1 00:00:00,040 --> 00:00:02,559 Speaker 1: Quite big news out of Hollywood. Netflix has walked away 2 00:00:02,560 --> 00:00:05,320 Speaker 1: from the deal trying to buy the movie studio Warner Brothers. 3 00:00:05,400 --> 00:00:07,440 Speaker 1: It says it doesn't want to match the offer that 4 00:00:07,560 --> 00:00:09,920 Speaker 1: was made by the rival, Paramount, which was up yesterday. 5 00:00:10,080 --> 00:00:14,640 Speaker 1: Joe Flynn is the Wall Street Journals media and entertainment reporter. Hi, Joe, Hi, 6 00:00:14,960 --> 00:00:17,279 Speaker 1: Can we consider that this is a done deal Paramount 7 00:00:17,320 --> 00:00:18,960 Speaker 1: will be approved by the regulators? 8 00:00:21,200 --> 00:00:25,160 Speaker 2: Well, never say never, but I believe Paramount feels they 9 00:00:25,200 --> 00:00:28,640 Speaker 2: have a much cleaner path to regulatory approval than Netflix 10 00:00:28,760 --> 00:00:32,040 Speaker 2: was going to face. So we'll find out in the 11 00:00:32,080 --> 00:00:35,120 Speaker 2: next few months how that turns out. 12 00:00:35,560 --> 00:00:39,640 Speaker 1: What does this mean for CNN, given that, I guess 13 00:00:39,680 --> 00:00:41,839 Speaker 1: we can say that Donald Trump's mates, the Allisons, will 14 00:00:41,880 --> 00:00:42,559 Speaker 1: now be running it. 15 00:00:44,520 --> 00:00:48,120 Speaker 2: Well, I just hung up with a friend at CNN 16 00:00:48,320 --> 00:00:51,440 Speaker 2: just before this call, and I can say that they 17 00:00:51,479 --> 00:00:54,880 Speaker 2: are concerned there. They would be concerned under any circumstance, 18 00:00:54,920 --> 00:00:58,280 Speaker 2: of course, of having new ownership. But there is a 19 00:00:58,280 --> 00:01:02,760 Speaker 2: lot of concern about a CBS News and CNN and 20 00:01:03,040 --> 00:01:07,880 Speaker 2: concern about, as you mentioned before, worries that CBS is 21 00:01:08,760 --> 00:01:11,680 Speaker 2: trying to cozy up too much to the Trump administration. 22 00:01:11,920 --> 00:01:14,880 Speaker 2: CBS would deny this, of course, So I'm only talking 23 00:01:14,920 --> 00:01:19,800 Speaker 2: about perception and what people inside media circles are saying. 24 00:01:19,880 --> 00:01:23,280 Speaker 2: But there's concern about that. But there's also just general 25 00:01:23,319 --> 00:01:27,240 Speaker 2: worries about job cuts. Paramount is taking on a tremendous 26 00:01:27,240 --> 00:01:30,160 Speaker 2: amount of debt to do this deal. They've already talked 27 00:01:30,200 --> 00:01:35,000 Speaker 2: about six billion dollars in synergies with Warner Brothers, which 28 00:01:35,000 --> 00:01:38,440 Speaker 2: is kind of a code word for duplicative jobs and 29 00:01:38,560 --> 00:01:41,560 Speaker 2: savings that they'll be able to make. So yeah, I 30 00:01:41,600 --> 00:01:44,240 Speaker 2: think at CNN, I'm sure they're all worried about, Okay, 31 00:01:44,319 --> 00:01:47,400 Speaker 2: where's the overlaps greatest with CBS and who are they 32 00:01:47,480 --> 00:01:48,640 Speaker 2: likely to let go. 33 00:01:49,320 --> 00:01:51,320 Speaker 1: I've heard some say that what's going to happen here 34 00:01:51,320 --> 00:01:54,680 Speaker 1: from a movie's perspective or content and entertainment content perspective, 35 00:01:54,720 --> 00:01:56,800 Speaker 1: is that Paramount will use the extra muscle that they 36 00:01:56,800 --> 00:01:59,440 Speaker 1: get from Warner Brothers to be able to create even 37 00:01:59,440 --> 00:02:02,960 Speaker 1: more concerns of friendly shows like Yellow Yellowstone trying to 38 00:02:03,040 --> 00:02:06,360 Speaker 1: kind of make conservatism cool again. Is this reality or 39 00:02:06,400 --> 00:02:07,600 Speaker 1: is this just a wacky theory? 40 00:02:10,360 --> 00:02:14,600 Speaker 2: Well, I think ultimately Hollywood still is ruled by what 41 00:02:14,639 --> 00:02:17,359 Speaker 2: people want to go see in the theater or what 42 00:02:17,400 --> 00:02:22,000 Speaker 2: they will watch on their television so well. Certainly, I 43 00:02:22,000 --> 00:02:26,880 Speaker 2: think the success of shows like Yellowstone, like Landman, those 44 00:02:26,919 --> 00:02:30,359 Speaker 2: tailor shared and dramas showed that there's an audience out 45 00:02:30,360 --> 00:02:35,400 Speaker 2: there that may feel underserved. I don't necessarily think that 46 00:02:35,480 --> 00:02:40,079 Speaker 2: means everything Paramount does going forward will be of that 47 00:02:40,200 --> 00:02:45,160 Speaker 2: same style or aimed at a conservative voice. I do 48 00:02:45,240 --> 00:02:47,320 Speaker 2: think that it's fair to say that a lot of 49 00:02:47,320 --> 00:02:50,799 Speaker 2: Hollywood programming kind of programs to their own audience in 50 00:02:50,840 --> 00:02:53,960 Speaker 2: their own backyard big cities Los Angeles and New York, 51 00:02:54,000 --> 00:02:57,120 Speaker 2: and that there's an overlooked audience there that is also 52 00:02:57,240 --> 00:03:00,760 Speaker 2: leaving money on the table. So I don't necessarily trying 53 00:03:00,760 --> 00:03:03,640 Speaker 2: to reach a bigger audience a bad thing. I think 54 00:03:03,840 --> 00:03:06,280 Speaker 2: it's just being careful on how you do it and 55 00:03:06,320 --> 00:03:09,959 Speaker 2: whether it becomes part of a broader political agenda. 56 00:03:10,320 --> 00:03:12,119 Speaker 1: Joe, thank you. It's always great to talk to you, mate, 57 00:03:12,320 --> 00:03:15,320 Speaker 1: Joe Flint, Wall Street Journal, Media and entertainment reporter. 58 00:03:16,160 --> 00:03:19,320 Speaker 2: For more from Hither Duplessy Allen Drive, listen live to 59 00:03:19,440 --> 00:03:19,960 Speaker 2: news talks. 60 00:03:20,000 --> 00:03:23,200 Speaker 1: It'd be from four pm weekdays, or follow the podcast 61 00:03:23,280 --> 00:03:24,280 Speaker 1: on iHeartRadio.