Episodes

  • Private Equity's $80 Billion Bet on Hollywood

    Private Equity's $80 Billion Bet on Hollywood
    Jan 23 2026
    Private equity's $80 billion entertainment investment wave — Apollo, Blackstone, KKR, and RedBird are deploying unprecedented capital into media and entertainment in 2026. This isn't investment—it's an acquisition strategy for distressed Hollywood assets.

    In this episode of The Option, we analyze:

    • Why private equity firms are targeting entertainment companies at collapsed valuations
    • The four reasons PE loves Hollywood: distressed pricing, library cash flows, multiple arbitrage, and regulatory arbitrage
    • Which firms are most active: Apollo, Blackstone, KKR, RedBird Capital
    • What PE ownership means for talent deals, development slates, and original content
    • The bull and bear case for financial engineering in entertainment

    Key takeaway: Private equity sees Hollywood as a distressed asset class with predictable cash flows—and they're deploying $80 billion this year to prove it.

    The Option is a daily podcast covering Hollywood business news, private equity entertainment, media M&A, and entertainment industry analysis. New episodes weekdays at 6 AM PT.

    Keywords: private equity entertainment, Apollo media investment, Blackstone Candle Media, KKR Hollywood, RedBird Capital, PE media M&A, entertainment distressed assets, Hollywood private equity 2026
    Show More Show Less
    4 mins
  • Why Morgan Stanley's James Gorman Now Runs Disney's Board

    Why Morgan Stanley's James Gorman Now Runs Disney's Board
    Jan 22 2026
    James Gorman becomes Disney Chairman — The former Morgan Stanley CEO is now the most powerful person at Disney, leading the search for Bob Iger's replacement. What does a Wall Street banker running Disney's board tell you about the company's future?

    In this episode of The Option, we explore:

    • James Gorman's Morgan Stanley playbook and what it means for Disney strategy
    • The leading CEO candidates: Josh D'Amaro (parks) vs. Dana Walden (content)
    • Why Disney's core strategic question is financial, not creative
    • What a banker-chairman signals for Disney's streaming investment and asset sales
    • Timeline for Disney's CEO announcement before D23 2026

    Key takeaway: Disney put a banker in charge of succession because the next CEO's job is finance, not storytelling.

    The Option is a daily podcast covering Hollywood business news, Disney strategy, media executive moves, and entertainment industry analysis. New episodes weekdays at 6 AM PT.

    Keywords: James Gorman Disney, Disney CEO search, Bob Iger replacement, Disney chairman, Josh D'Amaro, Dana Walden, Disney succession, Morgan Stanley Disney, Disney+ profitability
    Show More Show Less
    4 mins
  • Congress Takes Aim at Streaming Mergers

    Congress Takes Aim at Streaming Mergers
    Jan 21 2026
    House Judiciary Committee examines streaming antitrust — Congress held a hearing called "Full Stream Ahead" on January 7th to scrutinize the Netflix-WBD merger. The title was cute. The implications are worth understanding.

    In this episode of The Option, we examine:

    • What the House Judiciary Committee's "Full Stream Ahead" hearing actually accomplished
    • The three real functions of Congressional hearings on media mergers
    • Why there's no bipartisan consensus on streaming antitrust enforcement
    • How political pressure shapes DOJ and FTC regulatory priorities
    • What this means for Netflix-WBD deal timing and future streaming consolidation

    Key takeaway: Congressional hearings are theater, not law. But the theater shapes what regulators prioritize—and right now, streaming is center stage.

    The Option is a daily podcast covering Hollywood business news, media regulation, streaming antitrust, and entertainment industry analysis. New episodes weekdays at 6 AM PT.

