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Thanks for reading The Backstory, your weekly capsule of the best new work =
emanating from Puck. It was another incredible week: Matt Belloni exposed t=
he various scandals and bad blood swirling around the Golden Globes; Dylan =
Byers offered a clairvoyant reading of David Zaslav=E2=80=99s recent restru=
cturing; Lauren Sherman detailed the cascading designer dominoes stemming f=
rom Matthieu Blazy=E2=80=99s move to Chanel.
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
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=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
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=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=
=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=
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=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0
The Backstory ( https://puck.news/?utm_campaign=3DThe+Backstory+-+LEADS+%28=
12%2F14%2F24%29&utm_content=3DThe+Backstory+-+LEADS+%2812%2F7%2F24%29&utm_m=
edium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d=
28 )
Image ( https://familycenter.meta.com/instagram-safety/?utm_campaign=3DThe+=
Backstory+-+LEADS+%2812%2F14%2F24%29&utm_content=3DThe+Backstory+-+LEADS+%2=
812%2F7%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=
=3Df6c60615e3d301d48d28 )
PREVIEW VERSION
Start a free 14-day trial ( https://puck.news/join/?utm_campaign=3DThe+Back=
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6c60615e3d301d48d28 ) to unlock unlimited access to Puck.
Good morning,
Thanks for reading The Backstory, your weekly capsule of the best new work =
emanating from Puck.
It was another incredible week: Matt Belloni exposed the various scandals a=
nd bad blood swirling around the Golden Globes; Dylan Byers offered a clair=
voyant reading of David Zaslav=E2=80=99s recent restructuring; Lauren Sherm=
an detailed the cascading designer dominoes stemming from Matthieu Blazy=E2=
=80=99s move to Chanel; Eriq Gardner provided an update on a CNN legal head=
ache; Rachel Strugatz checked in on Hailey Bieber=E2=80=99s growing beauty =
empire; Marion Maneker analyzed a Sotheby=E2=80=99s bloodletting; Bill Coha=
n presaged a BuzzFeed fire sale; and John Ourand evaluated ESPN=E2=80=99s n=
ew Belichick strategy. Meanwhile, John Heilemann sat down with Hakeem
Jeffries, Tara Palmeri read the latest tea leaves on Hegseth=E2=80=99s conf=
irmation chances; Abby Livingston surveyed Hill Democrats=E2=80=99 appointm=
ent strategy; and Peter Hamby chatted with Ro Khanna.
Check out these stories, and others, via the links below. And stick around =
for the backstory on how it all came together.
Learn More ( https://puck.news/join/?utm_campaign=3DThe+Backstory+-+LEADS+%=
2812%2F14%2F24%29&utm_content=3DThe+Backstory+-+LEADS+%2812%2F7%2F24%29&utm=
_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d4=
8d28 )
A MESSAGE FROM INSTAGRAM
$(ad4_title) ( https://familycenter.meta.com/instagram-safety/?utm_campaign=
=3DThe+Backstory+-+LEADS+%2812%2F14%2F24%29&utm_content=3DThe+Backstory+-+L=
EADS+%2812%2F7%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&u=
tm_term=3Df6c60615e3d301d48d28 )
Instagram Teen Accounts: a protected experience for teens, guided by parent=
s
Instagram Teen Accounts are designed to address parents=E2=80=99 biggest co=
ncerns, providing automatic protections for who can contact their teens and=
the content they can see.
The impact: Built-in limits give parents more peace of mind when it comes t=
o protecting their teens.
Learn more ( https://familycenter.meta.com/instagram-safety/?utm_campaign=
=3DThe+Backstory+-+LEADS+%2812%2F14%2F24%29&utm_content=3DThe+Backstory+-+L=
EADS+%2812%2F7%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&u=
tm_term=3Df6c60615e3d301d48d28 )
THE PUCK PRIVATE CONVERSATION:
As you know, Puck launched The Private Conversation, powered by Orchestra, =
to collect proprietary data from our elite audience regarding their views a=
bout the current business environment. Please take a minute to fill out a s=
urvey ( https://puckprivateconversations.typeform.com/to/kPm9l8LK?utm_campa=
ign=3DThe+Backstory+-+LEADS+%2812%2F14%2F24%29&utm_content=3DThe+Backstory+=
-+LEADS+%2812%2F7%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.i=
o&utm_term=3Df6c60615e3d301d48d28 ). We=E2=80=99ll publish an assessment of=
the results in Q1.
FASHION:
Lauren Sherman measures ( https://puck.news/what-matthieu-blazys-appointmen=
t-means-for-chanel/?utm_campaign=3DThe+Backstory+-+LEADS+%2812%2F14%2F24%29=
&utm_content=3DThe+Backstory+-+LEADS+%2812%2F7%2F24%29&utm_medium=3Demail_a=
ction&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) the Blazy =
aftershocks and checks in on the future of some mall brands.
and=E2=80=A6
Rachel Strugatz examines ( https://puck.news/can-rhode-be-more-than-founder=
-hailey-biebers-personality/?utm_campaign=3DThe+Backstory+-+LEADS+%2812%2F1=
4%2F24%29&utm_content=3DThe+Backstory+-+LEADS+%2812%2F7%2F24%29&utm_medium=
=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) =
Hailey Bieber=E2=80=99s surprising Kardashian playbook.
ART MARKET:
Marion Maneker chronicles ( https://puck.news/sothebys-lays-off-around-100-=
employees-in-new-york/?utm_campaign=3DThe+Backstory+-+LEADS+%2812%2F14%2F24=
%29&utm_content=3DThe+Backstory+-+LEADS+%2812%2F7%2F24%29&utm_medium=3Demai=
l_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
Sotheby=E2=80=99s Black Tuesday.
HOLLYWOOD:
Matt Belloni investigates ( https://puck.news/the-stench-of-scandal-still-l=
ingers-around-the-golden-globes/?utm_campaign=3DThe+Backstory+-+LEADS+%2812=
%2F14%2F24%29&utm_content=3DThe+Backstory+-+LEADS+%2812%2F7%2F24%29&utm_med=
ium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28=
) a multipronged, and potentially existential, Golden Globes scandal.
and=E2=80=A6
Eriq Gardner weighs in ( https://puck.news/netflixs-first-jury-trial-cnns-d=
efamation-danger/?utm_campaign=3DThe+Backstory+-+LEADS+%2812%2F14%2F24%29&u=
tm_content=3DThe+Backstory+-+LEADS+%2812%2F7%2F24%29&utm_medium=3Demail_act=
ion&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) on the TikTo=
kalypse.
meanwhile=E2=80=A6
Scott Mendelson laments ( https://puck.news/youve-seen-both-wicked-and-moan=
a-2-what-now/?utm_campaign=3DThe+Backstory+-+LEADS+%2812%2F14%2F24%29&utm_c=
ontent=3DThe+Backstory+-+LEADS+%2812%2F7%2F24%29&utm_medium=3Demail_action&=
utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) a box office sch=
eduling snafu.
