Podcast Summary:
The Town with Matthew Belloni – “David Ellison Bought Paramount. Now He Wants Warner Bros. Plus, the 2025 Emmys Recap.”
Date: September 16, 2025
Host: Matt Belloni (Puck/The Ringer)
Guests: Lucas Shaw (Bloomberg), Rich Greenfield (LightShed), Craig Horoback (The Ringer)
Overview
This episode centers on two major topics dominating Hollywood chatter:
- David Ellison’s Ambitions: After acquiring Paramount, Ellison and his family are now angling for Warner Bros. Discovery, signaling another seismic consolidation in the entertainment industry.
- 2025 Emmys Recap: A lively analysis of this year’s Emmy Awards, the industry parties, winners and losers, and behind-the-scenes anecdotes.
Matt, Lucas, and Rich break down the implications of Ellison's potential Warner Bros. Discovery bid, industry reactions, and what it could mean for legacy Hollywood studios—before shifting to a candid, humorous Emmy awards debrief.
Ellison Moves on Warner Bros. Discovery
Industry Sentiment and Shock
- Hollywood is uneasy after just recovering from the Paramount sale (03:32).
- Ellison, once a supposed studio savior, is now seen as potentially upending the industry further with more consolidation.
- Quote: “The sentiment, not great. People freaked out about this.” – Matt (05:15)
Who’s Excited?
- Lucas points out, only some WB Discovery employees might be hopeful for change, bankers and consultants benefit from M&A chaos (05:30–06:39).
- Quote: “Bankers, consultants. It’s going to be great for McKinsey or Bain & Co.” – Lucas (06:39)
Why Now? Why Not Wait for the Split?
Rich breaks down the timing, citing Warner’s leverage problems and possibly being forced to bring in outside capital sooner than planned (07:28–08:20), along with the math behind why Paramount wants to strike now (09:04–09:53).
- Paraphrased Quote: If Ellison bids now, he might block rivals from just picking up the “good” assets later.
- Tech giants interested, but not in cable networks: “Netflix, Apple, Amazon—they’re not buying cable networks.” – Matt (09:10)
Will Big Tech Bid?
- Consensus: Apple, Amazon, Netflix unlikely to buy the whole package.
- “Do you buy that Apple, Amazon or Netflix would bid on the studio and streaming business?” – Lucas (09:53)
- “I don’t think these companies are that serious of bidders.” – Rich (10:57)
Regulatory Hurdles
- Fewer barriers than expected: No FCC involvement since there’s no broadcast license transfer (11:10–11:31).
- Under a Trump administration, regulatory veto seems unlikely.
- “These days, whatever Trump wants, he seems to be getting with his people. So if he says, let it through…” – Matt (11:27)
Could Comcast Counter?
- Unlikely: Comcast’s Brian Roberts can’t outbid the Ellisons; “it’s funny money” given Larry Ellison’s vast resources (12:36–14:19).
Price: What’s the Magic Number?
- Market buzz is ~$20–30/share. If Ellison bids over $30, it’s a done deal for WB (15:27–17:32).
- Quote: “If there’s an offer in the mid to high 20s, they are going to have to go down the line.” – Lucas (16:36)
- Quote: “If you can get a lot of cash, at a big number… take it. Thank David Ellison and go do something else.” – Rich (17:40)
The Ultimate Plan and Industry Impact
- Lucas asks if buying WB is really the best use of Ellison’s resources, or just chasing IP and franchises (21:33–23:44).
- Quote: “He wants franchises...you cannot replicate 100 years of Warner Bros. franchises. And Netflix knows this better than anyone.” – Matt (23:33)
- Merging brings both “complementary” assets and massive integration pains, with likely layoffs (25:17–25:41).
- Rich speculates Ellison may have broader tech convergence plans (25:41–26:17).
- “This is still only a piece…there’s a whole technology angle…” – Rich (25:41)
Odds of Deal Going Through
- Rich: 70%
- Lucas: 60%
- Matt: 75%
- “I feel the same way I did when I first reported on Ellison’s interest in Paramount—money wins.” – Matt (27:39)
Key Segment Timestamps:
- [03:32] Hollywood’s reaction to Ellison wanting WB
- [07:28] Why strike now, not wait for the split
- [09:53] Appetite of big tech buyers
- [11:27] Regulatory path
- [14:19] Can Comcast compete?
