The new Paramount is taking shape fast. On the eve of the Warner Bros. deal concluding, David Ellison is bringing in fresh blood — and bloodletting. Former Mattel chief Ynon Kreiz boards as the surprise co-CEO, charged with day-to-day management and integration (read: layoffs). And after months of heated rivalry between Cindy Holland and Casey Bloys over who would control the combined company’s original-content future, we have an answer: it’s Casey at the bat.

Elaine Low, Sean McNulty and Natalie Jarvey break down what those choices reveal about Ellison’s coming structure at the combined company, soaked in debt, and who could be vulnerable next. Then: hundreds of layoffs hit Disney as Josh D’Amaro prepares to take over, with ominous promises of more technology (read: AI?) raising a bigger question: Is this only the beginning?

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Mike Schur calls Paramount’s acquisition of Warner Bros. a “nightmare scenario” for Hollywood — and now that David Ellison has cleared the biggest obstacle to getting the deal done, he’s even more alarmed about what comes next. “It’s gasoline on a fire,” the Parks and Recreation co-creator and Dig producer tells Elaine Low, pointing to an industry already hollowed out by years of consolidation. “I hate to be doomsday-ish here… but the ecosystem is just shrinking and shrinking and shrinking.”

What does that nightmare look like? Fewer buyers, fewer jobs and ultimately fewer kinds of shows getting made — and, Schur fears, even HBO may finally be vulnerable after surviving one corporate owner after another.

One of the loudest voices against the merger, Schur is particularly skeptical that the concessions Paramount made to Rob Bonta and 11 other state AGs will provide much protection. “All of these provisions, they’re only meaningful if they’re enforced. Who’s enforcing this?” he asks of the proposed consent decree. He has equally sharp words for Ellison’s suggestion that Paramount could leave Los Angeles amid the antitrust fight. “This person wants to win the hearts and minds of this industry that he is now the most important player in, arguably — and his opening salvo is, ‘Give me what I want, or I’m going to Nashville,’” Schur says. “This is not a good way to earn our trust or respect.”

Plus: Elaine and Natalie Jarvey dig into what Ankler staffers are watching closely through the fall across the TV and film business, from DC superhero-horror film Clayface to Mark Rober’s new show on Netflix.

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So after months of big talk about only settling for structural remedies, i.e., selling off assets, what did California Attorney General Rob Bonta and the 11 other state AGs suing Paramount Skydance wind up getting? Less than you think. Elaine Low, Sean McNulty and Lesley Goldberg break down the settlement terms — loopholes, fine print and all — and what they mean for the future of Hollywood, including looming mass layoffs, the fate of three TV studios and why the promise of 30 films a year may not be what it seems. Then: Can a Paramount+–HBO Max superstreamer finally give Netflix a real rival?

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A dire warning from Anthropic and OpenAI that increasingly autonomous AI agents could launch cyberattacks – or worse – has an especially chilling implication for Hollywood, where studios and streamers are rapidly weaving AI into their businesses. "Imagine a world in which there are thousands of Sony hacks happening in real time," Reel AI columnist Erik Barmack tells Elaine Low and Sean McNulty. "You could take down the entire industry. Confidentiality, protections, the secure release of IP – all of those things could be harmed."

And while the guilds fight generative AI and Hollywood hashes out rules for how the technology can be used, Erik says the industry may be focused on the wrong threat: "What happens when recursive learning gets better and better, and these agents go off and do thinking on their own?"

Plus: There may finally be momentum behind a federal film and TV tax incentive. Rep. Laura Friedman tells Elaine that lawmakers from both parties are working with Hollywood's guilds and Jon Voight – Donald Trump's special Hollywood ambassador, whom she describes as a key bridge to the president. Friedman says she hopes the proposal can move by year-end – and describes the unusual bipartisan effort as giving lawmakers "an extra sort of joy" in working together: "We're still one country."

00:00 Intro

00:24 Welcome To Ankler Agenda

01:35 Paramount Vs. State AG Showdown

03:00 Did Bari Weiss Sink 60 Minutes?

04:46 Ai Leaders Sound The Alarm

05:53 The 1,200 Agent 'Collective'

08:21 Hollywood's Big AI Bet

09:41 Bots That Lie And Hack

10:49 The Next Sony Hack, Times 1,000

12:59 Will A Slow Down Actually Happen?

