Business Wars

The late night saga begins in the uncharted wilderness of after-hours programming. In the early 1950s, an era when television broadcasting literally stops at 11:00 p.m., NBC dares to push the envelope with something called the Tonight Show. It works.

It seems insane, but American audiences are ready to stay up--and advertisers are ready to spend big money to reach that audience. In the wake of Tonight’s success, CBS and ABC are left in the dust. But they’re determined to grab a slice of that valuable late night pie as the war begins for ownership of the midnight hour.

Pre-order our new book The Art of Business Wars now before it is released on April 13.

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The cutthroat evolution of late-night talk shows is a long and fierce battle for advertising riches, ratings and sheer egotistical triumph. It’s the early 1980s and NBC’s Tonight Show is the unbeatable standard in its class, and its long-time host Johnny Carson the indisputable god of late night.  

Hosts David Letterman, Jay Leno and later Conan O’Brien all worship Carson. Each of them desperately covets the Tonight Show seat and will stop at nothing to get it. 

As fickle audiences demand increasingly cutting-edge entertainment after dark, the fight to win late night will be redefined. And it will be ugly.

Pre-order our new book The Art of Business Wars now before it is released on April 13.

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As the beauty business shifts towards boutique brands and upstarts, traditional titans of the industry like L'Oreal and Esteé Lauder are struggling to maintain a foothold. At the center of this cultural shift are beauty influencers, who are reaching a new wave of savvy, socially conscious consumers. 

For more on how they’re reshaping the landscape, we speak with Arabelle Sicardi, an industry strategist and trend forecaster for over a decade and author of the upcoming book The House of Beauty. Sicardi lays out what’s driving the shift and how a historically white industry aims to adapt to a new generation of consumers hungry for diversity.

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It’s 2007, and the L'Oréal founding family is thrust into the media spotlight when a scandal erupts. The daughter of Liliane Bettencourt, heiress to the company fortune, accuses a family friend of exploiting her mother’s dementia. But the ensuing investigation brings to light Bettencourt’s own unsavory dealings, putting L'Oréal’s future at risk. 

Meanwhile, both L'Oréal and Estée Lauder attempt to mitigate lagging sales with more acquisitions. To choose their targets, they turn to Youtube, where influencers with millions of followers are becoming rainmakers for fledgling brands. But no one is prepared for how a pandemic will affect the beauty industry.

Pre-order our new book The Art of Business Wars now before it is released on April 13.

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It’s 1991, and after the financial crash of 1987, Estée Lauder is looking for a new way to continue expanding without sinking millions of dollars and several years into developing a new brand. The answer lies in acquisitions, and they set their sights on two young, hip, buzzworthy companies: MAC and Bobbi Brown. 

Meanwhile, determined to strengthen L'Oréal’s foothold in the American mass market, CEO Lindsay Owen-Jones takes a risk on flailing drug store brand Maybelline, convinced he can turn it into an industry juggernaut.

Pre-order our new book The Art of Business Wars now before it is released on April 13.

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It’s 1979 and Estée Lauder is on top of the world after launching another in-house brand, Prescriptives. But after decades of being primarily known for hair products, L'Oréal is ready to invade the American high-end makeup market. And their secret weapon is Lancôme, a luxurious French brand that they rebrand using tricks straight out of the Lauders’ playbook. 

In an attempt to fend off the Lancôme threat, Leonard Lauder invests in television advertising. But a financial crisis is on the horizon, and how both companies respond will define their futures.

Pre-order our new book The Art of Business Wars now before it is released on April 13.

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It’s 1962, and Estée Lauder is on fire, with well-received new products helping solidify their position as the top high-end makeup brand. But Revlon is hot on their tails, and to fend off the threat the Lauders decide to develop a new brand: Clinique. With this line of hypoallergenic products for sensitive skin, they’ve unlocked a new customer base. But initial sales are disappointing, and as cash flow takes a nosedive, they must quickly determine how to fix their marketing approach.  

Meanwhile, a young female copywriter pens a new slogan for L'Oréal that will go down in advertising history and send the company on a bright new path.

Pre-order our new book The Art of Business Wars now before it is released on April 13.

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It's 1904, and ambitious French chemist Eugène Schueller quits his job as a researcher to focus on formulating the first synthetic hair dye. Teaming up with Parisian hairdressers to spread the word about his product, he soon expands into hair care and sunscreen, relying on his knack for innovative marketing to spread the word. 

Meanwhile, in Queens, New York, a young Estée Lauder is inspired by her esthetician uncle to start concocting her own face creams. Now, she just has to find a way to monetize her business, and inspiration strikes at her local beauty salon. 

Pre-order our new book The Art of Business Wars now before it is released on April 13.

Listen to new episodes 1 week early and to all episodes ad free with Wondery+. Join Wondery+ for exclusives, binges, early access, and ad free listening. Available in the Wondery App https://wondery.app.link/businesswars.

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It’s 1946, and after years of building a cult following thanks to free samples and loyal customers, Estée Lauder finally has an opportunity to join the big leagues. She can now sell her high-quality makeup products in department stores in New York City. Unphased by competitors with deeper pockets and wider distribution, she possesses a passion for making women feel beautiful that sets her apart.  

Meanwhile, in Paris, chemist Eugène Schueller’s hair company L'Oréal is thriving thanks to his top-notch formula for synthetic hair dye. But as World War II comes to an end, rumors that he supported the Nazis threaten the empire he has built. 

Pre-order our new book The Art of Business Wars now before it is released on April 13.

Listen to new episodes 1 week early and to all episodes ad free with Wondery+. Join Wondery+ for exclusives, binges, early access, and ad free listening. Available in the Wondery App https://wondery.app.link/businesswars.

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As the Space Race moves into the present day, Elon Musk recoups SpaceX’s losses and edges ahead of Blue Origin.

But now his competition is coming not just from Jeff Bezos, but from like-minded dreamers in Russia and China. For more on the coming battle for space supremacy, we speak with Tim Fernholz. He wrote Rocket Billionaires: Elon Musk, Jeff Bezos and the New Space Race, and writes about space and the economy for Quartz. 

He tells us about the viability of space tourism and the future prospects of space travel.

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