The Big Picture

Episode: The Truth About Netflix Buying Warner Bros. Plus: Snubs and Surprises of the Golden Globe Nominations and Jafar Panahi on ‘It Was Just an Accident.’

Release Date: December 8, 2025
Hosts: Sean Fennessey, Amanda Dobbins

Overview

In this densely packed episode of The Big Picture, Sean Fennessey and Amanda Dobbins break down seismic shifts in Hollywood with Netflix’s bid for Warner Bros., analyze the Golden Globe nominations, and host an illuminating interview with acclaimed Iranian filmmaker Jafar Panahi about his latest Palme d'Or-winning film, It Was Just an Accident. The conversation navigates industry upheaval, evolving movie consumption, optimism and anxiety about physical media, and the ongoing relevance (or irrelevance) of awards shows. The tone is passionate, sometimes melancholic, and often irreverently funny—anchored by deep expertise and cinephile anguish over Hollywood’s future.

Key Topics and Discussion Points

1. Netflix’s Acquisition of Warner Bros.: Response, Analysis & Industry Fallout

[02:12 - 38:45]

• Shocking Industry News: Netflix’s accepted offer ($82.7B) for Warner Bros. is unpacked, just as Paramount launches a hostile counter-bid.
  • Sean: “In the span of 72 to 96 hours, a lot has changed.”
  • Amanda: “It’s bracing, if not surprising.” [05:42]
• Emotional Reaction: A sense of mourning for a Hollywood era, but not surprise, as consolidation has been ongoing for decades.
  • Amanda: “There is something about how and when [movies change] that changes your entire experience. And we are finding out how movies are going to not die and, and, but change dramatically.” [04:16]
• Industry Dynamics & Politics:
  • Anxiety over the further shrinking of creative buyers, job losses, and threat to theatrical exhibition.
  • The political angle discussed: would Paramount’s studio/cable conglomerate have a more “Orwellian” effect than a Netflix-run Warner Bros.? The hosts avoid “Trump administration” hypotheticals but acknowledge concerns.
• Consolidation as a Death Knell: Parallels drawn to the Disney-Fox and Amazon-MGM mergers but noting Netflix this time is “game over”—a new apex for vertical integration and IP control.
  • Sean: “If they get all of that stuff... it’s kind of game over in Hollywood, at least in this particular sense, of streaming first being the most important thing.” [13:01]
• Impact on Talent & Competition:
  • With Warner Bros. under Netflix, original IP (Batman's, Harry Potter, Barbie) could become Netflix-exclusive, potentially boosting their theme park potential and event movies.
  • Smaller studios (Sony, Lionsgate, etc.) become increasingly marginal.
  • Fears over fewer jobs, films, and chances for mid-budget projects.

Notable Quotes

• “There is something tidy, there is something like Aaron Sorkin-esque about Netflix being the one to get Warner Brothers.” (Amanda, [09:42])
• "This is a checkmate." (Sean, [13:01])

2. Theatrical Windows, Moviegoing, and the Netflix Model

[16:44 - 38:45]

• Future of Theatrical Releases:
  • Ted Sarandos (Netflix CEO) signals much smaller exclusive theatrical windows are likely, further eroding moviegoing culture.
  • Amanda: “Netflix cutting down the window will exacerbate and speed up something that was already going to happen.”
  • The Greta Gerwig Narnia adaptation is cited as a test case for Netflix’s evolving release strategies. [21:27]
• Types of Movies That Get Made: Occurring shift toward only funding “event” films with IP, pushing innovative filmmakers toward franchise work.
  • Amanda: “You already see beloved indie generational filmmakers moving towards IP in order to get... the big Netflix release as opposed to their smaller budget stuff.” [22:08]
• Creative Freedom vs. Boundaries: Netflix’s “blank check” approach lets directors run wild—for better or worse—but lack of structured feedback sometimes hurts the end product.
  • “Notes are good. We love notes.” (Amanda, [24:03])
• Will Netflix Ever Embrace Theatrical?: Sarandos’ past flip-flops on live sports, binge releases, and theaters are discussed, predicting he may yet change his stance on wide theatricals—especially for blockbusters.
• Consumer Convenience and Exploitation: The hosts debate whether Netflix’s success is “soft exploitation of convenience” (Sean’s argument) or simply responding to harsh economic realities (Amanda counters).
  • Amanda: “It is wildly expensive to go to the movies. I cannot believe how much a bucket of popcorn costs.” [33:55]
  • Sean: “What I am doing is contributing to artists and has emotional utility.” [53:55]

Memorable Exchange

• Amanda: “I think that’s like exploiting convenience. I think that’s just like a reality...”
• Sean: “Of course it is. What do you mean?”
  [35:02–35:10]

3. Physical Media, Libraries, and Preservation

[44:45 - 53:55]

• Netflix’s Approach to Discs & Archival Releases:
  • Concerns voiced over Warner’s significant role in disc production and whether Netflix will support physical media, given their streaming-centric model.
  • Uncertainty over the fate of Warner Archive, Turner Classic Movies, and the preservation of back-catalog films.
  • Amanda observes Netflix’s occasional merch and physical product efforts as a glimmer of hope but agrees their profit model is about closed ecosystems.
  • Film preservation, streaming impermanence, and the importance of physical collections (“If a plane hits a server... we might lose stuff in perpetuity.” –Sean, [53:15])

4. Will the Deal Happen? Possible Outcomes

[54:06 - 57:14]

• The Deal’s Future:

  • Amanda: “No one but David Zaslav and Ted Sarandos seem excited about this.”
  • Sean sees more likely Paramount will ultimately prevail, but acknowledges the industry is now “in a fugue state.”