13:41 Guilds Fighting The Last Battle

15:20 Studios Vs. Big Tech Power

17:44 Bring Back The Landline

18:40 Next: Rep. Laura Friedman

19:01 Hollywood's Economic Freefall

20:40 143,000 Jobs On The Line

21:51 From Film Producer To Congress

24:38 Inside The Bill And The Timeline

26:30 Jon Voight's Role As Trump's Bridge

29:05 Bipartisanship In A Polarized Era

31:05 Selling It To Non-Hollywood States

32:28 California's $750 Million Fight

34:30 The Goal: Every Soundstage Full

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Inside President Macron’s summit, where Ted Sarandos, Dana Walden and Hollywood power players attended — very quietly

French President Emmanuel Macron summoned some of the biggest names in global entertainment to the south of France this week to talk about nothing less than the future of cinema — and Hollywood came. Netflix’s Ted Sarandos, Disney’s Dana Walden, NBCUniversal’s Donna Langley and other industry heavyweights attended the first-ever Lumière Summit, co-hosted by South Korean President Lee Jae Myung, as filmmakers, executives and government leaders grappled with AI, the attention economy and the threats facing traditional entertainment.

“He did something that I think people who work in the entertainment industry in the U.S. have been really hungry to see happen,” says Ankler EIC Janice Min, who stops by the pod after attending the summit at the invitation of the French government. “Somebody in charge saying things about an industry that’s struggling.”

But if France was eager to lead the conversation, Hollywood’s own leaders were considerably more cautious. Sarandos and Walden were seen but not heard, while Sony’s Tom Rothman and a very pointed George Clooney were among the few major American figures willing to speak freely. “No one’s saying Trump, but it’s kind of about Trump,” Janice says of the geopolitical undercurrent running through the gathering. “It was great that Hollywood showed up — and it was revealing that a lot of them didn’t feel like they could take the stage.”

Plus: Thanks to Widow’s Bay, Apple TV leads the pack ahead of the primetime Emmy telecast, and Natalie Jarvey crowns a winner in the Ankler Agenda summer box office draft.

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It wasn’t long ago when studios took the biggest jewels of their fall slates — the Gravitys and Jokers and First Mans — to the Venice Film Festival to kick off awards season and put A-list talent on a gondola. But this year, not so much: The Venice lineup is light on flashy studio premieres — don’t look for Tom Cruise and Digger or Timothée Chalamet and Dune: Part Three or Jeremy Strong and The Social Reckoning — and heavy on indie and international titles. Elaine Low and Sean McNulty talk to Ankler awards editor and Prestige Junkie host Katey Rich about how the studio calculus on festival season has shifted — and how best picture winner One Battle After Another was a canary in the coal mine for this year’s underwhelming slate.

Then: Katey sticks around to talk with Elaine and Natalie Jarvey about the top Emmy storylines — including the Television Academy’s controversial decision to boot major categories from the primetime show (sorry, David Harbour and Dakota Fanning) and why, with the final season of Hacks and prohibitive drama frontrunner The Pitt leading the way, this could be the last stand for HBO Max before the merger.

Also: Elaine and Sean on Donald Trump‘s sudden renewed enthusiasm to bring production back to Hollywood and why there’s actual bipartisan support for federal film and TV tax incentives. Make Hollywood great again?

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Hollywood’s newest talent war isn’t over movie stars. For years, YouTube was treated as a “farm league,” in Ted Sarandos‘ words — a place where talent dreamt of graduating to Hollywood. Now smaller player Netflix is raiding the world’s biggest streamer, scooping up creators, podcasters and personalities who built their audiences on YouTube. And YouTube has had enough. Natalie Jarvey shares her scoop on the millions that Neal Mohan‘s tech giant is throwing down to keep its creators exclusive — and names who’s been offered the cash — in an escalation one dealmaker says reveals that YouTube is “scared shitless.” Natalie joins Elaine Low and Sean McNulty to unpack her fresh reporting on the new creator bidding wars — and debate the bigger question: Which company is actually playing defense?

