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The Backstory
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Greetings! As you can probably tell, today’s newsletter looks a little different. After three years, we’ve redesigned the look and feel of our private emails, and want to know what you think. If you have any feedback, please click here to take a brief survey.
Jon Kelly Jon Kelly
Good morning, It was another great week: Matt Belloni and Kim Masters scrutinized Iger’s $16 million Trump payoff while Eriq Gardner identified the town’s new D.O.J. headache; Dylan Byers got into the Stephanopoulos of it all; Lauren Sherman previewed Versace’s next home; Rachel Strugatz spoke with Gwyneth Paltrow’s Goop whisperer; Bill Cohan examined David Zaslav’s various cable options; John Ourand conveyed ESPN’s simmering NBA anxieties; Marion Maneker dug up the roots on the $32 million Judy Garland ruby slipper sale; and Baratunde Thurston articulated Wall Street’s views on A.I. Meanwhile, Tara Palmeri offered a talmudic reading of Trump’s political capital deployment, John Heilemann chatted with Hakeem Jeffries, Peter Hamby detailed Kamala Harris’s no-pity party, and Abby Livingston chronicled A.O.C.’s failed bid for a top committee slot. Check out these stories, and others, via the links below. And stick around for the backstory on how it all came together.
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Instagram Teen Accounts: automatic protections for teens Parents want safer online experiences for their teens. That's why Instagram is introducing Teen Accounts, with automatic protections for who can contact teens and the content they can see. A key factor: Only parents can approve safety setting changes for teens under 16. Learn more
FASHION FASHION
Lauren Sherman talks I.P.O. and Kardashians with Skims C.E.O. Jens Grede. and… Rachel Strugatz has a very candid chat with Julia Hunter, Goop’s new fixer.
 
ART MARKET ART MARKET
Marion Maneker ponders the record-breaking auction of the Mona Lisa of memorabilia.
 
HOLLYWOOD HOLLYWOOD
Matt Belloni and Kim Masters chew over the Iger settlement; Matt also weighs in on an Amazon theatrical scandalette. and… Eriq Gardner shares a delectable grab bag of Trump-era Hollywood legal horrors.
 
WALL STREET WALL STREET
Bill Cohan flips through Zaz’s cable dealbook and hitches a ride into space.
 
SILICON VALLEY SILICON VALLEY
Baratunde Thurston and Bill contemplate Wall Street’s role in the A.I. revolution, presented by Meta.
 
MEDIA MEDIA
Dylan Byers breaks the news on Stephanopoulos’s new deal. and… John Ourand dissects the NBA and NFL’s battle for Christmas.
 
WASHINGTON WASHINGTON
Peter Hamby parses some proprietary data on bipartisan DOGE skepticism, while John Heilemann discusses the future of the Democratic Party with Hakeem Jeffries. and… Tara Palmeri and Bill Stepien, Trump’s former White House political director, game out the next 18 months. meanwhile… Abby Livingston investigates the A.O.C.-Nancy Pelosi beef.
 
PODCASTS PODCASTS
The Grill Room
Dylan and I reflect on Matt Murray’s very surprising WaPo journey on The Grill Room.
The Varsity
Ourand and Matthew Berry, the fantasy sports expert and former ESPNer, assess the modern needle-movers on The Varsity.
Impolitic
Heilemann and Senator Chris Murphy trade oligarchy fears on Impolitic.
The Town
Matt and Lucas Shaw predict the fate of Warner Bros. in ’25 on The Town.
Somebody's Gotta Win
Tara and Bill Stepien interrogate Trump’s views on political capital on Somebody’s Gotta Win.
Fashion People
Lauren and Tiina Laakkonen, the stylist and former model and Amagansett boutique proprietor, dig into everything from Paris in the ’90s to the Hamptons in the aughts on Fashion People.
The Powers That Be
Peter and Marion pick through the mess at Sotheby’s on The Powers That Be.
 