WALL STREET:
Bill Cohan tabulates ( https://puck.news/newsletter_content/the-new-lina-kh=
an-buzzfeed-bankruptcy-concerns-sothebys-restructuring/?utm_campaign=3DThe+=
Backstory+-+LEADS+%2812%2F14%2F24%29&utm_content=3DThe+Backstory+-+LEADS+%2=
812%2F7%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=
=3Df6c60615e3d301d48d28 ) BuzzFeed=E2=80=99s =E2=80=9Cgoing concern=E2=80=
=9D concern.
SILICON VALLEY:
Baratunde Thurston and Eriq Gardner discuss ( https://puck.news/ai-goes-to-=
hollywood/?utm_campaign=3DThe+Backstory+-+LEADS+%2812%2F14%2F24%29&utm_cont=
ent=3DThe+Backstory+-+LEADS+%2812%2F7%2F24%29&utm_medium=3Demail_action&utm=
_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) how A.I. is upendin=
g the entertainment industry, presented by Meta.
MEDIA:
Dylan Byers dissects ( https://puck.news/will-warner-bros-discovery-sell-cn=
n/?utm_campaign=3DThe+Backstory+-+LEADS+%2812%2F14%2F24%29&utm_content=3DTh=
e+Backstory+-+LEADS+%2812%2F7%2F24%29&utm_medium=3Demail_action&utm_source=
=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) Zaz=E2=80=99s own SpinCo p=
relude and Politico=E2=80=99s mini-Maggie ( https://puck.news/politico-poac=
hes-dasha-burns-the-low-washington-post/?utm_campaign=3DThe+Backstory+-+LEA=
DS+%2812%2F14%2F24%29&utm_content=3DThe+Backstory+-+LEADS+%2812%2F7%2F24%29=
&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d3=
01d48d28 ).
and=E2=80=A6
John Ourand reveals ( https://puck.news/espn-prepares-the-deion-sanders-pla=
ybook-for-bill-belichick-at-unc/?utm_campaign=3DThe+Backstory+-+LEADS+%2812=
%2F14%2F24%29&utm_content=3DThe+Backstory+-+LEADS+%2812%2F7%2F24%29&utm_med=
ium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28=
) how ESPN is preparing to go full-blown Coach Prime with Bill Belichick=
=E2=80=99s UNC team.
WASHINGTON:
Peter Hamby ponders ( https://puck.news/silicon-valley-democrat-ro-khannas-=
plan-to-win-back-workers/?utm_campaign=3DThe+Backstory+-+LEADS+%2812%2F14%2=
F24%29&utm_content=3DThe+Backstory+-+LEADS+%2812%2F7%2F24%29&utm_medium=3De=
mail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) the =
future of the Democratic Party with Rep. Ro Khanna, and John Heilemann ring=
s up ( https://puck.news/hakeem-jeffries-state-of-the-union/?utm_campaign=
=3DThe+Backstory+-+LEADS+%2812%2F14%2F24%29&utm_content=3DThe+Backstory+-+L=
EADS+%2812%2F7%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&u=
tm_term=3Df6c60615e3d301d48d28 ) Hakeem Jeffries.
and=E2=80=A6
Tara Palmeri delivers ( https://puck.news/veterans-advocate-paul-rieckhoff-=
on-the-danger-of-pete-hegseth/?utm_campaign=3DThe+Backstory+-+LEADS+%2812%2=
F14%2F24%29&utm_content=3DThe+Backstory+-+LEADS+%2812%2F7%2F24%29&utm_mediu=
m=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )=
a Hegseth character study.
meanwhile=E2=80=A6
Abby Livingston digests ( https://puck.news/why-democrats-are-staying-quiet=
-on-trump-cabinet-nominees/?utm_campaign=3DThe+Backstory+-+LEADS+%2812%2F14=
%2F24%29&utm_content=3DThe+Backstory+-+LEADS+%2812%2F7%2F24%29&utm_medium=
=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) =
some fresh Hill kremlinology.
PODCASTS:
=F0=9F=8E=A7 Dylan and Barry
Diller talk SpinCo, Paramount, the Beast and more on The Grill Room ( https=
://puck.news/podcast_episode/barry-and-the-beast/?utm_campaign=3DThe+Backst=
ory+-+LEADS+%2812%2F14%2F24%29&utm_content=3DThe+Backstory+-+LEADS+%2812%2F=
7%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c=
60615e3d301d48d28 ).
and=E2=80=A6
John Ourand and former CBS Sports president Sean McManus recount the NFL bi=
d that revived the network on The Varsity ( https://puck.news/podcast_episo=
de/no-nfl-no-glory/?utm_campaign=3DThe+Backstory+-+LEADS+%2812%2F14%2F24%29=
&utm_content=3DThe+Backstory+-+LEADS+%2812%2F7%2F24%29&utm_medium=3Demail_a=
ction&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ).
and=E2=80=A6
John Heilemann gets the readout on Trump 2.0 from Reagan, Bush 41, and Bush=
43 vet Pete Wehner on Impolitic ( https://puck.news/podcast_episode/pete-w=
ehner-hegseths-redemption-bromides-trumps-rampant-blasphemies-fast-cars-rad=
iant-beatitude/?utm_campaign=3DThe+Backstory+-+LEADS+%2812%2F14%2F24%29&utm=
_content=3DThe+Backstory+-+LEADS+%2812%2F7%2F24%29&utm_medium=3Demail_actio=
n&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ).
and=E2=80=A6
Matt and Lucas Shaw pick the streaming winners and losers of the year on Th=
e Town ( https://puck.news/podcast_episode/winners-and-losers-of-2024-in-st=
reaming/?utm_campaign=3DThe+Backstory+-+LEADS+%2812%2F14%2F24%29&utm_conten=
t=3DThe+Backstory+-+LEADS+%2812%2F7%2F24%29&utm_medium=3Demail_action&utm_s=
ource=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ).
and=E2=80=A6
Tara and Dylan decode Trump=E2=80=99s media games on Somebody=E2=80=99s Got=
ta Win ( https://puck.news/podcast_episode/dylan-byers-on-how-to-cover-trum=
p-2-0/?utm_campaign=3DThe+Backstory+-+LEADS+%2812%2F14%2F24%29&utm_content=
=3DThe+Backstory+-+LEADS+%2812%2F7%2F24%29&utm_medium=3Demail_action&utm_so=
urce=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ).
and=E2=80=A6
Lauren covers Kardashians and collabs with Skims C.E.O. Jens Grede on Fashi=
on People ( https://puck.news/podcast_episode/the-him-of-skims/?utm_campaig=
n=3DThe+Backstory+-+LEADS+%2812%2F14%2F24%29&utm_content=3DThe+Backstory+-+=
LEADS+%2812%2F7%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&=
utm_term=3Df6c60615e3d301d48d28 ).
and=E2=80=A6
Peter and Eriq get into the Murdoch succession shocker on The Powers That B=
e ( https://puck.news/podcast_episode/the-murdoch-succession-shocker-tiktok=
s-trump-card/?utm_campaign=3DThe+Backstory+-+LEADS+%2812%2F14%2F24%29&utm_c=
ontent=3DThe+Backstory+-+LEADS+%2812%2F7%2F24%29&utm_medium=3Demail_action&=
utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ).
