The Powers That Be: Daily

Jon Kelly, an expert journalist at Puck, joins Dylan Byers to dissect Substack's shaky business model, characterized by high cash burn and stagnating valuation. They debate whether Substack is a tech platform or just a media business in disguise. The conversation highlights the unique challenges faced by writers switching from legacy media to Substack, exploring financial struggles and varied degrees of success among creators. Ultimately, they navigate the evolving media landscape and the entrepreneurial risks tied to independent writing.

Kim Masters, a renowned Hollywood journalist and contributor to Puck, joins Julia Alexander to delve into the unexpected political pivot of mega-producer Brian Grazer, once a staunch Democrat. They discuss the implications for the industry as Grazer lends support to Trump, alongside shifting political affiliations in Tinseltown. The conversation also touches on the Disney CEO race and potential candidates, revealing the complexities of corporate leadership in the entertainment sector amidst evolving political and industry landscapes.

In a lively discussion, Wall Street guru Bill Cohan dives into the complex financial maneuvers behind the Warner Bros. Discovery breakup and the challenges facing its leadership. With guest host Julia Alexander, they analyze the turbulent pay TV market and the crucial push for streaming profitability. Cohan also breaks down the potential Paramount deal, highlighting how corporate governance and legal battles shape the media landscape. Expect insights on how global tensions influence audience engagement and the evolving narratives in entertainment.

Hawaii Senator Brian Schatz, a key player in the Democratic Party and a member of crucial committees, shares his insights on pressing political issues. He discusses Trump's controversial troop deployment to Los Angeles and scrutinizes the impact of his 'invasion' rhetoric. Schatz highlights the structural dysfunction around major legislation like the Big Beautiful Bill, while suggesting innovative strategies for Democrats to effectively communicate their agenda and tackle public backlash ahead of the midterms.

Julia Ioffe, a journalist and foreign policy expert with a focus on Russia and Eastern Europe, joins the discussion on the escalating conflict between Iran and Israel. She highlights the potential impacts on U.S.-Iran nuclear negotiations and Donald Trump's controversial remarks regarding Vladimir Putin at the G7. The conversation delves into Israel's military strategies, the complexities of diplomacy amidst rising tensions, and the broader implications for U.S. foreign policy, especially concerning relations with China.

Jon Kelly, co-founder of Puck and executive producer, joins Dylan Byers to analyze the fallout from the Warner Brothers Discovery spinoff. They dive into the shifting landscape of major media networks like HBO and CNN, spotlighting the financial strains and layoffs affecting these giants. The conversation also touches on the challenges faced by The Washington Post under Matt Murray’s leadership, shedding light on its identity crisis amid evolving viewer habits and uncertain futures.

John Ourand, an expert on sports broadcasting rights and author of Puck's Varsity newsletter, joins guest host Julia Alexander to dive into the implications of Warner Bros. Discovery's corporate split. They discuss the drop in NBA Finals ratings and its potential link to viewer fatigue. The conversation also highlights the NBA's struggle to nurture new stars following the retirements of legends like LeBron James. With rights negotiations changing, they explore how these shifts affect both traditional and emerging broadcasting platforms.

Eriq Gardner, author of Puck's What I'm Hearing Plus newsletter, dives into the recent legal developments involving Blake Lively and Justin Baldoni. He explains how a judge dismissed many of Baldoni's claims, potentially emboldening other stars to speak out. The conversation also highlights the shifting landscape of Hollywood lawsuits, drawing parallels to other high-profile cases while discussing public perception fueled by social media. Eriq offers keen insights into the implications these legal battles hold for the entertainment industry.

Political analyst Abby Livingston joins Leigh Ann Caldwell to untangle the G.O.P.'s major internal strife over the Big Beautiful Bill, likening it to the tumult of Obamacare. They discuss the implications of the Musk-Trump fallout and which Republicans might benefit from the rift. The conversation dives into Medicaid bill impacts and the precarious balance of loyalty among party members. Finally, they examine the evolving landscape of political donations, spotlighting the waning influence of Musk and the power of key donors.

Warner Bros. Discovery is splitting into two companies, sparking debates about the future of HBO Max and CNN. The restructuring aims to separate streaming from traditional cable, carrying heavy debt burdens. With Wall Street's mixed reactions, fears about CNN's leadership changes loom large. Insights into past mergers reveal ongoing challenges for WarnerMedia, as executives navigate a rapidly changing media landscape. This corporate divorce raises critical questions about debt management and investor expectations.