Orchestra C.E.O. Jonathan Rosen and Jon Kelly join Dylan live from New York to walk through new survey data capturing the media industry’s state of mind. They dig into the rise of subscription-based models, the FAST explosion, the creeping influence of A.I., and much more. Plus, cameo insights from Semafor’s Ben Smith and Feed Me’s Emily Sundberg who offer their own read on where the business is bending—and breaking.

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Julia Alexander joins Peter to break down Barstool’s new multi-year deal with Netflix and the Oscars’ jump to YouTube—and what both moves reveal about two giants in the middle of an identity swap. Julia also serves up her media predictions for 2026, from Substack’s next act to the fate of pay TV and the sneaky upside of connected television.

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Matt Belloni joins Peter to break down why the Oscars are ditching ABC for YouTube, which will begin broadcasting the awards in 2029 after years of eroding TV ratings. Matt breaks down why, though it may be a risk for the Academy, the move is a no-brainer in the long run. They also discuss Matt’s interview with Senator Elizabeth Warren, who’s already sharpening her antitrust scrutiny around a potential Netflix–Warner Bros. merger.

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Abby Livingston joins Peter to assess how the redistricting wars may fizzle into a draw, as Democrats float counter-moves, Indiana Republicans reject Trump’s push to redraw the map, and weary G.O.P. lawmakers admit the whole exercise is chaotic and exhausting. Abby also breaks down Jasmine Crockett’s ambitious jump into the Texas Senate race—her clash-of-styles matchup against James Talarico, and whether her brand of politics can actually win statewide.

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Bill Cohan joins Peter with fresh intel on why Warner Bros. Discovery remains skeptical of the Ellisons and Paramount Skydance’s offer, as questions linger over whether they actually have the money they’re offering—and whether foreign financing from the Saudis, Qataris, and beyond could spark a lengthy national security headache.

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Jon Kelly and Peter reunite to discuss all the various reasons that Netflix actually needs Warner Bros. and HBO Max. Yes, the company may have definitively won the streaming wars, but it also currently finds itself in the middle of a two-front battle between insurgent F.A.S.T. platforms, like Tubi, and social platforms such as YouTube and TikTok.

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Yahoo C.E.O. Jim Lanzone joins Dylan and Julia for a tour of the company’s Apollo era, four years after the private equity behemoth bought the business for just $5 billion—nearly $120 billion shy of its peak valuation. Lanzone breaks down Yahoo’s growth strategy: the metrics that actually matter, how the company monetizes at scale, and what the endgame looks like. They also dig into Yahoo’s A.I. ambitions, and what it takes to run a mass-market consumer business in a media landscape focused on niche and specialized content.

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Ian Krietzberg joins Peter to dissect the growing friction between Trump and state regulators over A.I. governance, as Trump pushes for an industry-friendly executive order to slam the brakes on states passing their own rules—just what the A.I. evangelists ordered. They also weigh whether Democrats are missing a huge political opening to harness public anxiety about A.I. and carve out a populist stance against the president.

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Bill Cohan joins Peter to break down the latest WBD deal frenzy as Paramount goes hostile and Netflix plays patient opportunist. Bill forecasts how high the Ellisons might go, what this M&A knife fight portends for Warner’s TV assets—and why the assets’ share price may ultimately decide the endgame.

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John Ourand joins Peter to reveal the sleeper issue in the WBD acquisition wars: the fate of the company’s high-value sports rights. What happens if Paramount wins and absorbs the WBD portfolio—or if Netflix prevails, and the Global Networks division is spun off? The twosome also dig into Notre Dame’s College Football Playoff snub, and why the school’s media-savvy athletic director is now waging a scorched-earth P.R. campaign against the ACC.

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Leigh Ann Caldwell joins Peter to break down what a sluggish, Republican-controlled Congress might look like next year, as G.O.P. lawmakers grow frustrated with the gridlock and are bracing for midterm losses—while some are already packing up amid promises of retirement. Can Trump breathe new life into the party, or is it too late to rally the troops?

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