Ankler Agenda

How do you solve a problem like Netflix Film, and who is best positioned to figure it out? “As currently constructed, it’s an impossible job,” Richard Rushfield tells Elaine Low and Sean McNulty on this week’s pod. The problem? Netflix wants to churn out 30-plus movies a year, deliver the next KPop Demon Hunters, compete for Oscars and somehow make films that actually become cultural events. And it’s increasingly failing at that last part. Netflix, Richard warns, is “starting to look like the Walmart of streaming” — and losing market share in the process. With Dan “Lego” Lin out after just two years, Rice faces a fundamental choice: Does Netflix need more crowd-pleasing programmers (even if the mission is now steaks, not gourmet cheeseburgers), bigger theatrical swings or the kind of movies that restore its reputation as Hollywood’s most exciting disruptor? Or, frankly, all of the above? Two years ago — with prescience and accuracy that would make the prediction markets blush — Richard said Lin should get…

To hear Ted Sarandos tell it, things are going great at Netflix. “Our business and our business flywheel are working,” the co-CEO said on this week’s earnings call — a week after laying off a thousand employees, and unceremoniously firing content chief Bela Bajaria, whose sudden perp-walk out of the company’s HQ has shaken even an industry accustomed to volatility. So while revenue was up, engagement was up and churn was down, strange things are afoot at Netflix — and it’s now legacy studio operator Peter Rice‘s job to sort things out; to turn some of Netflix’s “doubles and triples,” in Sarandos’ words, into home runs. Is Netflix simply pivoting to a new growth era, or is the underlying streaming game going the way of basic cable did 10 years ago — disrupted by a player taking audience, in this case, YouTube. Elaine Low, Sean McNulty and Natalie Jarvey tackle that question and more this week — reading between the lines of the earnings call. What challenges does Rice face (local-language production, anyone)?…

Steve Hilton has been talking with David Ellison, Ted Sarandos and Trump Hollywood ambassador Jon Voight about how to bring production back to California. And the Republican candidate for governor has a big idea: blow past the state’s existing film tax incentives with an uncapped credit that could reach 40 percent, covering everything from stars’ salaries to animation and postproduction. “We cannot let it collapse,” Hilton tells Elaine Low in a wide-ranging interview about Hollywood’s economic crisis, his conversations with industry power players and why he believes California is driving businesses away. He also calls the state’s now-settled legal challenge to the Paramount-Warner merger a “politically motivated stunt” and defends his campaign’s use of AI-generated political ads — even as he insists he’s on the side of Hollywood’s artists and creators. But Hilton isn’t the only candidate promising a Hollywood rescue. With Election Day nearing, Matt Hamilton of L.A. Material joins to break down the…

David Ellison has an ambitious pitch for Hollywood: Skydance will spend more on content than Netflix or Disney, crank out roughly 190 series and 30 movies a year, find at least $6 billion in savings and pay down its mountain of debt. All while keeping the creative community happy. How, exactly, is all of that supposed to work when even Wall Street doesn’t see it? Ellison and new co-CEO Ynon Kreiz opened the Paramount lot to reporters Tuesday to sell their vision for the new lockup — and to explain why the old one needed blowing up. “The businesses didn’t disrupt themselves over a decade ago,” Ellison said of Paramount and Warners (just please sunset the moniker “WarnerMount,” he implored). “They didn’t transform, and they held on to the past for too long.” Now he’s betting the combo can create the scale to compete without sacrificing investment. Kreiz’s formulation: “Content is a spend, but you can also see it as an investment.” Is it magical thinking? Elaine Low and Sean McNulty break down what this means…

The new Paramount is taking shape fast. On the eve of the Warner Bros. deal concluding, David Ellison is bringing in fresh blood — and bloodletting. Former Mattel chief Ynon Kreiz boards as the surprise co-CEO, charged with day-to-day management and integration (read: layoffs). And after months of heated rivalry between Cindy Holland and Casey Bloys over who would control the combined company’s original-content future, we have an answer: it’s Casey at the bat. Elaine Low, Sean McNulty and Natalie Jarvey break down what those choices reveal about Ellison’s coming structure at the combined company, soaked in debt, and who could be vulnerable next. Then: hundreds of layoffs hit Disney as Josh D’Amaro prepares to take over, with ominous promises of more technology (read: AI?) raising a bigger question: Is this only the beginning? Learn more about your ad choices. Visit megaphone.fm/adchoices

Mike Schur calls Paramount’s acquisition of Warner Bros. a “nightmare scenario” for Hollywood — and now that David Ellison has cleared the biggest obstacle to getting the deal done, he’s even more alarmed about what comes next. “It’s gasoline on a fire,” the Parks and Recreation co-creator and Dig producer tells Elaine Low, pointing to an industry already hollowed out by years of consolidation. “I hate to be doomsday-ish here… but the ecosystem is just shrinking and shrinking and shrinking.” What does that nightmare look like? Fewer buyers, fewer jobs and ultimately fewer kinds of shows getting made — and, Schur fears, even HBO may finally be vulnerable after surviving one corporate owner after another. One of the loudest voices against the merger, Schur is particularly skeptical that the concessions Paramount made to Rob Bonta and 11 other state AGs will provide much protection. “All of these provisions, they’re only meaningful if they’re enforced. Who’s enforcing this?” he asks of the proposed consent…

