Pivot — Episode Summary

Episode Title: Warner Bros. Discovery For Sale, OpenAI’s Browser, and Netflix Earnings
Release Date: October 24, 2025
Hosts: Kara Swisher & Scott Galloway
Podcast by: New York Magazine & Vox Media Podcast Network

Main Theme & Purpose

In this fast-paced episode, Kara Swisher (reporting from Seoul) and Scott Galloway dive into three major business/tech stories:

The potential sale and breakup of Warner Bros. Discovery
OpenAI’s ambitious launch of a new web browser
The latest quarterly earnings from Netflix and Tesla (with plenty of lively sidebar commentary on the media, politics, AI, and society)

The duo bring their trademark blend of insight, irreverence, and razor-sharp banter, dissecting shifting power in media, the accelerating impact of AI, and the persistent chaos of American politics.

Episode Breakdown

1. Setting the Scene (Kara in Korea)

Kara is recording from Seoul and shares vibrant impressions: lively streets, health-focused culture, strong social infrastructure, reverence for healthcare, and a “civil society” approach (03:00–05:00).
- “When they say ‘how are you?’ the word is ‘how is your body?’” — Kara Swisher (04:42)
Scott cracks dark jokes (“I had a Korean friend—he died. So young. So young”) and the two spar about K-Pop’s global influence and cultural exports (02:34–03:45).
Both discuss the country’s proximity to North Korea and underlying geopolitical anxiety.

2. Main Story #1: Warner Bros. Discovery’s Sale (07:00–24:12)

Background

Warner Bros. Discovery is officially exploring a sale/split, with clear interest from major players (e.g., Paramount’s Ellisons, Comcast, Amazon, Apple, Netflix).
CEO David Zaslav is seeking to maximize value before a potential breakup.

Key Points & Insights

Scott recaps his 2023 prediction: “I think you’re going to see an activist at Warner Bros. Discovery. The stock is now down to a point where I think there’s a lot of upside ... There’s blood in the water.” (07:53)
Kara frames the sale as the ultimate “activist” move — companies circling a weakened legacy giant for assets.

Deep Dive

Discussion on how the WarnerMedia–Discovery merger “never made sense,” creating a “mismatched portfolio” of slow-growth (cable/news) and expensive-growth (streaming) businesses:
- “The marketplace finds the shittiest part of the business and assigns that multiple to the entire thing...” — Scott (10:43)
- Zaslav is called out as on track to rival Marissa Mayer as “the most overpaid CEO relative to shareholder destruction.” (12:00)
Suspected outcome: Nepo-billionaires (Redstones, Bronfmans, Ellisons) will win out, because traditional rational buyers (like Comcast) cannot justify these prices to shareholders:
- “Media has become ... a spa retreat for the nepo-billionaires.” — Scott (12:32)
Kara and Scott agree news assets (like CNN) are likely to be spun off and/or sold to private equity — neither see Ellison/Larry as seeking "media control":
- “I don’t think Larry Ellison is that Machiavellian... I think they will probably sell [CNN].” — Scott (14:52)
AI’s role in drastically slashing Hollywood costs is highlighted as the likely Ellison play for Warner/HBO — Kara’s example: “You could take a cost from like $3 million to $30,000.” (16:16)
- “Big-budget content production is the most vulnerable thing to AI right now.” — Scott (24:17)
- Both predict layoffs and disruption in Hollywood’s creative ranks.
Legacy news brands:
- Brief lament for the decline of iconic brands like CBS, Face the Nation, etc.
- Kara: “Unfortunately, journalism is a shitty business.” (19:17)
- Rising digital subscription success stories with strong editorial voices are pointed out (The Atlantic, Wired).

Commerce, Content, and Creators

Creator economy trend:
- Top writers/reporters are increasingly going solo for more money and autonomy via Substack, podcasts, etc.
- “You were the premier tech reporter at the Washington Post, New York Times, Wall Street Journal. You make a half a million... You make 10 or 20 times that, finding a guy who tells dick jokes and doing your own thing.” — Scott (22:04)

Prediction

The Ellisons will likely acquire the studio/streaming side, sell off news/cable, and attempt a fusion between AI and Hollywood IP; traditional players like Netflix will stay out unless a content library is available cheap to compete with YouTube’s volume.

