Episode Overview

Podcast: The Town with Matthew Belloni
Episode: A Warner Bros. Antitrust Debate With Senator Elizabeth Warren and the Oscars Go to... YouTube
Release Date: December 17, 2025
Host(s): Matthew Belloni
Main Guests: Senator Elizabeth Warren, Lucas Shaw

This episode centers on two major Hollywood stories: Senator Elizabeth Warren’s public battle against the proposed sales of Warner Bros. Discovery (WBD) to either Netflix or the Ellison-backed Paramount consortium, and the bombshell news that the Oscars will be moving to YouTube in 2029. The conversation explores antitrust concerns, political conflicts, the future of entertainment conglomerates, and the cultural implications of the Oscars pivot to a streaming platform.

Key Discussion Points

1. Senator Elizabeth Warren’s Warner Bros. Antitrust Push

Warren’s News: Call for Recusal of Attorney General Pam Bondi

• [03:31] Warren reveals that she has sent a letter (co-signed by Senator Blumenthal) to Attorney General Pam Bondi requesting her recusal from the Warner Bros. deal review, citing a conflict of interest:

  “Bondi was working at a big lobbying firm just before she became Attorney General. And that same lobbying firm now represents both of the intended suitors in these deals, Paramount and Netflix.”

• Belloni points out the firm’s political connections and past dealings, underscoring the “swampy” optics and technical violation of the one-year recusal regulation.

The Ethics and Tactics of Merger Politics

• [06:43] Warren is adamant about not accepting business-as-usual corruption:

  “No, damn. They don’t care as long as we let them not care. I am a United States senator... I care about this, and I'm going to get as many other senators to care...”

• She signals plans to pressure both parties and increase scrutiny on the M&A process.

Antitrust Laws and Hollywood

• [08:20] Warren explains that the laws are in place—the challenge is enforcing them amid a pattern of mergers that hurt workers and consumers:

  “The whole idea that these companies get bigger and bigger, and then... just buy the competition. That is potentially a violation of the antitrust laws.”

• She divides stakeholders into three groups: workers, consumers, and investors, framing her concerns around investor-driven consolidation at workers’ and consumers’ expense.

The Warner Bros. Predicament

• [11:06] Belloni presents Warner Bros. Discovery as a company in freefall, with failing cable networks and insufficient scale to compete against tech giants.
• Warren disagrees that scale through mergers is inevitable or beneficial, arguing for creative competition, not consolidation:

  “I don’t think movie production and YouTube Shorts are the same market... Netflix is the largest streaming service trying to buy the fourth largest streaming service.” [12:02]

Risk of Monopoly and Stifled Creativity

• [17:47] Warren and Belloni discuss how consolidation harms creative workers:

  “Ask the people who pitch the movie script... Once you get big enough, the thing has a way of accelerating and literally going to one.”

• Belloni connects these arguments to past publishing antitrust cases, noting similar skepticism within Hollywood towards shrinking buyer pools.

What to do With Warner Bros.?

• Warren suggests Warner Bros. could survive by divesting non-core assets (like cable) rather than selling wholesale, while Belloni presses on the reality that diversification powers many media giants, supporting cross-subsidization.

Market Definition and Antitrust Gray Areas

• [16:08] Discussion about how antitrust is often a matter of market definition—with merging parties seeking to broaden it:

  “Everybody who wants the merger to go through tries to find a way to describe the market that is bigger than the earth itself.” — Warren

Hollywood vs. Big Tech: Is More Scale the Answer?

• [21:49] Belloni asks why not use merger to compete with unregulated tech behemoths like Google/YouTube; Warren counters:

  “Instead of saying the answer is more concentration... the answer is more competition, get more creative.”

• She maintains regulators should uphold competition across all industries, rather than let lapse in one sector justify more consolidation elsewhere.

The Role of State AGs and Foreign Investment

• [24:01] Warren turns to state-level antitrust enforcers:

  “States have their own antitrust laws... The Democratic AGs recognize they have an opportunity to get in the game.”

• The Ellison bid’s Middle East backing and potential control of CNN are noted as fresh areas of concern regarding media independence and political influence.

