Welcome back to The Daily Courant, your afternoon compilation of Puck’s best new reporting.

First up today, Dylan Byers surveys the mood inside CNN after the surprise announcement that Warner Bros. Discovery had decided to sell to Netflix, not Paramount Global—an outcome that would see the network spun out under Gunnar Wiedenfels rather than reporting up to Bari Weiss. Staffers are largely relieved—or at least they were until David Ellison mounted a hostile bid for WBD this morning. And CNN could still be plucked out of the portfolio by an acquirer like Nexstar or Sinclair… or a private equity firm… or even the Comcast spinco Versant.

Plus, below the fold: Bill Cohan illuminates the financial alchemy behind Netflix’s proposed $83 billion WBD acquisition, while Peter Hamby and Eriq Gardner consider the regulatory obstacles awaiting Ted Sarandos. Leigh Ann Caldwell previews the wave of House Republicans expected to announce their imminent retirements. Marion Maneker offers a guided tour of a surprisingly buoyant Miami Art Week. And Sarah Shapiro observes the retail trends defining this holiday season.

Meanwhile, on the pods: John Ourand sits down with MLS commissioner Don Garber on The Varsity to autopsy the league’s heavily scrutinized Apple deal. And on The Powers That Be, Peter Hamby and Jon Kelly parse every angle of Netflix’s shock victory in the WBD bidding war.

In the wake of Netflix’s Warner Bros. coup, the folks at CNN are, perhaps naively, looking on the bright side: They may not have to work for Bari Weiss after all. But times in Spinoffville are going to get tough—and fast.

Watch Partner Perspectives: Legal Strategy Meets AI Innovation

Introducing Partner Perspectives — a new short-video series by White & Case featuring insights from our lawyers on the legal and business trends shaping tomorrow. In this episode, White & Case partners Erin Hanson, Hope Anderson and Tim Hickman discuss key considerations for companies as they align their AI product strategy and legal strategy.

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A talmudic reading of the mishegas following the $83 billion Netflix-WBD deal: Zaz’s personal economics; the likelihood that this turns hostile; the unusual consortium of banks underwriting the deal; the value of the Gunnar stub; regulatory open questions; the $5.8 billion breakup fee; and more.

Paramount staged an aggressive, last-ditch effort to secure its own bid for Warner Bros. Discovery by warning that Netflix would face severe regulatory obstacles in Washington. Could the White House have less leverage than it seems?

Serving in the House—even when your party controls that chamber, the Senate, and the Oval Office—just ain’t what it used to be. The 119th Congress has been divided and demoralized, and is on track to be the least productive in recent memory. Now, frustrated G.O.P. members are running for the exits before things get worse.

A mid-December tour of Design.Miami, Art Basel, the New Art Dealers Alliance fair, and the ICA Miami opening revealed a steady flow of visitors, plenty of eager buyers, and an ostensible return to form for the city’s biggest annual art fair.

Watch Partner Perspectives: Legal Strategy Meets AI Innovation

White & Case partners Erin Hanson, Hope Anderson and Tim Hickman explore how AI companies can align legal strategy with product development from the outset. From data governance to global regulation, the message is clear: “AI is moving fast. So is the law. The winners will be those who align early.”

Watch the video

According to early indicators, spending and foot traffic are both up in the post-Thanksgiving holiday crush—but that can mean different things to different retailers.

MLS commissioner Don Garber joins John live from the University of Maryland’s Povich Symposium to chart the league’s “MLS 3.0” blueprint. They discuss MLS’s rising fortunes, including its $21 billion collective valuation, and dig into the much-scrutinized Apple deal, now ending ahead of schedule. Garber stands by the partnership and lays out why he thinks MLS is well-positioned for the streaming age.

Jon Kelly and Peter chew over Netflix’s shock victory in the Warner Bros. Discovery bidding war—outmaneuvering Paramount and Comcast to nab WBD’s Studios and Streaming assets. They parse every angle of this $83 billion deal: whether the Trump administration will actually scrutinize the merger, whether David Ellison is ready to give up and walk away, what this all means for the CNNs of the world, and more.

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