3. Main Story #2: OpenAI’s Atlas Browser and AI Search War (32:00–40:08)

OpenAI launches mega-browser Atlas:
- Sam Altman pitches it as “a once in a decade opportunity to rethink what a browser can be.” — Kara (32:01)
- Browser will “remember everything you read,” not just your search queries — privacy implications debated.
Scott loves competition disrupting Google:
- “The second biggest tax cut in history would be the breakup or more competition in Big Tech.” (32:52)
- Explains Google’s enduring dominance — Chrome has 3B users, 70% market share; user “inertia” makes it hard for competitors to take share, but OpenAI has to “become Google before Google becomes OpenAI.” (35:28)
Chrome and Gemini:
- Google’s Gemini AI is rapidly gaining ground — reportedly the strongest LLM on benchmarks and user growth (37:00–37:43).
Browsers and UI trends:
- Kara and Scott discuss how search is becoming product-centric (within Maps, Amazon, etc.), not just web-wide.
Reddit’s Lawsuit Against Perplexity AI:
- Ongoing “scraping” wars — question of who owns/controls valuable user-generated content. “It’s open season on everybody’s content.” — Kara (40:09)

4. Main Story #3: White House Demolition/Remodel Scandal (45:00–54:45)

Trump is demolishing the White House East Wing to build a $300M, 90,000 sq ft ballroom, underscoring his disregard for norms and expectations of leaving office:
- “He’s normalizing federal troops in cities ... He has no intention of leaving ... You don’t initiate an enormous construction project when you know constitutionally you have to leave in three years.” — Scott (45:27; 47:07)
- “It looks like a weird mutated tumor onto the White House. That’s my architectural determination.” — Kara (47:23)
At a personal level, both hosts share stories about their visits to the White House:
- “The Situation Room ... you can hear the microwave in the kitchen.” — Scott (50:24)
Trump’s $230M DOJ Claim:
- Trump is demanding damages from the DOJ for investigations in which he was implicated.
- Hosts scoff at the absurdity and point out hypocrisy.
Statutes of Limitations & Political Prosecutions:
- Scott urges Democrats to catalogue statutes of limitations and potential crimes for Trump appointees and staffers:
  “He might be safe because he’ll probably be dead or he’ll pardon himself, but there are thousands of people, and I’d start naming names.” (55:56)

5. Earnings Breakdown: Netflix and Tesla (60:34–72:36)

Netflix

Q3: Revenue up 17%, net income up 8%, but misses on profit expectations due to Brazilian tax hit.
K Pop Demon Hunters is a runaway global success — the most watched movie in Netflix history (325M views).
Stock drops 10% but remains one of the “best-run companies in business” (62:00–63:00).
Expansion into toys/merch (Mattel/Hasbro), continued subscription dominance, but future growth will be international.
Media Consumption Shift:
- Kara reports “highly specific” TV watching, streaming targeted shows (Diplomat, The Gilded Age).
- Trend towards “mini soap operas” and snackable, algorithmically curated social media content.

Tesla

Record revenue, but profit falls short (blames tax credit pull-forward and margin pressures).
Delays to mass production of “CyberCabs” and the Optimus robot.
R&D/AI spending is ramping up, regulatory credits are declining (old games over).
Robotaxi launches in Austin/SF, but autonomous driving still lags Waymo in usability/speed.
The Musk Pay Package Debate:
- Scott defends the package from a capitalist standpoint, but objects to tax avoidance.
- “What I am not comfortable with is someone who aggregates that kind of capital and then pieces out to Texas and engages in massive tax avoidance.” — Scott (72:14)
- Both find Musk’s language about “my robot army” deeply problematic.
Autonomous Car Adoption & Safety:
- Growing interest by women in driverless (Waymo) rides for perceived safety. Scott confesses male privilege in not understanding this before.

