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

Today, we lead with Lauren Sherman’s inside look at Vogue World, Anna Wintour’s traveling brand activation, which descended on the Paramount lot in Los Angeles on Sunday. While the star-studded affair was mostly well-received, industry observers still can’t quite figure out the purpose of this annual extravaganza. Is it a glimpse into Vogue’s future live events content strategy—or an elaborate distraction from Condé Nast’s managed decline?

Plus, below the fold: Bill Cohan chats with Fanatics founder Michael Rubin about his multifaceted $31 billion sports empire and the irrepressible I.P.O. chatter. Matt Belloni digs into the rising industry resistance to David Ellison’s insatiable drive to take over Hollywood. And John Heilemann connects with Silicon Valley Rep. Ro Khanna to discuss a “revolution tax” and his unlikely alliance with Marjorie Taylor Greene.

Meanwhile, on the pods: Dylan Byers sits down with YouTube C.E.O. Neal Mohan on The Grill Room to consider the platform’s frothy creator economy and how A.I. is disrupting the media business. On The Town, Matt and Lucas Shaw chew over NBCU poaching Taylor Sheridan from Paramount. Lauren rings up analyst Luca Solca on Fashion People to parse the luxury houses’ Q3 earnings. And on The Powers That Be, Peter Hamby and Bill unpack Elon Musk’s trillion-dollar ransom at Tesla, and the sordid return of meme stock mania.

FASHION

Even after the fourth (mostly) well-received iteration of Vogue World, this time set on the Paramount lot in Los Angeles, many industry observers remain uncertain about the actual purpose of the traveling pop-up magazine. Naturally, much of the head-scratching ties back to the fact that Condé Nast is in cost-cutting mode.

SPORTS

Michael Rubin explains how his $31 billion company evolved from an e-commerce merchandiser into the third-largest sportsbook in the U.S., and why he’s in “no rush” for an exit.

HOLLYWOOD

Paramount Skydance is pitching itself as Hollywood’s last hope. Yet as layoffs mount and the WBD mega-merger beckons, a growing alliance of industry people are talking about pushing back.

WASHINGTON

A conversation with the Democratic congressman from Silicon Valley about allying with Marjorie Taylor Greene, endorsing Zohran Mamdani, defending Graham Platner, and wanting to tax the hell out of his billionaire constituents.

MEDIA

YouTube C.E.O. Neal Mohan and creator Michelle Khare join Dylan at the Paley Summit to discuss YouTube’s sprawling empire: the burgeoning creator economy, the evolving toolkit at creators’ disposal, how the A.I. revolution is quietly reshaping the platform and the media industry writ large, and much more.

HOLLYWOOD

Matt is joined by Bloomberg’s Lucas Shaw to discuss Matt’s report that Taylor Sheridan will be leaving Paramount to join NBCU when his current deals expire. They break down the details of the deal, whether it should be considered savvy or desperate for NBCU and Peacock, how big of a risk it is, and whether it portends a larger splash coming from NBCU.

FASHION

Lauren’s guest this week is king of the luxury analysts, Bernstein’s Luca Solca. They discuss how LVMH, Kering, Zegna, Brunello Cucinelli, and the Prada Group fared during Q3 earnings season, and touch on everything from Chinese and American consumer behavior and the R-word (recession) to whether or not Jonathan Anderson’s first Dior women’s show was good enough. (Luca also reviews Chanel.) Up top, Lauren shares reader and industry feedback on Vogue World.

WALL STREET

Bill Cohan joins Peter to game out Tesla’s existential question: Can the company survive without Elon Musk at the wheel, especially if shareholders balk at his trillion-dollar pay package? The duo also discuss the improbable comeback of meme stocks—from Beyond Meat to Krispy Kreme—and the White House’s head-scratching flirtation with quantum computing firms that look suspiciously meme-like themselves.

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