Like sand through the hourglass, so are the mergers of our lives. With the Warner Bros. board now in a 10-day window to respond to Paramount’s newly hostile counteroffer, Hollywood is nearly guaranteed to be mired in this soap-operatic saga for months to come. Elaine Low, Sean McNulty and Natalie Jarvey break down the latest — including the introduction of Jared Kushner and Middle East money as the majority financial backing of the new Paramount bid, how the industry and unions are looking to fight off this merger (and whether public sentiment matters), and the likely chill this is going to have on the day-to-day business of television and film until there’s resolution. Plus, Katey Rich offers the lay of the land now that Golden Globes nominations are out: who got snubbed, who got some love and how a combined HBO-Netflix would dominate awards season.

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WGA West president Michele Mulroney has a message for Netflix chief Ted Sarandos and Warner Bros. Discovery head David Zaslav: “We want there to be consideration of industry workers in these conversations… We don’t believe it was inevitable that Warner Bros. needed to be sold.” The guild leader sat down with Elaine Low on Monday morning as the town was still digesting the news of Netflix’s winning $82.7 billion bid to acquire Warner Bros. studio and streaming assets, not to mention the fresh shock of Paramount’s hostile takeover bid for the entirety of Warner Bros. Discovery.
In looking at the impact of past mergers (Disney-Fox, Warner Bros.-Discovery, etc.) on writers, Mulroney says, “We sadly know how this movie ends,” and that the Disney-Fox merger didn’t increase employment or content production among writers. “We are doing a lot of advocacy at the congressional level and with attorneys general to outline what we see as the dangers for our industry, and for the wider, wider economy of the U.S., and they are hearing us.” Guild leaders urge members also to reach out to their elected officials about their concerns — and to lean into their creativity to navigate the current challenges. “This is a time to dig deep and be entrepreneurial where you can try and make things happen for yourself, rather than waiting around,” Mulroney says.

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Elaine Low, Natalie Jarvey, Sean McNulty and Lesley Goldberg all gathered Friday morning for a special live episode of Ankler Agenda to break down the repercussions of potentially the most significant piece of show business news this decade: Netflix's acquisition of Warner Bros. Top-line concerns include:

“Everybody is just shell-shocked,” Elaine said of the calls and texts she fielded all day. “The main reaction that I’ve been getting is that people are scared. People are nervous.”

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One studio to rule them all and in the darkness bind them: Netflix, Paramount Skydance and Comcast have submitted new bids to buy Warner Bros. Discovery, part or parcel. One’s got cash (Netflix), another’s got Saudi money (PSKY), but the question is: Who needs whom more? And which studio exec would be most palatable to the town as the new head of Warner Bros.’ TV and film studios — Ted Sarandos, David Ellison or Donna Langley? Elaine Low, Sean McNulty and Natalie Jarvey suss out the latest (binding) bids for WBD and which combos make the most sense for the studios and for the health of Hollywood. Plus, the battle between idealistic Patreon and heavy-hitter Substack for writers and creators, and Richard Rushfield’s take on why anyone but a Hollywood studio should buy WBD.

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After ignoring weeks of theatrical disappointments, moviegoers fell under the spell of Wicked: For Good last weekend to the tune of almost $150 million in North America. Who does the industry have to thank for that total? Women, who made up 70 percent of the opening audience. Elaine Low, Sean McNulty and Natalie Jarvey examine how the fairer sex have been largely underserved at the box office this year, while Vanity Fair’s all-bro Hollywood cover boys like Glen Powell (The Running Man) and Jeremy Allen White (Springsteen: Deliver Me From Nowhere) struggled to pull their weight as movie stars. Plus, Prestige Junkie’s Katey Rich lays out the key storylines as the Oscar race heats up — including what she’s hearing from voters (nope, they still haven’t seen all the movies) and why Warner Bros. is sitting pretty with best picture frontrunners One Battle After Another and Sinners.