So after months of big talk about only settling for structural remedies, i.e., selling off assets, what did California Attorney General Rob Bonta and the 11 other state AGs suing Paramount Skydance wind up getting? Less than you think. Elaine Low, Sean McNulty and Lesley Goldberg break down the settlement terms — loopholes, fine print and all — and what they mean for the future of Hollywood, including looming mass layoffs, the fate of three TV studios and why the promise of 30 films a year may not be what it seems. Then: Can a Paramount+–HBO Max superstreamer finally give Netflix a real rival? Learn more about your ad choices. Visit megaphone.fm/adchoices

A dire warning from Anthropic and OpenAI that increasingly autonomous AI agents could launch cyberattacks – or worse – has an especially chilling implication for Hollywood, where studios and streamers are rapidly weaving AI into their businesses. "Imagine a world in which there are thousands of Sony hacks happening in real time," Reel AI columnist Erik Barmack tells Elaine Low and Sean McNulty. "You could take down the entire industry. Confidentiality, protections, the secure release of IP – all of those things could be harmed." And while the guilds fight generative AI and Hollywood hashes out rules for how the technology can be used, Erik says the industry may be focused on the wrong threat: "What happens when recursive learning gets better and better, and these agents go off and do thinking on their own?" Plus: There may finally be momentum behind a federal film and TV tax incentive. Rep. Laura Friedman tells Elaine that lawmakers from both parties are working with Hollywood's guilds and Jon Voight –…

Inside President Macron’s summit, where Ted Sarandos, Dana Walden and Hollywood power players attended — very quietly French President Emmanuel Macron summoned some of the biggest names in global entertainment to the south of France this week to talk about nothing less than the future of cinema — and Hollywood came. Netflix’s Ted Sarandos, Disney’s Dana Walden, NBCUniversal’s Donna Langley and other industry heavyweights attended the first-ever Lumière Summit, co-hosted by South Korean President Lee Jae Myung, as filmmakers, executives and government leaders grappled with AI, the attention economy and the threats facing traditional entertainment. “He did something that I think people who work in the entertainment industry in the U.S. have been really hungry to see happen,” says Ankler EIC Janice Min, who stops by the pod after attending the summit at the invitation of the French government. “Somebody in charge saying things about an industry that’s struggling.” But if France was eager to lead the…

It wasn’t long ago when studios took the biggest jewels of their fall slates — the Gravitys and Jokers and First Mans — to the Venice Film Festival to kick off awards season and put A-list talent on a gondola. But this year, not so much: The Venice lineup is light on flashy studio premieres — don’t look for Tom Cruise and Digger or Timothée Chalamet and Dune: Part Three or Jeremy Strong and The Social Reckoning — and heavy on indie and international titles. Elaine Low and Sean McNulty talk to Ankler awards editor and Prestige Junkie host Katey Rich about how the studio calculus on festival season has shifted — and how best picture winner One Battle After Another was a canary in the coal mine for this year’s underwhelming slate. Then: Katey sticks around to talk with Elaine and Natalie Jarvey about the top Emmy storylines — including the Television Academy’s controversial decision to boot major categories from the primetime show (sorry, David Harbour and Dakota Fanning) and why, with the final season of Hacks…

Hollywood’s newest talent war isn’t over movie stars. For years, YouTube was treated as a “farm league,” in Ted Sarandos‘ words — a place where talent dreamt of graduating to Hollywood. Now smaller player Netflix is raiding the world’s biggest streamer, scooping up creators, podcasters and personalities who built their audiences on YouTube. And YouTube has had enough. Natalie Jarvey shares her scoop on the millions that Neal Mohan‘s tech giant is throwing down to keep its creators exclusive — and names who’s been offered the cash — in an escalation one dealmaker says reveals that YouTube is “scared shitless.” Natalie joins Elaine Low and Sean McNulty to unpack her fresh reporting on the new creator bidding wars — and debate the bigger question: Which company is actually playing defense? Learn more about your ad choices. Visit megaphone.fm/adchoices

So much for détente. California Attorney General Rob Bonta canceled Monday’s planned meeting with Paramount after accusing the company of leaking — and misrepresenting — confidential settlement discussions to the press. “They need to sleep in the bed that they made,” Bonta tells Elaine Low in this bonus episode of Ankler Agenda, blasting Paramount for “playing games” and waging a PR campaign while, he says, losing where it matters: in court. The rupture comes even as Gov. Gavin Newsom, Los Angeles Mayor Karen Bass, and several Hollywood guilds have all voiced varying degrees of support for getting the two sides to the table. Does that growing pressure change Bonta’s thinking? “Not at all,” he says. But Bonta also makes clear that the door isn’t permanently shut. He says he’s ready to resume negotiations if Paramount stops the leaks and comes back in good faith — and, for the first time, gets unusually specific about what a deal might require. Forget the chatter about CNN: Bonta says the news network “is not…

