689e11b851a98f0a14=
c6d57c01a75e1f3c245d36039ded59424d1d3d2efa5a7" =
style=3D"text-decoration:underline;color:#d40000;">explains</a> how =
<strong>Jared Kushner </strong>won over natsec D.C.</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"y 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:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"PODCASTS" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520869698_tbs-icon-podcasts_01JAQQM8AY9NH956YXMPQWX3NY.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;text-align:left;line-height:normal;">PODCASTS
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;">Dylan =
and <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly93d3cub3JjaGVzdH=
JhY28uY29tLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjA=
lMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUy=
RjIwJTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY=
2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludG=
VybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4Mjg4NDF9/d491dd9930=
bd65dfbbd4a95ef1b1abea048df3c8a4d18e913b120c1d2cdca633" =
style=3D"text-decoration:underline;color:
#d40000;">Orchestra</a> C.E.O. <strong>Jonathan Rosen </strong>(and =
yours truly) discuss the latest findings from the Puck Private =
Conversation on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL21lZGlhcy1hbnhpZXR5LWluZGV4Lz91dG1fY2FtcGFpZ249VGhlK0J=
hY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjAlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRo=
ZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjIwJTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtP=
WVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT=
1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjg=
iLCJsaW5rX2lkIjoyNDg1NjgyfQ/dd6c4e78ae1da4b2494149b50fe84a3015aad9aba935d=
d23ee13d85acc3392a2" =
style=3D"text-decoration:underline;color:#d40000;"><em>The Grill =
Room</em></a>.<br/><em>and=E2=80=A6</em><br/>Ourand and NBA-ologist =
<strong>Brian Windhorst </strong>dissect the league=E2=80=99s post-$76 =
billion-payday future on
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL3dpbmRob3JzdHMtbmJhLXN0YXRlLW9mLXBsYXkvP3V0bV9jYW1wYWl=
nbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyMCUyRjI1JTI5XHUwMDI2dXRtX2Nv=
bnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjAlMkYyNSUyOVx1MDAyNnV0b=
V9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNn=
V0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDM=
wMWQ0OGQyOCIsImxpbmtfaWQiOjI0ODM0MDl9/9ae760e353d62e1ae03c27f2d39f86eb512=
a6522864ef18763a0e433d773069c" =
style=3D"text-decoration:underline;color:#d40000;"><em>The =
Varsity</em></a>.<br/><em>and=E2=80=A6</em><br/>Lauren and Argent C.E.O. =
<strong>Sali Christeson </strong>illuminate the world of corpcore on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL2NvcnBjb3JlLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0x=
FQURTKyUyODEyJTJGMjAlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3Rvcnkr=
LStMRUFEUyslMjgxMiUyRjIwJTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvb=
lx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZD=
MwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo=
yNDg1NjgzfQ/0ee9db6496fcf017d806410e12d1ce373148d968afafc3c85ed385147314b=
757" 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 Lincoln Project co-founder <strong>Rick Wilson
</strong>reflect on Trump=E2=80=99s political challenges on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL3JpY2std2lsc29uLXN0cmlwLWNsdWItZ2xpdHRlci1uZXZlci1jb21=
lcy1vZmYvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyMCUy=
RjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGM=
jAlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT=
1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJ=
uYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjI0ODAwODZ9/50285da3962=
cd00f451c386e702345099c09ae83d1a162871f9acf4e82a65985" =
style=3D"text-decoration:underline;color:#d40000;"><em>Impolitic</em></a>=
.<br/><em>and=E2=80=A6</em><br/>Matt and RedBird founder <strong>Gerry =
Cardinale </strong>debate the best course for WBD on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL3BhcmFtb3VudC1pc250LWdpdmluZy11cC13YXJuZXItYnJvcy10by1=
uZXRmbGl4LWp1c3QteWV0Lz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUy=
ODEyJTJGMjAlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEU=
yslMjgxMiUyRjIwJTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNn=
