Podcast Summary: "The Shameless Golden Globes, and Paramount Takes Warner Bros. to Court"
The Town with Matthew Belloni | The Ringer
January 12, 2026

Main Theme

This episode dives into the corporate spectacle and behind-the-scenes drama of the 2026 Golden Globe Awards, unmasking the business interests now shaping the ceremony. Host Matthew Belloni and guest Lucas Shaw (Bloomberg) break down the show's "shameless" corporate promotions, media consolidation, and the creeping influence of billionaires. In the second half, the discussion pivots to the escalating legal war as Paramount sues Warner Bros. Discovery over the ongoing Hollywood megamerger, examining strategic maneuvers, shareholder interests, and political interference—especially with a looming Trump administration.

Key Discussion Points and Insights

1. Golden Globes: "The Most Fun and Least Consequential" Award Show (03:23)

• Lucas Shaw’s inside view:

  • “It is the most fun and least consequential of the major award shows." (03:23)
  • The bar scene is lively and candid; attendees mingle freely except those front-and-center for the cameras.
  • Emma Stone, unbothered by decorum, enjoyed herself at the bar; Sean Penn was caught smoking, a Beverly Hills no-no.

• Atmosphere shift:

  • Parties around the Globes are relaxing compared to more "corporate" industry events, allowing actual revelry away from ever-present phones.
  • "It's so rare to see that at parties anymore because everyone's terrified of phones and it's all corporate." – Matt Belloni (04:12)

2. Top Five Corporate-Corruption Moments at the 2026 Golden Globes (04:08–15:06)

Belloni’s Satirical Rankings:

1. Polymarket Gambling Partnership (13:39)

   • Golden Globes broadcast betting odds live:
     “They were showing gambling odds during the show thanks to a paid partnership with Polymarket, encouraging people to bet... Pretty new low for an award show.” (13:39)
   • Paid partnership speculated at $20–30 million.
   • Satirically, spoils winners since favorites are even more likely to win.

2. VIP Table Maneuvering: Vivi Nero Sits Next to Zaslav (11:12–13:01)

   • The “who’s who” of moguls and financiers takes center stage.
   • Speculation over influential investor Vivi Nero's placement by Zaslav, possibly as an accommodation for Leo DiCaprio's entourage.

3. Billionaire Camera Time & Executive Cutaways (08:24–11:12)

   • David Ellison, Todd Boley, George Cheeks, and Helen Hone all shown on camera; conspicuously, Jay Penske avoids the spotlight.
   • “All of these cutaways are very deliberate.” – Matt Belloni (11:09)
   • Promoting condo developments: Jay Penske had Variety host a party supporting Todd Boley's Beverly Hills resort project, tricking stars like Sydney Sweeney into unintended endorsements.

4. Variety’s Mark Malkin as Golden Globes Announcer (07:22–08:28)

   • Inserted for corporate synergy; performance widely panned.
   • “Not his fault. It is Jay Penske's fault.” (07:59)
   • Suggestion: use podcasters or comedians for future broadcasts.

5. UFC Security Guards for CBS/Paramount Cross-Promotion (04:38–05:51)

   • Gamified stage introductions—awkwardly using UFC guards to promote network brands.
   • “You can only do that when introducing nobodies… You try that shit with Julia Roberts, her publicist is shutting that down.” (05:51)

3. Media and Industry Consolidation: Ownership Webs & Corporate Grifts (Entire First Half)

• Golden Globes are now a vehicle for billionaire owners' ventures:

  • Jay Penske now owns trade outlets (Variety, Hollywood Reporter, Deadline, IndieWire) and the award show.
  • Todd Boley uses the night to promote his Beverly Hills real estate interests.
  • Network (CBS) owner David Ellison makes a public appearance—from the company trying to buy Warner Bros. Discovery.

• Media collusion and conflicts of interest on gaudy display:

  • Deliberate boosting of internal talent and business assets through both broadcast and party circuits.
  • Stars are unwittingly converted into brand ambassadors for properties and media products.

