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

First up today, Dylan Byers chronicles a pair of pressing media-industry flash points: what the cancellation of Stephen Colbert’s The Late Show portends for the future of CBS (and, of course, David Ellison’s Skydance deal); and the glossed-over details amid Substack’s wild $1.1 billion valuation that foreshadow the platform’s transformation into a true media company.

Plus, below the fold: Bill Cohan reveals how Wall Street’s biggest banks are capitalizing on the chaos emanating from D.C. Leigh Ann Caldwell and Minnesota Rep. Angie Craig break down Washington’s crypto wars and the administration’s quixotic rural agenda. Julie Davich examines the jewelry frenzy driving sales at Christie’s and Sotheby’s. Marion Maneker spotlights a must-see retrospective of a foundational Harlem Renaissance artist. And Sarah Shapiro evaluates the successful retail alchemy behind Miami’s Aventura Mall.

Meanwhile, on the pods: Matt Belloni is joined by veteran late-night exec Nick Bernstein on The Town to dissect the Colbert cancellation and the shaky future of late-night television. On The Varsity, John Ourand rings up the renowned media analyst Michael Nathanson to chew over the most-pressing issues underpinning the sports media landscape. On Impolitic, John Heilemann and legendary White House chronicler Todd Purdum preview his new book about Desi Arnaz. And on The Powers That Be, Jon Kelly reunites with Peter Hamby to scrutinize the hype machine behind Substack’s billion-dollar valuation.

MEDIA

News and notes on the latest media industry talking points: The timing, optics, and insider drama following CBS’s abrupt decision to cancel The Late Show as the Paramount deal approaches the finish line; and what to make of Substack’s $1.1 billion valuation in a round led by The Chernin Group.

Read Now

WALL STREET

David Solomon has Goldman Sachs operating as effectively as ever—returning billions to shareholders and prepared to take advantage of the regulatory environment to capitalize on a fertile M&A landscape.

Read Now

WASHINGTON

In an extremely candid conversation, the Senate candidate and Minnesota Democratic representative Angie Craig discusses the bipartisan Clarity Act, the crypto-related questions facing the White House, the administration’s quixotic rural agenda, and much more.

Read Now

ART

Luxury sales at the auction houses have grown exponentially as a percentage of their global business in the past few years, just as prices for fine and decorative arts have fallen. Jewelry, in particular, is performing exceptionally well.

Read Now

ART

Beauford Delaney’s big, brightly colored works forged his identity as an artist, and not just another expat friend of James Baldwin and Georgia O’Keeffe. Now, a sweeping exhibition of his work at the Drawing Center shows the remarkable range of an underappreciated great American artist.

Read Now

FASHION

The South Florida shopping scene contains multitudes—and Miami’s various shopping districts somehow manage to coexist without cannibalization.

Read Now

HOLLYWOOD

Matt is joined by veteran late-night executive and producer Nick Bernstein to discuss CBS’s decision to cancel The Late Show With Stephen Colbert—despite it being the number one late-night show on TV—and whether there was any political involvement, as Skydance looks for F.C.C. approval of its merger with CBS’s parent company, Paramount Global. They also dive into the declining economics in all of late night, CBS head George Cheeks’s other possible motives for firing Colbert, the future of late night, and more.

Listen Now

SPORTS

Michael Nathanson joins John for a rollicking conversation about the future of sports media. They dig into the R.S.N. slow bleed, the Colbert cancellation, ESPN’s forthcoming D.T.C. service, which streamers will bid on NFL rights—and much, much more.

Listen Now

WASHINGTON

John welcomes legendary former Timesman Todd Purdum to the show to discuss his new book, Desi Arnaz: The Man Who Invented Television. Purdum tells the story of Arnaz’s rise to become the most powerful Latino executive in Hollywood history, from his arrival in America as a Cuban refugee in the 1930s to the raft of innovations he unleashed that gave birth to the rerun, the syndication market, and thus the very business model on which the industry thrived for more than half a century.

Listen Now

MEDIA

Jon Kelly reunites with Peter to unpack Substack’s billion-dollar valuation and its pivot from newsletter darling to multimedia hype darling. Then they dig into the culture-war-infused intrigue surrounding David Ellison’s potential bid for The Free Press, and what it could mean if he folds Bari Weiss into CBS News.

Listen Now

Need help? Review our FAQ page or contact us for assistance. For brand partnerships, email ads@puck.news.

You received this email because you signed up to receive emails from Puck, or as part of your Puck account associated with {{customer.email}}. To stop receiving this newsletter and/or manage all your email preferences, click here.

Puck is published by Heat Media LLC. 107 Greenwich St, New York, NY 10006