The Business

• 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.

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• Judd Apatow’s memoir reflects a lifetime as a ‘Comedy Nerd’

  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.

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• ‘The Alabama Solution’ filmmakers on exposing America’s prison crisis

  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.

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• Brad Falchuk on life, death, and ‘Famous Last Words’

  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.

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• 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.

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