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So much for détente. California Attorney General Rob Bonta canceled Monday’s planned meeting with Paramount after accusing the company of leaking — and misrepresenting — confidential settlement discussions to the press. “They need to sleep in the bed that they made,” Bonta tells Elaine Low in this bonus episode of Ankler Agenda, blasting Paramount for “playing games” and waging a PR campaign while, he says, losing where it matters: in court.

The rupture comes even as Gov. Gavin Newsom, Los Angeles Mayor Karen Bass, and several Hollywood guilds have all voiced varying degrees of support for getting the two sides to the table. Does that growing pressure change Bonta’s thinking? “Not at all,” he says.

But Bonta also makes clear that the door isn’t permanently shut. He says he’s ready to resume negotiations if Paramount stops the leaks and comes back in good faith — and, for the first time, gets unusually specific about what a deal might require. Forget the chatter about CNN: Bonta says the news network “is not our focus” and that resolving the states’ antitrust concerns would require some portion of Paramount-Warner Bros. Discovery’s combined cable portfolio to be placed under separate ownership.

Bonta also explains why behavioral remedies are a nonstarter, says he hopes Republican attorneys general may still join the case, and dismisses as “meritless” and “silly” a request seeking his correspondence with Mark Ruffalo following backlash over the actor’s criticism of the Paramount deal.

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Hayden Panettiere worked in Hollywood since she was 11 months old, and by the time Heroes made her a household name at 16, she was already navigating the darker side of child stardom. The Wall Street Journal‘s Esther Zuckerman joins Elaine Low to reflect on Panettiere’s life, career and exploitation — including a top NBC exec kissing her on the lips when she was a teenager, and an Oscar winner who exposed himself — and the extreme emotional toll of growing up in front of the camera.

Then, California Attorney General Rob Bonta tells Elaine he is ready to talk to Paramount, a slight shift from his earlier hard-line posture. “Let there be no doubt here, now, or anywhere for any time. It has always been our position that coming to the table is always on the table,” he says, adding, “We prefer to resolve cases in the boardroom instead of the courtroom.”

So what’s stopping them? Bonta accuses Paramount of “playing cute” and mounting a PR campaign instead of offering the structural remedies the state AGs want. He’s equally dismissive of Paramount’s threat to move and request for a $1.9 billion bond: His argument is that Paramount voluntarily agreed to the ticking fee it faces — and now wants California taxpayers to pick up the tab for a problem it created for itself. “It’s revealing the weakness of their position. It looks desperate,” Bonta says. Elaine and Sean McNulty break down her chat with the California AG, as Hollywood guilds plead for resolution and the town lingers in uncertainty.

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“Everyone has dry powder for sports,” Ashley Cullins heard while reporting her recent look at the private equity firms circling Hollywood. It’s a truism Bob Iger and Josh Kushner‘s Thrive Capital proved, buying the Los Angeles Lakers for $12.5 billion. But sports is only part of the story. With billions in undeployed capital sitting on the sidelines, where else is private equity looking to spend — and what kinds of Hollywood companies still look attractive amid lofty valuations, delayed exits and fears of an AI bubble? Ashley joins Elaine Low and Sean McNulty to break down the biggest players, the sectors they’re chasing and the deals that could come next — plus the bigger question hanging over all of it: Is private equity actually good for Hollywood?

Plus: David Ellison turns up the pressure in the Paramount-Warner Bros. Discovery fight, threatening to move the company out of California as Rob Bonta calls it “blackmail” — even as both sides signal there may still be a path to a negotiated settlement.

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It’s been a while since Hollywood has seen a power couple quite like Zendaya and Tom Holland. With Spider-Man: Brand New Day and The Odyssey, the newlyweds helped drive more than $2 billion (and counting) at the box office this year. What makes them so bankable to Gen Z in a volatile theatrical landscape? And how much does the audience’s parasocial investment in them help sell tickets? Elaine Low, Sean McNulty and Natalie Jarvey break down what each star gets right in an era of fractured attention. Meanwhile: David Ellison breaks his silence! Paramount’s chief took to the New York Times to defend his planned acquisition of Warner Bros. Discovery. The crew parses what he really means (“Unfortunately, I can’t give anyone a view into my heart and mind”) — and what he’s trying to signal to Hollywood as his company heads to trial in 2027 amid increasingly long odds and states unwilling to show mercy to “kings and oligarchs.”

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