Some people don’t want to pay for media. But lots of people are paying Jake Sherman and his team at Punchbowl News: The 4-year-old startup is thriving by providing super-insidery news and data about what’s happening in Congress. I chatted with Sherman because I wanted to get an update on his business (he says he’s not going to sell it anytime soon, despite lots of speculation to the contrary).

I also had a basic, outside the Beltway question: In a world where Congress spends a lot of time not passing bills, what exactly does Punchbowl cover? He was happy to spell it all out for me.

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The New York Times faces the same challenges every other news organization faces in 2025.

But it’s also in way better shape to take those challenges on: Thanks to a business model built on 11 million subscribers, it’s not nearly so worried about things like the fluctuations of the ad business, or changes in Google’s algorithm.

That comparative strength also gives NYT publisher AG Sulzberger the ability to do things his peers can’t or won’t do: Like suing OpenAI for copyright infringement, instead of taking a cash settlement. Or calling out the likelihood of a press crackdown if Donald Trump was re-elected - a call he made in September that looks very prescient today.

We talk through both of those issues in this conversation, and a bunch more - like the role of the NYT opinion section, how willing the Times is to experiment, and how the paper thinks about the economic turmoil we now find ourselves in.

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The Trump 2.0 era is less than three months old. But it’s already creating havoc for journalists and the companies they work for.

In Washington, Trump and his team are demoting traditional media - or kicking them out of the White House entirely. In corporate boardrooms, he is forcing media owners to settle lawsuits they would normally fight, and to submit to investigations from newly aggressive regulators.

Again: We’re just at the beginning of this new era. What’s coming down the pike? I asked Sara Fischer, the excellent and Washington-wired media correspondent, to walk me through it

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Call it symbiosis. Call it co-dependency. However you want to characterize it, there’s zero debate that Big TV and Big Sports are deeply intertwined. So if the TV business is shrinking, what happens to sports?

That’s the main question I had for John Ourand, the longtime sports business reporter who’s now at Puck. But I had lots of related ones, like: Now that (some) college students are getting paid to play sports, how does that affect the TV product itself? What’s happening to the local sports networks that bring you baseball, basketball and hockey? And is the sports betting media boom drying up?

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Anyone who makes things thinks they could do it better if they had more. More money, time, headcount, infrastructure.

Some of us find there can be upsides to doing it with less, too.

That's not exactly PJ Vogt's story but I think it's directionally accurate: Vogt cohosted a huge hit podcast - Reply All - and when he decided to try again - with Search Engine - he had a lot less to work with. That shaped his thinking about the company he wanted to run and the product it puts out each week. It seems like it's working, and Vogt walks us through the details and his decisions.

Also joining me: Zach Mack, who has helped other people (like me) make podcasts for years, made one that only he could make. Go listen to his "Alternate Realities" series on NPR's Embedded - but first listen to how he made it.

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Back when I first started covering the internet, the idea of broadcasting yourself for hours on end seemed like a pipe dream for weirdos. Now it's how some people make a living.

Twitch more or less created live-streaming in the U.S., which is why Amazon bought it for about $1 billion back in 2014. But now there are plenty of places to watch, and create, live streams. How does Twitch fend off competitors? How does it convince its most popular streamers to keep streaming? And how will Amazon eventually make real money from the operation, which is was still in the red a few years ago?

Those are all questions I asked Twitch CEO Dan Clancy, at a live taping at South by Southwest. Clancy also got to hear firsthand from Twitch's users and partners in a Q&A session at the end of our chat. Thanks to everyone who came out, and thanks to the folks at the Vox Media podcast network for putting it all together.

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We had to stop recording this one for a minute, because Matt Belloni got a text. More on that below.

Big picture: Matt is a longtime Hollywood reporter - and lawyer before that - who now has the industry's ear via his writing at Puck and his The Town podcast. I asked him to talk about what lies ahead for the Oscars, the out-of-step TV production that still has big audiences and prestige; and the current state of Hollywood, the business. Also discussed here: Awards party catering, and the most popular movie executive who isn't Bob Iger.

For the record: When we started recording this podcast, the audience for Sunday's Oscar awards had declined yet again. By the end of it, new numbers meant it was the most popular show in the last five years. Obviously we would have preferred to know that in advance.

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The most useful class I ever took in college was a media law class, where I learned two things: 1) Journalists in the U.S. (along every other American citizen) have enormous freedom to say and write what they want, without fear of a defamation suit and 2) this freedom exists largely because of New York Times v Sullivan, a seminal Supreme Court case.

Now NYT v Sullivan is under concerted attack, from a group that includes wealthy and powerful people and companies; lawyers who see an opportunity; and, of course, Donald Trump.

David Enrich, an editor who oversees business investigations at the Times, gets to do his work in large part because of the court precedent set decades ago. His upcoming book Murder the Truth takes us on a tour of incidents that show what losing NYT v Sullivan could mean for journalism in the U.S. — and how powerful people are already chipping away at press freedom.

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Everyone knows that video games are giant, fast-growing business that's going to swamp traditional media.

Except that's not true: The games business is now in a prolonged and confusing funk. Investor and analyst Matthew Ball has been diving deep into the industry, so I asked him to take a stab at explaining what's going on. Bonus question: When does the face computer's moment finally arrive?

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A decade ago BuzzFeed was the bleeding edge of digital media, and Serious People thought it was going to be a threat to the likes of the New York Times. Many rounds of layoffs and asset sales later, BuzzFeed is a much more modest operation.

But say this for Jonah Peretti: He continues to pitch Very Big Ideas for his company. Now the BuzzFeed CEO thinks he can create an internet that doesn’t run on content that makes you feel lousy, and that he can also create his own social network. I am… skeptical, but I wanted to hear him out, and now you can make up your own mind.

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