The 2024 Emmy nominations are here, with lots of record-breaking nods and surprises to unpack — along with the strategy behind Disney’s acquisition of FX. What does the success of Shōgun and The Bear say about streaming? And does a new Bank of America report on Warner Bros. Discovery suggest… “unbundling”? Kim Masters and Matt Belloni break it down. 

Plus, in honor of Shōgun’s 25(!) Emmy nominations, Masters revisits her conversation with creators Justin Marks and Rachel Kondo. The series made history this week with its Emmy nomination for Outstanding Drama, becoming only the second non-English show ever considered. The husband-and-wife creative team talk about how they’ve been granted more control writing for television over feature films, and explain why FX took the risk on their very expensive, and heavily subtitled, period epic.