The Business

<p dir="ltr">The Academy Awards are behind us, but we’re sharing unheard stories from Kim Masters’ interviews with some of the recently minted Oscar winners. That includes director Joachim Trier, who shares how he landed on casting Elle Fanning in his Best International Feature winner, Sentimental Value. Trier also talks about getting to a place where he can cast well-known actors who sign on to his films without reading a script, just because it’s him. And we hear more from Autumn Durald Arkapaw, the first woman to win an Academy Award for Best Cinematography. She breaks down the challenges of shooting Sinners for IMAX, and recalls Christopher Nolan’s advice to Ryan Coogler about the best way to shoot the movie.</p> <p><strong id="docs-internal-guid-f72f834a-7fff-df76-5f6a-f41a9b65000c"><br></strong>Plus, Masters and Matt Belloni dig into the theatrical bounce-back, with the box office up 23% from last year. They point to big wins like Project Hail Mary and <a href="https://www.hollywoodreporter.com/movies/movie-news/super-mario-galaxy-box-office-massive-1236554520/">The Super Mario Galaxy Movie</a>, which is on track to pull in $200 million domestically and $350 million worldwide. The banter partners also unpack a stacked summer slate from Universal and Disney, and weigh in on superhero fatigue, with the latest Avengers movie set to drop this December.</p>

<p dir="ltr">And just like that, Josh D'Amaro’s first week as CEO of The Walt Disney Company proved challenging, to say the least. From a brewing <a href="https://www.hollywoodreporter.com/tv/tv-news/bachelorette-taylor-frankie-paul-third-domestic-incident-1236546750/"><em>Bachelorette</em> scandal</a> to the <a href="https://www.hollywoodreporter.com/business/digital/openai-shutting-down-sora-ai-video-app-1236546187/">abrupt cancellation of Sora</a> by OpenAI, and fresh <a href="https://www.hollywoodreporter.com/business/digital/fortnite-studio-epic-games-lays-off-staff-downturn-1236545747/">turmoil at Epic Games</a> amid layoffs, Matt Belloni and Lucas Shaw unpack the challenges facing Disney’s new chief.</p> <p><strong id="docs-internal-guid-9494b032-7fff-331f-7322-d10dd0ab72fc"><br></strong>Plus, we revisit our conversation with Daryl Hannah, who joined Masters last year to discuss her Neil Young concert film <em>Coastal</em>, which had a limited theatrical run in 2025. Hannah reflects on her years of acting and activism, pursued alongside figures like Willie Nelson, Joan Baez, and… Robert F. Kennedy Jr. She also recounts a painful experience with Harvey Weinstein during the <em>Kill Bill</em> press tour, and reveals what prompted her to proclaim “Slava Ukraini” at last year’s Academy Awards.</p>

<p dir="ltr">This week, Kim talks to Diane Becker and Ted Tremper about <em>The AI Doc: Or How I Became an Apocaloptimist.</em> The producers discuss how they managed to land big names in machine learning, including the CEOs of OpenAI and Anthropic. Becker and Tremper also explain how they nearly got Elon Musk—until, surprisingly, he ghosted. They also share how they kept their brains from melting while tackling a subject as overwhelming as AI.</p> <p dir="ltr">Plus, Masters and Matt Belloni break down the first week of Disney’s new CEO, Josh D’Amaro, who outlined his goals for the company in a <a href="https://www.hollywoodreporter.com/business/business-news/new-disney-ceo-josh-damaro-priorities-first-memo-1236539566/">memo to employees</a>, emphasizing creative storytelling and the embrace of new technology. Meanwhile, the banter partners examine Wall Street’s <a href="https://theankler.com/p/wall-st-sours-on-the-ellison-deal">negative reaction</a> to the Paramount–Warner Bros. merger and why California Attorney General Rob Bonta has <a href="https://www.latimes.com/entertainment-arts/business/story/2026-03-12/california-atty-general-vows-to-scrutinize-paramount-warner-deal-david-ellison">vowed to scrutinize</a> David Ellison’s acquisition of the legacy studio.</p> <p> </p>