Hayden Panettiere worked in Hollywood since she was 11 months old, and by the time Heroes made her a household name at 16, she was already navigating the darker side of child stardom. The Wall Street Journal‘s Esther Zuckerman joins Elaine Low to reflect on Panettiere’s life, career and exploitation — including a top NBC exec kissing her on the lips when she was a teenager, and an Oscar winner who exposed himself — and the extreme emotional toll of growing up in front of the camera. Then, California Attorney General Rob Bonta tells Elaine he is ready to talk to Paramount, a slight shift from his earlier hard-line posture. “Let there be no doubt here, now, or anywhere for any time. It has always been our position that coming to the table is always on the table,” he says, adding, “We prefer to resolve cases in the boardroom instead of the courtroom.” So what’s stopping them? Bonta accuses Paramount of “playing cute” and mounting a PR campaign instead of offering the structural remedies the state AGs want. He’s…

“Everyone has dry powder for sports,” Ashley Cullins heard while reporting her recent look at the private equity firms circling Hollywood. It’s a truism Bob Iger and Josh Kushner‘s Thrive Capital proved, buying the Los Angeles Lakers for $12.5 billion. But sports is only part of the story. With billions in undeployed capital sitting on the sidelines, where else is private equity looking to spend — and what kinds of Hollywood companies still look attractive amid lofty valuations, delayed exits and fears of an AI bubble? Ashley joins Elaine Low and Sean McNulty to break down the biggest players, the sectors they’re chasing and the deals that could come next — plus the bigger question hanging over all of it: Is private equity actually good for Hollywood? Plus: David Ellison turns up the pressure in the Paramount-Warner Bros. Discovery fight, threatening to move the company out of California as Rob Bonta calls it “blackmail” — even as both sides signal there may still be a path to a negotiated settlement. Learn…

It’s been a while since Hollywood has seen a power couple quite like Zendaya and Tom Holland. With Spider-Man: Brand New Day and The Odyssey, the newlyweds helped drive more than $2 billion (and counting) at the box office this year. What makes them so bankable to Gen Z in a volatile theatrical landscape? And how much does the audience’s parasocial investment in them help sell tickets? Elaine Low, Sean McNulty and Natalie Jarvey break down what each star gets right in an era of fractured attention. Meanwhile: David Ellison breaks his silence! Paramount’s chief took to the New York Times to defend his planned acquisition of Warner Bros. Discovery. The crew parses what he really means (“Unfortunately, I can’t give anyone a view into my heart and mind”) — and what he’s trying to signal to Hollywood as his company heads to trial in 2027 amid increasingly long odds and states unwilling to show mercy to “kings and oligarchs.” Learn more about your ad choices. Visit megaphone.fm/adchoices

What a difference a month makes. With Paramount’s bid to buy Warner Bros. Discovery now in limbo, 35,000 Warners staffers have plenty of time to reconsider their options. Could HBO chief Casey Bloys or WBTV head Channing Dungey be tempted by more stable pastures? Is Warners still a haven for top showrunners? As confidence in the deal crumbles, Hollywood is taking sides. (Case in point: Ari Emanuel‘s WSJ op-ed dismissing the state AGs’ lawsuit as “trash.”) The Ankler’s Lesley Goldberg joins Elaine Low and Sean McNulty to break down the quiet panic inside WBD, and why anyone senior at the company who hasn’t spoken with David Ellison yet might want to be looking for a new job. Then, Degen Pener pops by to talk about the 4,000 newly minted SpaceX millionaires in L.A. and the luxury real estate they are about to snap up. Learn more about your ad choices. Visit megaphone.fm/adchoices

What could Paramount Skydance do to make a dozen attorneys general drop their lawsuit against the Warner Bros. Discovery merger? Sell off CNN? Paramount Pictures? According to California Attorney General Rob Bonta: not much. “We’re not talking about settlement. We’re going to be telling the judge when we want a trial date,” he tells Elaine Low on Friday, shortly after Paramount announced it would delay the merger until June 2027 or until a pair of antitrust lawsuits against it work their way through the courts — whichever comes first. “We’re not going to have oligarchs or kings in the economy,” says Bonta. Learn more about your ad choices. Visit megaphone.fm/adchoices

David Ellison may be calling Paramount’s agreement to delay its $111 billion Warner Bros. Discovery acquisition a “significant win.” Wall Street appears less convinced. Paramount Skydance shares sank to a new low after the company agreed Friday not to close the deal until the antitrust lawsuits brought by 12 state attorneys general and the Writers Guild of America are resolved — or until next June, whichever comes first. The delay starts an expensive clock. Beginning in October, Paramount must pay WBD shareholders roughly $7 million a day, or about $650 million per quarter, while the acquisition remains unfinished. Even a resolution early next year could cost close to $1 billion. A fight stretching to June would push the bill toward $2 billion — on top of the nearly $80 billion in debt the combined company is already expected to carry. “The state AGs are clearly making a lot more noise than they probably were expecting,” MoffettNathanson senior analyst Robert Fishman tells Sean McNulty on a special bonus…

