The Powers That Be: Daily

Jon Kelly rejoins Peter to dig into Netflix’s precedent-setting Q1 earnings—its first without subscriber numbers, and the clearest sign yet that Netflix has outgrown the streaming wars, setting its sights not on Hollywood, but on bigger tech rivals like YouTube and Meta. Then, the duo preview White House Correspondents Dinner week in Washington, and what's different about the Beltway party circuit during Trump II.

Bill Cohan and Peter dig into Donald Trump’s latest spat—this time with Fed Chair Jerome Powell. As Trump pushes for rate cuts amid shaky, self-inflicted economic headwinds, Powell is vowing independence. Now, Trump’s hinting at ousting him before his term ends. Then, the duo turns to Newsmax’s I.P.O. circus, as Bill breaks down how valuable the MAGA-adjacent media company actually is.

Leigh Ann Caldwell joins Peter to discuss the prospect of Republicans doing the unthinkable: raising taxes on the rich, just as key provisions of Trump’s 2017 tax bill are set to expire. Indeed, a tax hike spearheaded by the G.O.P. would mark a dramatic departure from a century of party orthodoxy. But will it actually happen? Then, they break down the fading star power of Elon within MAGAland.

Kim Masters joins Peter to discuss the anxieties in Hollywood regarding Trump’s influence over the Town’s executives and entertainment businesses, before turning to the latest chatter surrounding the fate of Warner Bros. Discovery’s film studio co-heads Mike De Luca and Pam Abdy. After the success of their new ‘Minecraft’ movie, are they one sleeper hit away from avoiding what seemed to be an inevitable defenestration?

John Ourand joins Peter to discuss the many quirks surrounding Augusta National’s unique control over the Masters’ television rights, and the impact on broadcast viewers. Then they turn to the upcoming UFC rights negotiations, and whether the organization can find a suitor willing to double ESPN’s $500 million annual payment.

Jon Kelly returns to chat with his great pal Peter about the impacts of tariffs on the media business—particularly the second order effects on the S.V.O.D. industry. They also discuss CNBC’s moment and what it actually articulates about… Bloomberg’s business.

Imagine if you could ask someone anything you wanted about their finances. On What We Spend, people from across the country and across the financial spectrum are opening their wallets—and their lives—to tell you everything: what they make, what they want, and—for one week—what they spend.

Lauren Sherman joins Peter to discuss how Trump’s trade war is rippling through the fashion industry, from the punishing tariffs facing Victoria’s Secret to the geopolitical pressure on luxury brands like The Row.

Abby Livingston joins Peter to discuss how Trump’s protectionist economic policies are playing with American farmers and why their Republican representatives turned against tariffs. They also dig into the latest Farm Bill drama and whether the impacts on ag workers could cause red states to swing blue in the midterms.  

Julia Alexander joins Peter debate what the Big Tech players are really doing in Hollywood, and whether Apple, which is heavily reliant on manufacturing overseas, will use Trump’s tariffs as cover to retreat from the content business. They also examine the explosive growth of YouTube TV, and discuss whether its focus on live sports and a superior UX could replace cable for good.