<p dir="ltr">This week, Kim talks with Tilly Norwood creator Eline Van der Velden, who defends her <a href="https://www.hollywoodreporter.com/movies/movie-news/sag-aftra-slams-ai-actress-tilly-norwood-xicoia-union-1236388942/">controversial synthetic character</a>. Van der Velden argues that Tilly Norwood is simply another character, an extension of herself, not so different from others she’s created during her years as an actress. The Particle6 Productions co-founder explains why she believes entertainment built with generative AI will find a place in the industry and predicts that <a href="https://variety.com/2020/digital/news/miquela-virtual-influencer-signs-caa-1234599368/">more agents will follow CAA’s lead</a> in signing synthetic characters.</p> <p><strong id="docs-internal-guid-4695e7d0-7fff-a069-2729-a855e21b8225"><br></strong>Plus, Kim Masters and Matt Belloni discuss Ben Affleck’s investment in AI through his company Interpositive, <a href="https://www.hollywoodreporter.com/business/digital/ben-affleck-ai-netflix-1236521806/">which he sold to Netflix</a> in a deal that could reach $600 million. The banter partners also address Live Nation’s ticketing practices, including a lawsuit with evidence of employees joking about <a href="https://www.hollywoodreporter.com/music/music-industry-news/live-nation-employees-gouging-fans-messages-court-docs-1236528633/">price gouging fans</a> — comments that later prompted the company to distance itself from those involved.</p>

<p dir="ltr">This week, Kim talks with SAG-AFTRA president Sean Astin about stepping into the job during a tumultuous year for Hollywood. His early tenure has already included <a href="https://www.hollywoodreporter.com/tv/tv-news/fcc-jimmy-kimmel-charlie-kirk-monologue-1236373708/">an FCC clash involving Jimmy Kimmel</a>, the <a href="https://www.hollywoodreporter.com/movies/movie-news/ai-actress-tilly-norwood-backlash-xicoia-eline-response-1236387903/">arrival of synthetic “performers,”</a> and some <a href="https://www.hollywoodreporter.com/business/digital/openai-walks-back-opt-out-sora-video-app-ip-characters-1236393079/">wonky legal maneuvering from OpenAI</a>. Astin discusses the most pressing issues facing the union as bargaining is underway, including wages and working conditions as well as the challenges posed by AI companies scraping copyrighted material.</p> <p><strong id="docs-internal-guid-dd501131-7fff-3784-a234-3b06c5a2fa64"><br></strong>Plus, David Ellison has unveiled plans to <a href="https://www.hollywoodreporter.com/business/business-news/david-ellison-talks-warner-bros-deal-comments-1236519395/">merge Paramount+ and HBO Max</a> into a single streaming platform. Kim Masters and Matt Belloni dig into the proposal – which comes with about $80 billion in debt and the strong likelihood of layoffs –  and the familiar promise that “synergies” in tech, ad sales and platforms will do the heavy lifting. They also examine how the shake-up may affect HBO leadership, the uncertain future of CNN, and how Donald Trump’s influence could complicate an already fraught moment for media companies.</p>

<p dir="ltr">This week, Kim sits down with Brazilian writer-director Kleber Mendonça Filho to discuss his Oscar-nominated political thriller <em>The Secret Agent</em>. A former film critic, Mendonça explains why he still reads every review of his work. He also reflects on the backlash that followed his 2016 Cannes red carpet protest against Brazil’s leadership and the fallout that complicated the Oscar hopes for <em>Aquarius</em>. Plus, a special guest drops in for a brief chat.</p> <p dir="ltr">Meanwhile, in an unexpected turn of events, Netflix has dropped out of the Warner Bros. bidding war, leaving Paramount as the winner. Masters and Matt Belloni dive into the streamer’s decision to bow out, what could lie ahead for Warner Bros. and its news networks, and the legal hoops Paramount may expect with the Department of Justice.</p> <p>Do you love listening to The Business? We want to hear from you! Please take a moment to share your feedback in <a href="https://docs.google.com/forms/d/e/1FAIpQLSfmgKUA5dAgDXVP10ktLJAsFq1hGJfwBCvMKYTVTT7dC0nIjw/viewform">this survey</a> so we can make your listening experience better. Thank you!</p>

