Welcome back to The Daily Courant, your afternoon guide to the best new work at Puck.

First up today, Dylan Byers uncovers David Ellison’s potential secret weapon in his campaign to buy Warner Bros. Discovery from David Zaslav, who has already rejected three bids for the company. Closing the deal will probably require Ellison to cough up more money, but it might also take some wheeling and dealing on the political side of the equation. Which is where Paramount’s new chief legal officer, Makan Delrahim, a former top Trump official, enters the picture…

Plus, below the fold: Bill Cohan breaks down Zaz’s M&A options as negotiations get underway. Abby Livingston goes searching for Kevin McCarthy, the seemingly M.I.A. former House speaker, who was supposed to help Republicans raise $100 million for the California redistricting fight. Rachel Strugatz identifies the real winner in Kering’s decision to abandon its $4.7 billion beauty division. And for Inner Circle members, Marion Maneker sits down with Phillips C.E.O. Martin Wilson to discuss the auction house’s novel fee structure and how it’s distinguishing itself as the smallest of the art world’s Big Three.

Meanwhile, on the pods: Matt Belloni is joined by Wolfe Research’s Peter Supino to survey the market for Warner Bros. Discovery. And on The Powers That Be, Peter Hamby and John Ourand wade into the MLB salary cap debate and whether Shohei Ohtani has become unstoppable.

MEDIA

Now that David Zaslav has finally admitted Warner Bros. Discovery is for sale, the Ellisons will lean on Paramount’s newly recruited chief legal officer, Makan Delrahim, to potentially articulate their antitrust talking points.

WALL STREET

The deal maestro has turned Warner Bros. Discovery’s breakup into a full-blown Wall Street pageant—part strategic review, part auction theater—with David Ellison waiting in the wings.

WASHINGTON

The Republican campaign to prevent Democrats from redrawing California’s congressional lines seems, increasingly, like a losing effort—and insiders are angrily pondering the whereabouts of former House Speaker Kevin McCarthy, who stirred hopes of raising $100 million to save the map.

FASHION

Inside C.E.O. Luca de Meo’s decision to abruptly abandon the company’s long-term beauty strategy—and what it means for the L’Oréal regime.

ART

The newish C.E.O. of Phillips opens up about his innovative new fee structure, competing for the biggest estates, and how his house is distinguishing itself as the smallest of the Big Three.

HOLLYWOOD

Matt is joined by Peter Supino, a managing director and senior analyst at Wolfe Research, to unpack the deal market for Warner Bros. Discovery, running through each potential bidder, who makes the most sense, and what a merger would look like in each scenario.

SPORTS

John Ourand joins Peter in the commentary box to discuss why the NFL is suddenly jealous of the NBA, and whether Roger Goodell will renegotiate the league’s multibillion-dollar rights deals. Plus, with the World Series kicking off, Peter grills John about the growing payroll gap in Major League Baseball and whether a salary cap can stop rich teams like the Dodgers from steamrolling everyone else.

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