Trump Noose Tightens on the Warners SalePlus: Penske takes Ben Shapiro’s money; Pope Leo’s list of directors
Welcome to the Jamboree, my weekly takes on the industry’s passing parade.
If there were any question that David Ellison might hedge his bets here — get a little standoffish as the Trump administration slides through its darkest tunnel to date — that was dispelled this week as he was the only Hollywood mogul of note to attend the White House state dinner for Saudi Arabia’s Crown Prince Mohammed bin Salman. Interesting, first of all, that no other studio chiefs joined for the trip, suggesting that the tide of knee-bending on the part of the Hollywood executive class may be turning? For the moment at least. (The tech czars, of course, showed up — Bezos, Musk, Tim Cook, Mark Benioff, Michael Dell, Jensen Huang, Alex Karp, remain, to all appearances, all in.)
For Ellison, at this moment, every reminder of the closeness of this relationship pays immediate dividends, as the Warner Bros. sale hangs in the balance (bids are due today). With knowledge of whom the administration favors very public, Netflix stock sank 4 percent on doubts about its ability to consummate this deal in this environment after a Morgan Stanley analyst wrote that:
Added the Wall Street Journal:
So there you have it. Trump may be reeling with hourly headlines tying him to convicted sex offender Jeffrey Epstein. However, he’s still going to be president for another three and a half years, and apparently gets to pick to whom he wants to hand this studio, like some perverse door prize. The only Hollywood mogul clan that has gone above and beyond to ensure the prizes come to them is clear.
Taking a step back, the state dinner actually had pretty strong octopus significance. Not only was Ellison there, present for his White House patron and UFC buddy, but the event was honoring MBS on the week when, despite widespread disdain for the Kingdom in Hollywood, it was reported that Saudi Arabia would be a major participant in the Warner Bros. deal. Paramount swiftly denied the Variety report about the consortium with the Saudis, as well as other Gulf States, in strong but fairly unspecific terms: “The information Variety published is categorically inaccurate. This is a confidential process, which we respect and, as such, will not be commenting until the process is over.” So, time will tell. Ellison père Oracle has extensive ties to the nation, and the company’s own website affirms:
So it was a cozy family affair on Pennsylvania Avenue, with Hollywood and the entertainment industry perhaps serving as the guests’ main course. Meanwhile…
Hero of the Week: Pope Leo
Good news, cinema fans. As we fight the lonely battle to save the big screen experience from the march of the tiny screens, we have a new soldier joining the line with us: Pope Leo XIV! The Vatican’s cultural ministry — with help from its Hollywood contacts, notably Martin Scorsese — reportedly spent three months sourcing the guest list. This is who made the cut: ... Continue reading this post for free in the Substack app
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