    Keywords: streaming antitrust, Netflix WBD antitrust, House Judiciary Committee, media regulation, DOJ entertainment, FTC streaming, Congress media merger, Hollywood antitrust 2026
    Show More Show Less
    3 mins
  • Netflix Goes All-Cash for WBD

    Netflix Goes All-Cash for WBD
    Jan 20 2026
    Netflix shifts to all-cash offer for Warner Bros. Discovery — Netflix is converting its $82.7 billion WBD acquisition from cash-and-stock to pure cash consideration. This isn't simplification—it's a defensive move.

    In this episode of The Option, we analyze:

    • Why Netflix is abandoning stock consideration in the Warner Bros. Discovery deal
    • How stock price volatility affects M&A deal certainty
    • The competitive pressure from Paramount Skydance's $108 billion all-cash counter-bid
    • Netflix's balance sheet capacity and debt financing strategy
    • What all-cash deals mean for closing timelines and shareholder approval

    Key takeaway: Netflix going all-cash isn't confidence—it's urgency. They want this closed before Paramount's proxy fight gains traction.

    The Option is a daily podcast covering Hollywood business news, media M&A, streaming wars, and entertainment industry analysis. New episodes weekdays at 6 AM PT.

    Keywords: Netflix Warner Bros acquisition, Netflix WBD deal, all-cash offer, media mergers 2026, streaming consolidation, Netflix debt financing, Paramount Skydance bid, Hollywood M&A
    Show More Show Less
    4 mins
  • Paramount's Lawsuit Gets Tossed—Now What?

    Paramount's Lawsuit Gets Tossed—Now What?
    Jan 19 2026
    Paramount Skydance lawsuit dismissed — A Delaware Chancery Court judge threw out Paramount's lawsuit against Warner Bros. Discovery in just three days. But the legal battle was never the real strategy.

    In this episode of The Option, we break down:

    • Why Paramount Skydance filed suit against WBD demanding financial transparency on the Netflix acquisition
    • How Judge Morgan Zurn's dismissal ruling exposes Paramount's true M&A strategy
    • The proxy fight brewing for WBD's 2026 shareholder meeting
    • What Larry Ellison's $40 billion personal guarantee signals to institutional investors
    • How ISS and Glass Lewis proxy advisory recommendations could reshape the Netflix-WBD deal

    Key takeaway: Paramount lost the lawsuit, but they're winning the war of attrition—and that was always the point.

    The Option is a daily podcast covering Hollywood business news, media M&A, streaming economics, and entertainment industry analysis. New episodes weekdays at 6 AM PT.

    Keywords: Paramount Skydance lawsuit, Warner Bros Discovery acquisition, Netflix WBD merger, Delaware Chancery Court, media M&A 2026, Hollywood business news, proxy fight, Larry Ellison entertainment investment
    Show More Show Less
    4 mins
  • What Netflix-WBD Means for Independent Content

    What Netflix-WBD Means for Independent Content
    Jan 16 2026
    If Netflix acquires Warner Bros. Discovery, it eliminates one of the largest buyers of independent content in the industry. This is the story nobody's talking about. For independent producers, showrunners, and filmmakers, consolidation means fewer buyers, less leverage, and compressed deal terms.
    Show More Show Less
    4 mins
  • The Great Re-bundling

    The Great Re-bundling
    Jan 15 2026
    Wall Street stopped caring about subscriber counts. In 2026, the metrics that matter are ARPU—average revenue per user—and free cash flow. This is a fundamental shift in how streaming companies are valued. The subscriber growth era is over. The profit extraction era has begun.
    Show More Show Less
    3 mins
  • Paramount Skydance's Hostile Bid for WBD

    Paramount Skydance's Hostile Bid for WBD
    Jan 14 2026
    David Ellison launches a $108 billion hostile takeover bid for Warner Bros. Discovery, offering $30 per share to crash Netflix's $82.7 billion acquisition. WBD's board rejected it. Here's what's really happening: this isn't about who loves HBO more. It's about whether one company controls enough content to dictate terms to everyone else in the industry.
    Show More Show Less
    4 mins