6. Prediction: China vs the West, AI Edition (77:01–80:28)

Scott predicts a new era of Chinese “open source” AI warfare:
- China, frustrated by US tariffs/trade hostility, will retaliate by releasing “open weight”/open source AI tools that undercut US tech monopolies.
- “If I were in charge of CCP defense and strategy, I would be saying to Xi ... Let’s release deepseek and deepseek-like competitors that are free, open source, and ... take the Magnificent Ten down and take your whole fucking economy down.” (79:40)
Analogy: Like Old Navy for single moms ("80% of the Gap for 50% of the price"), China will give the world high-quality free AI, undercutting US tech giants.

Notable Quotes & Memorable Moments

On Warner Bros. sale:
- “Media has become basically just a spa retreat for the nepo-billionaires.” — Scott Galloway (12:32)
On journalism's brutal economics:
- “Unfortunately, journalism is a shitty business.” — Kara Swisher (19:17)
On AI’s impact on Hollywood:
- “Big-budget content production is the most vulnerable thing to AI right now ... They're just going to go line by line and go, do we really need 22 costume designers for our shoot in Sweden?” — Scott Galloway (24:15)
On OpenAI’s challenge to Google:
- “Sam has to figure out a way to become Google before Google becomes OpenAI.” — Scott Galloway (32:52)
On Trump’s White House expansion:
- “You don’t initiate an enormous construction project when you know constitutionally you have to leave in three years.” — Scott Galloway (47:07)
On Musk's pay:
- “If I make shareholders 4 or 5 trillion, will you give me a 10 or 20% commission on that? ... What I am not comfortable with is someone who aggregates that kind of capital and then pieces out to Texas and engages in massive tax avoidance.” — Scott Galloway (72:42)

Timestamps for Key Segments

[03:00] Kara’s reflections from Seoul — social cohesion and healthcare
[07:00] Warner Bros. Discovery: Sale rumors, Zaslav’s strategy, merger’s failures, nepo-billionaires
[16:16] AI’s threat to Hollywood and cost-cutting in production
[22:00] Creator economy vs. legacy journalism
[32:01] Launch of OpenAI’s Atlas browser — competitive dynamics with Google
[40:08] Reddit’s lawsuit against Perplexity and content ownership
[45:00] Trump’s White House demolition — symbolism and legal fallout
[52:00] Trump’s DOJ claims and legal boondoggles
[60:34] Netflix and Tesla earnings — streaming hits, global trends, autonomous vehicles
[77:01] Scott’s geopolitical/AI prediction: China’s open source AI counteroffensive

Tone & Style

Language: Highly conversational, sharp, irreverent, loaded with personal anecdotes, sarcasm, and barbs.
Dynamic: Classic Swisher–Galloway banter—Scott swings from policy wonk to comedic provocateur, Kara steers, challenges, and grounds the conversation in reporting and lived experience.

For Listeners Who Missed the Show…

This episode offers a rich review of a pivotal moment in media and AI, with disruptive acquisitions, technology launches, and massive cultural changes all colliding. The hosts break down complex business and tech trends with clarity, while venting their frustration at the decadence and decay of both Hollywood and the American political system. It’s a must-listen for anyone tracking the struggle for power — whether in entertainment, Silicon Valley, or Washington.

End of Summary

Pivot — Episode Summary

Main Theme & Purpose

In this fast-paced episode, Kara Swisher (reporting from Seoul) and Scott Galloway dive into three major business/tech stories:

The potential sale and breakup of Warner Bros. Discovery
OpenAI’s ambitious launch of a new web browser
The latest quarterly earnings from Netflix and Tesla (with plenty of lively sidebar commentary on the media, politics, AI, and society)

The duo bring their trademark blend of insight, irreverence, and razor-sharp banter, dissecting shifting power in media, the accelerating impact of AI, and the persistent chaos of American politics.