V0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQ=
yOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyNDg1Njgx=
fQ/25ca4484a747c7fe5d48bbc65bdb33a39534e8172698a4068f70dbaf4f06a8a2" =
style=3D"text-decoration:underline;color:#d40000;"><em>The
Town</em></a>.<br/><em>and=E2=80=A6</em><br/>Peter and Julia Alexander =
examine Netflix=E2=80=99s Barstool era on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL2JhcnN0b29scy1uZXRmbGl4LWVyYS0yNi1tZWRpYS1wcmVkaWN0aW9=
ucy8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjIwJTJGMjUl=
MjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyMCUyR=
jI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3=
RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI=
6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQ4NTY4NH0/c922f38db4b7997a=
c0df1a8a7810916f0eeed1429f4e6666158449fba36357c5" =
style=3D"text-decoration:underline;color:#d40000;"><em>The Powers That =
Be</em></a>.<br/><br/><em>As a reminder, you can update your profile at =
any time to get more stories like these directly in your inbox. </em><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvbm=
V3c2xldHRlcnMvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkY=
yMCUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEy=
JTJGMjAlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3Nvd=
XJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW=
50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjE1Nn0/2a5339d09e4=
68aeb88532bceea1af65074d2a252a178e47f3d0d5a369f2f81d1" =
style=3D"text-decoration:underline;color:#d40000;"><em>Click
here</em></a><em> to customize your email settings.</em></p></div>
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</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"y 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;"><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 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;padding-left:24px;padding-right:24px;text-al=
ign:center;width:100%;"><h3 =
style=3D"margin:0;color:#000000;direction:ltr;font-family:'PuckSerifD=
isplay','Georgia';font-size:24px;font-weight:400;letter-spaci=
ng:normal;line-height:1.2;text-align:center;margin-top:0;margin-bottom:0;=
mso-line-height-alt:29px;">Fatherland</h3>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:32px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;">On =
Sunday afternoon, just past lunch time, I found myself circling an =
exurban parking lot somewhere in
Mountainside, New Jersey=E2=80=94an unspectacular crumb on the map, =
about half an hour from Summit or Montclair, for those of you with a =
compass point moored to the suburbs of Manhattan. I=E2=80=99d just =
dropped off my older son at a basketball tournament, somewhere between a =
Maaco and a Tesla dealership, and was frantically trying to find a =
parking spot before the Garden State Warriors tipped off. In New Jersey, =
where parking is a relentless war of attrition, this wasn=E2=80=99t a =
given.<br/><br/>My search was
interrupted by a call from my partner <strong>Bill Cohan</strong>, who =
has been breathlessly covering the saga of the Warner Bros. Discovery =
sales process=E2=80=94the competing bids from Netflix and the =
<strong>Ellisons</strong>; the machinations among the dealmakers; and =
the financial implications of the various outcomes. I=E2=80=99d been =
trading texts and notes with Bill all morning after reading the first =
draft of his searing expos=C3=A9 on the latest twist in this telenovela. =
After ingesting Paramount Skydance=E2=80=99s
tender offer filing and speaking to sources working on the deal, =
he=E2=80=99d gotten to the very heart of the matter: Netflix had won the =
bidding process not only because its offer was financially superior (at =
least in the WBD board=E2=80=99s estimation), but also because of a =
serious communication challenge that had emerged with the dealmakers at =
PSKY.<br/><br/>Through his conversations with insiders about the =
265-page document, Bill had discovered impediments large and small. The =
WBD board, it seemed, had grown
leery of how their counterparts at Paramount had responded to the press =
leak regarding three Middle Eastern sovereign wealth funds joining the =
PSKY bid=E2=80=94all of whom, by the way, were cross-conditioned, =
meaning that they could drop out and collapse the financing without =
consequences. Moreover, the WBD side was increasingly skeptical that =
<strong>Larry Ellison</strong>, then the world=E2=80=99s =
