Stay Connected“Ankler Agenda” breaks down the headlines, trends and creativity shaping the evolution of Hollywood, the creator economy and entertainment.
The show is hosted by Elaine Low, author of Ankler Media’s popular “Series Business” Substack newsletter, who is joined weekly by her colleagues Sean McNulty (“The Wakeup”) and Natalie Jarvey (“Like & Subscribe”) — in addition to Richard Rushfield, the Ankler himself. Episodes will also be available every Thursday on YouTube.
Copyright: © Ankler Media
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 Elainehe 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 Dayand 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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What a difference a month makes. With Paramount’s bid to buy Warner Bros. Discovery now in limbo, 35,000 Warners staffers have plenty of time to reconsider their options. Could HBO chief Casey Bloys or WBTV head Channing Dungey be tempted by more stable pastures? Is Warners still a haven for top showrunners? As confidence in the deal crumbles, Hollywood is taking sides. (Case in point: Ari Emanuel‘s WSJ op-ed dismissing the state AGs’ lawsuit as “trash.”) The Ankler’s Lesley Goldberg joins Elaine Low and Sean McNulty to break down the quiet panic inside WBD, and why anyone senior at the company who hasn’t spoken with David Ellison yet might want to be looking for a new job. Then, Degen Pener pops by to talk about the 4,000 newly minted SpaceX millionaires in L.A. and the luxury real estate they are about to snap up.
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What could Paramount Skydance do to make a dozen attorneys general drop their lawsuit against the Warner Bros. Discovery merger? Sell off CNN? Paramount Pictures? According to California Attorney General Rob Bonta: not much. “We’re not talking about settlement. We’re going to be telling the judge when we want a trial date,” he tells Elaine Low on Friday, shortly after Paramount announced it would delay the merger until June 2027 or until a pair of antitrust lawsuits against it work their way through the courts — whichever comes first. “We’re not going to have oligarchs or kings in the economy,” says Bonta.
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David Ellison may be calling Paramount’s agreement to delay its $111 billion Warner Bros. Discovery acquisition a “significant win.” Wall Street appears less convinced.
Paramount Skydance shares sank to a new low after the company agreed Friday not to close the deal until the antitrust lawsuits brought by 12 state attorneys general and the Writers Guild of America are resolved — or until next June, whichever comes first.
The delay starts an expensive clock. Beginning in October, Paramount must pay WBD shareholders roughly $7 million a day, or about $650 million per quarter, while the acquisition remains unfinished. Even a resolution early next year could cost close to $1 billion. A fight stretching to June would push the bill toward $2 billion — on top of the nearly $80 billion in debt the combined company is already expected to carry.
“The state AGs are clearly making a lot more noise than they probably were expecting,” MoffettNathanson senior analyst Robert Fishman tells Sean McNulty on a special bonus episode of Ankler Agenda.
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Who’s buying Letterboxd? The social media platform, prized for its Gen Z audience and movie fan bona fides, is on the market for a rumored $250 million — with multiple studios circling. Dealmakers columnist Ashley Cullins, who broke the big news of A24 pursuing the platform, joins Elaine Low to reveal the other potential buyers and why the price tag is raising eyebrows, and what other M&A moves could come next — including likely outcomes for Lionsgate and whether Disney might split up a la Comcast-NBCU. Plus: Elaine, Sean McNulty and Natalie Jarvey dissect IMAX’s sudden resurgence as Christopher Nolan’s The Odyssey keeps the box office in a chokehold – and turns access to premium screens into the summer’s biggest FOMO.
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States, 1. Paramount, 0. The $111 billion Paramount–Warner Bros. Discovery merger has hit its first real wall after a coalition of 12 states won a temporary restraining order blocking the deal. And California Attorney General Rob Bonta, who is leading the charge, isn’t interested in helping Paramount find a way around it.
“We love the judge’s order,” Bonta tells Elaine Low in an exclusive interview recorded just hours after the ruling. The decision gives Paramount as many as 28 days to choose among three bad options — settle, fight or walk away — and Bonta argues it has already undercut one of the company’s central defenses: that the merger would help it compete with Netflix, Amazon and Apple, even if it reduces competition in theatrical film and cable. He explains why more states may now join the challenge, what happens at the pivotal preliminary-injunction hearing and whether any concession could persuade him to stand down. His answer, essentially: Don’t merge.
Plus, Sean McNulty and Richard Rushfield join Elaine to explain why the deal is no longer inevitable — and whether this is merely a two-week delay or the beginning of the end for Paramount-WBD.
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It’s a bad week for David Ellison, with Paramount Skydance facing two concurrent lawsuits seeking to block its $111 billion acquisition of Warner Bros. Discovery — plus a shareholder case accusing Ellison and his father, Oracle CEO Larry Ellison, of corruption. On Monday, 12 state attorneys general — led by California AG Rob Bonta — filed their long-expected lawsuit, claiming the proposed merger was “unlawful.” On Tuesday, the Writers Guild of America stepped up, saying the combined company “threatens the economic and creative health of the American entertainment industry.” Former FTC commissioner Alvaro Bedoya and WGA West board member Adam Conover join Elaine Low to explain the states’ and WGA’s respective suits — and the harms they see the deal causing to an entertainment industry already under strain. Plus, all good things must come to an end: Sean McNulty and Natalie Jarvey break down the power ofLove Island USA and the ratings bonanza that is the World Cup.
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