Episode Breakdown

1. Setting the Scene (Kara in Korea)

Kara is recording from Seoul and shares vibrant impressions: lively streets, health-focused culture, strong social infrastructure, reverence for healthcare, and a “civil society” approach (03:00–05:00).
- “When they say ‘how are you?’ the word is ‘how is your body?’” — Kara Swisher (04:42)
Scott cracks dark jokes (“I had a Korean friend—he died. So young. So young”) and the two spar about K-Pop’s global influence and cultural exports (02:34–03:45).
Both discuss the country’s proximity to North Korea and underlying geopolitical anxiety.

2. Main Story #1: Warner Bros. Discovery’s Sale (07:00–24:12)

Background

Warner Bros. Discovery is officially exploring a sale/split, with clear interest from major players (e.g., Paramount’s Ellisons, Comcast, Amazon, Apple, Netflix).
CEO David Zaslav is seeking to maximize value before a potential breakup.

Key Points & Insights

Scott recaps his 2023 prediction: “I think you’re going to see an activist at Warner Bros. Discovery. The stock is now down to a point where I think there’s a lot of upside ... There’s blood in the water.” (07:53)
Kara frames the sale as the ultimate “activist” move — companies circling a weakened legacy giant for assets.

Deep Dive

Discussion on how the WarnerMedia–Discovery merger “never made sense,” creating a “mismatched portfolio” of slow-growth (cable/news) and expensive-growth (streaming) businesses:
- “The marketplace finds the shittiest part of the business and assigns that multiple to the entire thing...” — Scott (10:43)
- Zaslav is called out as on track to rival Marissa Mayer as “the most overpaid CEO relative to shareholder destruction.” (12:00)
Suspected outcome: Nepo-billionaires (Redstones, Bronfmans, Ellisons) will win out, because traditional rational buyers (like Comcast) cannot justify these prices to shareholders:
- “Media has become ... a spa retreat for the nepo-billionaires.” — Scott (12:32)
Kara and Scott agree news assets (like CNN) are likely to be spun off and/or sold to private equity — neither see Ellison/Larry as seeking "media control":
- “I don’t think Larry Ellison is that Machiavellian... I think they will probably sell [CNN].” — Scott (14:52)
AI’s role in drastically slashing Hollywood costs is highlighted as the likely Ellison play for Warner/HBO — Kara’s example: “You could take a cost from like $3 million to $30,000.” (16:16)
- “Big-budget content production is the most vulnerable thing to AI right now.” — Scott (24:17)
- Both predict layoffs and disruption in Hollywood’s creative ranks.
Legacy news brands:
- Brief lament for the decline of iconic brands like CBS, Face the Nation, etc.
- Kara: “Unfortunately, journalism is a shitty business.” (19:17)
- Rising digital subscription success stories with strong editorial voices are pointed out (The Atlantic, Wired).

Commerce, Content, and Creators

Creator economy trend:
- Top writers/reporters are increasingly going solo for more money and autonomy via Substack, podcasts, etc.
- “You were the premier tech reporter at the Washington Post, New York Times, Wall Street Journal. You make a half a million... You make 10 or 20 times that, finding a guy who tells dick jokes and doing your own thing.” — Scott (22:04)

Prediction

The Ellisons will likely acquire the studio/streaming side, sell off news/cable, and attempt a fusion between AI and Hollywood IP; traditional players like Netflix will stay out unless a content library is available cheap to compete with YouTube’s volume.

3. Main Story #2: OpenAI’s Atlas Browser and AI Search War (32:00–40:08)

OpenAI launches mega-browser Atlas:
- Sam Altman pitches it as “a once in a decade opportunity to rethink what a browser can be.” — Kara (32:01)
- Browser will “remember everything you read,” not just your search queries — privacy implications debated.
Scott loves competition disrupting Google:
- “The second biggest tax cut in history would be the breakup or more competition in Big Tech.” (32:52)
- Explains Google’s enduring dominance — Chrome has 3B users, 70% market share; user “inertia” makes it hard for competitors to take share, but OpenAI has to “become Google before Google becomes OpenAI.” (35:28)
Chrome and Gemini:
- Google’s Gemini AI is rapidly gaining ground — reportedly the strongest LLM on benchmarks and user growth (37:00–37:43).
Browsers and UI trends:
- Kara and Scott discuss how search is becoming product-centric (within Maps, Amazon, etc.), not just web-wide.
Reddit’s Lawsuit Against Perplexity AI:
- Ongoing “scraping” wars — question of who owns/controls valuable user-generated content. “It’s open season on everybody’s content.” — Kara (40:09)

