The backstory here is that weeks ago, Bloomberg’s Lucas Shaw agreed to join me for my 2025/2026 look back/look ahead episode. And then things got way more compelling, because Paramount and Netflix got into a truly unprecedented fight over the future of Warner Bros Discovery.

So that’s what we’re talking about here, including:

*Why this truly is a turning point for Hollywood, and streaming, and the great media/tech collision we’ve been covering for years.

*How Trump, Middle Eastern money and antitrust regulators complicate the deal

*Who actually needs this merger more.

*What happens now that WBD has formally dismissed Paramount’s bid? Again: we recorded this a few days before the news — but as you’ll hear, we had a pretty good sense of how it was going to go.

And because this still is a wrap-up episode, we got some AI vs. Hollywood chat into this one, as well as some listening/watching recs.

PS: I’ve got some bonus programming coming to you over the next couple of weeks. Have a great holiday, and I’ll see you in January.

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