Welcome back to The Daily Courant, your afternoon guide to Puck’s best new reporting. First up today, Bill Cohan reveals the next shoe to drop in the ongoing Saks Global catastrophe, as the burdened luxury retailer faces its first $121 million interest payment next month and the possibility of a $100 million-plus shortfall in August. Plus, notes on the art and jewelry that executives claim accounts for nearly a third of its $689 million of inventory… and that the company is desperately trying to sell. Then, below the fold: Dylan Byers offers a corrective to the media narrative surrounding Wendy McMahon’s departure from CBS News. Leigh Ann Caldwell maps the political landmines facing the “Big, Beautiful Bill” in the Senate. Rachel Strugatz chronicles how Blake Lively’s haircare line became another Baldonigate victim. Julia Alexander examines the white space for Amazon’s Twitch livestreaming platform. Marion Maneker crunches the numbers for the latest art auctions in New York (an Inner Circle exclusive). And on The Powers That Be, Leigh Ann and Abby Livingston dissect the race to replace the late Rep. Gerry Connolly on the Oversight Committee.

WALL STREET

The strife continues at Saks Global as the luxury retailer faces a $121 million interest payment due next month and a possible $100 million shortfall in August. Meanwhile, executives have questions about the art and jewelry that Saks claims accounts for nearly a third of its $689 million of inventory—and which the company is desperately trying to sell. Read Now

MEDIA

With the high-wire tensions between Paramount and the tormentor-in-chief at 1600 Pennsylvania Avenue, it’s easy to view the exit of CBS News C.E.O. Wendy McMahon as fourth-estate martyrdom. But maybe she just wasn’t very good at her job. Read Now

WASHINGTON

As the House speaker struggles to find “equilibrium” in his conference between the deficit cutters and the SALT-cap raisers, he faces a potentially even more complicated problem down the line: the Senate. Read Now

FASHION

Blake Lively’s haircare line was leveled by Baldonigate—and now, a bizarre legal contretemps involving Taylor Swift. Blake Brown has become “a non-conversation” at Target, according to a person familiar with its plunging sales. “It went from a $100 million brand to a $15 million brand.” Read Now

HOLLYWOOD

Nobody in Hollywood seems to have an answer for YouTube’s dominance in streaming video, but executives definitely don’t know what to make of Amazon’s Twitch, the world’s most popular livestreaming platform. But for all its success, why does it still live in YouTube’s shadow? Read Now

ART

The May results were a disappointment after earlier signs of healing, with the market still shaking off the 2023 interest-rate hangover. Much of the grim news continues to concentrate at the top of the market. Read Now

WASHINGTON

Abby Livingston joins guest host Leigh Ann Caldwell to break down the challenges facing House Republicans in passing their legislative agenda, particularly Trump’s “Big, Beautiful Bill.” They highlight the tensions between the centrists and hardliners, the pressure on individual members, and, of course, the overarching influence of Trump. Then they dig into the race to replace Democratic Rep. Gerry Connolly on the Oversight Committee after the congressman’s unfortunate passing yesterday. Listen Now

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