The Business
Lively banter about entertainment industry news and in-depth interviews with directors, producers, writers and actors, hosted by award-winning journalist Kim Masters of The Hollywood Reporter.
Most Recent Episode
Kleber Mendonça Filho on ‘The Secret Agent’ and taking a stand
This week, Kim sits down with Brazilian writer-director Kleber Mendonça Filho to discuss his Oscar-nominated political thriller The Secret Agent. A former film critic, Mendonça explains why he still reads every review of his work. He also reflects on the backlash that followed his 2016 Cannes red carpet protest against Brazil’s leadership and the fallout that complicated the Oscar hopes for Aquarius. Plus, a special guest drops in for a brief chat.
Meanwhile, in an unexpected turn of events, Netflix has dropped out of the Warner Bros. bidding war, leaving Paramount as the winner. Masters and Matt Belloni dive into the streamer’s decision to bow out, what could lie ahead for Warner Bros. and its news networks, and the legal hoops Paramount may expect with the Department of Justice.
Do you love listening to The Business? We want to hear from you! Please take a moment to share your feedback in this survey so we can make your listening experience better. Thank you!
More Episodes
Oscar-nominated cinematographer Autumn Durald Arkapaw on ‘Sinners’
This week, Kim sits down with Academy Award–nominated cinematographer Autumn Durald Arkapaw, who made history with Sinners as the first woman of color nominated for the Oscar for Best Cinematography. She discusses her work on the film and how it evolved from a scrappy 16mm concept into a full-scale IMAX spectacle at the studio’s urging. She also addresses the mounting strain on crews as production continues to leave Los Angeles, and why meaningful opportunities for women in film remain notably scarce.
Plus, Masters and Matt Belloni unpack a less than ideal week for Paramount as the company continues its effort to win over shareholders at Warner Bros, beginning with CBS pulling the plug on Stephen Colbert’s planned interview with Texas state rep James Talarico. Network lawyers cited new FCC guidance on political candidates appearing on talk shows, a move that drove Colbert to post the segment on YouTube, outside the regulator’s reach. The banter partners also examine the departure of Anderson Cooper after nearly two decades at 60 Minutes, another high-profile shift inside the David Ellison led news division.
Palme d’Or winner Jafar Panahi on ‘It Was Just an Accident’ and returning to Iran under legal threat
This week, Kim Masters sits down with Academy Award nominated Iranian filmmaker Jafar Panahi to discuss his Palme d’Or winning film It Was Just an Accident. Panahi explains why he self finances his films, bringing in partners only after he decides the work is worthy of his signature, and how he has continued to shoot in secret despite years of arrests, censorship, and government bans. He also reflects on his decision to return to Iran after the awards season, even as he faces the possibility of another prison sentence.
Plus, Masters and Matt Belloni dig into the latest twists in the Warner Bros. sale, including Paramount’s new concessions aimed at winning over regulators and shareholders. They weigh the limits of President Trump’s influence over the deal, and how a major investor group’s shifting position could reshape the bidding landscape and spark further legal battles.
Steamrollers, record breakers, and late surges: Inside the 2026 Oscar nominees
This week, Kim Masters is joined by Scott Feinberg, The Hollywood Reporter’s Executive Editor of Awards, for a deep dive into the 2026 Oscar nominees. Feinberg unpacks the debut of the new Best Casting category and explains the strategy behind Warner Bros.' support for its Best Picture frontrunners One Battle After Another and Sinners.
Plus, Masters and Matt Belloni dig into the power shifts at Disney, including Josh D’Amaro’s appointment as CEO and Dana Walden’s elevation to president and chief creative officer of The Walt Disney Company. They also unpack Netflix co-CEO Ted Sarandos’s trip to Capitol Hill for a Senate antitrust hearing, and why Paramount’s David Ellison chose to sit this one out during his own trip to Washington.
Alexandria Stapleton on chronicling the rise and reckoning of Sean Combs
This week, Kim speaks with Alexandria Stapleton, the DGA Award nominated director of Sean Combs: The Reckoning, a Netflix docuseries that examines the rise and fall of the hip hop mogul. Stapleton discusses partnering with executive producer 50 Cent, her approach to telling the story without turning it into a hit piece, and the care required when working with the alleged victims of Combs. She also explains how Netflix’s legal team vetted controversial pre arrest footage that Combs had commissioned himself.
Plus, Masters and Matt Belloni break down the final Sundance Film Festival hosted in Park City, and try to make sense of the $40 million+ Melania Trump documentary, including a reported $35 million marketing spend. The banter partners also dig into newly unsealed messages in the Blake Lively and Justin Baldoni dispute, including Ryan Reynolds’ not-so-subtle emails to Sony executives.
