Welcome back to The Daily Courant, your afternoon digest of Puck’s best new reporting. First up today, Julia Ioffe and Leigh Ann Caldwell team up to dissect the second-order effects of the Trump administration’s military strikes on Iran: how Israel cleared the path for attacking Iran’s nuclear sites, why Trump changed his mind on the intervention question, the cognitive dissonance inside MAGAworld, the potential retaliatory actions, and much more. Plus, below the fold: Dylan Byers explores how journalists are ditching legacy media for big money. Bill Cohan corrects the record after Jeff Immelt’s revisionist defense of his tenure atop GE. Scott Mendelson takes the pulse of the theatrical business halfway through 2025. And Julie Davich runs the numbers on the booming market for “freedom documents” and the Ken Griffin of it all. Meanwhile, on the pods: John Heilemann rings up The Bulwark’s Tim Miller on Impolitic to break down the MAGA base’s personality split over Trump bombing Iran. On The Town, Matt Belloni and Lucas Shaw reflect on Marvel’s decline and Hollywood’s rivalry with A.I. On The Varsity, John Ourand and former American soccer star Alexi Lalas chart the growth of the sport in the U.S. And on The Powers That Be, Dylan and Jon Kelly weigh in on Substack’s increasingly precarious business model.

WASHINGTON

The latest political intelligence and national security chatter surrounding the U.S. bombing of Iran, the president’s neocon turn, the mental gymnastics of the MAGA base, and the response in Washington, 24 hours later. Read Now

MEDIA

Editorial salaries have been on a grim, steady slide since Graydon Carter gave up the reins—and the generous coffers—at Vanity Fair. But this week, news of The Atlantic’s hiring spree and the elusive promise of Substack riches has reporters following the money. Read Now

WALL STREET

Correcting the record on the decline and dismantling of GE—once the most valuable company in the world—under Jeff Immelt. Read Now

HOLLYWOOD

A timely 2025 midyear health check on the theatrical business, which is outpacing 2024 but behind 2023, as the industry plays with old formulas to manufacture new hits. So far, with a strong incoming late summer slate, $4 billion domestically looks like the floor. Read Now

ART

They’re actually worth many millions, and the market is heating up as the U.S. approaches its 250th birthday. On Thursday, Sotheby’s is selling rare copies of the Emancipation Proclamation and the 13th Amendment to the Constitution—both of them signed by Abraham Lincoln, himself. Read Now

WASHINGTON

John welcomes The Bulwark’s Tim Miller back to the pod to discuss the New York Democratic mayoral race, the split in Donald Trump’s base over his military gambit in Iran, and more. Tim digs into why the stars of MAGA media are at one another’s throats over Trump’s Middle East moves; how the political fallout could impact the G.O.P. nomination contest in 2028; and why all this is already proving torturous for J.D. Vance. Listen Now

HOLLYWOOD

Matt is joined by Bloomberg’s Lucas Shaw to look back at the first half of 2025 and highlight the stories they believe were most under-covered. Listen Now

SPORTS

Alexi Lalas, Fox Sports analyst and former American soccer star, swings by the pod for a wide-ranging discussion about the accelerated growth of soccer in the U.S. Alexis lays out the MLS roadmap to global relevance, celebrates the rise of the NWSL, and explains why he’s bullish on the 2026 World Cup—and what this all means for the future of the sport in the U.S. Listen Now

MEDIA

Jon Kelly joins guest host Dylan Byers for a deep dive into Substack’s increasingly precarious business model—marked by a high cash burn rate, flat valuation, and potential dilution. They debate whether the company is truly a tech platform or a media business in disguise, and unpack the growing pains that writers face when leaving legacy outlets for the Substack promise. Listen Now

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