The Powers That Be: Daily

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

Matt Belloni joins Dylan and Julia to chart the latest updates surrounding the Warner Bros. Discovery bidding war between Netflix and Paramount—and what each side stands to gain or lose. Then they dive into Hollywood’s accelerating A.I. anxiety in light of Disney’s pact with Sora 2, the upcoming film slate for 2026, YouTube's rights deal with the Oscars, and more. Plus: Matt explains his choices for Hollywood’s heroes and villain of the year.

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Lauren Sherman joins Peter to explain why Saks Global is now staring down bankruptcy—and what, if anything, could save its historic department store business. Then they turn to Will Welch’s sudden exit as GQ’s top editor and the short list of candidates who could replace him.

Leigh Ann Caldwell joins Peter to make sense of a frenetic week in Washington, from the ICE shooting in Minneapolis to classified national security briefings on Venezuela. They also dig into growing anxiety over Trump’s interest in seizing Greenland, a bloc of Republicans breaking ranks to join Democrats in extending Obamacare health subsidies, and more.

Julia Ioffe joins Peter to discuss Trump’s turn from isolationism to interventionism in the wake of the Venezuela raid. Drawing on Trump’s first term, Ioffe explains how earlier risk-free strikes taught him that he could attack foreign targets without escalation, retaliation, or U.S. boots on the ground—potentially emboldening him to stay in attack mode. 

Abby Livingston joins Peter with fresh reporting from Capitol Hill on how Republicans and Democrats are responding to the arrest of Venezuelan President Nicolás Maduro. Then they turn to Tim Walz’s decision to abandon his reelection bid for Minnesota governor amid a mounting social services scandal, and what the episode reveals about the increasingly brutal realities of modern political life.

Jon Kelly and Peter are reunited to discuss CBS’s fascinating new set of principles and then delve into Netflix’s decision to plow into broadcasting podcasts.

In the second part of a special crossover episode, John Heilemann welcomes New York Times columnist, podcasting dynamo, and de facto Democratic strategist Ezra Klein to discuss the state of the nation: Trump, tariffs, the looming Newsom–Vance showdown, and more. 

In a special crossover event, John Heilemann welcomes two of the Pod Save America dudes to the show for the first installment of a two-part, year-end review of the national political scene in 2025.

Julia Ioffe joins Peter to discuss the peace negotiations between Ukraine, Russia, and the U.S., and whether Volodymyr Zelensky’s recent tête-à-tête with Trump at Mar-a-Lago actually moved the needle. They dig into Zelensky’s strategic concessions, Russia’s ostensible military advantages, Europe’s reluctance to offer meaningful security guarantees, and more.