‘Sentimental Value’ director Joachim Trier is begging Netflix to embrace movie theaters
This week, Kim Masters sits down with writer-director Joachim Trier to discuss his Cannes Grand Prix–winning film Sentimental Value. Trier explains how he structures his financing to preserve creative control while allowing for longer shooting schedules — and still delivering returns for his investors. He also reveals why he broke his own “no-begging the talent” rule when he persuaded newly minted Golden Globe winner Stellan Skarsgård to join the project. And the filmmaker shares why Sentimental Value takes a playful jab at a certain streamer’s reluctance to embrace theatrical exhibition.
Plus, Masters and Matt Belloni take aim at the Golden Globes’ awkward corporate promos — from online betting to a tone-deaf UFC cameo. The pair then break down the latest in Paramount CEO David Ellison’s showdown with Warner Bros. as Netflix weighs an all-cash bid to cut through the drama.
Tim Blake Nelson on balancing acting, directing, writing, and his novel ‘Superhero’
Kim Masters talks with Tim Blake Nelson about his wide-ranging career in entertainment. Best known for his breakout role in O Brother, Where Art Thou?, Nelson is also a director, screenwriter, and playwright, and he’s now out with a second novel, Superhero—a black comedy about the making of a big-budget comic-book film that follows executives, cast, and crew caught in the pressure cooker of a chaotic production. He also shares his perspective on the Warner Bros. sale and explains how his fascination with the entertainment business informed the book.
Meanwhile, Warner Bros. has once again formally rejected Paramount’s latest offer, favoring a deal with Netflix. As the streamer moves closer to acquiring the legacy studio, theatrical exhibitors have taken their protest to Congress, warning the sale would have a “direct and irreversible negative impact on movie theaters around the world.” Masters and Matt Belloni break down the latest developments in the battle for Warner Bros.
Vince Gilligan wants the audience to decide what ‘Pluribus’ is about
This week, Eric Deggans speaks with Vince Gilligan about his new series, Pluribus. The creator of Breaking Bad and Better Call Saul explains how he felt being at the center of his first-ever bidding war, and how a long-standing partnership with Sony ultimately brought the project to Apple. Gilligan also reflects on why the days of writing episodic television on The X-Files shaped his love of serialized storytelling. And after years of explaining his work to fans and critics alike, Gilligan shares why he’s learning to let audiences decide what his shows mean for themselves.
Plus, with the Academy set to bring the Oscars to YouTube in 2029, Hollywood’s biggest night is moving to a very different kind of stage. Kim Masters and Matt Belloni unpack why the Academy made the deal—and what it reveals about how the industry is rethinking where, and how, audiences show up.
Everything you need to know about the Warner Bros. sale (so far)
With Netflix’s bombshell move to acquire Warner Bros. still reverberating through the town, Paramount has gone fully hostile–bypassing Warner leadership and taking its case straight to shareholders. Matt Belloni and Lucas Shaw break down the latest maneuvering in a saga that seems to sprout new twists by the day.
Also, with Kim Masters sidelined by a bug this week, Belloni presents a few bonus stories from Masters's recent conversations: Wake Up Dead Man writer-director Rian Johnson and producer Ram Bergman talk about the green room they devised for the first Knives Out–a space that became so essential to the ensemble’s chemistry that trailers sat mostly empty. And Stranger Things executive producer Shawn Levy explains why, despite the runaway success of Deadpool & Wolverine, he’s not sprinting toward a sequel just yet.
Digging into ‘Wake Up Dead Man’ with Rian Johnson and Ram Bergman
This week, Kim Masters talks to writer-director Rian Johnson and producer Ram Bergman about their latest Knives Out installment, Wake Up Dead Man. Johnson opens up about leaning on his producer when he panics during the writing process—and why, oddly enough, he never hit that wall on The Last Jedi. Bergman explains why he and Johnson prefer to bankroll early development themselves rather than put up with studio input. And they dive into the Netflix of it all: a global megaphone for Benoit Blanc mysteries, but not much of a run in theaters.
Plus, in a truly baffling twist, Paramount is set to distribute Rush Hour 4—with the once-canceled Brett Ratner back in the director’s chair. Even stranger, reporting from Semafor suggests President Donald Trump pushed Larry Ellison to revive the Jackie Chan–Chris Tucker franchise. Kim Masters and Matt Belloni attempt to make sense of the latest happenings at Paramount.
