The Business

This week on a special episode of The Business, Kim Masters talks with Shrinking co-creator and star Jason Segel, recorded live at KCRW’s Annenberg Performance Studio. Segel looks back on highlights from Freaks and Geeks, Forgetting Sarah Marshall, and The Muppets. He also discusses how Shrinking, now nominated for five Emmys, came together with co-creators Bill Lawrence and Brett Goldstein.

Plus, after closing the $8 billion Paramount Global deal with David Ellison’s Skydance, Shari Redstone tells her story in a New York Times interview: boardroom drama, her doubts about the Ellisons, and the Trump settlement that cleared regulatory hurdles. Matt Belloni and Lucas Shaw dig in.

David Ellison’s Paramount is off to a loud start, rolling out a James Mangold/Timothée Chalamet crime drama and a $7.7 billion, seven year UFC deal. Will the studio’s bold strategies play out as intended? Kim Masters and Matt Belloni break down Paramount’s next act.

Plus, Masters talks to documentarian Petra Costa about Apocalypse in the Tropics, a follow-up to her Oscar-nominated 2019 film The Edge of Democracy. What started as a look at Brazil’s COVID response became an investigation into how religious fundamentalism, conspiracy theories and foreign influence have undermined democracy in her home country. She also recounts documenting the rise and fall of Jair Bolsonaro and the risks her crew faced while covering the country’s January 8th attempted coup.

This week, Kim Masters speaks to Severance director and cinematographer, Jessica Lee Gagné. The Quebecois filmmaker reflects on her collaboration with Severance executive producer Ben Stiller, which began on the Showtime limited series Escape at Dannemora. She discusses becoming the first woman to be Emmy-nominated in the same year for both cinematography and directing in a drama series, and the major leap of faith it took to transition from a successful career as a DP into the world of directing. 

Plus, Disney is reshaping its sports strategy, launching a standalone ESPN app, and making billion-dollar deals with WWE and the NFL. Will the NFL's new stake in ESPN bring scrutiny from the Trump-led DOJ? Also, the Skydance-Paramount deal is done, and the Ellisons may have their sights set on Warner Bros. Kim Masters and Matt Belloni break it all down.

Kim Masters speaks to Platonic co-creators Francesca Delbanco & Nicholas Stoller about what inspired their show about the comedy and complications of grown-up friendships. They talk about the challenge of writing characters—played by Rose Byrne and Seth Rogen—with none of the underlying sexual tension that has propelled so many television comedies to success. They also remember the time that Netflix boss Ted Sarandos sat through a lengthy table read of their first series, Friends from College.

Plus, as FCC Chairman Brendan Carr ramps up scrutiny of major media players, Comcast’s NBCUniversal appears to be his latest target. Is the company’s cable spinoff Versant a calculated play to dodge the Trump administration’s media witch hunt? Kim Masters and Lucas Shaw dig in.

[Editor’s note: this segment was taped before news broke of the FCC approval of the Paramount-Skydance merger.]

New details from the ongoing Paramount-Skydance merger reveal a $20 million agreement to deliver public service announcements for the Trump administration. And following from the cancellation of The Late Show with Stephen Colbert, CBS News braces for potential changes in leadership. Kim Masters and Matt Belloni dive into what’s unfolding behind the scenes.

Plus, an encore of Eric Deggans’ conversation with Lauren LeFranc about her Emmy nominated HBO mini series, The Penguin. The writer discusses the challenges of adapting a well known comic book villain into a complex, three dimensional character and she shares why her perspective as a woman writing a show about a middle-aged crime boss makes for interesting storytelling. And of course, she talks about the joys of working with Colin Farrell, who is both the star of the show and an involved executive producer.

In the conclusion of Kim Masters’ two-part conversation with Barry Diller, the veteran businessman reflects on his time helping build Rupert Murdoch’s Fox empire. Diller also criticizes studios for spreading misinformation—citing Oliver Stone’s JFK in particular—and weighs in on the now-resolved Trump-Paramount dispute, and the prospect of a David Ellison-led studio.

Plus, Paramount’s looming merger with Skydance has South Park creators Matt Stone and Trey Parker lawyering up. The duo is eyeing legal action over billion-dollar licensing deals they claim are being undercut. At the center of it all: South Park’s future on Paramount+. New execs Jeff Shell and David Ellison are feeling the heat; Matt Belloni and Lucas Shaw are on hand to explain what’s at stake.

Kim Masters talks to Barry Diller about his memoir, Who Knew? The legendary studio exec reflects on his quick rise at ABC and how helped transform the third-ranked broadcast network into a force to be reckoned with. He also remembers a much happier time at Paramount, where he presided over a studio staffed with future industry stars. He also opens up about why none of his friends in the business are having much fun these days.

Plus, summer movie season is heating up, with F1, Jurassic World: Rebirth, and a highly anticipated Superman reboot staking their claims at the box office. But is there room left for Disney’s big bet with Fantastic Four: First Steps? Kim Masters and Matt Belloni break down the wins and worries shaping Hollywood’s high-stakes summer.

Kim Masters talks to writer & director Larry Charles about his new memoir Comedy Samurai. He shares stories about writing for Seinfeld, directing Curb Your Enthusiasm, and his chaotic experiences working with Sacha Baron Cohen on Borat and Bruno. Charles also tells the story of an early morning call from Ari Emanuel that pulled the plug on his Larry David documentary the day before its HBO premiere.

Also, it’s official: Paramount has settled with Donald Trump over a long-disputed 60 Minutes segment. The company agreed to pay $16 million, a move that could clear the path for David Ellison’s long-anticipated Skydance merger. Kim Masters and Matt Belloni break down what this means for Paramount’s future… and what an Ellison-led studio might look like.

Eric Deggans chats with veteran sitcom showrunner Phil Rosenthal about the current state of the industry. The creator of Everybody Loves Raymond and host of the unscripted Netflix series Somebody Feed Phil reflects on how studios shape viewership data to fit their narratives. Rosenthal recalls challenging flawed testing at CBS early in his career and he reflects on the success of Raymond. He also shares how he pitched his food and travel series as: “Anthony Bourdain if he was afraid of everything.”  

But first, we banter! As the Donald Trump-Paramount Global lawsuit continues, a mediator has floated a proposed settlement: $20 million, including a $17 million donation to Trump’s presidential foundation, plus legal fees and anti-semitism PSAs. Kim Masters and Matt Belloni unpack the latest chapter in the president’s standoff with Shari Redstone.

Disney and Universal sued generative AI company Midjourney last week over claims that the startup plagiarized characters from their movies and shows, such as The Simpsons and Star Wars. After remaining mum on the use of AI in movies and shows so far, studios are getting involved in this debate. But why now? Kim Masters and Matt Belloni break it down.

Plus, Masters talks to GLAAD CEO Sarah Kate Ellis about the organization’s 2025 Studio Responsibility Index, which evaluates studios on LGBTQ inclusivity in films. Ellis discusses the rise of mid-budget films as spaces for queer stories and shares why she feels optimistic about the newly elected Pope Leo.