D.C.’s Long December

On Thursday evening, I grabbed an impromptu drink with an old and dear friend—a reliable sounding board I trust, and one of the people who truly nurtured my budding entrepreneurship many years ago, in the deep prehistory of the Puck archives. We were sitting at the bar at the Riggs, my favorite hotel in Washington, watching the Christmas party scenes unfold before us with delight and mirth: buoyantly overserved Hill staffers, whispering federal workers with their badges still clipped on their trousers, and lawyers and legislators scattered throughout. Washington usually shuts down around this time of year, but I was grateful to catch the final gasp of its rhythms. I was back in town for some light end-of-year business matters—a few critical hiring meetings, business development meetings, a little fact-finding and gossip-hunting and the like. And I’d decided to extend my stay to partake in one of the final White House Christmas parties of the Biden administration. Indeed, there was a sort of fin de siècle mood at the Riggs, which is conveniently situated equidistant from the Capitol and the White House: Trump was dictating debt ceiling orders to House Speaker Mike Johnson, forcing a series of last-minute, helter-skelter meetings on the Hill to get a new C.R., or continuing resolution, ratified in order to keep the federal government in operation through the holiday recess. Biden, himself, was already checked out.
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Meanwhile, Elon Musk was throwing his weight around on X, adding to the confusion and leading most sane people in the DMV to wonder aloud when this three-man dynamic would collapse. In particular, why had Johnson’s Mar-a-Lago obsequiousness proved so ineffectual? And when might Trump tire of “Uncle Elon”—his Trumpworld moniker, as my partner Tara Palmeri recently revealed. At the same time, as my partner Dylan Byers has indefatigably chronicled, the long, semi-depressing search for a new executive editor at The Washington Post was coming to its denouement, with interim leader Matt Murray at last appointed to ascend the greased pole. Anyway, my buddy and I had a lot to kibitz over. This is a reflective time of year, and there’s a natural instinct—both editorially and biologically, frankly—to wrap a narrative around the past 12 months and annotate it for the memory books. And while I could certainly indulge that sort of whimsy, I think the behavior slightly misreads the moment. As I chewed over these D.C.-themed storylines at the Riggs, I became increasingly alive to the observation that the next several quarters will be far more fascinating than the ones just traversed. I’ve often considered Puck to be a biography of our age, told a day at a time. But one of the greatest attributes of our growing company is my partners’ ability to see around corners—a talent rooted in their own domain expertise and orthogonal thinking as peerless journalists. To wit: Dylan’s latest story on the Washington Post dynamic, And Then There Was Matt…, presciently encapsulates the post-pomp mandate he’ll be handed: laying off multitudes of his colleagues as he reorients the business toward whatever end goal lies within Jeff Bezos’s brain. Similarly, in How to Spend It: Political Capital Edition, Tara chats with Bill Stepien, Trump’s former White House political director, to envisage how the president-elect will deploy his considerable influence over the next 18 months. This sort of vision is the apotheosis of Puck. In Grede Is Good, Lauren Sherman speaks with Skims C.E.O. Jens Grede to plot out the exit strategies for the most consequential apparel company—and celebrity-adjacent business concept—of our micro-age. In The NBA’s Long December, John Ourand captures the latest agita among ESPN executives, who just paid $2.5 billion per year for NBA rights only to see league viewership decline by 21 percent year over year on their air. There’s more: In Sotheby’s Black Tuesday, the perspicacious Marion Maneker details how a $1 billion investment from Abu Dhabi is going to remake the historic auction house, and perhaps the entire industry. And in Amazon’s Christmas Theater War, the great Matt Belloni elucidates how something as picayune as the release schedule of Red One could presage the next disruption of the exhibition business. As I finished my martini on Thursday evening, I referred my friend to Eriq Gardner’s latest masterpiece, Hollywood’s Diversity Villain & Streaming’s Insidious Bill, which focuses on a couple of Trump-era legal developments that could spoil the new year for showbiz executives. But if you only have time to read one thing this weekend, I’d refer you to Bill Cohan’s latest brilliant entry in Puck’s David Zaslav oeuvre: Zaz in Cable Wonderland, which I previewed last week. Yes, yes, I know that Puck occasionally manifests a fair amount of alacrity when it comes to the Warner Bros. Discovery C.E.O. and his deal machinations. But, as Bill notes, the Zaz endgame is becoming increasingly clear as he separates out his cable assets, brings on an expensive team of dealmakers and deal lawyers, and signals his intention to the market. After all, the guy isn’t simply gesturing at how he’ll remake his own company, but also a new model for the media business. It’s the story of our time and, as always, precisely what you should expect from Puck.
 
Happy holidays, Jon
Puck
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