How would a Netflix-owned Warner Bros. operate?

Warner Bros. stock is up after CEO David Zaslav confirmed the company is on the market and open to offers. Following Netflix’s moderate Q3, dragged by an unexpected Brazilian tax hit, speculation is growing over the streamer’s possible interest in Warners. Netflix co-CEO Ted Sarandos has dismissed talk of buying legacy media networks, though the studio and streaming divisions may still be in play. Matt Belloni and Lucas Shaw break down why Netflix might consider a partial acquisition, and what it could mean for Hollywood. Plus, Kim Masters talks to Kelly Reichardt about her new film, The Mastermind. The veteran independent filmmaker recalls launching her career by partially financing her first film on credit cards and selling it to a reluctant distributor for a dollar. She shares how Todd Haynes urged her to teach at Bard College, and the years she spent juggling full-time teaching with summer shoots before shifting to part-time. Reichardt also explains why she still insists on theatrical releases especially since she, like other filmmakers, doesn’t care for the way her films look on TV.

This week, Kim Masters talks to Aziz Ansari about his directorial debut, Good Fortune. After his 2022 project Being Mortal was shut down following a misconduct complaint involving star Bill Murray, Ansari regrouped. He gathered cast members Seth Rogen and Keke Palmer for a new film and added Keanu Reeves to the mix. He’s filling us in on how he overcame production delays and Reeves’ on-set injury. Plus, he addresses his controversial appearance at the Riyadh Comedy Festival. Meanwhile, and also on the topic of accepting Saudi money, producer Erik Feig has raised roughly $1 billion for his new venture, SNK Studios — funded in part by Saudi Arabia’s crown prince Mohammed bin Salman. The move marks the latest bet on Hollywood by the kingdom and raises questions about the industry’s willingness to overlook human rights concerns in pursuit of capital. Partners in banter Kim Masters and Matt Belloni examine the ethics of doing business with regimes accused of human rights abuses.   

This week, Kim Masters speaks with The Road Between Us director Barry Avrich and retired Israeli General Noam Tibon, the latter of whom drove straight into the October 7 massacre to rescue his family. Despite the third-rail nature of anything involving Israel and Gaza, the pair hopes that the documentary can be viewed as a story about family. But politics were inescapable — the film was pulled from the Toronto Film Festival, reinstated after protests, and then greeted with protests from the other side before going on to win the festival’s People’s Choice documentary prize. Plus, as predicted on recent episodes of The Business, Paramount has acquired The Free Press and hired founder Bari Weiss as editor-in-chief of CBS News. Partners in banter Kim Masters and Matt Belloni break down the potential impact on news coverage at the network. 

This week, Kim Masters talks with Benny Safdie about The Smashing Machine, his first solo feature since parting ways with his longtime creative partner (and brother) Josh. He recalls the immediate spark he felt when Dwayne Johnson approached him to play UFC fighter Mark Kerr, and why the story fits his ongoing fascination with characters who don’t quite win. He also reflects on his biggest lessons gleaned while working as an actor for luminary filmmakers like Paul Thomas Anderson and Christopher Nolan. Speaking of Anderson, the director just scored a career high opening weekend with One Battle After Another. The film has earned universal acclaim among critics and an “A” CinemaScore, but with a reported budget of $140–160 million Warner Bros. faces a steep climb to profitability. After a run of surprise hits at the studio, does One Battle After Another carry more value as an awards contender and an “auteur-friendly” statement piece for CEO David Zaslav? Kim Masters and her partner in banter Matt Belloni investigate.

This week, Kim Masters talks to director Mike Figgis about Megadoc, his fly-on-the-wall chronicle of Francis Ford Coppola's self-financed $160 million dream project, Megalopolis. Figgis captures Coppola’s battles on set, including the turmoil that followed when the director’s improvisational style collided with the art department’s meticulous planning — a story Masters covered with her former colleagues at The Hollywood Reporter. Figgis was there to immortalize it all as it unfolded.    Plus, Jimmy Kimmel’s return to late-night (in most markets) was greeted with strong ratings and warm audience reactions. But behind the scenes, the decision to put him on indefinite leave has become another headache for Bob Iger. The Disney CEO, already navigating a difficult chapter, now faces questions about whether the move could leave a lasting mark on his legacy. Kim Masters and her partner in Banter Matt Belloni weigh in on the fallout — including what it might mean for his heir-apparent Dana Walden.  