Shawn Levy talks ‘Stranger Things,’ ‘Star Wars,’ & studio shakeups
This week, Kim Masters talks to filmmaker Shawn Levy, who takes a short break from the London shoot of his Star Wars film to talk about the final season of Stranger Things, including Netflix's surprising decision to give the finale a limited theatrical release. He also weighs in on his work from Night at The Museum through Deadpool & Wolverine, and he shares his bittersweet feelings about an industry that’s undergoing very painful contraction.
Meanwhile, the bidding war for Warner Bros. Discovery offers no especially comforting scenario: Paramount’s deep-pocketed Ellisons, a studio-and-streamer play from Netflix, or a cautious Comcast—each facing the hurdle of FCC approval. Kim Masters and Matt Belloni dive into what each bidder’s move could mean for the town.
Judd Apatow’s memoir reflects a lifetime as a ‘Comedy Nerd’
This week, Kim Masters talks to Judd Apatow about his memoir, Comedy Nerd, a scrapbook that chronicles his journey from a stand-up-obsessed kid to one of Hollywood’s most influential comedy voices. Apatow shares stories from his early days interviewing his heroes on his high school radio station, to his years as an uncredited screenwriter on the films of Adam Sandler and Jim Carrey. He also reads the infamous letter he wrote at age twelve to Steve Martin, demanding an apology after being turned down for an autograph.
Plus, Paramount has released its first earnings report under new chief David Ellison, and the message is clear: tighten up. The studio says it’s targeting $3 billion in savings by 2026 following a substantial round of layoffs. Meanwhile, Netflix is pouring serious money into video podcasts, chasing a rival’s success in the space. Kim Masters and Matt Belloni break down what’s behind the streamer’s latest splurge—and what Ellison’s belt-tightening reveals about the studio’s priorities.
‘The Alabama Solution’ filmmakers on exposing America’s prison crisis
This week, Kim Masters talks with documentarians Andrew Jarecki and Charlotte Kaufman about their film The Alabama Solution. The filmmakers reveal how an invitation from an unwitting warden to film a religious revival at an Alabama prison opened the door to their investigation. They met desperate prisoners who shared allegations of abuse and even murder. The film includes evidence that the prisoners captured on their cell phones, which were smuggled in and sold to them by prison guards.
Plus, after turning down Paramount’s latest buyout offer, Warner Bros CEO David Zaslav is teasing a Christmas announcement about the company’s future. With Comcast, Netflix, and Amazon rumored to be circling, questions over FCC approval and strategic stakes loom large. Kim Masters and Bloomberg’s Lucas Shaw break down the latest in the Warner Bros. bidding war.
Brad Falchuk on life, death, and ‘Famous Last Words’
This week, Eric Deggans talks with Brad Falchuk about his Netflix series Famous Last Words. The longtime Ryan Murphy collaborator talks about adapting a Danish format built around deeply personal conversations that air only after the guests have died. He also explains why working with streamers isn’t so different from his days in cable television, and how living with dyslexia has made him a stronger writer and creative partner.
Plus, NBCUniversal has snatched up Taylor Sheridan from Paramount, marking the latest shift in Hollywood’s talent landscape. The Yellowstone creator will start a film deal at NBCU in 2026, with his TV projects following in 2029. His departure comes as Paramount faces layoffs and budget tightening under CEO David Ellison, who has spent heavily on sports and South Park rights since acquiring the media company. Kim Masters and Matt Belloni dig into how Sheridan’s exit has amplified the growing tension between creative power and studio belt-tightening.
How would a Netflix-owned Warner Bros. operate?
Warner Bros. stock is up after CEO David Zaslav confirmed the company is on the market and open to offers. Following Netflix’s moderate Q3, dragged by an unexpected Brazilian tax hit, speculation is growing over the streamer’s possible interest in Warners. Netflix co-CEO Ted Sarandos has dismissed talk of buying legacy media networks, though the studio and streaming divisions may still be in play. Matt Belloni and Lucas Shaw break down why Netflix might consider a partial acquisition, and what it could mean for Hollywood.
Plus, Kim Masters talks to Kelly Reichardt about her new film, The Mastermind. The veteran independent filmmaker recalls launching her career by partially financing her first film on credit cards and selling it to a reluctant distributor for a dollar. She shares how Todd Haynes urged her to teach at Bard College, and the years she spent juggling full-time teaching with summer shoots before shifting to part-time. Reichardt also explains why she still insists on theatrical releases especially since she, like other filmmakers, doesn’t care for the way her films look on TV.
