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

First up today, Kim Masters chronicles the latest ripple effects from CBS’s cancellation of The Late Show, including the network’s insistence that the decision was unilaterally reached by Paramount Global co-C.E.O. George Cheeks. The entire affair, as Kim reports, has also raised questions about whether Hollywood’s famously progressive creative community will engage with the company after its merger is approved—even though one insider noted a prevailing sentiment around town that Skydance C.E.O. David Ellison “does care about, and has a genuine affection for, movies.” Alas, reality may hit hard after the deal finally gets done.

Plus, below the fold: Abby Livingston channels the anxiety gripping Capitol Hill Republicans over the Epstein saga—and how Democrats are hoping to stoke the flames. Lauren Sherman documents the micro-scandal swirling around LVMH’s Loro Piana, the signs that Burberry’s turnaround strategy is working, and other fashion-industry talking points. And John Ourand chats with analyst extraordinaire Michael Nathanson about the NFL’s rights auction and Apple’s sports media portfolio.

Meanwhile, on the pods: Matt Belloni reunites with Lucas Shaw on The Town to discuss Stephen Colbert’s next steps and whether Netflix could ever produce a successful late-night show. On The Grill Room, Dylan Byers rings up a plugged-in investment banker to dissect Substack’s $100 million raise. On Fashion People, Lauren and How Long Gone’s Jason Stewart chew over Tyler Haney’s return to Outdoor Voices and Loro Piana’s labor controversy. And on The Powers That Be, Julia Ioffe and Ian Krietzberg break down the class-action lawsuit against the A.I. company Anthropic.

HOLLYWOOD

CBS’s decision to cancel The Late Show has shaken a town beset by fears regarding industry economics and the cozy dealmaking between Trump and the Ellisons. Will the creative community revolt?

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WASHINGTON

Inside the Epstein anxiety on Capitol Hill, where Republicans can’t begin their recess quickly enough as the fracas continues to intensify—and Trump keeps making it worse. Yes, Democrats are benefitting from the scandal, but mostly as a chance to message…

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FASHION

News and notes from the fashion front lines: the micro-scandal swirling around Loro Piana and the implications for the Arnault heirs in charge; the chatter inside Kering as the company prepares for incoming C.E.O. Luca de Meo’s debut in September; the early signs that Burberry C.E.O. Joshua Schulman’s turnaround strategy is working; and more.

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SPORTS

A candid conversation with Michael Nathanson, the exalted media analyst and MoffettNathanson namesake, who offers some scintillating hypotheses and observations about the NFL’s next auction winners, ESPN’s economics, and Apple’s sports media portfolio.

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HOLLYWOOD

Matt is joined by Bloomberg’s Lucas Shaw to discuss what’s next for Stephen Colbert, and whether Netflix could ever produce a successful late-night show. Then, they dissect Netflix’s latest earnings report and highlight its strengths and weaknesses, including why the stock fell despite strong financial earnings, how concerning its stagnation in the share-of-viewing metric is, its use of A.I. in The Eternaut, and more. Matt finishes the show with a prediction about the future of Fox in the wake of Donald Trump’s lawsuit against The Wall Street Journal.

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MEDIA

Dylan sits down with an anonymous, plugged-in investment banker in the media space to peel back the curtain on Substack’s recent $100 million raise—and the staggering $1.1 billion valuation that came with it. They unpack what it means for the platform’s future, the broader implications for the media landscape, and whether it can lead to more-sustainable business models and increased competition among platforms.

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FASHION

Lauren and How Long Gone’s Jason Stewart are both in Chicago for various reasons too boring to name. They discuss Midwestern-nice fashion, from the local pub to the RL Restaurant; beer drinking; overeating protein; boutique fitness style; Tyler Haney’s return to Outdoor Voices; the Keds trend; Burberry’s revival; and why Loro Piana’s labor controversy in Italy won’t hurt its sales.

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A.I.

Ian Krietzberg joins guest host Julia Ioffe to unpack the class-action lawsuit against the A.I. company Anthropic, and how publishers are drawing a line in the sand when it comes to A.I. models training on their content. They also dig into Trump’s supposed “anti-woke A.I.” action plan and how it ties into the mass sell-off of public lands envisioned in the Big Beautiful Bill.

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