Podcast Summary: The Town with Matthew Belloni

Episode: Netflix in the Senate Hot Seat, and Disney’s Demographic Problem
Date: February 10, 2026
Host: Matthew Belloni (A)
Guest: Lucas Shaw (Bloomberg) (B)
Producer: Craig Horbeck (C)

Overview

In this episode, Matthew Belloni and Bloomberg’s Lucas Shaw take a deep dive into two major stories shaping Hollywood: Netflix’s scrutinized bid to buy Warner Bros. (and HBO Max), which placed co-CEO Ted Sarandos in a hotly debated Senate hearing, and Disney’s evolving strategy—and leadership shake-up—under its new CEO, Josh D’Amaro and new President/Chief Creative Officer Dana Walden. The conversation drills into the politics, economics, and cultural stakes of streaming industry consolidation, Hollywood’s power shifts, and Disney’s challenge to retain its family-friendly dominance in an age of expensive parks and shifting youth attention. The episode wraps with a discussion of the Casey Wasserman scandal and its potential fallout for talent representation and the LA Olympics.

Key Discussion Points & Insights

1. Netflix’s Warner Bros. Buyout: Senate Scrutiny and Industry Backlash

[00:52 – 17:00]

• Senate Antitrust Hearing: Reality vs. Grandstanding

  • The hearing was “mostly a forum for political grandstanding about culture war stuff” (A, 02:00), with Ted Sarandos (Netflix) and Warner Discovery’s strategy exec facing questions loosely related to antitrust.
  • Embarrassing moments abounded: Senator Ted Cruz asked, “if they were sitting on stolen land” (01:55), referencing a completely unrelated Billie Eilish comment at the Grammys.

• Legit Antitrust Concerns: Market Power and Talent Monopsony

  • Senator Mike Lee focused on how a merged Netflix/Warner Bros. could “shrink the market for Hollywood talent,” referencing the Penguin Random House/Simon & Schuster merger (A 06:06).
  • Lucas Shaw: “It’s the biggest bipartisan issue... They’re trying to keep production in the US...both mergers would result in job losses...and a contraction of production. Even if they say that’s not the case.” (B, 07:13)
  • Antitrust usually centers on consumers, but here there’s rare attention to labor and job loss (B, 08:07).

• Theatrical Release Windows and Filmmaker Pushback

  • Netflix’s ambiguous stance on theatrical windows (“45 days to streaming”) riles theater owners and filmmakers, a key lever for regulatory scrutiny (A, 09:36).
  • “More people have watched Dave Chappelle say horrible things about trans people than any of the pro-trans stuff on Netflix, other than maybe Orange Is the New Black.” (B, 05:58) — highlighting the culture war distraction at the hearing.

• Political Stakes & Regulatory Maneuvering

  • Paramount is vying as a “clearer regulatory option,” seeking to win over Warner Discovery shareholders by expediting regulatory approvals (14:24).
  • Trump claims he’ll “stay out” of the deal, but Lucas Shaw is skeptical: “We know that the DOJ largely does what Trump wants. So I think he is involved one way or the other.” (B, 13:01)
  • “If there was more downside than upside...Ted Sarandos prevented any real problems, which was the main goal.” (B&A, 13:18)
  • Notable speculation: Paramount is hoping filmmakers like Christopher Nolan or Tom Cruise publicly oppose the Netflix deal due to its impact on theaters (A, 11:09).

• Potential Consent Decrees & Industry Realities

  • The merger, if approved, may come with consent decrees mandating some theatrical release commitment—but the details (length, rollout, marketing) could prove contentious and hard to enforce (A, 11:25 - 12:09).

Notable Quotes

• “He did not answer when they said, ‘Are you on stolen land?’ He’s like, ‘Frankly, I don’t know where I am.’” — Matt Belloni on Ted Sarandos, (A, 13:36)
• “If Wuthering Heights hits big, it is pretty good evidence that the market is working and that filmmakers...will go with the theatrical-oriented distributor.” — Matt Belloni, (A, 16:11)

2. Disney’s Leadership Shakeup and Demographic Risks

[18:58 – 29:36]

• Josh D’Amaro as CEO; Dana Walden Elevated

  • The move is seen as Disney doubling down on its parks and branded content, but Belloni and Shaw argue this oversimplifies Disney’s “flywheel” model where movies, merchandise, and parks are interconnected.
  • “Disney is like the one company that when they use that dreaded word flywheel, it, like, actually applies to their company.” (B, 19:18)

• Shifts Away from General-Entertainment Streaming

  • Dana Walden’s track record is in grown-up, general entertainment (Ryan Murphy, Paradise), but Disney is returning focus to its branded IP and profitability.
  • Parks are driving profits, but “that only works if the studio, the engine, continues to supply new product.” (B, 19:48)

• Global Streaming Growth: Hitting a Ceiling

  • Disney recognizes it’s far behind Netflix overseas, but has struggled with local programming—a strategy Netflix has “mocked” but which is working (B, 22:52).
  • “They have to figure out... how to beef up here and make it so Disney’s streaming services can reach 200-250 million subscribers.” (B, 23:10)

• Content Overload: Pulling Back on Marvel and Star Wars Shows

  • Disney is cutting back on Marvel and Star Wars TV series, prioritizing film and brand integrity after over-saturating the streaming market (A, 24:02).