<p dir="ltr">This week, Kim sits down with Academy Award–nominated cinematographer Autumn Durald Arkapaw, who made history with Sinners as the first woman of color nominated for the Oscar for Best Cinematography. She discusses her work on the film and how it evolved from a scrappy 16mm concept into a full-scale IMAX spectacle at the studio’s urging. She also addresses the mounting strain on crews as production continues to leave Los Angeles, and why meaningful opportunities for women in film remain notably scarce.</p> <p dir="ltr">Plus, Masters and Matt Belloni unpack a less than ideal week for Paramount as the company continues <a href="https://www.hollywoodreporter.com/business/business-news/paramounts-savvy-legal-maneuver-for-warner-bros-alarms-democratic-senators-1236509907/">its effort to win over shareholders at Warner Bros</a>, beginning with CBS pulling the plug on Stephen Colbert’s planned <a href="https://www.hollywoodreporter.com/tv/tv-news/stephen-colbert-late-show-cbs-lawyers-fcc-1236508487/">interview with Texas state rep James Talarico</a>. Network lawyers cited new FCC guidance on political candidates appearing on talk shows, a move that drove Colbert to post the segment on YouTube, outside the regulator’s reach. The banter partners also examine <a href="https://www.hollywoodreporter.com/tv/tv-news/anderson-cooper-leaving-60-minutes-1236507097/">the departure of Anderson Cooper</a> after nearly two decades at 60 Minutes, another high-profile shift inside the David Ellison led news division. </p>

<p dir="ltr">This week, Kim Masters sits down with Academy Award nominated Iranian filmmaker Jafar Panahi to discuss his Palme d’Or winning film It Was Just an Accident. Panahi explains why he self finances his films, bringing in partners only after he decides the work is worthy of his signature, and how he has continued to shoot in secret despite years of arrests, censorship, and government bans. He also reflects on his decision to return to Iran after the awards season, even as he faces the possibility of another prison sentence.</p> <p dir="ltr">Plus, Masters and Matt Belloni dig into the latest twists in the Warner Bros. sale, including Paramount’s <a href="https://www.hollywoodreporter.com/business/business-news/david-ellison-adds-new-sweeteners-in-hostile-paramount-megadeal-bid-for-warner-bros-1236501314/">new concessions</a> aimed at winning over regulators and shareholders. They weigh the limits of President Trump’s influence over the deal, and how a major investor group’s shifting position could reshape the bidding landscape and spark further legal battles.</p> <p> </p>

<p dir="ltr">This week, Kim Masters is joined by Scott Feinberg, The Hollywood Reporter’s Executive Editor of Awards, for a deep dive into the 2026 Oscar nominees. Feinberg unpacks the debut of the new Best Casting category and explains the strategy behind Warner Bros.' support for its Best Picture frontrunners <em>One Battle After Another</em> and <em>Sinners</em>.</p> <p dir="ltr"> </p> <p dir="ltr">Plus, Masters and Matt Belloni dig into the power shifts at Disney, including <a href="https://www.hollywoodreporter.com/business/business-news/josh-damaro-disney-ceo-inside-rise-background-1236494465/">Josh D’Amaro’s appointment as CEO</a> and Dana Walden’s elevation to president and chief creative officer of The Walt Disney Company. They also unpack Netflix co-CEO <a href="https://www.hollywoodreporter.com/business/business-news/ted-sarandos-netflix-lawmakers-1236494308/">Ted Sarandos’s trip to Capitol Hill</a> for a Senate antitrust hearing, and why Paramount’s David Ellison chose to sit this one out during his own trip to Washington. </p> <p> </p>

<p dir="ltr">This week, Kim speaks with Alexandria Stapleton, the DGA Award nominated director of <em>Sean Combs: The Reckoning</em>, a Netflix docuseries that examines the rise and fall of the hip hop mogul. Stapleton discusses partnering with executive producer 50 Cent, her approach to telling the story without turning it into a hit piece, and the care required when working with the alleged victims of Combs. She also explains how Netflix’s legal team vetted controversial pre arrest footage that Combs had commissioned himself.</p> <p><strong id="docs-internal-guid-6e0dfc20-7fff-5733-6dcc-36f04c529d54"><br></strong>Plus, Masters and Matt Belloni break down the final <a href="https://www.hollywoodreporter.com/movies/movie-news/olivia-wilde-sex-comedy-the-invite-bidding-war-1236485197/">Sundance Film Festival</a> hosted in Park City, and try to make sense of the $40 million+ <a href="https://www.hollywoodreporter.com/movies/movie-news/melania-trump-documentary-box-oice-1236486305/">Melania Trump documentary</a>, including a reported $35 million marketing spend. The banter partners also dig into newly unsealed messages in the Blake Lively and Justin Baldoni dispute, including Ryan Reynolds’ not-so-subtle emails to Sony executives.</p>

