Welcome back to The Daily Courant, your afternoon guide to Puck’s best new reporting. Here’s what you need to know… and stick around for more on Comcast’s NBCU calculus.

Meanwhile, on the pods…

And now, a little more on NBCU’s future post-Comcast…

MEDIA

On Monday, Brian Roberts announced plans to split Comcast and NBCUniversal into separate companies while insisting it was “absolutely not” a prelude to future M&A. But, as Dylan reports, no one believes that. Comcast’s stock soared as much as 20 percent on the news—an admission that Brian’s 15-year programming strategy has run its course, and a signal that both halves of the business need room to consolidate on their own terms.

Now, NBCUniversal has become an obvious acquisition target. As Dylan notes, Netflix is the most logical buyer, eager for another shot at premium I.P. and sports rights after losing Warner Bros. Discovery to the Ellisons. Amazon and Apple may take a look, too, although neither wants the linear TV assets. (The synergies between broadband and entertainment evaporated years ago.) Might private equity step in to extract the last drops of value?

Click here for Dylan’s full story.

HOLLYWOOD

While C.E.O. Brian Roberts insists both companies will be poised for stand-alone growth, the bidders will now step forward, just like when Warner Bros. Discovery announced its decoupling.

SPORTS

The New York Times’s uncomfortable self-reporting into star journalist Dianna Russini’s affair with a source was more than just an extraordinary exposé. It may also create precedents that outlast the scandal itself.

FASHION

It’s been a decade since Christophe Lemaire linked up with Uniqlo for a partnership that’s both steadfast and mutually beneficial. But while insiders now expect a conclusion of the collaboration, Lemaire’s namesake line is on the shortlist of independent luxury brands that every strategic buyer has been quietly watching.

HOLLYWOOD

The entertainment industry is worrying about the indie player’s $75 million deal with DeepMind for all the wrong reasons. Google isn’t trying to get into filmmaking—but it does want filmmakers to start using its tools.

WASHINGTON

Maryland’s senior senator unloads on Trump’s Iran war, predicts an ugly fight over the midterms, and explains why Gaza will be a defining debate of the 2028 Democratic presidential primary.

HOLLYWOOD

Matt is joined by Bloomberg’s Lucas Shaw to assess the news that NBCUniversal is splitting off from Comcast into a stand-alone company, the details of the deal, why this is happening now, and whether it opens the floodgates for more M&A.

FASHION

Lauren’s guest is Marc Beaugé, editor-in-chief and co-founder of every fashion person’s favorite magazine, L’Étiquette. They discuss the men’s shows in Milan and Paris—specifically Prada, Dior, Louis Vuitton, and Celine, plus Dries Van Noten and Ralph Lauren—the genius of Charlotte Collet, the prospects of Kering C.E.O. Luca de Meo, Michael Rider, Jonathan Anderson, Demna, miniskirts, athleisure, why everyone was freaking out about the heat in Paris, why there’s so much hugging at Men’s Fashion Week, and plenty more.

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