Shawn Levy talks ‘Stranger Things,’ ‘Star Wars,’ & studio shakeups

This week, Kim Masters talks to filmmaker Shawn Levy, who takes a short break from the London shoot of his Star Wars film to talk about the final season of Stranger Things, including Netflix's surprising decision to give the finale a limited theatrical release. He also weighs in on his work from Night at The Museum through Deadpool & Wolverine, and he shares his bittersweet feelings about an industry that’s undergoing very painful contraction. Meanwhile, the bidding war for Warner Bros. Discovery offers no especially comforting scenario: Paramount’s deep-pocketed Ellisons, a studio-and-streamer play from Netflix, or a cautious Comcast—each facing the hurdle of FCC approval. Kim Masters and Matt Belloni dive into what each bidder’s move could mean for the town.

This week, Kim Masters talks to Judd Apatow about his memoir, Comedy Nerd, a scrapbook that chronicles his journey from a stand-up-obsessed kid to one of Hollywood’s most influential comedy voices. Apatow shares stories from his early days interviewing his heroes on his high school radio station, to his years as an uncredited screenwriter on the films of Adam Sandler and Jim Carrey. He also reads the infamous letter he wrote at age twelve to Steve Martin, demanding an apology after being turned down for an autograph. Plus, Paramount has released its first earnings report under new chief David Ellison, and the message is clear: tighten up. The studio says it’s targeting $3 billion in savings by 2026 following a substantial round of layoffs. Meanwhile, Netflix is pouring serious money into video podcasts, chasing a rival’s success in the space. Kim Masters and Matt Belloni break down what’s behind the streamer’s latest splurge—and what Ellison’s belt-tightening reveals about the studio’s priorities.

This week, Kim Masters talks with documentarians Andrew Jarecki and Charlotte Kaufman about their film The Alabama Solution. The filmmakers reveal how an invitation from an unwitting warden to film a religious revival at an Alabama prison opened the door to their investigation. They met desperate prisoners who shared allegations of abuse and even murder. The film includes evidence that the prisoners captured on their cell phones, which were smuggled in and sold to them by prison guards. Plus, after turning down Paramount’s latest buyout offer, Warner Bros CEO David Zaslav is teasing a Christmas announcement about the company’s future. With Comcast, Netflix, and Amazon rumored to be circling, questions over FCC approval and strategic stakes loom large. Kim Masters and Bloomberg’s Lucas Shaw break down the latest in the Warner Bros. bidding war.

This week, Eric Deggans talks with Brad Falchuk about his Netflix series Famous Last Words. The longtime Ryan Murphy collaborator talks about adapting a Danish format built around deeply personal conversations that air only after the guests have died. He also explains why working with streamers isn’t so different from his days in cable television, and how living with dyslexia has made him a stronger writer and creative partner.   Plus, NBCUniversal has snatched up Taylor Sheridan from Paramount, marking the latest shift in Hollywood’s talent landscape. The Yellowstone creator will start a film deal at NBCU in 2026, with his TV projects following in 2029. His departure comes as Paramount faces layoffs and budget tightening under CEO David Ellison, who has spent heavily on sports and South Park rights since acquiring the media company. Kim Masters and Matt Belloni dig into how Sheridan’s exit has amplified the growing tension between creative power and studio belt-tightening.  

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.