Who’s buying Letterboxd? The social media platform, prized for its Gen Z audience and movie fan bona fides, is on the market for a rumored $250 million — with multiple studios circling. Dealmakers columnist Ashley Cullins, who broke the big news of A24 pursuing the platform, joins Elaine Low to reveal the other potential buyers and why the price tag is raising eyebrows, and what other M&A moves could come next — including likely outcomes for Lionsgate and whether Disney might split up a la Comcast-NBCU. Plus: Elaine, Sean McNulty and Natalie Jarvey dissect IMAX’s sudden resurgence as Christopher Nolan’s The Odyssey keeps the box office in a chokehold – and turns access to premium screens into the summer’s biggest FOMO. Learn more about your ad choices. Visit megaphone.fm/adchoices

States, 1. Paramount, 0. The $111 billion Paramount–Warner Bros. Discovery merger has hit its first real wall after a coalition of 12 states won a temporary restraining order blocking the deal. And California Attorney General Rob Bonta, who is leading the charge, isn’t interested in helping Paramount find a way around it. “We love the judge’s order,” Bonta tells Elaine Low in an exclusive interview recorded just hours after the ruling. The decision gives Paramount as many as 28 days to choose among three bad options — settle, fight or walk away — and Bonta argues it has already undercut one of the company’s central defenses: that the merger would help it compete with Netflix, Amazon and Apple, even if it reduces competition in theatrical film and cable. He explains why more states may now join the challenge, what happens at the pivotal preliminary-injunction hearing and whether any concession could persuade him to stand down. His answer, essentially: Don’t merge. Plus, Sean McNulty and Richard Rushfield join…

It’s a bad week for David Ellison, with Paramount Skydance facing two concurrent lawsuits seeking to block its $111 billion acquisition of Warner Bros. Discovery — plus a shareholder case accusing Ellison and his father, Oracle CEO Larry Ellison, of corruption. On Monday, 12 state attorneys general — led by California AG Rob Bonta — filed their long-expected lawsuit, claiming the proposed merger was “unlawful.” On Tuesday, the Writers Guild of America stepped up, saying the combined company “threatens the economic and creative health of the American entertainment industry.” Former FTC commissioner Alvaro Bedoya and WGA West board member Adam Conover join Elaine Low to explain the states’ and WGA’s respective suits — and the harms they see the deal causing to an entertainment industry already under strain. Plus, all good things must come to an end: Sean McNulty and Natalie Jarvey break down the power of Love Island USA and the ratings bonanza that is the World Cup. Learn more about your ad choices. Visit…

Welcome to Netflix’s hard pivot. Faced with lagging engagement from its users and signs of audience disinterest in some of its top shows between seasons, Netflix’s next big thing might be… cable television. Live channels, more talk shows (via video podcasts) and creator content and bundles with other streamers (including perhaps Peacock) to recreate the lean-back appeal of watching TV on the couch. Certainly, it’s possible Netflix makes a play for another company — perhaps NBCU now that Comcast has split the film and television studio from its broadband company, or Starz. But Jessica suggests there’s an even better fit for M&A hiding in plain sight: Spotify. Listen to today’s bonus episode for more from Sean and Jessica on Netflix and the next steps for Paramount, plus hear Sean’s conversation with Fandango’s Shawn Robbins about the weekend box office, where Disney’s live-action Moana added another flop to the summer tally. Learn more about your ad choices. Visit megaphone.fm/adchoices

Monoculture may not be dead after all — it just needed Taylor Swift in a wedding dress and Christopher Nolan in IMAX. Elaine Low, Sean McNulty and Natalie Jarvey break down an old-fashioned July of cultural spectacle, from the Swift-Travis Kelce nuptials to Nolan’s star-studded Odyssey, which arrives with sold-out premium-format screenings and billion-dollar expectations. Is this the summer moviegoing comes back? And is Nolan the last director in Hollywood whose name alone can make audiences show up? Plus: hot takes on this week’s Emmy nominations — including big love for Widow’s Bay and another tough year for YouTube’s contenders as they inch into the race. Learn more about your ad choices. Visit megaphone.fm/adchoices

Books run on word-of-mouth. So what are the people who shape what gets made, watched, read and bought reading? Elaine Low, Natalie Jarvey and Sean McNulty dig into The Ankler’s inaugural summer reading list, where 100 notables — including Sony Entertainment CEO Ravi Ahuja, Gov. Gavin Newsom, Sherry Lansing, New York City Mayor Zohran Mamdani, YouTube CEO Neal Mohan, Netflix film chief Dan Lin, Gillian Anderson and Janelle James — shared the books they’re packing, recommending and obsessing over now. Plus, with every major buyer adapting a glut of novels for the screena — see Elaine’s Series Business sellers’ guide — the team unpacks why book-based IP is hotter than ever and which major titles are in development. Learn more about your ad choices. Visit megaphone.fm/adchoices