• Demographic & Pricing Peril: The Risk of Losing Young Families

  • Belloni expresses concern over Disney pricing out the next generation: “If you’re simultaneously pricing out young families from the parks, and those kids are not growing up on...Disney content...what’s going to happen in 10 years when those people...just don’t have the connection to Disney as previous generations did?” (A, 25:44)
  • Lucas Shaw: “Everyone is worried about the kids. Nickelodeon used to be the most important...now it’s not; Netflix had a stranglehold on young kids, but even they feel like they’ve lost some to YouTube.” (B, 26:43)
  • Belloni suggests Six Flags and other cheaper parks could seize the “affordable family memory” space as Disney’s “IP and the feeling...may not last forever.” (A, 27:13)

Notable Quotes

• “She [Dana Walden] is not making the kinds of shows that travel across the company like that. She’s making Ryan Murphy shows...designed to compete in the general entertainment market, which is where Disney was five years ago.” — Matt Belloni, (A, 21:00)
• “The people who run the different divisions who do have that experience are still there.... Her getting promoted has no impact on who’s running Pixar, no impact on who’s running Disney Animation.” — Lucas Shaw, (B, 28:13)

3. Casey Wasserman Scandal—Talent Exodus and Olympic Fallout

[29:41 – 33:38]

• Details of the Scandal

  • Casey Wasserman, head of the major music/sports agency and LA28 Olympics Committee chair, is embroiled in controversy over old “pretty gross” emails to Ghislaine Maxwell and a pattern of questionable conduct (A, 30:02).
  • Immediate fallout: high-profile client Chapel Roan leaves the agency (C, 29:54).

• Potential Agency Impact

  • Belloni: Talent (musicians, agents) may leave; agents like Marty Diamond (Coldplay, Ed Sheeran) “supposedly looking for an exit” (A, 32:45).
  • “These artists do not want someone atop this company...involved in the Epstein scandal.” (A, 32:11)
  • The agency’s brand and reputation may take a significant hit, sparking a talent and agent exodus.

• Olympics Committee Consequences

  • Less likely that Wasserman loses his role on the LA28 Olympic board, which is stacked with loyalists and political heavyweights (A, 31:00).
  • “His board is 35 people...I don’t think they’re going to make a move over some Epstein optics issues.” (A, 31:00)

• Industry Power Dynamics: Talent Rules All

  • “Talent is always talent. They always rule. That’s why everyone’s crazy in Hollywood—because the talent is ultimately the arbiter of everything.” (A, 33:24)

Memorable Moments & Quotes (with Timestamps)

• On the Senate Hearing Grandstanding:
  “At one point, Ted Cruz asked Sarandos if he thought they were sitting on stolen land... The whole thing was pretty embarrassing.” (A, 01:55)

• On Talent Market Power:
  “[The] potential power to suppress wages or limit professional opportunities. It’s an antitrust harm… separate and apart from any monopoly focused concerns. That is like music to Hollywood people’s ears.” (A, quoting Mike Lee, 06:14)

• On Regulatory Reality:
  “The real question is going to be, you know, does Trump come down on it? What happens with the DOJ investigation? What happens in Europe?” (A, 14:00)

• On Disney’s Model:
  “Disney is like the one company that when they use that dreaded word flywheel, it, like, actually applies to their company.” (B, 19:18)

• On the ‘Disney Disconnect’ with Young Families:
  “It risks severing that relationship... God, if I was the CEO of Six Flags... every commercial I run would be, ‘We are the affordable theme park.’” (A, 27:13)

Important Timestamps

• Netflix Senate hearing analysis: [04:49] – [17:00]
• Antitrust nuances and impact on jobs: [06:06] – [08:30]
• Theatrical windows, filmmakers' leverage: [09:37] – [11:09]
• Paramount as alternate buyer: [14:24] – [16:34]
• Disney’s leadership and strategy: [18:58] – [26:43]
• Disney’s youth, parks, and content challenge: [24:20] – [27:13]
• Casey Wasserman scandal and industry fallout: [29:41] – [33:38]

Overall Tone

Belloni and Shaw blend deep industry knowledge with wry skepticism, cutting through political theater and corporate PR to highlight what matters to Hollywood’s power players. The discussion is fast-paced, insider-y, and rich in both detail and context for major studio decisions, regulatory risks, and institutional cultural shifts. Listeners leave with a nuanced understanding of how business, art, and politics collide behind the scenes in the world’s most influential entertainment companies.