Podcast Summary: The Watch (The Ringer)

Episode: Why the Warner Bros. Bidding War Is Catastrophic. Plus, ‘Pluribus’ Episode 7 and the ‘Hijack,’ ‘Paradise,’ and ‘Supergirl’ Trailers.
Date: Dec 12, 2025
Hosts: Chris Ryan & Andy Greenwald

Episode Overview

Chris Ryan and Andy Greenwald break down the seismic Warner Bros.-Netflix-Paramount bidding war and its ramifications for Hollywood, TV, and the future of streaming. They also provide reactions to major TV trailers (Hijack S2, Paradise S2, Supergirl) and delve deep into the latest episode of Pluribus. A bonus lightning round touches on Landman and the new queer hockey drama Heated Rival—all with their trademark blend of pop culture insight and humor.

Key Discussion Points

1. TV Trailer Reactions

• Hijack Season 2 ([03:01])

  • Idris Elba returns in a “taking of Pelham 1,2,3” scenario, with hosts gushing about the fun, tension, and action vibes.
    • “It's basically the taking of Berlin, Pelham 1,2,3. Idris back on a mode of transportation in a shitty situation.” – Chris Ryan ([03:01])
    • Notable excitement about Toby Jones’ appearance: "That's when the beat drops." – Andy ([03:22])
  • Both joke about not remembering much about the show's plot and question whether “jumping into season 2” without knowledge would work. Their consensus: you'll be fine.

• Paradise Season 2 ([09:22])

  • Hosts recap their on-again, off-again relationship with the show, praising its insane pacing in S1 and hoping S2 leans into chaos and high-stakes, “pop song” TV.
    • “The last show that made me feel that way was the first season of Empire, where it's just like eight seasons' worth of plot before the third act started.” – Andy ([10:23])
  • Chris senses S2 is more serious, Andy wants it to stay unhinged, American Primeval style.

• Supergirl ([12:12])

  • Lukewarm reaction—neither are thrilled. Chris objects to the “lone wolf and cub” trope emerging again.
    • “You guys got to stop making lone wolf and cub. You gotta leave it alone.” – Chris ([12:38])
  • They observe the James Gunn/Guardians aesthetic (misfit families, aliens, pop songs), noting curiosity about whether that sensibility can “support an entire cinematic universe.”
    • "It felt very Guardians-y..." – Andy ([13:41])

2. Warner Bros. Bidding War

The Facts ([14:35])

• Netflix made a $72B bid to acquire most of Warner Bros Discovery (film/tv studio, HBO Max, HBO, TCM).
• Paramount responded with a “hostile takeover” bid valued at $30/share, aiming for control by buying up shares, including CNN and the linear cable channels.
• Netflix is financing its offer by taking on $59B in new debt ([17:50]).
• There's deep skepticism from politicians across the spectrum (Mike Lee and Elizabeth Warren), overt signs that regulatory and legal hurdles are significant ([17:15]).

Host Perspectives

The “Catastrophic” Context ([19:45], [20:01])

• The acquisition is a “fucking nightmare”—nobody but studio heads/owners wants this.
• The only winners are “David Zaslav and Ted Sarandos and… John Malone and anyone likely to make another fortune” ([20:01], Andy).
• Layoffs and creative contraction are inevitable, with most creative workers, consumers, and LA as a whole set to lose ([21:16]).

Negative & Semi-Positive Spins ([19:36])

• Andy’s take: Netflix winning may be “the least catastrophic option”—but that’s only because the alternatives are even worse (Ellison + foreign wealth funds = “living nightmare” and “oligarch state media”).
• Netflix’s management may have some appreciation for cultural institutions and creative stewardship, but that doesn’t inspire real hope, just dread at how much worse things could get.

Industry & Legal Impact

• The ripple effect on how we watch TV/movies: fewer buyers, more consolidation, and potentially the end of creative independence.
• Andy offers a “buying time” optimism: “Stalling to avoid catastrophe is kind of interesting.” ([24:44])
• Chris & Andy discuss how Netflix's acquisition could freeze HBO/Warner in limbo, damaging competition even if the deal doesn’t close—a “win” for Netflix by default ([25:46]).
• The central worry is that for most of America, streaming TV is already “just a tile.” The creative legacy of HBO and Warner Bros is already being diluted ([26:35]).

Creative and Labor Implications

• The merger would further offshore production, shrink LA’s industry base, and erode generations of craft knowledge ([29:10]).
  • “We're losing decades of institutional knowledge about how to make things… It's way more of a numbers game, how do we flip this and flip that…” – Chris ([29:35])
• L.A. could become the “new Detroit,” with the city “off the mat” after years of strikes, Covid, and economic blows ([30:45]).