As a reminder, you can update your profile at any time to get more stories =
like these directly in your inbox. Click here ( https://puck.news/newslette=
rs/?utm_campaign=3DThe+Backstory+-+LEADS+%2812%2F14%2F24%29&utm_content=3DT=
he+Backstory+-+LEADS+%2812%2F7%2F24%29&utm_medium=3Demail_action&utm_source=
=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) to customize your email se=
ttings.
$(ad3_title) ( https://familycenter.meta.com/instagram-safety/?utm_campaign=
=3DThe+Backstory+-+LEADS+%2812%2F14%2F24%29&utm_content=3DThe+Backstory+-+L=
EADS+%2812%2F7%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&u=
tm_term=3Df6c60615e3d301d48d28 )
Spin Zone
On Thursday morning, I was hustling down New York Avenue in Washington, D.C=
=2E=E2=80=94that strange and recently-ish=20=
developed part of the city that loo=
ks sort of like Doha in the middle of the swamp. It was an uncharacteristic=
ally chilly morning and I=E2=80=99d woefully undressed. My fingers froze ev=
ery time I reached for my phone to check email, text, or graze the news.
I=E2=80=99d come to town for a brief jaunt=E2=80=94first to celebrate my fr=
iends at Bully Pulpit International on their 15th anniversary, and then for=
an important breakfast meeting at one of those soulless downtown hotels, t=
he type that host convention after convention, a real staple of the town. A=
s I was processing the outputs of that morning meeting, and watching some t=
exts arrive over the transom recounting moments from the previous night, I =
received the sort of email that I instantly knew
was going to change the rest of my week. It turned out that David Zaslav, t=
he C.E.O. of Warner Bros. Discovery and ubiquitous Puck Zelig of sorts, was=
reorganizing his company=E2=80=94in particular, Zaz was cleaving his profi=
table but declining cable networks from his studio and streaming business. =
It seemed, in many ways, like a simulacrum of Comcast C.E.O. Brian Roberts=
=E2=80=99 recent decision to spin off his own fading cable empire into a ne=
w company.
Zaz=E2=80=99s move was a total non-surprise surprise. Months earlier, he=E2=
=80=99d lost a bidding war for NBA rights, which seemed to diminish the lon=
g-term viability of the portfolio. Then he=E2=80=99d taken a $9 billion imp=
airment charge on the cable networks. Now, he was repositioning them for a =
potential future as the core of a newco, catnip for the Ellisons after the =
Paramount deal closes, or perhaps an enticing idea for a private equity par=
tner, or for Roberts=E2=80=99 SpinCo boss Mark
Lazarus.
As I was taking this all in, contemplating the various possibilities, my pa=
rtner Bill Cohan texted me that he was already on the case. Naturally, I=E2=
=80=99d been badgering Bill to take a little vacation at the end of the yea=
r, but the lure of this late-stage twist in the Zaz storyline was too entic=
ing. Bill, after all, has been one of the great bards of the Zaz telenovela=
=2E And his own decades of experience a=
s an M&A banker have informed his susp=
icions that the WBD journey is still a deal or two away from full realizati=
on. Indeed, it seems, Zaz may have just previewed that next stage in the fo=
rm of this re-org. Zaz in Wonderland, Bill=E2=80=99s analysis of the restru=
cturing and deal hypothesizing, drops tomorrow. Sign up
here ( https://puck.news/newsletters/dry-powder/?utm_campaign=3DThe+Backsto=
ry+-+LEADS+%2812%2F14%2F24%29&utm_content=3DThe+Backstory+-+LEADS+%2812%2F7=
%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c6=
0615e3d301d48d28 ) to make sure you don=E2=80=99t miss it.
Bill intimated a flavor of his thinking on The Grill Room, our partner Dyla=
n Byers=E2=80=99 excellent new podcast. As he noted ( https://puck.news/pod=
cast_episode/wbds-new-zazonomics/?utm_campaign=3DThe+Backstory+-+LEADS+%281=
2%2F14%2F24%29&utm_content=3DThe+Backstory+-+LEADS+%2812%2F7%2F24%29&utm_me=
dium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d2=
8 ) on the show, the entire cable industry continues to alight to a paradig=
m that TPG, the private equity behemoth with nearly $250 billion AUM, creat=
ed via its investment in DirecTV=E2=80=94a new model for hyper-monetizing a=
legacy asset=E2=80=99s downslope. Dylan and I chatted more about it on a s=
pecial Media Monday edition of The Powers That Be, which will be in your fe=
ed ( https://puck.news/podcasts/?utm_campaign=3DThe+Backstory+-+LEADS+%2812=
%2F14%2F24%29&utm_content=3DThe+Backstory+-+LEADS+%2812%2F7%2F24%29&utm_med=
ium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28=
) soon enough.
Whatever the outcome, the fate of Zaz=E2=80=99s cable nets will likely info=
rm the strategy of his peers, all of whom are looking for novel ways to unw=
ind their positions in the legacy TV business in a careful, cash flow=E2=80=
=93optimizing manner that draws investor attention toward the future prospe=
cts of their streaming businesses. After all, they don=E2=80=99t have any o=
ther choice. That=E2=80=99s the story of our time, and precisely what you s=
hould expect to read about, as ever, from Puck.
Have a great weekend,
Puck ( https://puck.news/?utm_campaign=3DThe+Backstory+-+LEADS+%2812%2F14%2=
F24%29&utm_content=3DThe+Backstory+-+LEADS+%2812%2F7%2F24%29&utm_medium=3De=
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Puck is published by Heat Media LLC. 227 W 17th St New York, NY 10011.