4. Main Story #3: White House Demolition/Remodel Scandal (45:00–54:45)

Trump is demolishing the White House East Wing to build a $300M, 90,000 sq ft ballroom, underscoring his disregard for norms and expectations of leaving office:
- “He’s normalizing federal troops in cities ... He has no intention of leaving ... You don’t initiate an enormous construction project when you know constitutionally you have to leave in three years.” — Scott (45:27; 47:07)
- “It looks like a weird mutated tumor onto the White House. That’s my architectural determination.” — Kara (47:23)
At a personal level, both hosts share stories about their visits to the White House:
- “The Situation Room ... you can hear the microwave in the kitchen.” — Scott (50:24)
Trump’s $230M DOJ Claim:
- Trump is demanding damages from the DOJ for investigations in which he was implicated.
- Hosts scoff at the absurdity and point out hypocrisy.
Statutes of Limitations & Political Prosecutions:
- Scott urges Democrats to catalogue statutes of limitations and potential crimes for Trump appointees and staffers:
  “He might be safe because he’ll probably be dead or he’ll pardon himself, but there are thousands of people, and I’d start naming names.” (55:56)

5. Earnings Breakdown: Netflix and Tesla (60:34–72:36)

Netflix

Q3: Revenue up 17%, net income up 8%, but misses on profit expectations due to Brazilian tax hit.
K Pop Demon Hunters is a runaway global success — the most watched movie in Netflix history (325M views).
Stock drops 10% but remains one of the “best-run companies in business” (62:00–63:00).
Expansion into toys/merch (Mattel/Hasbro), continued subscription dominance, but future growth will be international.
Media Consumption Shift:
- Kara reports “highly specific” TV watching, streaming targeted shows (Diplomat, The Gilded Age).
- Trend towards “mini soap operas” and snackable, algorithmically curated social media content.

Tesla

Record revenue, but profit falls short (blames tax credit pull-forward and margin pressures).
Delays to mass production of “CyberCabs” and the Optimus robot.
R&D/AI spending is ramping up, regulatory credits are declining (old games over).
Robotaxi launches in Austin/SF, but autonomous driving still lags Waymo in usability/speed.
The Musk Pay Package Debate:
- Scott defends the package from a capitalist standpoint, but objects to tax avoidance.
- “What I am not comfortable with is someone who aggregates that kind of capital and then pieces out to Texas and engages in massive tax avoidance.” — Scott (72:14)
- Both find Musk’s language about “my robot army” deeply problematic.
Autonomous Car Adoption & Safety:
- Growing interest by women in driverless (Waymo) rides for perceived safety. Scott confesses male privilege in not understanding this before.

6. Prediction: China vs the West, AI Edition (77:01–80:28)

Scott predicts a new era of Chinese “open source” AI warfare:
- China, frustrated by US tariffs/trade hostility, will retaliate by releasing “open weight”/open source AI tools that undercut US tech monopolies.
- “If I were in charge of CCP defense and strategy, I would be saying to Xi ... Let’s release deepseek and deepseek-like competitors that are free, open source, and ... take the Magnificent Ten down and take your whole fucking economy down.” (79:40)
Analogy: Like Old Navy for single moms ("80% of the Gap for 50% of the price"), China will give the world high-quality free AI, undercutting US tech giants.

