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The Backstory
Meta
Jon Kelly Jon Kelly
Good morning, It was an incredible holiday week: Matt Belloni scrutinized the metastasizing Blake Lively-Justin Baldoni legal-P.R. quagmire and Eriq Gardner foreshadowed the next phase of the dispute; Dylan Byers assessed The Washington Post’s yuletide musical chairs and Bill Cohan presaged the cable M&A coming in the new year; Lauren Sherman chronicled Calvin Klein’s latest upscaling; Rachel Strugatz wondered aloud if Glossier will find a buyer in ’25; John Ourand relayed a Netflix sports rights shocker; and Marion Maneker got to the bottom of the Sotheby’s nightmare. Meanwhile, Peter Hamby evaluated the contours of the Democrats’ post-MSNBC playbook, and Tara Palmeri contemplated the limits of Trump’s executive power. Check out these stories, and others, via the links below. And stick around for the backstory on how it all came together.
A MESSAGE FROM META
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Open Source AI: Available to all, not just the few Meta’s open source AI enables small businesses, start-ups, students, researchers and more to download and build with our models at no cost. When AI models are open source, they’re available to all. And when AI models are available to all, everyone benefits. Learn more about open source AI.

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FASHION FASHION
Lauren Sherman analyzes Calvin Klein’s return to the runway. and… Lauren, Rachel Strugatz, and Sarah Shapiro hypothesize about the future of Blake Lively’s haircare line, Glossier’s exit, and more.
 
ART MARKET ART MARKET
Marion Maneker wades deeper into the Sotheby’s disaster.
 
HOLLYWOOD HOLLYWOOD
Matt Belloni explores the Baldoni–Lively–Steph Jones smear scandal. and… Eriq Gardner ponders the fate of the widening legal fracas and previews the Murdoch-Prince Harry slugfest.
 
WALL STREET WALL STREET
Bill Cohan plays out the Comcast spinoff scenarios and maps Zaz’s endgame options.
 
SILICON VALLEY SILICON VALLEY
Baratunde Thurston envisions A.I.’s impact on the financial services industry, presented by Meta.
 
MEDIA MEDIA
Dylan Byers measures the Post’s collateral damage. and… John Ourand scoops a Netflix bidding war surprise.
 
WASHINGTON WASHINGTON
Peter Hamby deciphers the left’s post-Maddow political playbook. and… Tara Palmeri gets an overview of Trump Unitary Executive Theory.
 
PODCASTS PODCASTS
The Grill Room
Dylan and David Axelrod discuss the political podcast universe’s divisiveness era on The Grill Room.
The Varsity
Constance Schwartz-Morini, the C.E.O. of SMAC Entertainment, recounts Deion Sanders’ media evolution to John Ourand on The Varsity.
Impolitic
John Heilemann and Sen. Chris Murphy interrogate Trump’s stated plans for his second term on Impolitic.
The Town
Matt invites producer Peter Jaysen to detail the backstory of A Complete Unknown on The Town.
Somebody's Gotta Win
Tara and presidential-power maximalist John Yoo plot out Trump’s constitutional limits on Somebody’s Gotta Win.
Fashion People
Lauren and Harper’s Bazaar executive editor Leah Chernikoff offer up a recent history of designer musical chairs on Fashion People.
The Powers That Be
Peter and I consider the NFL’s war on Christmas on The Powers that Be.
 