• Artist & Guild Reactions:

  • The DGA’s wary statement and the possibility of major directors (e.g., Christopher Nolan, Denis Villeneuve) boycotting Netflix are discussed.
  • “A certain band of artists will be like, we don’t work with those guys.” (Sean, [55:54])

• Big Picture: The move is ultimately the result of decades of prioritizing global growth and IP over creative diversity.

  • Sean: “This isn’t really Netflix’s fault. This is the fault of every major studio over the last 25 years that has thrown itself in with globalization in the movie business.” [57:20]
  • Amanda: “The rapacious need for growth, unrelenting forever and ever, is decimating all of our institutions and way of life.” [58:28]

5. Golden Globe Nominations: Snubs, Surprises, and Ceremony Role

[61:44 - 81:00]

Analysis & Predictions

• Pointless but Telling: The hosts call the Globes “pointless” yet influential as a bellwether for the Oscars, with nominations trending international and auteur-friendly.
  • “It’s just a starter kit for the Oscars now.” (Sean, [80:17])
• Major Films & Performances:
  • One Battle After Another leads with 9 nominations, thoroughly represented.
  • Sentimental Value enjoys a strong showing; international features see increased recognition.
  • Square-peg/round-hole categorizations (e.g., which films count as “drama” vs. “comedy/musical”) are lampooned.
  • Notable snubs and surprise inclusions: Wicked for Good misses out, Gonia gets a boost, strong showings for Hamnet, Blue Moon, and others.
• Category Creep & Nominee Inflation: 6 nominees per category noted as a weak, indecisive approach (“Make choices!”).

6. Jafar Panahi Interview: On It Was Just an Accident

[88:28 onward; Jafar Panahi interview begins]

Film Context & Themes

• It Was Just an Accident is a Palme d'Or-winning thriller interrogating paranoia, memory, and cycles of violence within contemporary Iran.
• Panahi explains his focus isn’t “revenge or forgiveness,” but using those as a pretext for deeper societal questions: “Is the cycle of violence going to continue as before... Or is there a point where we decide to end it?” [91:07]
• Real-life observations from Iranian society and Panahi’s own prison experience inform the film’s tense, ensemble-driven dynamic.
• Casting largely involved non-professional or underground actors; authenticity was sought through physical presence and emotional truth.

Artistic Approach

• Panahi blends thriller tension with rooted realism and moments of dark humor:
  • “Anything that happens in the daily life, usually at the end of the day, you have some smiles going on too.” [99:40]
  • The last act’s tonal shift is deliberate, maximizing viewer impact upon leaving the theater.
• Discusses the balance of fact and fiction, and how real experiences (incl. imprisonment) shape imagination and storytelling.
  • “No film is pure reality. You are only inculcating reality.” [102:46]
• Addresses practical and existential limitations of working “underground,” and reflects on unfinished ambitions (e.g., to make a large-scale, humanistic war film).

Memorable Moments

• Panahi jokes he “can’t tolerate thrillers” (despite having made one). [89:06]
• The “credit card machine” bribe detail came directly from a young windshield cleaner’s real-life offer. [110:26]
• Reflective on exile: “I want to be among people. I want to be in the crowd.” [112:36]

Additional Notable Quotes

• “If you care about movies and you like going to movies, sure, keep going to movies. ... But you will not win.” —Amanda, on cinephile activism [29:27]
• “Disney is still Disney. Universal... is still one of the most successful... studios in Hollywood. Sony, Lionsgate and Paramount are much smaller now.” —Sean [15:28]
• “We live in hell. And the rapacious need for growth in every industry, unrelenting forever and ever, is decimating all of our institutions and our way of life.” —Amanda [58:28]

Timestamps for Important Segments

• [02:12] – Netflix’s Warner Bros. bid & emotional reactions
• [16:44] – Theatrical windows, event movies, Netflix model
• [38:45] – Physical media, Blu-rays, and archival anxiety
• [54:06] – Will the deal actually happen? Artist reactions
• [61:44] – Golden Globe nominations: snubs, surprises, breakdown
• [88:28] – Jafar Panahi interview on It Was Just an Accident
  • [88:53] – Panahi on his aversion to thrillers
  • [91:07] – Discussion of cycles of violence
  • [99:40] – Blending realism with humor and suspense
  • [102:46] – Reality, fiction, and the purpose of art

Summary for New Listeners

If you haven't heard the episode:
Sean and Amanda deliver a sweeping, sometimes darkly comic reckoning with the modern movie industry, from Netflix's potentially world-changing acquisition to the fate of theaters, the meaning of physical media, and the continued importance (or not) of awards season. The episode features informed speculation, fierce cinephile advocacy, sharp cultural criticism, and a lucid, generous interview with Jafar Panahi on the power and peril of making politically urgent cinema.

The upshot: The entertainment landscape is consolidating faster than ever, with Netflix poised to become almost Disney-like in its dominance—potentially reshaping what movies are and how (if) audiences see them. Awards shows reflect these shifts, with international films rising and mid-tier creative opportunities shrinking. The preservation of cinema, both in terms of access and artistry, grows ever more precarious—making the work of visionaries like Panahi more essential and endangered.

Closing

[117:17] – Sean thanks Jafar Panahi and wraps the episode, teasing upcoming discussions (“Noah Baumbach’s J. Kelly”) and personal notes (school conferences, seeing Hamnet, ongoing podcasting).

For further details on any segment, consult the timestamps above.