Notable Quotes & Memorable Moments

On Warner Bros. sale:
- “Media has become basically just a spa retreat for the nepo-billionaires.” — Scott Galloway (12:32)
On journalism's brutal economics:
- “Unfortunately, journalism is a shitty business.” — Kara Swisher (19:17)
On AI’s impact on Hollywood:
- “Big-budget content production is the most vulnerable thing to AI right now ... They're just going to go line by line and go, do we really need 22 costume designers for our shoot in Sweden?” — Scott Galloway (24:15)
On OpenAI’s challenge to Google:
- “Sam has to figure out a way to become Google before Google becomes OpenAI.” — Scott Galloway (32:52)
On Trump’s White House expansion:
- “You don’t initiate an enormous construction project when you know constitutionally you have to leave in three years.” — Scott Galloway (47:07)
On Musk's pay:
- “If I make shareholders 4 or 5 trillion, will you give me a 10 or 20% commission on that? ... What I am not comfortable with is someone who aggregates that kind of capital and then pieces out to Texas and engages in massive tax avoidance.” — Scott Galloway (72:42)

Timestamps for Key Segments

[03:00] Kara’s reflections from Seoul — social cohesion and healthcare
[07:00] Warner Bros. Discovery: Sale rumors, Zaslav’s strategy, merger’s failures, nepo-billionaires
[16:16] AI’s threat to Hollywood and cost-cutting in production
[22:00] Creator economy vs. legacy journalism
[32:01] Launch of OpenAI’s Atlas browser — competitive dynamics with Google
[40:08] Reddit’s lawsuit against Perplexity and content ownership
[45:00] Trump’s White House demolition — symbolism and legal fallout
[52:00] Trump’s DOJ claims and legal boondoggles
[60:34] Netflix and Tesla earnings — streaming hits, global trends, autonomous vehicles
[77:01] Scott’s geopolitical/AI prediction: China’s open source AI counteroffensive

Tone & Style

Language: Highly conversational, sharp, irreverent, loaded with personal anecdotes, sarcasm, and barbs.
Dynamic: Classic Swisher–Galloway banter—Scott swings from policy wonk to comedic provocateur, Kara steers, challenges, and grounds the conversation in reporting and lived experience.

For Listeners Who Missed the Show…

This episode offers a rich review of a pivotal moment in media and AI, with disruptive acquisitions, technology launches, and massive cultural changes all colliding. The hosts break down complex business and tech trends with clarity, while venting their frustration at the decadence and decay of both Hollywood and the American political system. It’s a must-listen for anyone tracking the struggle for power — whether in entertainment, Silicon Valley, or Washington.

End of Summary

Warner Bros. Discovery For Sale, OpenAI’s Browser, and Netflix Earnings

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Summary

Pivot — Episode Summary

Main Theme & Purpose

Episode Breakdown

1. Setting the Scene (Kara in Korea)

2. Main Story #1: Warner Bros. Discovery’s Sale (07:00–24:12)

Background

Key Points & Insights

Deep Dive

Commerce, Content, and Creators

Prediction

3. Main Story #2: OpenAI’s Atlas Browser and AI Search War (32:00–40:08)

4. Main Story #3: White House Demolition/Remodel Scandal (45:00–54:45)

5. Earnings Breakdown: Netflix and Tesla (60:34–72:36)

Netflix

Tesla

6. Prediction: China vs the West, AI Edition (77:01–80:28)

Notable Quotes & Memorable Moments

Timestamps for Key Segments

Tone & Style

For Listeners Who Missed the Show…

Summary

Pivot — Episode Summary

Main Theme & Purpose

Episode Breakdown

1. Setting the Scene (Kara in Korea)

2. Main Story #1: Warner Bros. Discovery’s Sale (07:00–24:12)

Background

Key Points & Insights

Deep Dive

Commerce, Content, and Creators

Prediction

3. Main Story #2: OpenAI’s Atlas Browser and AI Search War (32:00–40:08)

4. Main Story #3: White House Demolition/Remodel Scandal (45:00–54:45)

5. Earnings Breakdown: Netflix and Tesla (60:34–72:36)

Netflix

Tesla

6. Prediction: China vs the West, AI Edition (77:01–80:28)

Notable Quotes & Memorable Moments

Timestamps for Key Segments

Tone & Style

For Listeners Who Missed the Show…