--63ee2ab6b7b86c20c347bbeb91c4ac75a85622053cdea28d18ff8877d06e
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<div style=3D"display: none; max-height: 0px; overflow: hidden;">Thanks f=
or reading The Backstory, your weekly capsule of the best new work emanatin=
g from Puck. It was another incredible week: Matt Belloni exposed the vario=
us scandals and bad blood swirling around the Golden Globes; Dylan Byers of=
fered a clairvoyant reading of David Zaslav=E2=80=99s recent restructuring;=
Lauren Sherman detailed the cascading designer dominoes stemming from Matt=
hieu Blazy=E2=80=99s move to Chanel.
=20
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<p style=3D"margin: 0; color: #000000; font-size: 16px; line-=
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<p style=3D"margin: 0; color: #000000; font-size: 16px; line-=
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or: #D40000" target=3D"blank">Start a free 14-day trial</a> to unlock unlim=
ited access to Puck.</p>
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<p style=3D"margin: 0; color: #000000; font-size: 16px; line-hei=
ght: 30px; margin-top: 0; margin-bottom: 0;">Good morning,<br/><br/>Thanks =
for reading The Backstory, your weekly capsule of the best new work emanati=
ng from Puck.<br/><br/>It was another incredible week: <b>Matt Belloni </b>=
exposed the various scandals and bad blood swirling around the Golden Globe=
s; <b>Dylan Byers </b>offered a clairvoyant reading of <b>David Zaslav</b>=
=E2=80=99s recent restructuring; <b>Lauren Sherman </b>detailed the cascadi=
ng designer dominoes stemming from <b>Matthieu Blazy</b>=E2=80=99s move to =
Chanel; <b>Eriq Gardner </b>provided an update on a CNN legal headache; <b>=
Rachel Strugatz </b>checked in on <b>Hailey Bieber</b>=E2=80=99s growing be=
auty empire; <b>Marion Maneker </b>analyzed a Sotheby=E2=80=99s bloodlettin=
g; <b>Bill Cohan </b>presaged a BuzzFeed fire sale; and <b>John Ourand </b>=
evaluated ESPN=E2=80=99s new <b>Belichick </b>strategy. Meanwhile, <b>John =
Heilemann </b>sat down with <b>Hakeem
Jeffries</b>, <b>Tara Palmeri </b>read the latest tea leaves on <b>Hegseth<=
/b>=E2=80=99s confirmation chances; <b>Abby Livingston </b>surveyed Hill De=
mocrats=E2=80=99 appointment strategy; and <b>Peter Hamby </b>chatted with =
<b>Ro Khanna</b>.<br/><br/>Check out these stories, and others, via the lin=
ks below. And stick around for the backstory on how it all came together. <=
br/></p>
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<div><a class=3D"cta" href=3D"https://email.puck.news/e/c/eyJlbW=
FpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRVhOTT0iLCJocmVmI=
joiaHR0cHM6Ly9wdWNrLm5ld3Mvam9pbi8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStM=
RUFEUyslMjgxMiUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0=
rTEVBRFMrJTI4MTIlMkY3JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MD=
AyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0O=
GQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo1NTg2Nzl9=
/9d72ebf1b00aaa38170ef68c8e0351c75bec91ddbc5fe94e6431471869b9d974" style=3D=
"background-color:#C2291B;border-radius:4px;color:#ffffff!important;text-de=
coration:none!important;display:inline-block;font-family:sans-serif;font-si=
ze:13px;font-weight:bold;line-height:44px;text-align:center;text-decoration=
:none;width:220px;-webkit-text-size-adjust:none;">Learn More</a></div>
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solid #BBBBBB; border-bottom: 3px solid #BBBBBB; " class=3D"w100pct">
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<table cellpadding=3D"0" cellspacing=3D"0" width=
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ne-height:1.5; font-size: 12px; mso-line-height-alt: 18px; margin: 0; text-=
transform: uppercase; padding-bottom: 6px;">
<b>A MESSAGE FROM INSTAGRAM</b>
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<a href=3D"https://email.puck.news/e/c/eyJl=
bWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRVhOTT0iLCJocmV=
mIjoiaHR0cHM6Ly9mYW1pbHljZW50ZXIubWV0YS5jb20vaW5zdGFncmFtLXNhZmV0eS8_dXRtX2=
NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjE0JTJGMjQlMjlcdTAwMjZ1d=
G1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkY3JTJGMjQlMjlcdTAwMjZ1=
dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ=
1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMD=
FkNDhkMjgiLCJsaW5rX2lkIjoxMDQzOTkxfQ/99cb0018352f818db3fa84e79a8239374d520c=
c93f6f6c5b696d2b50d064d280" target=3D"_blank">
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</a>
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<td style=3D"font-size: 14px; line-height: 17=
px; color: #8a8888;">
<b>Instagram Teen Accounts: a protected exp=
erience for teens, guided by parents</b><br/><br/>Instagram Teen Accounts a=
re designed to address parents=E2=80=99 biggest concerns, providing automat=
ic protections for who can contact their teens and the content they can see=
=2E<br/><br/>The impact: Built-in limit=
s give parents more peace of mind when=
it comes to protecting their teens.<br/>
<br/>
<a href=3D"https://email.puck.news/e/c/eyJl=
bWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRVhOTT0iLCJocmV=
mIjoiaHR0cHM6Ly9mYW1pbHljZW50ZXIubWV0YS5jb20vaW5zdGFncmFtLXNhZmV0eS8_dXRtX2=
NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjE0JTJGMjQlMjlcdTAwMjZ1d=
G1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkY3JTJGMjQlMjlcdTAwMjZ1=
dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ=
1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMD=
FkNDhkMjgiLCJsaW5rX2lkIjoxMDQzOTkxfQ/99cb0018352f818db3fa84e79a8239374d520c=
c93f6f6c5b696d2b50d064d280" target=3D"_blank" style=3D"color: #2200cc !impo=
rtant; text-decoration: underline;" rel=3D"noopener" class=3D"replica" name=
=3D"ad4_cta">
<b>Learn more</b>
</a>
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<td style=3D"padding-bottom: 36px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;"><b>THE PUCK PRIVATE=
CONVERSATION:</b><br/>As you know, Puck launched The Private Conversation,=
powered by Orchestra, to collect proprietary data from our elite audience =
regarding their views about the current business environment. Please take a=
minute to fill out a <u><b><a href=3D"https://email.puck.news/e/c/eyJlbWFp=
bF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRVhOTT0iLCJocmVmIjo=
iaHR0cHM6Ly9wdWNrcHJpdmF0ZWNvbnZlcnNhdGlvbnMudHlwZWZvcm0uY29tL3RvL2tQbTlsOE=
xLP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxNCUyRjI0JTI5X=
HUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGNyUyRjI0JTI5=
XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLml=
vXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNj=
E1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjAxMDMyNn0/6d0317c568e10ad73916ed66f774b=
d4836ef372995284a5e45fd570cee068daf" style=3D"color:rgb(212, 0, 0);text-dec=
oration:none;font-weight:bold" class=3D"sdf">survey</a></b></u>. We=E2=80=
=99ll publish an assessment of the results in Q1.<br/><br/><b>FASHION:</b><=
br/><b>Lauren Sherman <u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9=
pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRVhOTT0iLCJocmVmIjoiaH=
R0cHM6Ly9wdWNrLm5ld3Mvd2hhdC1tYXR0aGlldS1ibGF6eXMtYXBwb2ludG1lbnQtbWVhbnMtZ=
m9yLWNoYW5lbC8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjE0=
JTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkY=
3JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3=
VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsI=
joiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMDE4MDA2fQ/ef5f7d0c38a018e07=
16ed5ded3bd1c6a865f657f615df09d4c4ea1c5fa5bd54f" style=3D"color:rgb(212, 0,=
0);text-decoration:none;font-weight:bold" class=3D"sdf">measures</a></u></=
b> the <b>Blazy </b>aftershocks and checks in on the future of some mall br=
ands.<br/><i>and=E2=80=A6</i><br/><b>Rachel Strugatz <u><a href=3D"https://=
email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUeFhoN2xxZi1=
0LWY0aHZCRVhOTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvY2FuLXJob2RlLWJlLW1vcm=
UtdGhhbi1mb3VuZGVyLWhhaWxleS1iaWViZXJzLXBlcnNvbmFsaXR5Lz91dG1fY2FtcGFpZ249V=
GhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50=
PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjclMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW0=
9ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPW=
Y2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsI=
mxpbmtfaWQiOjIwMTUxOTV9/3a4c768d873008061804b91fa3829bd4ddddfcc44cf38b42eff=
415f8409da8a3" style=3D"color:rgb(212, 0, 0);text-decoration:none;font-weig=
ht:bold" class=3D"sdf">examines</a></u> Hailey Bieber</b>=E2=80=99s surpris=
ing <b>Kardashian </b>playbook.<br/><br/><b>ART MARKET:</b><br/><b>Marion M=
aneker <u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRVhOTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3Mvc290aGVieXMtbGF5cy1vZmYtYXJvdW5kLTEwMC1lbXBsb3llZXMtaW4tbmV3LXlvcmsv=
P3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxNCUyRjI0JTI5XHU=
wMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGNyUyRjI0JTI5XH=
UwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvX=
HUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1=
ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjAxNDE4NH0/21cf198a1c8f0ec929486f494f4345f=
13c69de131547eda2ab46c6fa760be707" style=3D"color:rgb(212, 0, 0);text-decor=
ation:none;font-weight:bold" class=3D"sdf">chronicles</a></u></b>
Sotheby=E2=80=99s Black Tuesday.<br/><br/><b>HOLLYWOOD:</b><br/><b>Matt Bel=
loni <u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lE=
QU5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRVhOTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5=
ld3MvdGhlLXN0ZW5jaC1vZi1zY2FuZGFsLXN0aWxsLWxpbmdlcnMtYXJvdW5kLXRoZS1nb2xkZW=
4tZ2xvYmVzLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMTQlM=
kYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjcl=
MkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN=
0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOi=
JmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIwMTg0MjJ9/6779d31c913fc653a772=
45eb0e0e0e6b1f47df9354dd05ab8d6a894817a29b7d" style=3D"color:rgb(212, 0, 0)=
;text-decoration:none;font-weight:bold" class=3D"sdf">investigates</a></u><=
/b> a multipronged, and potentially existential, Golden Globes scandal.<br/=
><i>and=E2=80=A6</i><br/><b>Eriq Gardner <u><a href=3D"https://email.puck.n=
ews/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRVh=
OTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvbmV0ZmxpeHMtZmlyc3QtanVyeS10cmlhbC=
1jbm5zLWRlZmFtYXRpb24tZGFuZ2VyLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQ=
URTKyUyODEyJTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStM=
RUFEUyslMjgxMiUyRjclMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI=
2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZD=
I4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIwMTQ0OTV9/=
9d69f17d075d5b21c5bb5d7d818327ff91ec7ac9219214d0743c1787b38f2009" style=3D"=
color:rgb(212, 0, 0);text-decoration:none;font-weight:bold" class=3D"sdf">w=
eighs in</a></u></b> on the TikTokalypse.<br/><i>meanwhile=E2=80=A6</i><br/=
><b>Scott Mendelson <u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZ=
CI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRVhOTT0iLCJocmVmIjoiaHR0=
cHM6Ly9wdWNrLm5ld3MveW91dmUtc2Vlbi1ib3RoLXdpY2tlZC1hbmQtbW9hbmEtMi13aGF0LW5=
vdy8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjE0JTJGMjQlMj=
lcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkY3JTJGMjQlM=
jlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIu=
aW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA=
2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMDExNjk1fQ/2fff02a76435875382f4399ba20=
b7a3aaf8a1829c75bb5736b98849a3a184f50" style=3D"color:rgb(212, 0,
0);text-decoration:none;font-weight:bold" class=3D"sdf">laments</a></u></b>=
a box office scheduling snafu.<br/><br/><b>WALL STREET:</b><br/><b>Bill Co=
han <u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQ=
U5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRVhOTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5l=
d3MvbmV3c2xldHRlcl9jb250ZW50L3RoZS1uZXctbGluYS1raGFuLWJ1enpmZWVkLWJhbmtydXB=
0Y3ktY29uY2VybnMtc290aGVieXMtcmVzdHJ1Y3R1cmluZy8_dXRtX2NhbXBhaWduPVRoZStCYW=
Nrc3RvcnkrLStMRUFEUyslMjgxMiUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQ=
mFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkY3JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWls=
X2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDY=
xNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2=
lkIjoyMDE4OTA5fQ/1792a4e1784ca053763ce97e5ad1350283f2e2ef970ec2084c773e1b87=
f94a90" style=3D"color:rgb(212, 0, 0);text-decoration:none;font-weight:bold=
" class=3D"sdf">tabulates</a></u></b> BuzzFeed=E2=80=99s =E2=80=9Cgoing con=
cern=E2=80=9D concern.<br/><br/><b>SILICON VALLEY:</b><br/><b>Baratunde Thu=
rston </b>and <b>Eriq Gardner <u><a href=3D"https://email.puck.news/e/c/eyJ=
lbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRVhOTT0iLCJocm=
VmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYWktZ29lcy10by1ob2xseXdvb2QvP3V0bV9jYW1wYWlnb=
j1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxNCUyRjI0JTI5XHUwMDI2dXRtX2NvbnRl=
bnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGNyUyRjI0JTI5XHUwMDI2dXRtX21lZGl=
1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm=
09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4I=
iwibGlua19pZCI6MjAxMzcyMH0/93e508a38ac660dc066c697056d94a5c714d892b3e7d211f=
cc5fc7aad90939d7" style=3D"color:rgb(212, 0, 0);text-decoration:none;font-w=
eight:bold" class=3D"sdf">discuss</a></u></b> how A.I. is upending the ente=
rtainment industry, presented by Meta.<br/><br/><b>MEDIA:</b><br/><b>Dylan =
Byers <u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRVhOTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3Mvd2lsbC13YXJuZXItYnJvcy1kaXNjb3Zlcnktc2VsbC1jbm4vP3V0bV9jYW1wYWlnbj1Ua=
GUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxNCUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9=
VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGNyUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1=
lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09Zj=
ZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4Iiwib=
Glua19pZCI6MjAxODY4Mn0/8015d36efdece482693fc522ef31d50eb76d47439ceb178ab1d3=
dc65b00a77a9" style=3D"color:rgb(212, 0, 0);text-decoration:none;font-weigh=
t:bold" class=3D"sdf">dissects</a></u></b> <b>Zaz</b>=E2=80=99s own SpinCo =
prelude and Politico=E2=80=99s <b><u><a href=3D"https://email.puck.news/e/c=
/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRVhOTT0iLC=
JocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG9saXRpY28tcG9hY2hlcy1kYXNoYS1idXJucy10a=
GUtbG93LXdhc2hpbmd0b24tcG9zdC8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFE=
UyslMjgxMiUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEV=
BRFMrJTI4MTIlMkY3JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNn=
V0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyO=
CIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMDE3NTI1fQ/2=
91f0a1f64fb430b3a2bf27107a970b0829faa7dfc14a3e0a103a53db5303b39" style=3D"c=
olor:rgb(212, 0, 0);text-decoration:none;font-weight:bold" class=3D"sdf">mi=
ni-Maggie</a></u></b>.<br/><i>and=E2=80=A6</i><br/><b>John Ourand <u><a hre=
f=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQU=
dUeFhoN2xxZi10LWY0aHZCRVhOTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZXNwbi1wc=
mVwYXJlcy10aGUtZGVpb24tc2FuZGVycy1wbGF5Ym9vay1mb3ItYmlsbC1iZWxpY2hpY2stYXQt=
dW5jLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMTQlMkYyNCU=
yOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjclMkYyNC=
UyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lc=
i5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2=
MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIwMTgzMTV9/14c194a078fae4aee1dd97fb4e=
8c0a9be3afa512ea24ab4d5114edd5472620b0" style=3D"color:rgb(212,
0, 0);text-decoration:none;font-weight:bold" class=3D"sdf">reveals</a></u><=
/b> how ESPN is preparing to go full-blown <b>Coach Prime </b>with <b>Bill =
Belichick</b>=E2=80=99s UNC team.<br/><br/><b>WASHINGTON:</b><br/><b>Peter =
Hamby <u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRVhOTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3Mvc2lsaWNvbi12YWxsZXktZGVtb2NyYXQtcm8ta2hhbm5hcy1wbGFuLXRvLXdpbi1iYWNrL=
XdvcmtlcnMvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxNCUy=
RjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGNyU=
yRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3=
RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6I=
mY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjAxMTUzN30/6e8dc8fdf77647f14695=
d4ff5c8a07623504bd0cbc36c5309d54606f34a454de" style=3D"color:rgb(212, 0, 0)=
;text-decoration:none;font-weight:bold" class=3D"sdf">ponders</a></u></b> t=
he future of the Democratic Party with Rep. <b>Ro Khanna</b>, and <b>John H=
eilemann <u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4=
Z1lEQU5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRVhOTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWN=
rLm5ld3MvaGFrZWVtLWplZmZyaWVzLXN0YXRlLW9mLXRoZS11bmlvbi8_dXRtX2NhbXBhaWduPV=
RoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fY29udGVud=
D1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkY3JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVt=
PWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1=
mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLC=
JsaW5rX2lkIjoyMDE3Njc4fQ/315338b0ec30f15805c12ec56ddedb05f6f49d57ecc28a4d83=
8e6c305ae36247" style=3D"color:rgb(212, 0, 0);text-decoration:none;font-wei=
ght:bold" class=3D"sdf">rings up</a></u> Hakeem Jeffries</b>.<br/><i>and=E2=
=80=A6</i><br/><b>Tara Palmeri <u><a href=3D"https://email.puck.news/e/c/ey=
JlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRVhOTT0iLCJoc=
mVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdmV0ZXJhbnMtYWR2b2NhdGUtcGF1bC1yaWVja2hvZmYt=
b24tdGhlLWRhbmdlci1vZi1wZXRlLWhlZ3NldGgvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J=
5Ky0rTEVBRFMrJTI4MTIlMkYxNCUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG=
9yeSstK0xFQURTKyUyODEyJTJGNyUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb=
25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2Qz=
MDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjA=
xODE2M30/0e6c7c643a733692abf638c826a091d4f898553b5020fa82b14c20c070413ec3" =
style=3D"color:rgb(212, 0, 0);text-decoration:none;font-weight:bold" class=
=3D"sdf">delivers</a></u></b> a <b>Hegseth </b>character study.<br/><i>mean=
while=E2=80=A6</i><br/><b>Abby Livingston <u><a href=3D"https://email.puck.=
news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRV=
hOTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2h5LWRlbW9jcmF0cy1hcmUtc3RheWluZ=
y1xdWlldC1vbi10cnVtcC1jYWJpbmV0LW5vbWluZWVzLz91dG1fY2FtcGFpZ249VGhlK0JhY2tz=
dG9yeSstK0xFQURTKyUyODEyJTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWN=
rc3RvcnkrLStMRUFEUyslMjgxMiUyRjclMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYW=
N0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1Z=
TNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQi=
OjIwMTQ1MzF9/5fd909b5fd768b8976236dba95ff324944040f677c955ed755bc6e22006ba4=
c0" style=3D"color:rgb(212, 0, 0);text-decoration:none;font-weight:bold" cl=
ass=3D"sdf">digests</a></u></b> some fresh Hill kremlinology. <br/><br/><b>=
PODCASTS:</b><br/><b>=F0=9F=8E=A7 </b>Dylan and <b>Barry