  “There’s a news outlet involved in all of the middle of this.” — Warren [25:32]

2. Analysis: Warner Bros. Deal and Possible Outcomes

Republican and Democratic Opposition

• Bipartisan skepticism exists, especially around Netflix, with Republican antitrust leaders (like Mike Lee and Darrell Issa) publicly questioning the deal.

Paramount vs. Netflix: Political and Structural Stakes

• Both bidders (Netflix; Ellison-backed Paramount) draw political scrutiny: Netflix for scale, Ellisons for Trump ties and the prospect of foreign (Saudi) investment.

Industry Unclogged

• Broad consensus: Warner Bros. Discovery's management history is a disaster (“value destruction exercise for decades” — Belloni [13:15]) but the solution remains hotly debated.

3. Memorable Quotes

• On industry corruption:

  “What's gonna happen in the merger space is some variation on pay to play... That is a real problem, frankly, for our democracy, a problem for our economy...” — Warren [05:47]

• On fighting normalization of corruption:

  “No, damn. They don't care as long as we let them not care.” — Warren [07:04]

• On shrinking opportunities for creators:

  “Ask the people who try to do the thing that’s one off that isn’t, you know, hasn’t been done before... fewer places to pitch your script, to ply your trade.” — Warren [17:48]

• On competition vs. monopoly:

  “Once you get big enough, the thing has a way of accelerating and literally going to one.” — Warren [18:56]

• On cross-industry monopoly excuses:

  “Instead of saying the answer is more concentration... the answer is more competition, get more creative.” — Warren [21:59]

4. Oscars Move to YouTube: Analysis with Lucas Shaw

Breaking News

• [27:18] Belloni and Bloomberg’s Lucas Shaw discuss the Oscars’ move to YouTube (2029-2033).
• Belloni notes initial surprise and frames the move as a cultural shift.

Potential Impact on Viewership & Prestige

• [28:01] Belloni expects bigger audiences worldwide but acknowledges initial hurdles as broadcast viewers adapt to streaming:

  “I think this will absolutely get more people to watch it.” — Belloni
  “Even though usually when things move from broadcast to the Internet, the viewership at first dips...” — Shaw

• [29:49] The move is seen as both risky and potentially transformative, but with the danger of cheapening the brand:

  “There is a feeling already within the community... that this feels cheap, this feels down market.” — Belloni

Tension Between Relevance and Tradition

• [31:55] They debate whether YouTube’s association with viral, non-prestige content undermines the Oscars’ image:

  “YouTube is where you go to watch cats...” — Shaw
  “It is the prestige moment of the industry. It may be the problem.” — Belloni

Will YouTube Change the Oscars?

• [34:04] Both hosts question whether YouTube will try to alter the show or leave tradition intact, speculating on categories, run-time, and the risk of overt “pandering” to a younger demographic.

Notable Timestamps

• [03:31] Warren calls for Pam Bondi’s recusal
• [07:04] Warren on political apathy and her commitment
• [11:06] Belloni describes Warner Bros. Discovery’s precarious position
• [15:21] Debate over diversified media business models
• [16:08] On defining the market for antitrust cases
• [20:29] Belloni and Warren on shrinking competition and its real-world impact
• [24:01] State AGs’ role in future antitrust action
• [27:18] Discussion of the Oscars-YouTube deal begins
• [31:55] Skepticism over the Oscars’ prestige in the YouTube era

Tone and Language

• The tone is direct, at times combative and prosecutorial from Belloni (who frequently plays devil’s advocate) and passionate yet policy-driven from Warren.
• The Oscars segment is lively, speculative, and slightly irreverent, with Belloni and Shaw bantering over industry perceptions and future unknowns.

Summary & Takeaways

• Senator Warren is determined to use her platform to block both potential Warner Bros. Discovery sales, emphasizing antitrust principles, worker and consumer protection, and the dangers of media concentration.
• Belloni pushes for realism about Warner’s weak market position and the way tech giants have outpaced traditional media.
• Both agree that the stakes are sky-high for Hollywood’s future, with creativity and competition at risk.
• The Oscars moving to YouTube signals a massive (and controversial) change for the industry and its relationship to digital platforms, raising questions about viewership, cultural cachet, and the evolution of event television.
• The outcome of both stories—the Warner Bros. sale and the Oscars’ new streaming home—could reshape the landscape of entertainment for years to come.