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

First up today, Lauren Sherman and William D. Cohan exchange notes on Saks Global’s collapse into bankruptcy: how Chapter 11 became inevitable, what it signals for fashion’s wholesale model, whether LVMH might acquire Bergdorf Goodman, if new Saks C.E.O. Geoffroy van Raemdonck will spin off Neiman Marcus, and much more.

Plus, below the fold: Bill reveals the one thing that might salvage Paramount’s bid to buy Warner Bros. Discovery. (Take one guess…) Dylan Byers examines the shortlist for Politico’s next editor-in-chief as John Harris ascends to the chairmanship. And Leigh Ann Caldwell catches wind of a brewing Democratic plan to investigate, and possibly impeach, Homeland Security Secretary Kristi Noem.

Meanwhile, on the pods: Matt Belloni and Lucas Shaw reunite on The Town to conduct their fourth annual box office draft. On The Varsity, John Ourand and The Athletic’s Evan Drellich dig into the Dodgers’ $240 million deal for Kyle Tucker. On Impolitic, John Heilemann and bestselling author Chuck Klosterman discuss his new book, Football, and how the sport came to dominate the cultural landscape. And on The Powers That Be, Peter Hamby and Jon Kelly chew over the drama at Politico and the latest Bari Weiss–CBS News plot points.

FASHION

Frank discussions with a former M&A banker about the Saks Global mess, whether Arnault should buy Bergdorf, the future of department stores, and if Geoffroy van Raemdonck will spin off Neiman Marcus.

WALL STREET

David Ellison’s latest schemes to wrest Warner Bros. from Netflix have proved insufficient after his previous negotiating tactics ran up the price. Meanwhile, he’s losing the respect of the WBD guys across the table. But will his dad come to the rescue with another, say, $10 billion to bail him out?

MEDIA

An era at Politico has been ending for the last decade—at least since the departures of Mike and Jim, then Jake and Anna, and, of course, the sale to Axel Springer. But with John Harris ascending to the chairmanship, again, it’s finally Axel’s baby. And Mathias Döpfner may be looking outside the mothership for Harris’s successor.

WASHINGTON

While House Democrats are divided over how to challenge Trump, leadership is quietly building a case against the Homeland Security secretary—beginning with potential shadow hearings, outside the official committee structure, that would gather the evidence against her.

HOLLYWOOD

Matt is joined by Bloomberg’s Lucas Shaw to conduct the fourth annual box office draft. Matt and Lucas each draft seven blockbuster movies set to be released in 2026 with the goal of making the most money possible against the production budget. Plus, an added twist that allows each person to saddle the other’s team with a movie they believe will flop.

SPORTS

The Athletic’s Evan Drellich joins John to break down the L.A. Dodgers’ $240 million deal for star outfielder Kyle Tucker and its potential implications for MLB’s next round of labor negotiations. They explore the renewed conversation around a salary cap, the parity between big- and small-market teams, the looming media rights reset, the prospect of a free-agency deadline, the financial strain on R.S.N.s like Main Street Sports and partners like FanDuel—and much more.

SPORTS

John welcomes pop culture savant and bestselling author Chuck Klosterman back to the show to discuss his new book, Football. Klosterman explains how American football went from overtaking baseball as the country’s favorite sport and national pastime to utterly dominating its cultural landscape—and why, despite its power, pervasiveness, and influence today, football is all but certain in the next few decades to become a marginal, more or less irrelevant enterprise.

MEDIA

Jon Kelly returns for a special episode to unpack the meaningful, if unsurprising, leadership change at Politico and contemplate what it suggests about parentco Axel Springer’s ambitions. Then he and Peter weigh in on the latest Bari Weiss discourse.

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