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

Today, we lead with Bill Cohan’s close reading of Paramount’s first earnings call after the Skydance marriage—which, fittingly, was less focused on earnings and more on David Ellison’s big promises: new investments, new technology, $3 billion in cost cuts, etcetera. Meanwhile, Ellison disputed the notion that Warner Bros. Discovery is a “must-have” acquisition, but Bill suggests a few reasons to believe otherwise…

Plus, below the fold: Dylan Byers breaks down Vox C.E.O. Jim Bankoff’s plan to spin off the Vox Media Podcast Network. Leigh Ann Caldwell surveys the Chuck Schumer fallout after eight Senate Dems broke ranks to reopen the government. Rachel Strugatz considers whether Victoria Beckham’s beauty line is her ticket to luxury moguldom. And for Inner Circle members, Marion Maneker interviews the legendary Jeff Koons about his creative obsessions and his long-awaited reunion with Larry Gagosian.

Meanwhile, on the pods: Matt Belloni is joined by Tubi C.E.O. Anjali Sud on The Town to discuss how the streamer reached profitability and the hard realities of competing with YouTube. And on The Powers That Be, Peter Hamby and Bill assess Wall Street’s reaction to Paramount Skydance’s first earnings call.

WALL STREET

In his first earnings call as C.E.O. of Paramount Skydance, David Ellison offered a masterclass in corporate optimism, promising “synergies” and artfully dodging questions about a possible Warner Bros. Discovery takeover. Alas, the time to act is here.

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MEDIA

Jim Bankoff is considering a spinoff of Vox’s faster-growing podcast network from its legacy publishing business. While it makes economic sense-ish, what does it mean for the future of brands like SB Nation, The Verge, and… New York?

WASHINGTON

The embattled top Senate Democrat is once again facing calls to step down from leadership.

FASHION

Victoria Beckham Beauty is winning discerning customers and finding new channels to grow into the luxury brand it has long aspired to be. It’s increasingly clear that if Beckham cashes out, it’s going to be thanks to makeup—not apparel.

ART

The 70-year-old iconoclast is back with his longtime gallery and still elevating objects to thrilling, shiny new heights. Here, he expounds on the power of porcelain, the philosophy of reflection, and (almost) compares himself to Leonardo.

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HOLLYWOOD

Matt is joined by Tubi C.E.O. Anjali Sud to discuss how Tubi reached profitability, its push to bring in original creators, the growth of ad-supported streaming, how the FAST landscape is evolving, and why everyone is competing with YouTube. Later, Matt discusses a few details about the upcoming Michael Jackson biopic, Michael, and gives an early prediction for how the movie will perform and whether there will be a sequel.

WALL STREET

Bill Cohan joins Peter to break down Paramount’s first earnings call since merging with Skydance—which, ironically, was barely about earnings at all. Instead, David Ellison dazzled Wall Street with talk of new investments, new technology, and, of course, some important cost-cutting measures. Bill reads the tea leaves on what’s next for Ellison & Co.—and whether acquiring Warner Bros. Discovery fits in the plan.

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