Good morning, It was an incredible week: Matt Belloni broke down HBO’s new talent comp guidelines; Eriq Gardner previewed a Warner Bros. legal battle; Julia Alexander presaged Netflix’s plans for European domination; Lauren Sherman weighed in on the Anna Wintour succession games; Rachel Strugatz detailed a Glossier regime change; Sarah Shapiro plumbed a bourgeois fashion black market; Dylan Byers unpacked the Trump-Larry Ellison bromance; Bill Cohan registered Wall Street’s Mamdani fears; John Ourand revealed a Spulu silver lining; Marion Maneker got the readout from Basel, and Julie Brener Davich explored the market for American historical artifacts. Meanwhile, Leigh Ann Caldwell and Julia Ioffe penetrated the evolving Iran situation on Capitol Hill; and Abby Livingston spilled the tea on the president’s Big Beautiful Bill. Check out these stories, and others, via the links below. And stick around for the backstory on how it all came together.

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Lauren Sherman ponders the Lauren Sánchez fashion journey and surveys the field of potential Anna Wintour successors at Vogue. and… Rachel Strugatz chronicles the latest misadventure in Glossier’s race toward an exit. meanwhile… Sarah Shapiro charts the global high-fashion sourcing trade.

Marion Maneker checks the vibes at Art Basel. and… Julie Brener Davich assesses the Lincolniana market.

Matt Belloni gets his hands on HBO’s new comp plan. and… Eriq Gardner wades into Warners’ Matrix 5 grudge match. meanwhile… Julia Alexander illuminates Netflix’s new strategy in France.

Dylan Byers parses Trump and Larry Ellison’s recent Oval Office tête-à-tête. and… John Ourand considers a post-Spulu silver lining.

Bill Cohan convenes a haute finance focus group on Iran and the New York mayor’s race.

Leigh Ann Caldwell chats with Tim Kaine about presidential war powers. and… Julia Ioffe relays the Blob’s reactions to the Iran bombing. meanwhile… Abby Livingston monitors the BBB’s heartbeat in the Senate.

Dylan gets into the Front Office Sports origin story with founder Adam White on The Grill Room. and… John Ourand reunites with Premier Lacrosse League co-founder Paul Rabil on The Varsity. and… Lauren and legendary fashion journalist Robin Givhan discuss her new Virgil Abloh biography on Fashion People. and… John Heilemann and The Bulwark’s Tim Miller trade notes on the MAGA base’s schism over Iran on Impolitic. and… Matt and Wells Fargo analyst Steven Cahall dissect Netflix’s shortform video ambitions on The Town. and… Julia Alexander welcomes Ian Krietzberg, Puck’s new A.I. genius, on The Powers That Be.

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On Thursday, I was doing some light multitasking in the quiet moments before a lunchtime meeting at Puck’s headquarters in South Tribeca—occasionally looking out the windows at the Hudson and the Colgate Clock in a distant Jersey City beyond—when someone popped up on the Zoom call and made a comment that stopped the room cold: Anna Wintour, this person said, had just announced that she was giving up her throne at American Vogue in order to fully commit to her larger corporate role as the chief content officer at Condé Nast. Reflexively, I jerked my head rightward toward 1 World Trade Center, looming across Greenwich Street, and imagined how the news was electrifying its corridors. Naturally, my partner Lauren Sherman was already on the case. Despite the fact that it was the end of the workday in Paris—where she had just hosted a Puck dinner with the commerce platform ShopMy—she was working the phones with sources and industry experts to dutifully report out the Kremlinology of the move. What did this decision foretell about Wintour’s eventual retirement plans? Why was this all going down on a Thursday in June? And, of course, who was next in line? After two hours of back-to-back meetings in “64 Bank Street,” the conference room that we’ve affectionately named after our company’s very first office, Lauren filed her brilliant story. Along with presenting an intriguing shortlist of potential successors, Wintour in Winter offers a note-perfect mixture of reporting and philosophizing on Wintour’s next moves.

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I spent nearly a decade at Condé Nast, but really never knew Anna all that well. I’d reckon that I had no more than a few small meetings with her, in fact. On one memorable occasion, when I’d been summoned to the executive floor by then-C.E.O. Bob Sauerberg, she met me at the elevator to let me know that I wasn’t in trouble—actually, I was about to receive a bonus. She politely patted me on the shoulder in a manner that made me realize my posture was suboptimal. All I could do was laugh. Anyway, from my vantage point, the near-ubiquitious media caricature of Anna—cold, ruthless, unkind—was either incorrect or postmarked from the ascendant days of her career. A decade ago, the conventional wisdom among the upper ranks of Condé Nast was that she was angling for an ambassadorship in the prospective Hillary Clinton administration. After Clinton lost, however, she redoubled her efforts at the company. Someone of her stature and affluence could have blown the joint, started a third act, or simply taken a victory lap. Instead, she decided to help Condé transition from a magazine publisher into a smaller but more profit-minded digital media company. “Wintour has made it clear that she not only feels responsible to lead Condé Nast through this post–Si Newhouse transformation, but that she also wants to pull it off,” Lauren noted at the end of her piece. “There are plenty around her who fear that her decision to preside over this stage of the company’s life has diminished her legacy, but it may humanize it, too.” Indeed, business reinvention is one of the leitmotifs of our time, and unparalleled insight into these evolving storylines is precisely what you should expect from Puck.

Have a great weekend, Jon

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