Channels with Peter Kafka

The backstory here is that weeks ago, Bloomberg’s Lucas Shaw agreed to join me for my 2025/2026 look back/look ahead episode. And then things got way more compelling, because Paramount and Netflix got into a truly unprecedented fight over the future of Warner Bros Discovery. So that’s what we’re talking about here, including: *Why this truly is a turning point for Hollywood, and streaming, and the great media/tech collision we’ve been covering for years. *How Trump, Middle Eastern money and antitrust regulators complicate the deal *Who actually needs this merger more. *What happens now that WBD has formally dismissed Paramount’s bid? Again: we recorded this a few days before the news — but as you’ll hear, we had a pretty good sense of how it was going to go. And because this still is a wrap-up episode, we got some AI vs. Hollywood chat into this one, as well as some listening/watching recs. PS: I’ve got some bonus programming coming to you over the next couple of weeks. Have a great holiday, and I’ll see you in January. Learn more about your ad choices. Visit podcastchoices.com/adchoices

I chat with lots of media reporters. Lachlan Cartwright is a different beast: An Aussie who started out working for Rupert Murdoch’s tabloids in London and New York, and then on to the National Enquirer — yes, that National Enquirer — back when it was catching and killing stories on behalf on Donald Trump. Now Cartwright runs Breaker, a must-read New York media gossip newsletter and podcast, and spends his time staking out Sulzberger family barbecues, knocking on doors at 4:45 a.m., and writing about the people who run the news. We talk about how tabloid training shaped the way he reports; what he saw and did during his Enquirer years — and how he thinks about that period now; and why he believes there’s still a business (and an appetite) for smart, funny, deeply-inside media gossip. And then I put him to work, dishing on the big under-covered stories we will be talking about in the next year. Cheers! Learn more about your ad choices. Visit podcastchoices.com/adchoices

In 2013, Netflix wanted to become HBO. Now Netflix is going to buy HBO along with the Warner Bros. Studio, in a blockbuster $83 billion deal. Wowza. Here to talk me through this is Bloomberg’s Lucas Shaw, who has been deep in the deal talks for weeks. Discussed in this one: *How did Netflix maneuver its way into a deal everyone thought Paramount would win? *Will this deal actually get past Donald Trump and U.S. regulators? *What does this deal — a kind of deal Netflix has never, ever made in the past — tell us about Netflix today? *What happens to my favorite HBO shows? Learn more about your ad choices. Visit podcastchoices.com/adchoices

The last time I interviewed PBS CEO Paula Kerger was 2019: Donald Trump was President, and Republicans were trying to defund public media — as they had been trying to do for decades. That didn’t happen then, but this year it did, and now Kerger is trying to fill a $1 billion funding hole. So far, she says, PBS and its member stations have held up ok — no one has had to shut down, yet. But while Kerger holds out hope she can convince Congress to start funding public TV again, it’s worth talking about why federally funded public media was created in 1967 — and whether it still makes sense to continue that setup in 2025. And if federal funding is permanently off the table, what will PBS do — and not do -- in the future? Learn more about your ad choices. Visit podcastchoices.com/adchoices

We built the modern media business for the web — for people who visited websites, read articles, and saw ads. What happens when no one does that anymore? That’s been one of the big themes of conversations we’ve been having on Channels with this year — with people who run big and small media properties, and with people who are trying to build media businesses. And that’s why I wanted to talk to Tony Haile. Tony got into digital media years ago, when he was the CEO of Chartbeat - the analytics site that trained every web publisher to watch what was happening to their properties in real time. Then he went on to build Scroll, a sort of ad-blocking subscription service that was meant to work with lots of news publishers. Twitter bought that one, then killed it. The point is that Tony has spent a lot of time talking and working with media companies of all sorts, and now… it looks like he’s getting out. So I wanted to talk him about why his new company — Filament — is not a media startup, and what he thinks is going to happen to the rest of the media business as AI washes over the landscape. This is going to sound like a bummer of a conversation — and in some parts it is! But he’s a good guide, and there are some glimmers of hope here and there. Learn more about your ad choices. Visit podcastchoices.com/adchoices