Diller </b>talk SpinCo, Paramount, the Beast and more on <b><u><i><a href=
=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUd=
UeFhoN2xxZi10LWY0aHZCRVhOTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG9kY2FzdF=
9lcGlzb2RlL2JhcnJ5LWFuZC10aGUtYmVhc3QvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5K=
y0rTEVBRFMrJTI4MTIlMkYxNCUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9y=
eSstK0xFQURTKyUyODEyJTJGNyUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25=
cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMD=
FkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjAxM=
zcyMX0/2f1049203af0cba87365fc9ff550b185522539c01656fe69ca008d4f1776bde1" st=
yle=3D"color:rgb(212, 0, 0);text-decoration:none;font-weight:bold" class=3D=
"sdf">The Grill Room</a></i></u></b>.<br/><i>and=E2=80=A6</i><br/>John Oura=
nd and former CBS Sports president <b>Sean McManus </b>recount the NFL bid =
that revived the network on <b><u><i><a href=3D"https://email.puck.news/e/c=
/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRVhOTT0iLC=
JocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG9kY2FzdF9lcGlzb2RlL25vLW5mbC1uby1nbG9ye=
S8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjE0JTJGMjQlMjlc=
dTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkY3JTJGMjQlMjl=
cdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW=
9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2M=
TVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMDEwMzkxfQ/e6ba5de4dcc9a5f6342ed23c2cc6c=
37e4be20e625c2d9c1e463cc74f8f1bb0ae" style=3D"color:rgb(212, 0, 0);text-dec=
oration:none;font-weight:bold" class=3D"sdf">The Varsity</a></i></u></b>.<b=
r/><i>and=E2=80=A6</i><br/>John Heilemann gets the readout on <b>Trump</b> =
2.0 from <b>Reagan</b>, <b>Bush 41</b>, and <b>Bush 43 </b>vet <b>Pete Wehn=
er </b>on <b><u><i><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6I=
mRnVDJ4Z1lEQU5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRVhOTT0iLCJocmVmIjoiaHR0cHM6=
Ly9wdWNrLm5ld3MvcG9kY2FzdF9lcGlzb2RlL3BldGUtd2VobmVyLWhlZ3NldGhzLXJlZGVtcHR=
pb24tYnJvbWlkZXMtdHJ1bXBzLXJhbXBhbnQtYmxhc3BoZW1pZXMtZmFzdC1jYXJzLXJhZGlhbn=
QtYmVhdGl0dWRlLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGM=
TQlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUy=
RjclMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1=
jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYW=
wiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIwMTE1MzZ9/5e648757b06e2053=
247cf49700d71b0a3bde14257e0860c7be7646fbf3bee447" style=3D"color:rgb(212, 0=
, 0);text-decoration:none;font-weight:bold" class=3D"sdf">Impolitic</a></i>=
</u></b>.<br/><i>and=E2=80=A6</i><br/>Matt and <b>Lucas Shaw </b>pick the s=
treaming winners and losers of the year on <b><u><i><a href=3D"https://emai=
l.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUeFhoN2xxZi10LWY=
0aHZCRVhOTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG9kY2FzdF9lcGlzb2RlL3dpbm=
5lcnMtYW5kLWxvc2Vycy1vZi0yMDI0LWluLXN0cmVhbWluZy8_dXRtX2NhbXBhaWduPVRoZStCY=
WNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUr=
QmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkY3JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWl=
sX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MD=
YxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX=
2lkIjoyMDE4OTEwfQ/fe35afc4f9e0e6cc3433bc9470d16af7c679472b8d8caf16391a3fc37=
8f2579e" style=3D"color:rgb(212, 0, 0);text-decoration:none;font-weight:bol=
d" class=3D"sdf">The Town</a></i></u></b>.<br/><i>and=E2=80=A6</i><br/>Tara=
and Dylan decode <b>Trump</b>=E2=80=99s media games on <i><b><u><a href=3D=
"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUeF=
hoN2xxZi10LWY0aHZCRVhOTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG9kY2FzdF9lc=
Glzb2RlL2R5bGFuLWJ5ZXJzLW9uLWhvdy10by1jb3Zlci10cnVtcC0yLTAvP3V0bV9jYW1wYWln=
bj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxNCUyRjI0JTI5XHUwMDI2dXRtX2NvbnR=
lbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGNyUyRjI0JTI5XHUwMDI2dXRtX21lZG=
l1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlc=
m09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4=
IiwibGlua19pZCI6MjAxNDg4MX0/d3c2a30b9b8155c219bb1f882440f9bc4491b7f30629a2b=
c90d5af6898a87210" style=3D"color:rgb(212, 0, 0);text-decoration:none;font-=
weight:bold" class=3D"sdf">Somebody=E2=80=99s Gotta Win</a></u></b>.</i><br=
/><i>and=E2=80=A6</i><br/>Lauren covers Kardashians and collabs with Skims =
C.E.O. <b>Jens Grede </b>on <b><u><i><a href=3D"https://email.puck.news/e/c=
/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRVhOTT0iLC=
JocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG9kY2FzdF9lcGlzb2RlL3RoZS1oaW0tb2Ytc2tpb=
XMvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYxNCUyRjI0JTI5=
XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGNyUyRjI0JTI=
5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLm=
lvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwN=
jE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjAxODU3OX0/22c1dd836172ac56ae7a3324dc69=
1ad3620854c8c9e82774ad38a4a76e06d9bd" style=3D"color:rgb(212, 0, 0);text-de=
coration:none;font-weight:bold" class=3D"sdf">Fashion People</a></i></u></b=
>.<br/><i>and=E2=80=A6</i><br/>Peter and Eriq get into the <b>Murdoch </b>s=
uccession shocker on <i><b><u><a href=3D"https://email.puck.news/e/c/eyJlbW=
FpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRVhOTT0iLCJocmVmI=
joiaHR0cHM6Ly9wdWNrLm5ld3MvcG9kY2FzdF9lcGlzb2RlL3RoZS1tdXJkb2NoLXN1Y2Nlc3Np=
b24tc2hvY2tlci10aWt0b2tzLXRydW1wLWNhcmQvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J=
5Ky0rTEVBRFMrJTI4MTIlMkYxNCUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG=
9yeSstK0xFQURTKyUyODEyJTJGNyUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb=
25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2Qz=
MDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjA=
xNDg4M30/fd4b8f3d5a65bf0ebd8e145e1c99a588b3b4f65534dc0c1807c34a933837a65a" =
style=3D"color:rgb(212, 0, 0);text-decoration:none;font-weight:bold" class=
=3D"sdf">The Powers That Be</a></u></b>.</i><br/><br/><i>As a reminder, you=
can update your profile at any time to get more stories like these directl=
y in your inbox. <u><b><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZ=
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cHM6Ly9wdWNrLm5ld3MvbmV3c2xldHRlcnMvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0=
rTEVBRFMrJTI4MTIlMkYxNCUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeS=
