Happy Friday and welcome back to The Daily Courant, your afternoon assortment of Puck’s best new reporting.

First up today, Matt Belloni spotlights the “icky” feeling around Hollywood regarding the Oscars’ new five-year broadcast deal with YouTube, set to begin in 2029—a new partnership that trades exclusivity for scale and reach. Sure, the Academy is probably right that YouTube will draw larger audiences. But in a year when an Oracle heir bought Paramount, Netflix is in the process of acquiring Warner Bros. Discovery, and Amazon persuaded the Broccolis to walk away from James Bond, this feels like yet another depressing reminder of Big Tech’s dominance over entertainment.

Plus, below the fold: Julia Ioffe has the story of Jared Kushner’s surprising reemergence as D.C.’s shadow diplomat. Ian Krietzberg and Julia Alexander trade notes on Disney’s blockbuster deal with OpenAI. John Ourand rings up ESPN’s Brian Windhorst to dissect the NBA’s ambitious European expansion strategy. And exclusively for Inner Circle members, Lauren Sherman explains why Chanel C.E.O. Leena Nair is the fashion industry’s Hero of the Year.

Meanwhile, on the pods: Matt is joined by RedBird Capital’s Gerry Cardinale on The Town to hear his case for Paramount’s WBD bid. On The Grill Room, Dylan Byers huddles up with Orchestra C.E.O. Jonathan Rosen and Jon Kelly to chew over the biggest media trends of the year. On Fashion People, Lauren and Argent founder Sali Christeson reveal how to develop a fashion brand as an industry outsider. And on The Powers That Be, Peter Hamby and Julia Alexander discuss Barstool’s new multiyear deal with Netflix and the Oscars’ jump to YouTube.

HOLLYWOOD

The streamer’s bold bid to host the Academy Awards offers maximum reach for a show that was becoming minimally niche, but mixing prestige and base populism has its potentially problematic downsides.

WASHINGTON

Jared Kushner has quietly reemerged as an off-the-books diplomat in Trump’s second term, securing a ceasefire in Gaza and now negotiating with Putin to end the war in Ukraine. And foreign-policy types, who often disdained Kushner during Trump I, are mostly happy to have him back.

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A.I.

Disney, one of the most copyright-protective companies in Hollywood, is bear-hugging OpenAI and going to war with Google. But monetizing digital knockoffs of its most iconic characters (and getting on the cap table with Altman) is just the start.

SPORTS

A candid chat with ESPN’s Brian Windhorst about the NBA’s next frontier after its massive $76 billion rights deal—its attempt to make it big in Europe, potentially dip into the Middle Eastern sovereign wealth fund pot, and set up a true Champions League–style format.

FASHION

Despite some initial skepticism (she’s from H.R.—and Unilever?!), Chanel C.E.O. Leena Nair has shrewdly solidified her power base in a family-owned company dominated by lifers and established a financial model that has become the envy of the industry.

HOLLYWOOD

Matt is joined by Gerry Cardinale, founder and managing partner of RedBird Capital, to discuss Paramount’s bid for Warner Bros., why their bid is superior to Netflix’s bid, Larry Ellison and the Middle East’s involvement, whether they’ll look to raise their bid, and what the next steps will be.

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MEDIA

Orchestra C.E.O. Jonathan Rosen and Jon Kelly join Dylan live from New York to walk through new survey data capturing the media industry’s state of mind. They dig into the rise of subscription-based models, the FAST explosion, the creeping influence of A.I., and much more. Plus, cameo insights from Semafor’s Ben Smith and Feed Me’s Emily Sundberg, who offer their own read on where the business is bending—and breaking.

FASHION

Lauren’s guest is Sali Christeson, founder and C.E.O. of Argent, which sells suits and blazers and other things you wear to an office—but also other places, too. They discuss the need for workwear, even in These Times, and what it’s like to launch and develop a fashion brand when you have never worked in the fashion industry. Tariffs and snobs are also addressed.

MEDIA

Julia Alexander joins Peter to break down Barstool’s new multiyear deal with Netflix and the Oscars’ jump to YouTube—and what both moves reveal about two giants in the middle of an identity swap. Julia also serves up her media predictions for 2026, from Substack’s next act to the fate of pay TV and the sneaky upside of connected television.

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