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

First up today, Dylan Byers chronicles Gerry Cardinale’s foray into old-fashioned media, namely his recent $674 million deal for The Telegraph. He’s already shaking up Fleet Street, poaching longtime Financial Times veteran Matthew Garrahan. But what does Cardinale actually plan to do with the prized Tory institution—and how does it fit into his grand media playbook?

Plus, below the fold: Leigh Ann Caldwell gets the inside story on how long the shutdown could really last. Bill Cohan captures Joe Bankman’s sobering account of living through his son’s prosecution and conviction. Rachel Strugatz profiles the beauty industry’s most important new investor. For Inner Circle members, Marion Maneker convenes a panel of heavyweight collectors to discuss the state of today’s market. And on The Powers That Be, Peter Hamby and Julia Alexander break down the booming business of athlete-owned media.

MEDIA

Besides chipping in $2 billion for Skydance’s Paramount takeover, RedBird Capital’s Gerry Cardinale is preparing to take over The Telegraph and shuffling deck chairs among London’s newspaper ranks.

WASHINGTON

Back in March, the Senate Democratic leader feared a shutdown would unshackle Trump to run roughshod over what remains of Congress’s funding power. His prophecies are now coming true—but Dems feel fine.

WALL STREET

In a rare public appearance, Joe Bankman confessed the depths of his agony over his son and his own attempts at a gradual renewal.

FASHION

Prelude Growth’s Alicia Sontag has carved out a sweet spot in beauty, investing in ascendant but proven brands just as they’re hitting their stride, and then applying her retail expertise and post-D.T.C. strategy to help them thrive. In the small world of beauty investors, she’s the new queen.

ART

A freewheeling, on-the-record roundtable with some of the world’s most prominent art collectors—Glenn Fuhrman, Michael Ovitz, J. Tomilson Hill and Dasha Zhukova—discussing their formative experiences with art, what drives serious collecting today, and how to get the next generation of potential collectors to look at art somewhere other than their phones.

SPORTS

Julia Alexander joins Peter to break down the booming business of athlete-owned media—how valuable these ventures really are, and why only select athletes like the Kelce brothers or LeBron James can spin up a hit podcast. Then they dig into Sora 2 and the escalating copyright wars between OpenAI and legacy media.

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