Karl Stefanovic is out. ARN has pulled the plug 3 weeks after the show even launched, leaving staff stunned and raising bigger questions about how media companies manage risk in 2026.

Michael Byrnes joins us to explain the legal and commercial realities behind the decision, the power of advertiser perception, and whether campaigns like Mad F***ing Witches are changing the way broadcasters make programming decisions.

We also discuss what's next for Karl, and whether independent publishing can replace the earning power of traditional media.

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