Another Monday, another huge deal in Hollywood. Two weeks ago, Fox Corp. announced its intentions to acquire Roku for $22 billion. Now, it’s Comcast’s turn — in reverse. Today, the company revealed it will exit Hollywood completely, spinning off another division, consisting of NBCUniversal and Sky Media, as a publicly traded company, and joining Versant outside the Comcast gates. Comcast hopes to have all this done by summer 2027 – just like Fox and Roku. On Monday’s special extra-bonus edition of Ankler Agenda, Sean McNulty and Wall Street Journal reporter Ben Fritz dive into the strategy afoot here, how Wall Street is driving the split, and the challenges and opportunities for both companies going forward. Learn more about your ad choices. Visit megaphone.fm/adchoices

Oprah flew in to close deals, FOX Entertainment CEO Rob Wade came to talk up his investment in creator-led programming and even the Teletubbies arrived, ready to party. Last week, a cross-section of dealmakers, executives and stars flooded the Croisette for the Cannes Lions International Festival of Creativity, where the battle between YouTube and Netflix was hotter than France’s record-setting heatwave — and “creator” was the buzzword for the second year in a row. Ankler Media CEO Janice Min and Like & Subscribe’s Natalie Jarvey break down who broke through in a week where, as Janice noted, subtlety was not the name of the game. Then, listen to Janice’s full conversation with YouTube chief business officer Mary Ellen Coe and Royal Court host Brittany Broski, where Coe came to the Croisette ready to hit back at Netflix’s podcast poaching with a few choice words, including “imitation is the sincerest form of flattery.” It’s on! Learn more about your ad choices. Visit megaphone.fm/adchoices

Leave it to the U.S. sports-TV machine to turn three-minute hydration breaks at the FIFA World Cup — a new feature to prevent players from collapsing in the heat — into a multimillion-dollar ad opportunity for Fox. With 48 nations competing for global football domination on U.S. soil, the World Cup is a cultural and ratings bonanza, delivering NFL-sized audiences for marquee U.S. matches and proving once again why global soccer is the one sports property that can make even the Super Bowl look local. Elaine Low, Sean McNulty and Reel AI columnist Erik Barmack break down Fox’s incredible broadcast bargain, Telemundo’s crossover to English-language viewers and whether Netflix could get the rights to the 2030 World Cup. Plus, Natalie Jarvey pops by from the South of France to talk Cannes Lions — the canapés, conversations and the buzz on the ground about the Fox-Roku deal and how fandoms are driving entertainment’s future. Learn more about your ad choices. Visit megaphone.fm/adchoices

At Cannes Lions, the exec tells Ankler CEO Janice Min how the hardware behemoth became a streaming empire — 'We really do have almost Super Bowl-size audiences every day' — and makes his first public comments on the Fox acquisition. Learn more about your ad choices. Visit megaphone.fm/adchoices

Los Angeles mayoral candidate and Los Angeles City Council member Nithya Raman is acutely aware of what’s at stake as local Hollywood production craters — 42,000 jobs lost over two years between 2022 and 2024, shoot days down 50 percent below the five-year average. Many of her constituents in District 4, which stretches from the San Fernando Valley to the Santa Monica Mountains, work in the industry — and her husband, Vali Chandrasekaran, is a longtime writer and producer, with credits on television comedies like Modern Family, 30 Rock and Netflix’s The Four Seasons. Last week, Raman came by the Ankler offices for a conversation with Richard Rushfield about her plan to save the industry, as well as her thoughts about how we got here. Learn more about your ad choices. Visit megaphone.fm/adchoices

Would you rather spend $18 billion a year on content like Netflix does, or $22 billion once to buy the remote? That’s the bet Fox Corp. is making with its blockbuster acquisition of hardware and distribution behemoth Roku, a deal that suddenly turns the home of Fox News, Fox Sports, Tubi, cable channels and a broadcast network into one of the most unconventional combatants in the Streaming Wars. While Netflix continues to flex its massive annual content budget, Fox initially sat out the arms race, buying Tubi in 2020, investing in creators, AI-fueled microdrama company Holywater and podcast company Red Seat Ventures. Now, as a combined Tubi-Roku puts Fox behind only YouTube and Netflix in TV viewing share, Elaine Low, Sean McNulty and Natalie Jarvey declare the winners and losers — including what the executive shakeout might look like inside — why Wall Street isn’t fully sold and how this repositions Fox in the entertainment landscape. Learn more about your ad choices. Visit megaphone.fm/adchoices

Nothing like a $22 billion deal to start a week, as Fox was revealed as the mystery buyer for the Roku business — furthering Lachlan Murdoch’s company’s diversification from being heavily based in the linear TV ecosystem, to extending strong tentacles in the digital and streaming space. In this bonus episode of Ankler Agenda, Business Insider columnist and Channels podcast host Peter Kafka joins The Wakeup’s Sean McNulty to dive into the strategy, what this means for Hollywood streamers and more as consolidation continues to ripple across the ecosystem. Plus, Christopher Rosen joins Sean for a Monday Box Office conversation about the … mixed opening for Steven Spielberg’s Disclosure Day and what lies ahead, as well as the big drops from opening weekend for Masters of the Universe and Scary Movie — two pictures with vastly different fates at the box office. And, why Universal will still likely win the summer despite the cloudy outlook for Disclosure Day, and more. Learn more about your ad choices. Visit…

