Good morning,

Thanks for reading The Backstory, your weekly review of the best new work from Puck.

It was another remarkable week: Eriq Gardner reported on David Boies’ potential $1 billion fee; Matt Belloni captured the agony around Participant’s demise; Julia Alexander presaged Peacock’s M&A value; Lauren Sherman deciphered the Galliano mystery; Rachel Strugatz ran the numbers on a Jenner beauty empire; Julia Ioffe penetrated the Bibi bunker; Bill Cohan revealed how The Jeffs might take over Paramount; Tina Nguyen parsed Marjorie Taylor Green’s ulterior motives; John Ourand scooped an ESPN personnel surprise; and Marion Maneker recounted a Sotheby’s debt soap opera.

ART WORLD:
Marion Maneker reveals Sotheby’s new business model.

WALL STREET:
Bill Cohan breaks the news on RedBird and the Ellisons’ proposed Paramount deal structure.
and
Eriq Gardner tabulates David Boies’ $1 billion bill.

SILICON VALLEY:
Teddy Schleifer unearths a Nicole Shanahan pressure campaign.

MEDIA:
John Ourand scrolls through ESPN’s Norby-replacement wish list.
and…
Dylan Byers assesses the Joanna Coles-Ben Sherwood-Barry Diller marriage of convenience.

HOLLYWOOD:
Matt Belloni answers the riddles surrounding the Participant Media demise.
and…
Julia Alexander deduces the real virtue of NBCU’s Peacock experiment.
and…
Scott Mendelson presents a summer box office paradox.

WASHINGTON:
Tina Nguyen gauges M.T.G.’s madness.
and…
Julia Ioffe gets to the bottom of the discontent within Bibi’s security establishment.
and…
Tara Palmeri unpacks a G.O.P. dark money obsession while Peter Hamby breaks down proprietary polling on Trump.

PODCASTS:
Matt and Accenture’s John Peters discuss Hollywood’s inability to reinvent itself on The Town.
and…
Tara and strategist Nathan Daschle weigh in on R.F.K.’s spoiler chances on Somebody’s Gotta Win.
and…
Peter and I discuss Shari Redstone’s falling knife on The Powers That Be.

Meanwhile, I also encourage you to take advantage of our article gifting feature. You can share our work with your colleagues, friends, and family. Subscribers are entitled to 5 article gifts per month.

As members of Puck well know, my deepest interests lie less in subject areas, per se, and more in worlds, or “cinematic universes” as we say around here—spheres of influence with their own codes, customs, business models, and usual suspects. And from my initial toe-dip into Artelligence, I was overwhelmed by the richness of the world that Marion conveyed. He effortlessly detailed the trials and tribulations of the various fiefdoms and feudal systems that comprise what we conceptualize as “the art world”—the artists, sure, but even more so the dealers, auction houses, advisors, marketers, strivers, hangers-on, and so forth. And he performed this task in high style, with both a Trollopean wit and an old magazine hand’s commitment to fact, style, and analysis.

I had always envisioned the art world becoming a cornerstone of the larger Puck tableau. It is, after all, a thriving and complex marketplace that seeps deeply into our other power corners. My partner Bill Cohan’s extraordinary recent series on Leon Black neatly captured the overlap. To wit: Black explains his handshake deal with Jeffrey Epstein to sort out some family estate-planning matters by noting that he was both a ruthless negotiator and someone who could be, well, loosey-goosey with his cash on things that mattered, like his family or art. “So, I’m known to be a ruthless negotiator,” he told Bill. “A penny-pincher. Sharp elbows. All of the above. I’m also known to pay $50 million for a Raphael twice—not once, twice, two Raphaels.” (People contain multitudes, I suppose.)

Indeed, the overlaps are innumerable. Christie’s, of course, is owned by François Pinault, the titan who oversees both Kering in the fashion world and CAA in the entertainment business. The art market is the ultimate proof that, as one scales the ladders of wealth and power, it’s all one world at the top.

Earlier this year, Marion and I chatted about the opportunity to bring his extraordinary work over to Puck. And earlier this month, we concluded a deal to acquire Artelligence, which we’ve now rebranded as Wall Power. (Sign up here.) The Sotheby’s Debt Soap Opera, his estimable debut, is perfect Puck catnip. Marion explores a fascinating pivot in the venerable house’s business model and pay structure, and connects it to the debt load burdening its owner, telecom baron Patrick Drahi. He also imagines what Sotheby’s competitors might be wondering as they lick their chops and contemplate whether or not to emulate the change. It’s a fabulous read, whether or not you’re the type to throw down $30 million for Basquiat’s 1982 The Italian Version of Popeye Has No Pork in His Diet at Phillips.

But if you only have time for one piece this weekend, I’d recommend an art world adjacent joint—Lauren Sherman’s brilliant story Can Galliano Go Home Again?. In the piece, Lauren works through the various rumors surrounding John Galliano’s potential return to LVMH, where his career began to ascend following his 1995 appointment to Givenchy and then, of course, Dior. It’s a story about the ruthless fashion business, to be sure, but also about relationships. In many ways, Galliano helped elevate and validate Bernard Arnault’s high-margin luxury rollup holdingco, which now happens to be the largest company in Europe. (Depending, of course, on the quarterly appetite for Novo Nordisk’s Ozempic.) Will Arnault welcome him back and allow him to restore his old namesake brand? It’s a story of our time, and precisely what you should always expect from Puck.

Have a great weekend,
Jon