Aziz Ansari on turning bad luck into 'Good Fortune'
This week, Kim Masters talks to Aziz Ansari about his directorial debut, Good Fortune. After his 2022 project Being Mortal was shut down following a misconduct complaint involving star Bill Murray, Ansari regrouped. He gathered cast members Seth Rogen and Keke Palmer for a new film and added Keanu Reeves to the mix. He’s filling us in on how he overcame production delays and Reeves’ on-set injury. Plus, he addresses his controversial appearance at the Riyadh Comedy Festival.
Meanwhile, and also on the topic of accepting Saudi money, producer Erik Feig has raised roughly $1 billion for his new venture, SNK Studios — funded in part by Saudi Arabia’s crown prince Mohammed bin Salman. The move marks the latest bet on Hollywood by the kingdom and raises questions about the industry’s willingness to overlook human rights concerns in pursuit of capital. Partners in banter Kim Masters and Matt Belloni examine the ethics of doing business with regimes accused of human rights abuses.
Noam Tibon on rescuing his family from Hamas in Barry Avrich’s ‘The Road Between Us’
This week, Kim Masters speaks with The Road Between Us director Barry Avrich and retired Israeli General Noam Tibon, the latter of whom drove straight into the October 7 massacre to rescue his family. Despite the third-rail nature of anything involving Israel and Gaza, the pair hopes that the documentary can be viewed as a story about family. But politics were inescapable — the film was pulled from the Toronto Film Festival, reinstated after protests, and then greeted with protests from the other side before going on to win the festival’s People’s Choice documentary prize.
Plus, as predicted on recent episodes of The Business, Paramount has acquired The Free Press and hired founder Bari Weiss as editor-in-chief of CBS News. Partners in banter Kim Masters and Matt Belloni break down the potential impact on news coverage at the network.
A “Smashing” chat with Benny Safdie
This week, Kim Masters talks with Benny Safdie about The Smashing Machine, his first solo feature since parting ways with his longtime creative partner (and brother) Josh. He recalls the immediate spark he felt when Dwayne Johnson approached him to play UFC fighter Mark Kerr, and why the story fits his ongoing fascination with characters who don’t quite win. He also reflects on his biggest lessons gleaned while working as an actor for luminary filmmakers like Paul Thomas Anderson and Christopher Nolan.
Speaking of Anderson, the director just scored a career high opening weekend with One Battle After Another. The film has earned universal acclaim among critics and an “A” CinemaScore, but with a reported budget of $140–160 million Warner Bros. faces a steep climb to profitability. After a run of surprise hits at the studio, does One Battle After Another carry more value as an awards contender and an “auteur-friendly” statement piece for CEO David Zaslav? Kim Masters and her partner in banter Matt Belloni investigate.
Mike Figgis on chronicling the chaos of ‘Megalopolis’
This week, Kim Masters talks to director Mike Figgis about Megadoc, his fly-on-the-wall chronicle of Francis Ford Coppola's self-financed $160 million dream project, Megalopolis. Figgis captures Coppola’s battles on set, including the turmoil that followed when the director’s improvisational style collided with the art department’s meticulous planning — a story Masters covered with her former colleagues at The Hollywood Reporter. Figgis was there to immortalize it all as it unfolded.
Plus, Jimmy Kimmel’s return to late-night (in most markets) was greeted with strong ratings and warm audience reactions. But behind the scenes, the decision to put him on indefinite leave has become another headache for Bob Iger. The Disney CEO, already navigating a difficult chapter, now faces questions about whether the move could leave a lasting mark on his legacy. Kim Masters and her partner in Banter Matt Belloni weigh in on the fallout — including what it might mean for his heir-apparent Dana Walden.
How affiliate pressure and FCC rhetoric put Kimmel on ice
ABC has indefinitely suspended Jimmy Kimmel Live! following pressure from Nexstar and Sinclair, which own affiliated stations across the country. The move comes after Kimmel’s recent monologue about the assassination of Charlie Kirk prompted FCC Chairman Brendan Carr to issue a warning to Disney regarding the late-night host’s presence on ABC. What’s next for Kimmel and how has the industry responded to the suspension? Kim Masters and Matt Belloni break down the unfolding story.
Plus, we revisit Masters’s conversation with recent Emmy-winner Matt Wolf, director of Pee-wee as Himself. The HBO documentary draws from more than 40 hours of interviews with the late actor Paul Reubens, and Wolf explains how his interest in overlooked artists and forgotten stories led to his portrait of the man behind Pee-wee Herman. He also talks about the actor’s struggle with his sexuality and reveals why HBO pushed for a two-part series to tell the late actor’s story.