It’s a deal that would have been unimaginable a decade ago — maybe even two years ago. But last month, motivational speaker and On Purpose host Jay Shetty signed a reported $100 million agreement to move his video podcast exclusively to Netflix and Spotify. In the era of Alex Cooper, Joe Rogan and the Kelce brothers, streamers are battling for podcast talent as the once audio-only medium morphs into the next Hollywood battleground — with Netflix, naturally, upping the ante. Elaine Low, Natalie Jarvey and Sean McNulty dive into the rise of podcasting post-Covid and post-strikes, Netflix and Spotify’s pod strategy as a bulwark against YouTube and why streamers are betting that video podcasts are really just the next generation of low-cost talk shows. Learn more about your ad choices. Visit megaphone.fm/adchoices

“I would not be feeling good right now if I was sitting in my corner office over at Disney after this weekend,” one source tells Like & Subscribe’s Natalie Jarvey about the box office success of Backrooms and Obsession — two movies from popular YouTube creators-turned-filmmakers Kane Parsons and Curry Barker, respectively. Both low-budget breakouts leapfrogged over Star Wars’ The Mandalorian and Grogu last weekend, raising questions about what this unprecedented success says about moviegoing’s future and Gen Z taste. Elaine Low, Sean McNulty and Natalie dive into the YouTube revolution, then examine the growing disconnect between what Hollywood is saying about AI in public vs. how it’s using it — and how even cinema giants like Martin Scorsese are coming around. (For an inside look at the next gen of horror, listen toNatalie’s conversation at NAB Show with Atomic Monster’s Michael Clear, Mark Fischbach aka Markiplier, and M3GAN writer Akela Cooper.) Learn more about your ad choices. Visit…

Angelenos are on the clock. The Los Angeles mayoral election is set for June 2, and even those who don’t live in SoCal should pay close attention to the outcome. Hollywood is taking center stage in a way it rarely has before as local production plummets, jobs shrink and frustration ripples through the city. Has Mayor Karen Bass done enough? Could City Councilmember Nithya Raman or former reality TV villain Spencer Pratt (and his surprising donor list) shake things up? Richard Rushfield joins Elaine Low and Natalie Jarvey to break down what each major candidate has said about the film and TV industry and whether anyone at City Hall can save L.A. production. Come for the voters’ guide, stay for Richard’s tale about interning for Mayor Tom Bradley. Learn more about your ad choices. Visit megaphone.fm/adchoices

The summer box office is already popping, with The Devil Wears Prada 2 and Michael raking in millions before Memorial Day — and with new movies coming from Christopher Nolan, Steven Spielberg, Marvel, Pixar and A24’s youngest director ever, it feels like the industry might have its best summer since 2019. (Even if The Mandalorian and Grogu fails to launch.) Elaine Low, Sean McNulty and Natalie Jarvey make their picks for the season’s biggest hits in Ankler Agenda‘s first-ever summer box office draft (fantasy football-style), as they predict the next top performers of the summer. Plus: With President Trump voicing support for The Hills alum Spencer Pratt in his run for mayor of Los Angeles — “I’d like to see him do well” — and Pratt gaining ground among the Hollywood elite, the town gets closer to seeing the reality show president push the reality show mayoral candidate to the top (or is it bottom?) of the food chain. Learn more about your ad choices. Visit megaphone.fm/adchoices

People still want to be scared out of their minds together, and Atomic Monster president Michael Clear, M3GAN writer Akela Cooper and YouTuber-turned-filmmaker Mark Fischbach (aka Markiplier) are all in the business of giving audiences those thrills. Their conversation, which was moderated by Like & Subscribe’s Natalie Jarvey on the Ankler’s Business of Media and Entertainment Stage at NAB Show in April, also highlights how horror is opening new doors into Hollywood. Fischbach details how fan demand helped boost his self-distributed film, Iron Lung, to $50 million at the global box office, while Clear points to more YouTube creators like Backrooms filmmaker Kane Parsons disrupting Hollywood's horror pipeline. Learn more about your ad choices. Visit megaphone.fm/adchoices

It’s the end of Upfronts week, better known as Hollywood’s annual pilgrimage to woo Madison Ave. Formerly about broadcast TV schedules, Upfronts has become a showcase for a much stranger, fragmented TV future: creators, podcasts, live sports, live events, movies, dog shows and, yes, lots of AI, the cringe buzzword of the week (and jeez, sorry, scripted). Elaine Low, Sean McNulty and Natalie Jarvey break down the major themes from Disney, Netflix, WBD and others, including top living room streamer YouTube, whose competing Brandcast cast a long shadow over the festivities — and the choices highlighted on rivals’ stages. The gang also crowns the best and worst celeb cameos (Anne Hathaway, Mia Hamm and Matthew Stafford), musical performances (Olivia Rodrigo, Maren Morris and Kacey Musgraves) and, of course, ad pitches. Learn more about your ad choices. Visit megaphone.fm/adchoices

