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

First up today, Dylan Byers examines whether the media business is benefitting from a “Bari multiple” effect after The Free Press sold to Paramount last year for $150 million. Last week, of course, Semafor raised $30 million at a perplexing $330 million valuation—an auspicious signal for the industry, but one that raises questions about the pool of available buyers. At the same time, media bankers are closely watching the M&A chatter surrounding Punchbowl—and whatever Mathias Döpfner tries to buy next…

Plus, below the fold: Bill Cohan reveals the latest battle lines in David Zaslav’s standoff with the Ellisons. Leigh Ann Caldwell chronicles the G.O.P. family feud over the evolving definition of “America First.” Marion Maneker corrects the record about the art-backed lending business and tours a poignant new exhibition at D.C.’s National Gallery. And Sarah Shapiro presents exclusive retail sales data on the rising popularity of lab-grown gems and… fur.

Meanwhile, on the pods: John Ourand and NCAA president Charlie Baker discuss the mounting challenges facing college athletics on The Varsity. On The Town, Matt Belloni rings up longtime Hollywood investor Jeff Sagansky to preview the M&A market for this year and explain why the industry might be entering a dark age for talent profit-sharing. And on The Powers That Be, Peter Hamby and Jon Kelly debate the value of WBD’s linear stub and Semafor’s recent fundraise.

MEDIA

Ben and Justin’s recent fundraise at an 8x trailing revenue multiple, which follows David Ellison’s extravagant purchase of The Free Press, suggests we’ve entered a new era of digital media valuations. Unless we’ve just reentered the old one. Anyway, is Punchbowl next in line?

WALL STREET

Warner Bros. Discovery’s most recent S.E.C. filing reveals the latest battle lines between the company and its hostile suitor. In particular, the document evinces a deep distrust of Paramount Skydance’s proposed deal financing, recasting the $108 billion all-cash offer as an $87 billion L.B.O. that could fall apart before closing.

WASHINGTON

The changing definition of “America First” has exploded tensions between two senators at opposite ends of the conservative foreign policy spectrum: the libertarian Rand Paul and the interventionist Lindsey Graham. If Paul won the ideological battle in the first term, Graham seems to have Trump’s ear in the second.

ART

A recent column in the Financial Times tried to sound the alarm about an apparent crisis in the art loan business. But a close inspection of the data behind the story—and a survey of art loan business insiders—reveals a much more nuanced picture.

ART

The Stars We Do Not See, a new show at the National Gallery, offers a reflection on the past and modernism that seems perfectly at home in the capital these days.

FASHION

The latest holiday sales data from ShopMy highlights the rise of lab-grown gems, $325 pants, and the return of fur.

SPORTS

NCAA president Charlie Baker joins John to confront the growing sense that college sports are in troubled waters. Baker breaks down the chaos of the transfer portal, the accelerated professionalization of college athletics, and why Congress might need to step in to impose uniform eligibility rules. He also discusses the NCAA’s media rights deal with ESPN, makes the case for expanding March Madness, and much more.

HOLLYWOOD

Matt is joined by Jeff Sagansky—a longtime investor, executive, and producer—to discuss the current media landscape and how things are trending as we begin 2026. Jeff previews the M&A deal market for this year, makes the case for Warner Bros. surviving without a merger, shares what it’s like to be a producer in Hollywood right now, explores the dark age of talent profit-sharing, and explains what investors appear most interested in this year.

MEDIA

Jon Kelly returns to debate Peter about the value of WBD’s stub of linear networks. Then the two evaluate the math behind Semafor’s recent fundraise.

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