Merry Christmas to those who celebrate. Puck is off for the holiday, but we’re delighted to offer you a special holiday edition of The Daily Courant, revisiting some of our favorite stories, featuring some of our favorite characters, from the past month: Bill Cohan’s close reading of David Zaslav’s expanded M&A playbook following his decision to split Warner Bros. Discovery’s streaming business from its declining cable channels; Eriq Gardner’s prescient analysis of three important cases that could hint at the future of First Amendment jurisprudence under the new Trump administration; John Ourand’s sapient diagnosis of the true value of Stephen A. Smith’s soon-to-be-historic ESPN deal; Lauren Sherman exclusively revealing the appointment of Matthieu Blazy at Chanel and the behind-the-scenes action that precipitated his exit from Kering; and Peter Hamby’s outside-the-beltway take on what the post-election recriminations targeting the Harris brain trust got wrong.

At first blush, David Zaslav’s decision to separate Warner Bros. Discovery into two operatingcunits—a fast-growing “Streaming & Studios” business, and another comprising WBD’s profitable but declining cable television assets—seems like the first step down the same strategic path that his frenemy Brian Roberts is employing at Comcast with “SpinCo.” But a closer look at the carefully crafted press release, which outlines the legal and M&A firepower that Zaz has brought to the table, suggests a much more ambitious plan focused on debt reduction and a potential private equity partnership in the future. Read Now

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What will First Amendment litigation look like under the second Trump administration? Three bombshell cases, which Eriq breaks down in his latest dispatch, offer a handful of clues. In Netflix’s first-ever jury trial, an Indiana jury awarded a plaintiff $385,000 for claiming that the streamer violated her privacy by disclosing, in the 2022 documentary Our Father, that her father was the notorious fertility doctor Donald Cline. Then, Eriq considers what the recent appellate ruling upholding the forced divestiture of TikTok means for Zuck, Musk, and other social media titans. And finally, a close look at the implications of CNN’s latest defamation tussle, in which plaintiff Zachary Young has put Jake Tapper on the hot seat. Read Now

Stephen A. Smith, whose ESPN contract expires within the next few months, is arguably the biggest star in a contract year in ESPN history. Earlier this year, John reported that he was looking to potentially double (and then some) his current $12 million salary in a deal worth more than $25 million per year. Now, in a tentative deal reportedly worth $100 million over five years, ESPN has agreed to identify opportunities for Stephen A. to contribute to the network’s NFL and NBA coverage—and also to freely pursue non-exclusive content opportunities outside of sports. That means if Smith has his heart set on broader cultural stardom, he’ll have Jimmy Pitaro’s green light. Indeed, the true value of Stephen A. Smith’s soon-to-be historic ESPN deal isn’t the $20 million annual salary or the half-decade term: It’s what’s not included. Read Now

The appointment of Matthieu Blazy at Chanel, which the fashion house has finally confirmed, represents a legitimate sea change in the industry. As Lauren reports, executive puppeteers are shifting away from hiring brand-manager-style creatives and back toward designer-designers—and high-profile houses are reevaluating their leadership while making changes that echo this return to design-first principles. Unsurprisingly, Blazy’s arrival at Chanel set off a domino effect across the fashion universe, starting with the appointment of Louise Trotter, late of Carven and Lacoste, to replace Blazy at Bottega Veneta. Lauren also reports on John Galliano’s departure from Maison Margiela, which was not entirely unsurprising. “Galliano is going out on a high, his redemption tour complete,” Lauren writes. Read Now

Democrats were outraged to hear Kamala Harris’s inner circle, on an episode of Pod Save America, conduct an election autopsy in the cynical language of political operatives rather than giving voice to their grievances. For many, it felt like a dismissal of the deeper issues that drove dissatisfaction and disengagement. And yet, as Peter points out, the truth is much more simple: The November loss can be traced back to the decisions and actions of two people—Kamala Harris and Joe Biden—whose leadership, or lack thereof, defined the trajectory of the campaign. What if Biden had stepped aside after the 2022 midterms? That’s the only hypothetical that matters. As Peter suggests, if you’re a Democrat looking for someone to be mad at, skip the podcasts. The buck stops with your president. Read Now

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