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How long before Warner Bros. becomes another studio swallowed up by David Ellison? With final bids for WBD due this week, all eyes remain on Paramount Skydance — despite the Comcast and Netflix red herrings. Elaine Low, Sean McNulty and Natalie Jarvey break down why a Paramount–Warners mash-up now feels less like speculation and more like destiny. Then Richard Rushfield reveals the whispers starting to circulate within the creative community about Ellison’s cozy ties to Donald Trump and how it might push back. Plus: As Disney becomes a luxury brand and even monthly streaming bills seem like an extravagance, has the middle-class been priced out of entertainment?

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In this special bonus Ankler Agenda episode, Richard Rushfield chats with Warner Bros. Motion Picture Group co-chairs Michael De Luca and Pamela Abdy about their journey to Warners, their record-breaking year at the box office and why their strategy paid off on hits from ‘Sinners’ to ‘Superman’ — all in the face of relentless negative headlines about their bold and risk-taking slate. With a combined 70 years of making movies, these two have seen it all — hits and flops, unexpected wins and surprising losses. But even now, with so many signs pointing to the contrary — and the fate of their studio in doubt, as it's officially up for sale — they both retain a sense of hope and wonder for the best that Hollywood can be.

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Hollywood had its eyes on Web Summit Lisbon this week — where Tilly Norwood creator Eline van der Velden joined Ankler Media EIC Janice Min to showcase her AI “actress.” But Wild Sheep Content CEO Erik Barmack, our Reel AI columnist, tells Elaine Low, Sean McNulty and Natalie Jarvey that the fixation on Tilly misses the far more consequential story: the unmistakable warning signs of AI’s encroachment and the decades of strategic drift that have left Hollywood uniquely exposed to Big Tech’s ambitions. Which jobs remain genuinely AI-proof? Which ones are already dissolving beneath us? And what does it mean for a creative economy when the apprenticeship ladder that produces future writers, directors and executives is sawed off at the base? Barmack offers a rigorous, unsentimental map of a crisis now unfolding faster, and more decisively, than the town wants to acknowledge. Plus: David Ellison hosts Paramount Skydance’s debut on Wall Street, and Richard Rushfield charts the steady disappearance of dramatic films from America’s movie screens.

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Election Day had New York City’s Gen Z cheering in the streets as proud socialist Zohran Mamdani crushed the Democratic establishment (in the form of disgraced state governor-turned-flop independent candidate Andrew Cuomo) in the mayoral race. But as election results from New York, New Jersey, Virginia and elsewhere poured in Tuesday night, who was really watching TV? Elaine Low, Sean McNulty and Natalie Jarvey examine the rising tide of “newsfluencers” trumping old-school cable news as viewers get older (average age: 70-72), MSNBC becomes MS Now, and trust in media plummets. Then, Lachlan Cartwright of buzzy media newsletter Breaker joins with to relay his scoops about new CBS News chief Bari Weiss: her beefy bodyguards, the (surprisingly!) hopping NYC election night party hosted by Bari’s The Free Press and what’s actually happening inside the halls of CBS News. Plus: Richard Rushfield on the dire state of diversity in Hollywood’s film director ranks.

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Thousands of jobs lost at Paramount Skydance and Amazon, quiet panic on the Warner Bros. Discovery lot, shoot days in L.A. on a continued decline — all while streaming churn, anecdotally, is becoming worse than ever as subscription prices skyrocket. As Hollywood embraced the most terrifying part of the industry during Halloween week — mass layoffs — Ankler Agenda host Elaine Low, along with Sean McNulty and Natalie Jarvey, take a look at the local economic indicators and how many are pointing south as we barrel toward next year. Then, to celebrate our big flagship podcast rebrand as Ankler Agenda, Richard Rushfield debuts his new weekly segment, Rushfield’s Rant, and rings the alarm about the grim reality facing female directors.

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