Art Market Ironies, WBD’s M&A Options, Pelosi’s Mind Games

First up today, John Heilemann dissects the four grand themes arising from his numerous conversations with Democratic insiders at every level of the party this weekend following Biden’s historic announcement, from their contradictory swirl of emotions to the long arm of Nancy Pelosi.

Plus, below the fold: William D. Cohan charts David Zaslav’s interior monologue as WBD hits choppy waters. Marion Maneker explains why Bank of America’s $10 billion art loan book took a nosedive. Tara Palmeri chats with political strategist Steve Schmidt about Kamala Harris’s de facto anointment and the inherent dramas of an open convention. Dylan Byers offers poignant observations and fresh reporting on the conservative media scene. On The Town, Matt Belloni is joined by Jessica Reif Ehrlich to diagnose WBD’s floundering and possible M&A options. And on The Powers That Be, Jon Kelly and Peter Hamby consider Pelosi’s media masterclass and chew over Harris’s best path to 270.

JOHN HEILEMANN

News, notes, and the four most pressing takeaways on a historic day.

WILLIAM D. COHAN

On the heels of the now-infamous BofA note suggesting that WBD needs to buy or sell assets to survive, and Zaz’s own misguided political commentary at the Lodge in Sun Valley, it’s increasingly clear that both the markets and Zaz know that his company needs a shake-up. But what to do in an environment so inhospitable to M&A?

MARION MANEKER

Why is the art market down so much in volume when other markets haven’t seen the same drop? One explanation might be the billions of dollars in art loans that are now being reversed in our high-interest rate environment.

TARA PALMERI

Political strategist Steve Schmidt joins Tara Palmeri in the wake of Biden ending his campaign to discuss Harris’s anointment as his successor, which Democrats might challenge her for the nomination, and how an open convention could play out.