ABC has indefinitely suspended Jimmy Kimmel Live! following pressure from Nexstar and Sinclair, which own affiliated stations across the country. The move comes after Kimmel’s recent monologue about the assassination of Charlie Kirk prompted FCC Chairman Brendan Carr to issue a warning to Disney regarding the late-night host’s presence on ABC. What’s next for Kimmel and how has the industry responded to the suspension? Kim Masters and Matt Belloni break down the unfolding story.  Plus, we revisit Masters’s conversation with recent Emmy-winner Matt Wolf, director of Pee-wee as Himself. The HBO documentary draws from more than 40 hours of interviews with the late actor Paul Reubens, and Wolf explains how his interest in overlooked artists and forgotten stories led to his portrait of the man behind Pee-wee Herman. He also talks about the actor’s struggle with his sexuality and reveals why HBO pushed for a two-part series to tell the late actor’s story.

The 77th annual Emmy Awards will air this Sunday night (Sept. 14) on CBS and Paramount+ — hosted by a first-timer, comedian Nate Bargatze. Kim Masters is joined by Scott Feinberg, Executive Awards Editor for The Hollywood Reporter, and they’re making predictions.  Plus, money wins? Masters and her partner in Banter Matt Belloni unpack the latest Murdoch family lawsuit… And the increasing possibility of a Paramount Skydance purchase of Warner Bros. Discovery.  

At 84, veteran mogul John Malone is still a power broker, hinting at “further consolidation in the media industry” following a recent sit down with David Ellison. Should we be on the lookout for a Warner–Paramount merger? Meanwhile in Vegas, the Sphere’s $100 million Wizard of Oz reimagining leans on AI to expand the visuals and even slip in cameos of David Zaslav and James Dolan. The Directors Guild did not take kindly to the stunt. Partners in Banter Kim Masters and Matt Belloni pull back the curtain on the Sphere's Emerald City sideshow.   Plus, Masters speaks with Runway co-founder Cristóbal Valenzuela about the role of artificial intelligence in Hollywood. The Chilean-born developer acknowledges that AI may lead to some job losses, but he argues it will ultimately benefit filmmakers. He explains why studios including Lionsgate, Netflix, and Disney are already using Runway’s tools. Plus, he compares the current backlash against AI to the upheaval that followed the introduction of sound in film.  

It’s official, KPop Demon Hunters’ sing-along screenings were a resounding success. The film about a KPop girl group who also hunt… well, you know… became an immediate global phenomenon via streaming on Netflix when it was released in June. Now that the desire for communal experiences has been made abundantly clear, what will this mean for the franchise going forward? Kim Masters and her partner in Banter Matt Belloni get into it. Plus, in an encore conversation from January, Masters speaks to The Brutalist co-writer & director Brady Corbet and co-writer Mona Fastvold. The pair talk about the seven-year battle to get their post war epic to the big screen. They also explain their audacious decision to make a three and a half hour film with an intermission, share thoughts on the state of the country, and Corbet reveals his thoughts about Trump’s plans to demolish brutalist federal buildings.  P.S. Expect to hear much more from Fastvold as the current awards season shapes up, her forthcoming, Amanda Seyfried-led film The Testament of Ann Lee is sure to be on everybody’s lips.

This week on a special episode of The Business, Kim Masters talks with Shrinking co-creator and star Jason Segel, recorded live at KCRW’s Annenberg Performance Studio. Segel looks back on highlights from Freaks and Geeks, Forgetting Sarah Marshall, and The Muppets. He also discusses how Shrinking, now nominated for five Emmys, came together with co-creators Bill Lawrence and Brett Goldstein. Plus, after closing the $8 billion Paramount Global deal with David Ellison’s Skydance, Shari Redstone tells her story in a New York Times interview: boardroom drama, her doubts about the Ellisons, and the Trump settlement that cleared regulatory hurdles. Matt Belloni and Lucas Shaw dig in.