Quarterly earnings season isn’t just MBA word salad. Earnings calls are where Hollywood’s biggest companies tell Wall Street what matters most — and where employees often learn what’s really happening inside their own studios. This week, Disney, Warner Bros. Discovery and Paramount reported earnings, and Elaine Low, Sean McNulty and Natalie Jarvey break down what the companies are signaling about the future of Hollywood: Disney’s “super app” ambitions, the industry’s AI push, vertical video and what the looming Warner-Paramount merger could mean for the business. Plus: What did new Disney CEO Josh D'Amaro reveal in his first earnings call from the C-suite? And what does Warners have planned as it exits the stage? Learn more about your ad choices. Visit megaphone.fm/adchoices

The agency formerly known as Wasserman — made infamous in recent months by founder Casey Wasserman’s flirtatious emails with Jeffrey Epstein accomplice, Ghislaine Maxwell — is up for sale. So who wants it? Elaine Low, Sean McNulty and Ashley Cullins break down the bidders, the stakes for the representation business and what the multibillion-dollar price tag reveals about the industry — and who has the juice. Plus, Kimmelgate 2.0: The FCC goes after Disney, and Paramount discloses just how foreign-funded a combined Paramount-WBD could be. (Hint: a lot!) Learn more about your ad choices. Visit megaphone.fm/adchoices

The entertainment industry’s economic and existential tailspin is playing out on the political stage, as Los Angeles’ mayoral candidates curry favor with the Hollywood set before the June 2 primary. Incumbent Karen Bass, city council member Nithya Raman and former The Hills star Spencer Pratt aren’t wooing the A-list, but the rank-and-file of an industry being squeezed by runaway production. Elaine Low, Sean McNulty and Ashley Cullins break down the crisis and — finally! — the growing bidding war between California, New York, New Jersey and beyond as states fight to keep film and TV projects in the U.S. Plus, Natalie Jarvey gives us the NAB Show recap, and the crew contemplates what comes next for WarnerMount. Learn more about your ad choices. Visit megaphone.fm/adchoices

Everyone talks about taking big swings again, but few Hollywood execs feel like they’re actually in a position to do it — without fearing for their jobs. But former Showtime head Jana Winograde and ex-Warner Bros. Television pres Susan Rovner are greenlighting shows from the backseats of cars and searching for new talent right out of film school, after making the leap from legacy TV to microdramas with aTwist (nee MicroCo), a vertical series app backed by Chris McGurk-led Cineverse and former WME chair Lloyd Braun. Learn more about your ad choices. Visit megaphone.fm/adchoices

During Warner Bros.’ supersized CinemaCon presentation in Las Vegas, the studio’s sale to Paramount went unmentioned — even as it touted a theatrical slate stretching into 2028. But the contentious merger was impossible to ignore, dominating chatter across the convention floor and even inadvertently pulling The Ankler into the mix thanks to what’s now being dubbed “pin-gate.” Elaine Low, Sean McNulty and Natalie Jarvey break down the drama, along with the biggest takeaways from this year’s theatrical showcase. Plus, the trio is joined by special guest John August — Big Fish and Corpse Bride screenwriter and co-chair of the WGA West negotiating committee — to go inside the guild’s surprisingly swift deal with the studios. He unpacks the WGA’s divisive bargaining agreement now up for a vote, including major changes to the healthcare plan, and addresses the criticism head-on. Learn more about your ad choices. Visit megaphone.fm/adchoices

The tentative deal between the Writers Guild and Hollywood’s major studios has quelled fears of another strike — all while shaking up the major guilds’ contract cycle. Elaine Low, Sean McNulty and Natalie Jarvey break down the key terms, including a $321 million infusion into the WGA health plan (alongside higher deductibles and premiums) and a shift to a four-year bargaining agreement rather than the usual three. The deal — and its limited movement on AI — will shape not just the upcoming SAG and DGA negotiations, but the industry’s broader trajectory. Plus, the trio looks at a rare bright spot: box office ticket sales are up 23 percent year over year, fueled by hits like Super Mario Galaxy Movie, Project Hail Mary and other family-friendly fare. Learn more about your ad choices. Visit megaphone.fm/adchoices

Sean Penn, puffing away inside the Beverly Hilton at the Golden Globes. Kylie Jenner, with a cigarette dangling out of her mouth, on the cover of Vanity Fair. Nurse Dana, taking a drag on The Pitt. Smoking is back — both IRL and on screen — just as Hollywood’s shrinking career ladder leaves many millennials feeling stuck and a stressed-out Gen Z, inheriting the collapse, searches for connection and release. Editor, writer and former pack-a-day smoker Degen Pener joins Elaine Low and Sean McNulty to explain what’s driving young Hollywood workers to light up after talking to young industry workers outside clubs across Los Angeles — and what Gen Xers like him and Sean make of it. Plus, Elaine and Sean debate which generation really has it worse in today’s business — and whether boomers are to blame. Learn more about your ad choices. Visit megaphone.fm/adchoices