second-wealthiest man, was personally guaranteeing the equity in his =
son=E2=80=99s offer=E2=80=94just as <strong>Elon Musk
</strong>had backstopped his own bid for Twitter. =C2=A0=E2=80=9CMaybe =
Dad=E2=80=99s looking up and basically saying, <em>You don=E2=80=99t get =
to be worth $350 billion by doing crazy things</em>,=E2=80=9D one source =
told Bill. =E2=80=9CMaybe Dad=E2=80=99s looking up and saying, =
<em>I=E2=80=99m not sure I=E2=80=99m willing to bet $40 billion behind =
my kid</em>.=E2=80=9D<br/><br/>To wit, page 185 of the tender offer =
filing explained the contours of Larry=E2=80=99s =E2=80=9Climited =
liability.=E2=80=9D Long story short, if any one of the =
cross-conditioned equity investors dropped out, and the
deal fell apart, WBD could only go after Larry for $2.8 =
billion=E2=80=94not the full $40.7 billion. In the deal world, this was =
breathtaking stuff, and it explained, to some degree, how Netflix had =
managed to swoop in. (Other reasons were revealed in WBD=E2=80=99s 14D-9 =
filing, not to get too technical here=E2=80=A6)<br/><br/>Everyone in the =
industry knows that Bill is just about the best-sourced finance reporter =
in history. I=E2=80=99ve joked from time to time that the net worth of =
his subscribers is equivalent to the G.D.P. of
a Gulf state. And while he was fact-checking his article, Bill had =
tapped into the anxieties at the highest levels of the deal. After =
rolling calls, it became clear that he was about to break news not only =
to the subscribers of <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvbm=
V3c2xldHRlcnMvZHJ5LXBvd2Rlci8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUF=
EUyslMjgxMiUyRjIwJTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0r=
TEVBRFMrJTI4MTIlMkYyMCUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cd=
TAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMD=
FkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6Mjk=
5NjN9/89e59236e0448c6dbd78427da6ae418b97afdce800dd11172835e3c2ad1fb5de" =
style=3D"text-decoration:underline;color:#d40000;">Dry Powder</a>, his =
private email, but also to people working on the deal. He laid it all =
out to me as I circled the lot and eventually, blessedly, found a spot. =
I could
only smile as I signed off, thinking of the various bonds between =
fathers and sons. Here I was, rushing into a youth basketball game while =
Larry was putting up billions=E2=80=94perhaps not quite enough of =
them=E2=80=94to cement his firstborn=E2=80=99s status as Hollywood =
mogul.<br/><br/><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaG=
93LXRoZS1lbGxpc29ucy1sb3N0LXdiZC1mb3Itbm93Lz91dG1fY2FtcGFpZ249VGhlK0JhY2t=
zdG9yeSstK0xFQURTKyUyODEyJTJGMjAlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStC=
YWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjIwJTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtY=
WlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNm=
M2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJ=
saW5rX2lkIjoyNDc5Njg1fQ/68533abd11344a809ef79fb576952adc7c5ae47390a7df903=
18bb0bddeb8ca09" =
style=3D"text-decoration:underline;color:#d40000;"><em>Ellison =
Irrevocable Trust Issues</em></a>, Bill=E2=80=99s masterstroke, is one =
of my favorite recent pieces of Puck journalism,
filled with insight, humanity, and the sort of exacting financial detail =
that could only be conveyed by a true domain expert. It also quickly =
shook up the deal flow, and played a seminal role in Bill and our =
partner <strong>Matt Belloni</strong>=E2=80=99s symposium-style =
follow-up, <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
hvLXdhbnRzLXdhcm5lci1icm9zLW1vcmUtbmV0ZmxpeC1vci1kYXZpZC1lbGxpc29uLz91dG1=
fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjAlMkYyNSUyOVx1MDAy=
NnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjIwJTJGMjUlMjlcd=
TAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW=
9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA=
2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyNDgwNDA5fQ/63d7c8a9f110bf8e5a5e6504e=
b0f64fd447d3b6f6feed2c469dadc02b268ba41" =
style=3D"text-decoration:underline;color:#d40000;"><em>Who Wants Warner =
Bros. More?</em></a>, and in Matt=E2=80=99s excellent interview with =
<strong>Gerry
Cardinale</strong>, the founder of RedBird Capital and longtime Ellison =
partner, on his excellent podcast, <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL3BhcmFtb3VudC1pc250LWdpdmluZy11cC13YXJuZXItYnJvcy10by1=