stK0xFQURTKyUyODEyJTJGNyUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cd=
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3eb498793603200735c288f2cccf1d7513a23751f784f2fd156bac1f77763fe6" style=3D"=
color:rgb(212, 0, 0);text-decoration:none;font-weight:bold" class=3D"sdf">C=
lick here</a></b></u> to customize your email settings.</i><br/></td>
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<td style=3D"padding-bottom: 36px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;">On Thursday morning=
, I was hustling down New York Avenue in Washington, D.C.=E2=80=94that stra=
nge and recently-ish developed part of the city that looks sort of like Doh=
a in the middle of the swamp. It was an uncharacteristically chilly morning=
and I=E2=80=99d woefully undressed. My fingers froze every time I reached =
for my phone to check email, text, or graze the news. <br/><br/>I=E2=80=99d=
come to town for a brief jaunt=E2=80=94first to celebrate my friends at Bu=
lly Pulpit International on their 15th anniversary, and then for an importa=
nt breakfast meeting at one of those soulless downtown hotels, the type th=
at host convention after convention, a real staple of the town. As I was pr=
ocessing the outputs of that morning meeting, and watching some texts arriv=
e over the transom recounting moments from the previous night, I received t=
he sort of email that I instantly knew
was going to change the rest of my week. It turned out that <b>David Zaslav=
</b>, the C.E.O. of Warner Bros. Discovery and ubiquitous Puck Zelig of sor=
ts, was reorganizing his company=E2=80=94in particular, Zaz was cleaving hi=
s profitable but declining cable networks from his studio and streaming bus=
iness. It seemed, in many ways, like a simulacrum of Comcast C.E.O. <b>Bria=
n Roberts</b>=E2=80=99 recent decision to spin off his own fading cable emp=
ire into a new company. <br/><br/>Zaz=E2=80=99s move was a total non-surpri=
se <i>surprise</i>. Months earlier, he=E2=80=99d lost a bidding war for NBA=
rights, which seemed to diminish the long-term viability of the portfolio.=
Then he=E2=80=99d taken a <i>$9 billion </i>impairment charge on the cable=
networks. Now, he was repositioning them for a potential future as the cor=
e of a newco, catnip for the <b>Ellisons </b>after the Paramount deal close=
s, or perhaps an enticing idea for a private equity partner, or for Roberts=
=E2=80=99 SpinCo boss <b>Mark
Lazarus</b>.<br/><br/>As I was taking this all in, contemplating the variou=
s possibilities, my partner <b>Bill Cohan </b>texted me that he was already=
on the case. Naturally, I=E2=80=99d been badgering Bill to take a little v=
acation at the end of the year, but the lure of this late-stage twist in th=
e Zaz storyline was too enticing. Bill, after all, has been one of the grea=
t bards of the Zaz <i>telenovela</i>. And his own decades of experience as =
an M&A banker have informed his suspicions that the WBD journey is stil=
l a deal or two away from full realization. Indeed, it seems, Zaz may have =
just previewed that next stage in the form of this re-org. <i>Zaz in Wonder=
land</i>, Bill=E2=80=99s analysis of the restructuring and deal hypothesizi=
ng, drops tomorrow. <b><u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF=
9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRVhOTT0iLCJocmVmIjoia=
HR0cHM6Ly9wdWNrLm5ld3MvbmV3c2xldHRlcnMvZHJ5LXBvd2Rlci8_dXRtX2NhbXBhaWduPVRo=
ZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1=
UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkY3JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPW=
VtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mN=
mM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJs=
aW5rX2lkIjoyOTk2M30/530864c4898e820c33e258e86b8b40d366e5ccb922ebd28e2d2a2a3=
9f01374a3" style=3D"color:rgb(212, 0, 0);text-decoration:none;font-weight:b=
old" class=3D"sdf">Sign up
here</a></u></b> to make sure you don=E2=80=99t miss it.<br/><br/>Bill inti=
mated a flavor of his thinking on <i>The Grill Room</i>, our partner <b>Dyl=
an Byers</b>=E2=80=99 excellent new podcast. As he <b><u><a href=3D"https:/=
/email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUeFhoN2xxZi=
10LWY0aHZCRVhOTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG9kY2FzdF9lcGlzb2RlL=
3diZHMtbmV3LXphem9ub21pY3MvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMr=
JTI4MTIlMkYxNCUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQUR=
TKyUyODEyJTJGNyUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG=
1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiL=
CJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjAxODU3Nn0/d1e4=
a8997b08923d4cade8dbb366bc48fec8f0a23fbcd4daa7848c3d18712560" style=3D"colo=
r:rgb(212, 0, 0);text-decoration:none;font-weight:bold" class=3D"sdf">noted=
</a></u></b> on the show, the entire cable industry continues to alight to =
a paradigm that TPG, the private equity behemoth with nearly $250 billion A=
UM, created via its investment in DirecTV=E2=80=94a new model for hyper-mon=
etizing a legacy asset=E2=80=99s downslope. Dylan and I chatted more about =
it on a special Media Monday edition of <i>The Powers That Be</i>, which wi=
ll be in your <b><u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6=
ImRnVDJ4Z1lEQU5TTktOT05LQUdUeFhoN2xxZi10LWY0aHZCRVhOTT0iLCJocmVmIjoiaHR0cHM=
6Ly9wdWNrLm5ld3MvcG9kY2FzdHMvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRF=
MrJTI4MTIlMkYxNCUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQ=
URTKyUyODEyJTJGNyUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1=
dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjg=
iLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6NjYwMjUxfQ/8b2=
ab6422461e732d720e6ef22490cc2de5149e5134663699f2823f220df5076" style=3D"col=
or:rgb(212, 0, 0);text-decoration:none;font-weight:bold" class=3D"sdf">feed=
</a></u></b> soon enough. <br/><br/> Whatever the outcome, the fate of Zaz=
=E2=80=99s cable nets will likely inform the strategy of his peers, all of =
whom are looking for novel ways to unwind their positions in the legacy TV =
business in a careful, cash flow=E2=80=93optimizing manner that draws inves=
tor attention toward the future prospects of their streaming businesses. Af=
ter all, they don=E2=80=99t have any other choice. That=E2=80=99s the story=
of our time, and precisely what you should expect to read about, as ever, =
from Puck.<br/><br/>Have a great weekend,<br/></td>
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