4. Merger Melodrama: Paramount’s Bid to Acquire Warner Bros. Discovery (17:27 onward)

• Breakdown of the lawsuit:

  • Paramount, after being rebuffed by Warner Bros. Discovery’s board, resorts to litigation, aiming to force the company’s hand or sway shareholders.
  • “If you've progressed to the phase of suing someone to let you buy them, it's usually not a good sign." – Lucas Shaw (18:25)

• Economic arguments:

  • Paramount claims its $30/share offer is “superior” but won’t raise it.
  • Warner Bros. Discovery board believes the Netflix deal is less risky due to less assumed debt and simpler asset divestitures.
  • "Shareholders just want the best offer. And I think that Paramount has done an effective job of... creating a lot of uncertainty." – Lucas Shaw (20:22)

• Math, markets, and maneuvering:

  • Valuations are contentious; analysts mostly agree Netflix’s math works with cable networks at $3–$4/share.
  • Paramount seizes on Warner’s potential debt load and uncertainty about Ellison’s commitment or Middle Eastern financing.

5. The Trump Factor and Political Interference (24:22–27:13)

• Regulatory anxiety:
  • Belloni notes a perception that Netflix has DOJ support “sewn up,” tied to the presidential administration.
  • Trump administration signals possible opposition (or desire for concessions); retweets anti-Netflix commentary.
  • “Are they actually interested in blocking this, or are they just interested in some concession, pound of flesh, some payoff, whatever you want to call it? And this is all positioning for that.” – Matthew Belloni (25:18)
  • Netflix fields experts to argue for approval, but risk remains of extended regulatory wrangling.

6. New Podcast Categories and Award Show Absurdities (27:33 onward)

• Podcasts at the Globes:
  • Podcast nominees sat far from the center; clips privileged over film segments during nominations.
  • “Another tough, kind of shameless Globes ploy… showing clips of podcasts… and not clips of actual movies during those nominations.” – Craig Horlbeck (28:03)
  • Audience mixed on comedic broadcast bits (e.g., AMC podcast parody segment).

7. Industry Gambling: Award Show Prediction Markets (29:42–33:18)

• Belloni’s award betting experiment:
  • Admits to betting on favorites, feeling "inside access" offers sure bets.
  • “If you’re not going to lose, why not make a little money on it?” (32:12)
  • Guest producer Craig urges caution; the risk of a single "sure thing" loss is outsize.
  • "You're winning tiny amounts every time...all it takes is one big loss...you're in the hole." (31:36)

Notable Quotes & Memorable Moments

• On the Globes’ corporate absurdity:
  "The fact that the Golden Globes were showing gambling odds during the show thanks to a paid partnership with polymarket... pretty new low for an award show." (13:39, Belloni)

• On executive table seating:
  "Every seat in that pit area is heavily negotiated. Each star gets one guest, and...the fact that [Vivi Nero] got down there is pretty amazing." (12:18, Belloni)

• On industry consolidation:
  "They leverage the Globes and the stars to support their other businesses." (00:34, Belloni)

• On shareholder priorities:
  "The shareholders just want the money." (22:58, Shaw)

• On regulators and politics:
  "Trump likes to negotiate...he doesn't have friends. You know, he's a transactional creature." (25:57, Shaw)

• On gambling at awards:
  “If you’re not going to lose, why not make a little money on it?” (32:12, Belloni)
  "All it takes is one big loss... you're in the hole." (31:36, Craig Horlbeck)

Timestamps by Segment

• Intro & Golden Globes Biz Context: 00:00–03:06
• Insider Party & Bar Talk: 03:06–04:38
• Top Golden Globes Corporate Moments: 04:38–15:06
• Mogul Ownership & Industry Grifts: 08:24–11:12
• Executive Seating Politics: 11:12–13:01
• Polymarket Sponsorship & Gambling: 13:39–15:06
• Award Show & Corporate Ownership Analysis: 15:06–17:27
• Paramount v. WB Lawsuit Breakdown: 17:27–24:22
• Trump Administration/Regulator Uncertainty: 24:22–27:13
• Podcasts at the Globes: 27:33–28:32
• Gambling & Insider Predictions: 29:42–33:18

Final Tone

The hosts deliver an irreverent, skeptical, and often darkly comic take on Hollywood’s business machinations—equal parts amusement, exasperation, and insider snark. Belloni and Shaw pull back the curtain on an award show driven less by art than by money, influence, and never-ending M&A gamesmanship. For listeners, this is a wry, illuminating look at what Hollywood really celebrates.