uZXRmbGl4LWp1c3QteWV0Lz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUy=
ODEyJTJGMjAlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEU=
yslMjgxMiUyRjIwJTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNn=
V0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQ=
yOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyNDg1Njgx=
fQ/25ca4484a747c7fe5d48bbc65bdb33a39534e8172698a4068f70dbaf4f06a8a2" =
style=3D"text-decoration:underline;color:#d40000;"><em>The =
Town</em></a>. (Usual disclosure: Through a recent acquisition, WBD =
C.E.O. <strong>David Zaslav </strong>is a <em>de minimis </em>investor =
in Puck, and RedBird is a minority investor.) If you have a moment this =
weekend, I could not
recommend Bill=E2=80=99s piece more strongly.<br/><br/>A couple days =
later, I was lucky enough to join my partner <strong>Dylan Byers =
</strong>and our friend <strong>Jonathan Rosen</strong>, the C.E.O. of =
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly93d3cub3JjaGVzdH=
JhY28uY29tLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjA=
lMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUy=
RjIwJTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY=
2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludG=
VybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4Mjg4NDF9/d491dd9930=
bd65dfbbd4a95ef1b1abea048df3c8a4d18e913b120c1d2cdca633" =
style=3D"text-decoration:underline;color:#d40000;">Orchestra</a>, for a =
breakfast event at the Hotel Chelsea=E2=80=94a million miles from a =
suburban parking lot. We had gathered industry executives to unveil the
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcH=
JpdmF0ZS1tZWRpYS1jb252ZXJzYXRpb24vP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0=
rTEVBRFMrJTI4MTIlMkYyMCUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9y=
eSstK0xFQURTKyUyODEyJTJGMjAlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0a=
W9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZT=
NkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQ=
iOjI0ODM2MzJ9/bc47b0f446eed0bf72901ffb5f16a1072f8c66a537d3af9e1ddbf4c11b9=
3a90d" style=3D"text-decoration:underline;color:#d40000;">latest data =
set</a> from our Puck Private Conversation series, powered by Orchestra, =
which focused on the impact of A.I. and new financial models, among =
other factors, on the industry, based on a reader survey. The results =
were compelling, and quite surprising. If you care about the fate of =
this industry, I=E2=80=99d encourage you to turn your attention to our =
conversation either on
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL21lZGlhcy1hbnhpZXR5LWluZGV4Lz91dG1fY2FtcGFpZ249VGhlK0J=
hY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjAlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRo=
ZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjIwJTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtP=
WVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT=
1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjg=
iLCJsaW5rX2lkIjoyNDg1NjgyfQ/dd6c4e78ae1da4b2494149b50fe84a3015aad9aba935d=
d23ee13d85acc3392a2" =
style=3D"text-decoration:underline;color:#d40000;"><em>The Grill =
Room</em></a>, Dylan=E2=80=99s podcast, or his piece, <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiUEEtOE5nRy1KSklaNXJKdkNiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdG=
hlLTIwMjUtbWVkaWEtc3RhdGUtb2YtdGhlLXVuaW9uP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N=
0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyMCUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0Jh=
Y2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjAlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1ha=
WxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2Yz=
YwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImx=
pbmtfaWQiOjI0ODYwNzZ9/9f0bebc7b0cd006aa1127cc239cd10c2e9f0a2ce843f09d2e00=
7c0c30176820c" =
style=3D"text-decoration:underline;color:#d40000;"><em>The 2025 Media =
State of the Union</em></a>. Yes, yes, no one can see around the corner =
with perfect clarity, but both the event and Bill=E2=80=99s piece were =
the latest reminders that the industry expects us to predict
it more accurately than anyone else.</p></div>
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al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
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holidays,<br/>Jon</p></div>
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