Welcome back to The Daily Courant, your afternoon guide to Puck’s latest reporting. And happy Warner Bros. Discovery Spinoff Day to all who celebrate. Today, we lead with Dylan Byers and Bill Cohan on the inevitable, endlessly telegraphed—and now, finally official—separation of Warner Bros. Discovery into two companies, with a film and streaming division led by David Zaslav and a cable business run by Teutonic cost-cutter Gunnar Wiedenfels. Wall Street is euphoric; not so much at CNN… Plus, below the fold: Bill unfurls the mind-melting financial consequences for Shari Redstone if the Paramount deal collapses. Dylan scrutinizes former White House Press Sec. Karine Jean-Pierre’s decision to ditch the Democratic Party. Leigh Ann Caldwell investigates the Trump administration’s information blackout. And Julie Davich runs the numbers on this week’s design auctions in New York. Meanwhile, on the pods: John Ourand is joined by TurnkeyZRG’s Len Perna on The Varsity to discuss the corporate transformation of the NCAA. On Impolitic, John Heilemann talks to former “anonymous” White House whistleblower Miles Taylor about being targeted by Trump. And on The Powers That Be, Dylan and Jon Kelly pore over the Beltway chatter surrounding Jean-Pierre’s new book, Independent, lambasting the two-party system.

MEDIA

In a special early recording of The Powers That Be, Dylan and Bill jump on the mic to discuss the breaking news that Warner Bros. Discovery will split into two companies—a film and streaming division led by David Zaslav, and a cable business run by Gunnar Wiedenfels… loaded up with most of WBD’s debt. They discuss what the separation means for HBO Max, the fear inside CNN, how Wall Street is responding, and why a divorce was inevitable. Listen Now

WALL STREET

It’s not at all clear where Shari Redstone would come up with the $550 million she would owe her creditors if the Skydance-Paramount deal falls through—and the consequences are mind-boggling. Read Now

A MESSAGE FROM OUR SPONSOR

Sponsors include Max, presenting the HBO Original The Pitt. The series starring Noah Wyle, follows emergency department staff as they attempt to overcome the hardships of a single 15-hour work shift at the fictional Pittsburgh Trauma Medical Hospital all while having to navigate staff shortages, underfunding and insufficient resources. Don’t miss the series NPR is calling “EXCEPTIONAL... THE BEST NEW SHOW”. Eligible for Outstanding Limited Series and all other categories. The Pitt is now streaming on Max.

MEDIA

K.J.P. is politically homeless after an ill-timed defection from the Democratic Party—yet another misstep for a White House press secretary who could never read the room. Worse, she appears to be positioning herself for a second act on television at the very moment that the industry is melting away. Read Now

WASHINGTON

The “most transparent administration in history” has choked off the information flow down Pennsylvania Avenue, doling out intel as a reward to allies while staying mostly mum about what’s happening at USAID, or even who’s running the C.D.C. Read Now

ART

This week’s design auctions in New York are a mix of masterpieces by Lalanne, Giacometti, and Tiffany, and interesting works by up-and-coming designers, reflecting a desire for the unique among today’s discerning collectors. Read Now

SPORTS

Len Perna, founder of the executive search firm TurnkeyZRG, joins John for a wide-ranging conversation on the shifting landscape of college sports. They unpack the fallout from the NCAA’s landmark House settlement, trends in athletic director hires, the real estate gold rush on campuses, and why the next wave of roles might be titled “C.E.O. of Athletics.” Listen Now

A MESSAGE FROM OUR SPONSOR

For your consideration: Max presents the HBO Original Pee-Wee As Himself. Pee-Wee Herman (a.k.a. Paul Reubens) is the star of this hilarious adult satire of '50s kiddie shows recorded at L.A.'s Roxy Theatre. Don't miss the series The Hollywood reporter is calling "A MUST SEE". Emmy- eligible for Outstanding Documentary and all other categories. Now streaming on Max.

WASHINGTON

John is joined by former Department of Homeland Security chief of staff Miles Taylor to discuss the recent executive order by Donald Trump directing federal law enforcement agencies to investigate Taylor (for unnamed and unknown crimes) and his fledgling efforts to fight back. Taylor describes the financial, professional, and emotional impacts of being declared “guilty of treason” by Trump for no specified reason; the legal countermeasures he plans to undertake; and the wider political implications of his case. Listen Now

MEDIA

Jon Kelly and guest host Dylan Byers unpack the fallout from former White House Press Secretary Karine Jean-Pierre’s announcement of her new book, Independent—and her brow-raising defection from the Democratic Party. Then they chew over the latest developments on Shari Redstone’s fragile Paramount-Skydance deal, which is looking shakier by the day. Listen Now

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