Welcome back to The Daily Courant, your afternoon digest of Puck’s best new reporting.

First up today, Eriq Gardner games out how Netflix’s acquisition of Warner Bros. could trigger a landmark antitrust case—a showdown with Trump’s D.O.J. that could put Netflix’s entire business model on trial. Sure, Ted Sarandos made the requisite pilgrimage to the Oval to grease the skids, but, as Eriq notes, if the deal goes through, the Fed might start asking questions that Netflix would rather avoid…

Plus, below the fold: Peter Hamby gets his hands on exclusive new data showing why young men are abandoning Trump. Ian Krietzberg assesses whether the A.I. industry will come crashing down to Earth in 2026. Sarah Shapiro and esteemed retail analyst Simeon Siegel offer a contrarian take on Nike and Lululemon. Marion Maneker unearths the backstory of MALBA’s stunning acquisition of the Daros Latinamerica collection—and what it means for Argentina’s premier art museum. And exclusively for Inner Circle members, Julia Alexander offers some brilliant advice for Sarandos as Netflix ventures into podcasting.

Meanwhile, on the pods: Matt Belloni is joined by Scott Mendelson on The Town to rank which Hollywood studios had the best 2025. On The Varsity, John Ourand and NBCU global ads chief Mark Marshall talk shop about the opportunistic sports media market. And on The Powers That Be, Peter and Julia Ioffe chart Trump’s turn from isolationism to interventionism in the wake of the Venezuela raid.

HOLLYWOOD

If the streaming giant wins Warner Bros., the feds will almost certainly present its next hurdle. And the Trump Justice Department might ask some questions that Netflix would like to avoid.

WASHINGTON

The disaffected young men who helped elect Trump are fed up with high prices, worried about A.I., and frustrated by the president’s neocon turn. And, according to exclusive new polling data, they’re souring on Trump just as they turned on Joe Biden.

A.I.

Industry leaders agree that the rubber is finally hitting the road after years of hyper-investment in A.I.: Revenue needs to meet projections, and the magic of the technology must give way to practical, efficient utility. Or else…

FASHION

In a world of hyperbole—“Nike is spiraling!” “Lululemon is a mess!”—analyst Simeon Siegel is a proponent of taking the long, and larger, view. A conversation with the retail realist.

ART

How a family of Swiss industrialists helped deepen and redefine Argentina’s premier art museum, years after their deaths.

SPORTS

As the streamer embarks on its experimental, expensive, and inevitably risky foray into the world of hosting sports video podcasts, it’s unclear whether the platform is set up to actually satisfy viewer expectations. Herewith, three suggestions that could make all the difference.

HOLLYWOOD

Matt is joined by Puck contributor and box office guru Scott Mendelson to recap the year in moviegoing, give his take on the general disappointment in domestic box office performance, and hand out awards like Surprise Hit of the Year, Surprise Miss, and the Great Legs Award. He also checks in on the state of superhero movies and the horror genre, and gives final grades to each studio.

SPORTS

Mark Marshall, NBCU’s global ads chief, joins John to talk shop about the sports media market. Marshall recounts selling out the Olympics weeks ahead of the Opening Ceremony (alongside the Super Bowl and NBA All-Star Weekend…); what really went down with NBC’s big NBA deal; the action behind MLB’s new contract; and much more.

WASHINGTON

Julia Ioffe joins Peter to discuss Trump’s turn from isolationism to interventionism in the wake of the Venezuela raid. Drawing on Trump’s first term, Ioffe explains how earlier risk-free strikes taught him that he could attack foreign targets without escalation, retaliation, or U.S. boots on the ground—potentially emboldening him to stay in attack mode.

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