Future of Streaming/TV Watching ([33:00])

• Netflix’s model (binge-watching, short movie windows) will likely replace HBO’s “weekly event” format.
  • “You guys want it to be one way, but it's another way. 98% of this country does not want to wait a week to watch the next episode…” – Chris ([33:17])
• The fear isn’t just less creative experimentation: it's less variety, more risk aversion, and “the majority of television is owned by three companies.” ([38:17])
• “Everything gets slightly sane-washed. Where there is no winner here other than those men that you mentioned and maybe their bottom lines. Consumer loses, creators lose, employees lose.” – Andy ([21:16])

Notable Quotes

• On consolidation:
  • “These motherfuckers keep slicing it as thin as Paul Sorvino did garlic in Goodfellas and telling us it's a full meal. This sucks.” – Andy ([21:16])
• On the end of the HBO era:
  • “It is noteworthy when the premier shit-poster in the Senate, Mike Lee, and Elizabeth Warren…are on the same page about this.” – Andy ([20:55])
• On the business model’s impact:
  • “Netflix's goal…wasn't to become the new HBO. It was to become TV: with late night shows, with sports, with a deep bench, all kinds of things.” – Andy ([37:17])

3. Pluribus Episode 7: “The Gap” ([45:52] onward)

Episode Breakdown

• Written by Jen Carroll (Vince Gilligan’s former assistant), directed by Adam Bernstein (Breaking Bad, Fargo).

• Nearly silent, beautifully cinematic two-hander split between:

  1. Carol in New Mexico, enjoying a brief spell of autonomy and luxury, then spiraling into loneliness.
  2. Minuzos, enduring a grueling trek through the Darien Gap en route from Paraguay toward the U.S.

• “This episode was mind-blowing. It’s largely silent…” – Chris ([48:02])

• Carol’s arc: from “Home Alone” freedom to longing and despair, symbolized by golf mishaps, lonely luxury, and giant painted pleas for company.

• Minuzos’s journey is depicted with near-ritualistic attention to process, danger, and moral code (he always leaves money for gas he siphons).

Themes & Reception

• The episode embodies “slow TV,” giving space for quotidian detail and meditative pacing.

  • “If you talk about the type of TV industry that we would like, there are aspects of what Vince Gilligan does that are just how it’s supposed to work.” – Andy ([47:20])

• The dramatic juxtaposition of Carol’s American comfort and Minuzos’s peril underscores both cultural and personal existential gaps.

  • “The juxtaposition…with Carol’s very American consumerist narcissism and her needs are pretty fascinating.” – Chris ([60:40])

• The journey’s ambiguity (e.g., is Minuzos waving for help or to be left alone?) deepens the emotional stakes.

  • “On a very basic level, just being like, now I care about this guy, and now I am rooting for this guy, and I need this guy to get to Carol…” – Chris ([61:37])

Notable Moments & Quotes

• On creative process:
  • ”The best parts of writers’ rooms always…are the first two to three weeks…What Pluribus does is find the space or take up the space for all those little details.” – Andy ([57:16])
• On the director:
  • ”Adam Bernstein…is married to Jessica Hecht.” – Chris ([46:38])
• On character definition without dialog:
  • “The way they're defining these characters is amazing. And with no dialogue.” – Chris ([62:45])

4. Quick Hits & Additional Segments

Landman & Heated Rival ([67:35] and [71:16])

• Landman: Sam Elliott eating a corn dog, increased scene construction, and workplace disasters—Andy finds “more pleasure watching than expecting to talk about.”
• Heated Rival: New “hot” queer hockey show; Chris finds it boundary-pushing in its sexual content, Andy not so into hockey.

Playlists, Music, and In-Jokes ([74:07])

• Andy plugs his 50 Songs of the Year playlist and discusses the “art” of curation versus Chris’s casual approach.

Notable Quotes (with Timestamps)

• On the warner merger:
  • “Nobody wants this...Consumer loses, creators lose, the employees of these companies who will face layoffs…Everybody loses except for the guys at the top. That is the economy we've inherited.” – Andy ([21:16])
• On Netflix’s TV philosophy:
  • “It’s actually 98% of this country does not want to wait a week to watch the next episode of whatever their television show is. And you guys want it to be one way, but it’s another way.” – Chris ([33:20])
• On the creative impact of mergers:
  • “It was, there was a sense that a lot of people could make money in this town…You could make a living. Everything in the country is now just so six people can double their wealth.” – Andy ([31:36])
• On the artistry of Pluribus:
  • “What Pluribus does is find the space or take up the space for all those little details so that Carol's golf breakdown, her fireworks journey, and her Gatorade thirst...[are in the show].” – Andy ([57:16])

Timestamps for Key Segments

• [03:01] – Hijack Season 2 trailer
• [09:22] – Paradise Season 2 trailer
• [12:12] – Supergirl trailer
• [14:35] – Warner Bros. merge overview (Netflix vs Paramount)
• [19:36] – Catastrophic context and host reactions
• [21:16] – Critique of consolidation & creative loss
• [29:10] – Impact on LA/beyond; industry labor worries
• [33:00] – Netflix’s binge model vs. traditional TV
• [38:17] – Fears of media monopoly
• [45:52] – Pluribus S1E7 deep dive
• [67:35] – Landman discussion
• [71:16] – Heated Rival and queer representation in TV

Tone & Style

• Informal, witty, sometimes caustic banter between deeply knowledgeable hosts.
• Sarcastic, but punctuated by earnest concern for both the culture of TV/film and the actual livelihoods affected by industry changes.

For Listeners Who Missed It

This episode is an accessible, engaging primer on both the rapidly shifting tectonics of the Hollywood business and the creative artistry that stands to be lost. Andy and Chris offer both the expert context (history, regulatory hurdles, precedent) and personal lamentation (nostalgia for LA, love for the HBO “era,” concern for workers). Their analysis of Pluribus is a masterclass in how to appreciate “slow TV,” with a focus on character, process, and transformation over time. If you care about the future of what you watch—and how you watch it—you’ll find both smart analysis and plenty to laugh at (and worry over).