<p dir="ltr">This week, Kim sits down with former Viacom CEO and MTV co-founder Tom Freston to discuss his memoir, Unplugged: Adventures from MTV to Timbuktu. From his vagabond youth to the birth of MTV and his years working under billionaire mogul Sumner Redstone, Freston reflects on a career spent shaping modern media, and weighs in on the Warner Bros. succession fight, arguing that Netflix may be the legacy studio’s best-fit suitor. </p> <p dir="ltr">Speaking of the streamer, Masters and Matt Belloni break down Netflix’s stock stumble despite reported subscriber growth, as Co-CEO Ted Sarandos reiterates the company’s commitment to honoring theatrical windows for Warners. To wrap things up, the banter partners dig into CNN’s potential spin-off value within Warner Bros. Discovery’s cable portfolio, pushing back on claims that the asset is worthless amid intensifying merger scrutiny.</p> <p> </p>

<p dir="ltr">This week, Kim Masters sits down with writer-director Joachim Trier to discuss his Cannes Grand Prix–winning film Sentimental Value. Trier explains how he structures his financing to preserve creative control while allowing for longer shooting schedules — and still delivering returns for his investors. He also reveals why he broke his own “no-begging the talent” rule when he persuaded newly minted Golden Globe winner Stellan Skarsgård to join the project. And the filmmaker shares why Sentimental Value takes a playful jab at a certain streamer’s reluctance to embrace theatrical exhibition.</p> <p><strong id="docs-internal-guid-30296c9d-7fff-776d-7531-067afd6ca216"><br></strong>Plus, Masters and Matt Belloni take aim at the Golden Globes’ <a href="https://www.hollywoodreporter.com/tv/tv-reviews/2026-golden-globes-review-nikki-glaser-one-battle-1236470726/">awkward corporate promos</a> — from online betting to a tone-deaf UFC cameo. The pair then break down the latest in Paramount CEO <a href="https://www.hollywoodreporter.com/business/business-news/david-ellison-warner-bros-court-paramount-netflix-1236470908/">David Ellison’s showdown with Warner Bros.</a> as Netflix weighs an all-cash bid to cut through the drama.</p>

<p>Listen to a special preview of Kim Masters’ conversation with Joachim Trier about his film <em>Sentimental Value</em>. </p>

<p dir="ltr">Kim Masters talks with Tim Blake Nelson about his wide-ranging career in entertainment. Best known for his breakout role in O Brother, Where Art Thou?, Nelson is also a director, screenwriter, and playwright, and he’s now out with a second novel, Superhero—a black comedy about the making of a big-budget comic-book film that follows executives, cast, and crew caught in the pressure cooker of a chaotic production. He also shares his perspective on the Warner Bros. sale and explains how his fascination with the entertainment business informed the book.</p> <p><strong id="docs-internal-guid-6fb187ab-7fff-bafe-9b30-0046160011c1"><br></strong>Meanwhile, Warner Bros. has once again formally <a href="https://www.hollywoodreporter.com/business/business-news/warner-bros-discovery-rejects-paramount-revised-offer-1236457301/">rejected Paramount’s latest offer</a>, favoring a deal with Netflix. As the streamer moves closer to acquiring the legacy studio, theatrical exhibitors have <a href="https://www.hollywoodreporter.com/business/business-news/movie-theaters-netflix-warner-bros-1236466424/">taken their protest to Congress,</a> warning the sale would have a “direct and irreversible negative impact on movie theaters around the world.” Masters and Matt Belloni break down the latest developments in the battle for Warner Bros.</p>

<p dir="ltr">Kim Masters rings in the new year with Matt Belloni and Lucas Shaw to forecast what 2026 could hold for Hollywood. The trio debates Disney’s long-simmering succession question, the impact of Trump administration tariffs on the industry, and YouTube’s growing ambitions in original programming.</p> <p dir="ltr">Plus, we revisit a conversation between Masters and Jesse Eisenberg about his award winning film, <em>A Real Pain</em>. The writer, director, and actor talks about the challenges of capturing the complicated feelings of the descendents of holocaust survivors while still including humor. They also talk about the special relevance that Majdanek–the concentration camp the two cousins visit in the film–has for Masters.</p> <p> </p>