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

First up today, Julia Alexander explores how traditional media outlets are flirting with creator-first platforms like Substack in search of new audiences: Vox is experimenting on Patreon; its own New York magazine launched a Substack, as have the FT and Daily Mail; etcetera. And yet, Substack—which prioritizes follower growth over converting users to paying customers—has a financial agenda of its own. And some publishers still have pivot-to-video P.T.S.D.…

Plus, below the fold: Leigh Ann Caldwell and former D.N.C. chair Jaime Harrison consider whether Democrats can win back rural America. Marion Maneker reveals the overlooked winners and losers from New York’s marquee November art auctions. Julie Davich speaks with Sotheby’s chief dealmaker Madeline Lissner about the surprising impact of the auction house’s new location in the Breuer Building. And Sarah Shapiro offers Line Sheet’s annual, authoritative, and not-at-all subjective guide to gift guides.

Meanwhile, on the pods: John Ourand is joined by Yahoo’s Ross Dellenger on The Varsity to discuss college football’s slow march toward collective bargaining. On Impolitic, John Heilemann is joined by ABC News’s Jonathan Karl to discuss Trump’s capacity for punishing his political foes. And on The Powers That Be, Peter Hamby and Jon Kelly hypothesize about the future of Substack and what it means for legacy media.

Google Zero killed the open web, ChatGPT isn’t replacing lost traffic, and superstar talent is a phenomenally difficult business. Digital media companies trying to stay upright are belatedly turning to creator-first subscription platforms in search of sustainable, niche audiences—without realizing that they’ve seen this movie before.

Meta is investing $600 billion in American infrastructure and jobs in communities across the country.

Adam, who grew up in Altoona, has seen the impact Meta's investment can bring. 

“Welcoming Meta into our community helped us create opportunities and start a new chapter for our next generation,” he says.

Explore the impact in communities like Altoona.

A frank discussion with the onetime Senate candidate and former D.N.C. chair about why he still thinks Democrats can compete in rural America—and what it will take to win back red states.

A look at the most fascinating market themes, in both positive and negative directions, for artists whose sales during the marquee November auctions weren’t big enough to land on the radar of many industry observers.

Madeline Lissner, the auction house’s new head of global fine art and major collections, opens up about the impact of the Breuer Building, managing client relationships, and the latest global market trends.

A highly selective, incredibly discerning tip sheet for holiday shoppers suffering from indecision amid the ever-proliferating crush of post-Thanksgiving gift guides.

Meta's AI infrastructure is bringing jobs to local communities.

Adam, who grew up in Altoona, has seen the impact Meta's investment can bring. 

“Welcoming Meta into our community helped us create opportunities and start a new chapter for our next generation,” he says.

Explore the impact in communities like Altoona.

Yahoo’s Ross Dellenger joins John to discuss the chaos engulfing college football: ballooning N.I.L. bills, the slow march toward collective bargaining, and the fiscal headaches pummeling athletic departments. Plus, he and John look ahead at how the sport may evolve over the next three years—including what an expanded College Football Playoff might really entail.

John welcomes ABC News chief Washington correspondent Jonathan Karl to discuss his new book, Retribution: Donald Trump and the Campaign That Changed America. The author of three previous bestsellers about 45/47, Karl describes how Trump has—and hasn’t—changed in the 30-plus years since the two first met; how Trump’s desire for vengeance against his political foes became the driving force of his 2024 campaign and has dominated his second term in office; and his complex love-hate relationship with the press.

Jon Kelly and Peter discuss the latest Substack discourse and offer their hypotheses about the future of the platform, for better or worse, and what it means for legacy media.

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