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

Today, we lead with Matt Belloni’s singular analysis of the Netflix-Paramount war for Warner Bros. Discovery. After Netflix and WBD struck a deal for some $72 billion, Paramount’s David Ellison followed up by raising the stakes with a hostile bid—financed by the Saudis, with help from Jared Kushner. Now, Matt is hearing that Ellison is prepared to go even higher if Warners rejects his latest offer. Will Netflix counter? Plus: how Ted Sarandos got the inside track with Trump, and whether the president’s “neutrality” will last…

Then, below the fold: Lauren Sherman reveals how Dario Vitale’s stunning defenestration at Versace came to pass. John Ourand considers how the battle for WBD might leave TNT Sports out in the cold. And Abby Livingston considers whether Jasmine Crockett is the new Beto O’Rourke.

Meanwhile, on the pods: Matt and Peter Supino dissect Paramount’s hostile bid for WBD on The Town. On The Grill Room, Dylan Byers and Julia Alexander connect with Yahoo C.E.O. Jim Lanzone to discuss the company’s post-Marissa Mayer growth strategy. On Fashion People, Lauren and How Long Gone’s Chris Black gab about his new clothing line, Hanover. And on The Powers That Be, Peter Hamby and Leigh Ann Caldwell trade notes on Republicans’ Capitol Hill ennui.

If Warner Bros. Discovery rejects Paramount’s latest (and very hostile) bid, I’m told that David Ellison will almost certainly offer more. Will Netflix go even higher? Where does it end? Will Trump choose a favorite? The streaming giant has restless shareholders, and Ellison does not.

It’s now clear that Dario Vitale’s not-surprising-still-shocking exit after a single season at Versace was very much a fait accompli. But its machinations go deeper than the mean-girl snickering that’s followed. So what’s next for the designer—and his old bosses?

No matter which company wins the battle for parentco WBD, TNT Sports could face an unappetizing future. The leagues may feel the pain, too.

After a string of election victories, Democrats are pondering an honest-to-god blue wave in 2026. But progressive euphoria could be the party’s undoing in Texas, where human attack ad Jasmine Crockett just launched her Senate bid, and the moderate Colin Allred bowed out. 

Matt is joined by Peter Supino from Wolfe Research to discuss Paramount launching a hostile takeover of Warner Bros., days after the latter agreed to a deal with Netflix. Peter maps out the differences in each bid and makes the case for and against each bidder. They also talk about the latest comments by David Ellison, Ted Sarandos, and Donald Trump; where the financials are coming from for Paramount Skydance; and who ultimately has the upper hand.

Yahoo C.E.O. Jim Lanzone joins Dylan and Julia for a tour of the company’s Apollo era, four years after the private equity behemoth bought the business for just $5 billion—nearly $120 billion shy of its peak valuation. Lanzone breaks down Yahoo’s growth strategy—the metrics that actually matter, how the company monetizes at scale, and what the endgame looks like—and digs into Yahoo’s A.I. ambitions, as well as what it takes to run a mass-market consumer business in a media landscape focused on niche and specialized content.

How Long Gone co-host Chris Black is back to discuss the launch of Hanover, his line of silhouette-specific basics for (mostly) men, and why on Earth he would want to start an apparel label in These Times. Lauren and Chris also talk about Matthieu Blazy’s Chanel show in an out-of-commission New York City subway station, Dario Vitale’s ouster from Versace, and the mania around Justin Bieber’s Skylrk Tokyo pop-up.

Leigh Ann Caldwell joins Peter to break down what a sluggish, Republican-controlled Congress might look like next year, as G.O.P. lawmakers grow frustrated with the gridlock and brace for midterm losses—and some already pack up amid promises of retirement. Can Trump breathe new life into the party, or is it too late to rally the troops?

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