Welcome back to Dry Powder. I’m Bill Cohan, and I’m not running for president.

In today’s issue, an informed meditation on the hostile M&A environment that David Zaslav countenances as he ponders analyst Jessica Reif Ehrlich’s dire report, earlier this week, suggesting that WBD’s “current composition as a consolidated public company is not working.”

But first…

• Post-Biden: Of course, the biggest story in America right now is the announcement that Joe Biden has ended his reelection campaign and endorsed Kamala Harris to replace him as the Democratic presidential nominee. Like many of you, I’ve been captivated by my Puck partners’ brilliant reportage in and around Biden and Trumpworld, from Tara Palmeri’s masterful Fall of the Biden Bunker to Julia Ioffe’s Biden Group Therapy and John Heilemann’s Trump’s 25 Paths to 270. It’s also worth revisiting Peter Hamby’s prescient The Kamala Calculus.
  In order to make sure you don’t miss any of their essential reporting during this consequential and pivotal week, click here to subscribe to Puck’s The Best & The Brightest private email.

  For my part, I have to concede this was the right decision for the country, but could not have been an easy one for Biden. I guess that means we’ve seen two rather dramatic acts of presidential courage in the last week or so. Here’s to hoping the Democrats can rally behind a vigorous, progressive ticket and keep control of the White House in November.

• What do you get for a guy who already has a copy of the Constitution?: Ken Griffin likes to buy very expensive things and loan them to museums. When he spent $500 million buying...