Biden Time

Last Friday, I whipped out a favorite old royal blue Hermès tie, hastily constructed a four-in-hand knot, brushed the lint off a trusty Brooks suit, and started off for a special evening in Washington, D.C.—the final media pals holiday party of the Biden era. The executive mansion is a short trot from The Riggs, my second home in the capital, and the historic building emerges only gradually upon approach among the low-slung mix of neoclassical piles that defined postcolonial Washington and the sleek, Lego-like office mini-towers that dominate the modern vista. The architectural dialogue between past and present is a defining leitmotif of the town, and it’s rarely more punctuated than during the interregnum between administrations. As my wife and I queued up to enter the building along 15th Street—a slithering relay through various Secret Service checkpoints—we overheard a number of other well-wishers wonder aloud whether Trump would continue the party next year. (During his first administration, he’d moved off the event after the first year.) It was a valid question, and a light reflection, perhaps, of a little media myopia.
Meta
Inside, the grand ballroom and salons were exquisitely decorated with stunning white lighting, holiday bells dangling from red ribbons, and miniature silhouettes of dove-like creatures floating above us. It was beautiful: the Ralph Lauren-ized vision of America that we all hold somewhere inside of us, amid the official portraits of the officeholders and their spouses. The White House staff usually moves the artwork around, but I was able to spot the depictions of both Obamas, Lady Bird, Hillary, Bill, Eleanor, the famous image of Lincoln, and both portrayals of Kennedy—the one painted before that day in Dallas, and the subsequent one with his eyes askance. Mingling throughout were CNN anchors, NBC News stars, Washington Post columnists, Atlantic cover story artists, the founders of Axios, Puck cinematic universe fixture Sally Buzbee, my buddies from BPI, etcetera. It was a rare night in Washington, refreshingly devoid of cynicism and filled with the promise of citizenship. Everyone in that room, more or less, had vociferously criticized the president on their air or in their copy—for being selfish, for holding on too long, for pardoning Hunter, for effectively handing the people’s house back to Trump—and yet, they all wanted to gather to shake his hand a final time and wish him well on his journey back to private life. Meanwhile, the senescent president could have easily declined the event this year on account of his travels, the exigencies of winding down his administration, or some other passable white lie. (Trust me, social Washington was already aflutter with commentary about the fact that the Bidens were throwing fewer holiday parties this season…) Instead, he manned the rope line, greeting hundreds of well-wishers with a firm, if frail, handshake. As I prepared to disembark to the real world, I exchanged holiday greetings with Ben LaBolt, the affable and innovative White House communications director, who is seemingly off to the higher calling of the private sector. He had the look of a man at the end of a long journey—pensive, tired yet restless, slightly uncertain but filled with curiosity. What a nice way to greet the new year, I thought to myself. These sorts of passages are the true theme of Washington—and beyond. We’re in for a brave new world starting next month, and the plotlines are already being clearly delineated by my generationally talented partners at Puck. In a series of characteristically brilliant pieces, Lauren Sherman has already defined the new domestic theaters of intrigue in the fashion world: The Treaty of Versace outlines Capri C.E.O. John Idol’s desire to course-correct his conglomerate’s future amid the rubble of the failed Tapestry merger; in Calvin… Or Nothing, Lauren distills the essence of an American fashion icon’s second attempt to reestablish its runway status. Similarly, in Sotheby’s Christmas Retreat, Marion Maneker gets to the bottom of the controversy roiling the world’s oldest auction house—a risky new fee structure that backfired spectacularly. In SpinCo City, Bill Cohan explains the M&A chess moves available to both Brian Roberts at Comcast and David Zaslav at Warner Bros. Discovery. John Ourand documents a thrilling inflection in the sports media world via his incisive Netflix’s Next Step Toward World Domination. And in a story that is both electrifying and haunting, Matt Belloni’s epic Hollywood’s Villains of the Year Are the ‘It Ends With Us’ Publicists unravels the plot that promises to be the town’s biggest scandal of the year—or at least the quarter. But if you only have time to read one piece this weekend, I’d suggest Eriq Gardner’s truly excellent foreshadowing of a seismic legal battle that threatens to reset the culture. In Murdoch v. Prince Harry: “They’re Going to Try to Destroy Him,” Eriq wades into the nuanced drama playing out between the media mogul’s U.K. tabloid dynasty, the palace, and the exiled prince of Montecito. The stakes are enormous, financially, but also in terms of accountability. It’s one of the great stories of our time, and precisely what you should always expect from Puck.
 
Happy New Year, Jon
Puck
Puck
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