Welcome back to The Daily Courant, your afternoon refresher featuring Puck’s best new reporting. First up today, John Ourand offers a behind-the-scenes look at the business of NBA All-Star Weekend, where, despite the gimmicky round-robin tournament—duly roasted by Draymond Green on live television—the Bay Area found itself crawling with executives from every mediaco and corporate sponsor, as well as the biggest of Big Tech companies. But can Adam Silver keep up the momentum? Plus, below the fold: Lauren Sherman and Rachel Strugatz deliver a parcel of fashion world intel, containing updates on Edward Enninful’s post-Vogue media venture, the Saks Global brand payment micro-scandal, Gucci’s White Lotus takeover, and more. Then Bill Cohan deconstructs the stunning reversal of fortune for Elon Musk’s once-maligned $44 billion acquisition of Twitter, now that Wall Street is finally offloading its debt, at or near par. Meanwhile, on the pods: Former Hearst Magazines president Troy Young joins Dylan Byers on The Grill Room to forecast the A.I. headwinds for legacy media companies. On Fashion People, Lauren rings up Bernstein analyst Luca Solca for their quarterly powwow on the financials of the world’s biggest luxury companies. And on The Powers That Be, Leigh Ann Caldwell joins Ben Landy to discuss the centrist vs. progressive civil war consuming the Democratic Party, and whether Hakeem Jeffries will entertain a government shutdown to hold Trump accountable.

SPORTS

Everyone hated on the gimmicky All-Star Game round-robin tournament, but the stink around it obscured other wins for the NBA. Indeed, from a business standpoint, All-Star Weekend was a rousing success. As John reports, the game’s recent ratings nadir didn’t negatively impact Warner Bros. Discovery’s ability to sell out every conceivable parcel of advertising across all of its windows—and WBD’s Jon Diament, who oversees revenue for TNT Sports, said that many advertisers viewed the game as a way to continue campaigns that began during the Super Bowl a week earlier. In fact, All-Star Weekend has become second only to the Super Bowl as a convening hub of league professionals, media partners, and Fortune 500 C.M.O.s. Read Now

FASHION

A tidy, four-item roundup of news and under-the-radar intel surrounding the fashion business. First, Rachel digs into the reportedly unceremonious departure of Drew Elliott (a.k.a. Drewpsie) from MAC Cosmetics, and why his next destination ostensibly irked the higher-ups at The Estée Lauder Companies. Then, Lauren offers a few observations on former British Vogue editor Edward Enninful’s new media venture; chronicles the backlash over Saks’ new repayment plan; and explains Gucci’s savvy integration into the White Lotus cinematic universe. Read Now

WALL STREET

It took more than two years, but some big Wall Street banks—along with several of their European and Japanese counterparts—are finally breathing a sigh of relief now that nearly $9 billion of the $13 billion of X debt they’ve been holding on to is flying out the door. Incredibly, the debt is being priced close to par, which is surely assuaging the banks’ regulators and credit committees. Of course, this is quite a turnaround from the early days of Elon Musk’s $44 billion acquisition of the company, when he was busy firing 75 percent of Twitter’s employees, and advertisers were fleeing the social media platform in droves. Indeed, the first glimmers of hope are starting to emerge for this deal, once considered one of the worst made after the 2008 financial crisis. Read Now

MEDIA

Former Hearst Magazines president Troy Young rejoins Dylan for a deep dive into the seismic impact of A.I. on media. He breaks down how A.I. has accelerated the decline of certain media businesses, stresses the urgent need for stronger I.P. protections, and unpacks the high-stakes challenges—and untapped opportunities—that legacy brands face in an A.I.-driven future. Listen Now

FASHION

Lauren is joined by Bernstein analyst Luca Solca for their quarterly powwow on the financials of the world’s biggest luxury companies. They discuss LVMH’s portfolio pruning strategy, from the Stella McCartney exit to a potential DFS sell-off; Kering’s Gucci problem; Richemont’s dominance in fine jewelry; and the unflappability of Moncler. Plus, Lauren touches on the news of the week, from Nike’s Skims partnership to a surprise Estée Lauder exit. Listen Now

WASHINGTON

Leigh Ann Caldwell, Puck’s chief Washington correspondent, joins executive editor Ben Landy to discuss the centrist vs. progressive civil war consuming Democrats, the leadership void fueling the party’s paralysis, and whether Hakeem Jeffries will entertain the nuclear option—a government shutdown—to hold Donald Trump accountable. Listen Now

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