Silicon Valley was supposed to be satire. In 2026, it plays more like a warning. In a look back on the iconic 2010s HBO comedy, co-creator Mike Judge and exec producer Alec Berg reflect on how “incredibly intentional” they were in making tech startup life feel plausible. But what’s wilder is how close to reality some of their storylines actually got, from AI to the ruthless capitalism of the real-world Silicon Valley. Judge and Berg recall the real-life tech titans who informed the show, the Stanford math professor who helped them construct academically sound dick jokes, and the making of the series' mockumentary-style finale. As Berg puts it: “It’s beyond satire.” Learn more about your ad choices. Visit megaphone.fm/adchoices

Casting Taylor Frankie Paul on The Bachelorette was supposed to revive the wilting franchise. Instead, a 2023 video of Paul attacking her ex-boyfriend triggered the meltdown of not one, but two of Disney’s biggest reality shows. Paul’s season of The Bachelorette is now sitting on a shelf, and production on The Secret Lives of Mormon Wives — where Paul is a central character — is paused indefinitely. The Ringer’s Juliet Litman, host of the popular Bachelor Party pod, joins Elaine Low, Natalie Jarvey and Sean McNulty to break down how the Paul catastrophe is reshaping the franchise, its fandom and the show’s future prospects. Plus, Lesley Goldberg stops by to unpack Netflix’s new bigger buying spree — and why sources say the streamer may be experiencing a case of “prestige envy.” Learn more about your ad choices. Visit megaphone.fm/adchoices

Here’s the irony: Even in the age of streaming, about 85 percent of profits from a merged Paramount Skydance–Warner Bros. Discovery still would come from linear TV, as Sean McNulty points out. So what do you do with more than two dozen aging cable networks? Spin them off, reinvent them as digital brands or send them to TV’s great dead-brand graveyard in the sky — all while Wall Street watches with a serious stink eye? Enter March Sadness. Sean, Elaine Low and Natalie Jarvey build a bracket to crown the most valuable Warnermount cable asset, with CNN, HGTV, Nickelodeon, BET and more going head-to-head. Which properties are the No. 1 seeds, and which networks are… MTV2? The answers (and the ratings) might surprise you. Learn more about your ad choices. Visit megaphone.fm/adchoices

“It’s a crazy irony that your reward for incredible artistic success in modern Hollywood is that you then get to lay off a bunch of your employees,” Prestige Junkie host Katey Rich tells Elaine Low, Sean McNulty and Natalie Jarvey in the run-up to Sunday’s Oscars, where two Warner Bros. films — Sinners and One Battle After Another — are going head-to-head for best picture right as Paramount Skydance is about to swallow the studio whole. “It really couldn’t be a more perfect metaphor for how backward so many of the industry’s priorities are.” Speaking of which, The Business of Television author and former head of business affairs at Paramount TV and Amazon Studios, Ken Basin, stops by to chat about the current state of dealmaking in television, how much the Paramount-Warner merger is going to weigh on day-to-day business (“Warners is effectively frozen”), and what Netflix should do with its $2.8 billion breakup fee. Learn more about your ad choices. Visit megaphone.fm/adchoices

Talk about whiplash: A week ago, a Netflix–Warner Bros. deal looked likely. Turns out, the winning combo may be… Paramount Skydance Warner Bros. Discovery. (Rolls right off the tongue.) That is — if it survives regulatory scrutiny, with California Attorney General Rob Bonta warning that the merger is “not a done deal.” Still, a swirl of questions remains — all driven by a strategy executives aren’t quite saying out loud: cut billions in costs, merge the streaming platforms (creating clear winners and losers), squeeze what’s left of the cable business for cash and use the scale of a combined studio to survive a rapidly shrinking TV ecosystem. And all that Middle East money? Sure, nothing to see here. Elaine Low, Natalie Jarvey, Sean McNulty and Lesley Goldberg break it all down. Learn more about your ad choices. Visit megaphone.fm/adchoices

Just how much longer can the Netflix vs. Paramount merger madness go on? (Cue the eye rolls.) Paramount made a fresh $31-per-share offer to acquire Warner Bros. Discovery, and WBD’s response — which can be boiled down to “We’re getting there, maybe” — is about as close to coquettish as a corporation can get. Meanwhile, Netflix is not-so-patiently waiting in the wings, as co-CEO Ted Sarandos wraps a weeklong press tour to convince Wall Street and Hollywood that his company’s offer for WBD (which, as he’ll remind you, was already accepted in December) is superior. So what happens now? Elaine Low, Natalie Jarvey and Sean McNulty answer your burning questions about the whole saga and read between the lines of Sarandos’ press offensive. Learn more about your ad choices. Visit megaphone.fm/adchoices