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World Cup Fever, London’s Art World Resurgence, Newsletter Bubble
Trouble
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Happy Monday and welcome back to The Daily Courant, your afternoon roundup of Puck’s best new reporting.
Here’s what you need to know… and stick around for a close look at the Wall Street succession saga of our time.
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- Dry Powder: Jamie Dimon reshuffled JPMorgan Chase’s succession deck once again, naming Doug Petno and Troy Rohrbaugh co-presidents while revealing that Marianne Lake, once seen as the likely frontrunner, would be leaving the bank. Bill Cohan foreshadows Dimon’s actual departure timeline—and explains why
the board isn’t eager to see him go. [Read More]
- The Best & The Brightest: President Trump has staked nearly everything on passing the SAVE America Act, his divisive voter ID bill, which has pitted
Republicans against one another ahead of the midterms. Leigh Ann Caldwell digs into the G.O.P. crisis paralyzing Capitol Hill. [Read More]
- In the Room: The newsletter economy has reached an inflection point with
stagnating growth, market saturation, and A.I. reshaping the entire online landscape. Julia Alexander surfaces three actionable insights for media operators from Beehiiv’s new state-of-the-industry report. [Read More]
- Wall
Power: In London, the £306 million Joe Lewis collection at Sotheby’s was a big shot in the arm—but a closer look at the results suggests the market is still treading water. Marion Maneker offers his insider’s guide to the latest results. [Read More]
- Line Sheet: Reformation’s new I.P.O. filing makes it the first notable fashion startup in a while to attempt to go public. Malique Morris explores the troubled recent history of fashion I.P.O.s and the other 2010s darling watching from the sidelines. [Read
More]
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- The Varsity: John Ourand reunites with The Athletic’s Andrew Marchand to break down the World Cup’s runaway success—and how MLS should capitalize on the moment. [Listen Here]
- The Powers That Be: Peter Hamby and Jon Kelly discuss the ongoing fallout from Amazon dumping Artificial, before hypothesizing why Ben Shapiro’s Daily Wire suddenly needs more cash. [Listen Here or Watch Here]
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And now, a little more on Jamie Dimon’s succession plan…
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Jamie Dimon—or King Jamie, as he’s known on Wall Street—has once again reshuffled the succession deck at
JPMorgan Chase. On Thursday, Dimon, now 70 and into his third decade running the bank, announced that two white men—Doug Petno, 61, and Troy Rohrbaugh, 56—had been named co-presidents, and dropped the bombshell that Marianne Lake, once seen as his possible (perhaps even likely) successor, would relinquish her post as head of consumer banking. “Something happened,” Mike Mayo, the esteemed Wells Fargo analyst, told Bill. “The person I considered the frontrunner is no longer at
JPMorgan.”
Optically, at least, the bank has set up a horse race between the two men, but it’s clear that Jamie and the board are trying to give Rohrbaugh, a former trader, experience in running different parts of the bank to see if he might be the one. The reality, though, is that Jamie and the board don’t seem eager to shake things up anytime soon. After all, Mayo noted, “Jamie Dimon is a generational C.E.O. His brand power has never been stronger, and JPMorgan monetizes that
brand power when it comes to I.P.O.s, dealmaking, private banking, and even retail. … Ultimately, it comes down to Jamie Dimon staying on longer than expected, and I think that’s what investors want at this time.”
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| Leigh Ann Caldwell
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The president has staked everything on passing the SAVE America Act, his divisive voter ID bill. The result: a Republican civil war over
whether feeding the base is the best way to win or merely the fastest way to lose.
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| Julia Alexander
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As the business matures, newsletter creators need new strategies—including more differentiated content, smarter pricing, and community
engagement—to stand out amid the glut. A new report reveals some crucial insights.
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| Marion Maneker
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In London, the £306 million Joe Lewis collection at Sotheby’s was a big shot in the arm—but a closer look at the results suggests the
market is still treading water. Meanwhile, over at Christie’s, the Zabludowicz collection underscored the inescapable power of inflation.
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| Malique Morris
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With news that Reformation is seeking to go public, we revisit its fellow 2010s darlings to check in on the state of the fashion
startup–industrial complex.
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| John Ourand
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The Athletic’s Andrew Marchand is back on the pod to discuss the World Cup’s runaway success, from its strong attendance numbers and high
TV ratings to its positive impact on social media. He also predicts what the momentum means for the 2030 rights and whether the tournament could land on a streamer for the first time. Plus, how MLS can capitalize on the moment to become a top league globally.
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| Peter Hamby
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| Jon Kelly
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Jon Kelly rejoins Peter to discuss the fallout stemming from Matt Belloni’s scoop about Amazon’s decision to dump Artificial.
Then the duo hypothesize about why The Daily Wire, Ben Shapiro’s media company, suddenly needs so much cash.
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