- [16:36] The right price
- [21:33] Is this the best use of Ellison’s fortune?
- [25:41] Is this just the beginning for Ellison’s ambitions?
- [27:33] Odds the deal happens
2025 Emmys Recap
Awards Ceremony Reactions
- General consensus: The ceremony had pacing issues and underwhelming hosting bits (28:10–28:57).
- “Not a fan of the whole Nate Brazzi speech shortening bit.” – Matt (28:10)
- “It was a funny idea, but it felt like an abdication of his hosting duties…” – Matt (28:23)
- Discussion of the infamous Emmys cash bar (29:16), and award show politics.
Party Circuit & Food
- HBO wins best food, Netflix best food runner-up, Apple party has “the best vibe” (29:54–30:32).
- “[HBO] had a DIY potato chip and caviar station. For the Win burgers on the way out…great.” – Lucas (30:05)
- Tim Cook showed up at Apple party, is reportedly aware of the podcast (31:06).
Winners and Surprise Moments
- Netflix and HBO tied for 30 wins, Apple Studios’ biggest Emmy haul (34:26).
- Big surprises:
- Jeff Hiller’s win at 34:1 odds—“Leicester City winning the Premier League.” – Craig (32:15)
- Hannah Einbinder wins after never having won before.
- Owen Cooper (from ‘Adolescence’) gave a standout acceptance speech (36:10).
- Apple lost out on expected bigger haul (“Severance” loses Best Drama).
- Hot takes on Colbert and John Oliver’s wins/loses, SNL’s 50th, and the shifting value of “movie stars” in TV.
Notable Quotes and Moments
- “The Emmys parties are more fun than the Oscar parties. Felt more inclusive…everybody was allowed to hang out.” – Craig (33:43)
- “Seth Rogen not smoking weed at the Apple party…he was holding four Emmys.” (34:04)
Industry Implications
- The Emmy win matrix doesn’t necessarily translate to business success—especially for platforms like Amazon, which was a “non-player” this year (37:40).
Sneaky Winners/Losers
- Winners: Emmys (viewership up), Netflix & HBO (tied for most wins), Apple (personal best), Owen Cooper, Hannah Einbinder.
- Losers: Disney (only one win), FX (shut out), Harrison Ford & Kathy Bates (favorites who lost), Amazon (few wins), “Movie stars doing TV” (not guaranteed Emmys), Ben Stiller (lost major categories).
Final Predictions
- 2026 Emmys: HBO likely to return strong with “The Pit”; Hacks season 5 could dominate comedy as “the bear” and other competitors age out (39:50–40:49).
Memorable Quotes (with Timestamps & Attribution)
- “Put us out of our misery. This long national nightmare of having to endure a stock price that is cut in half...” – Matt Belloni [05:40]
- “He was going to release 20 movies a year...everyone’s excited about this new player. And then it’s like, whoa, wait a second. You’re going to buy another studio?” – Matt Belloni [04:20]
- “Do you buy that Apple, Amazon, or Netflix would bid on the studio and streaming business?” – Lucas Shaw [09:53]
- “If you have enough money, you can overpay people walk across the street...The problem is, it takes time. If you want to hit the accelerator button and move swiftly, you make a big acquisition to just speed up the IP.” – Rich Greenfield [24:27]
- “Penguin is actually a show that people watched. And you know what? Harry Potter, as much as we laugh at it, people are going to watch that show.” – Matt Belloni [23:53]
- “I’m going to go 75%. I want to trump Rich a little. I think it happens...money wins.” – Matt Belloni [27:39]
Conclusion
This episode encapsulates the heightened anxiety and speculation that comes with Hollywood mega-mergers, with Ellison’s drive, deep pockets, and unresolved ambitions stirring fresh debate about the future of the studio system. The team weighs in on possible outcomes, motivations, and the trickle-down effect for workers, legacy brands, and rivals.
The episode then segues into a breezy, sometimes biting recap of the Emmy awards and the surrounding festivities, offering listeners both industry insight and the kind of candid on-the-ground perspective only insiders can provide.
For listeners:
This recap covers all major arguments, industry context, surprising moments, and opinionated hot takes from Matt and his guests—making it the perfect way to catch up on Hollywood’s latest seismic moves and the shape of this year’s TV landscape, even if you missed the episode.