Mark Halperin kicks off today’s episode with his signature reported monologue on the escalating Netflix–Paramount battle for Warner Bros. — and why it has politicians simultaneously looking for advantage and feeling increasingly uneasy. He explains why this goes well beyond a Hollywood corporate fight, with major implications for Donald Trump and for how information will reach voters in the 2026 and 2028 elections. As political advertising continues shifting to streaming, Mark breaks down how the fate of Warner’s assets could reshape the mechanics of voter outreach in the years ahead.

Mark is then joined by Wall Street Journal media and entertainment reporter Joe Flint for an inside look at the high-stakes corporate chess match surrounding Paramount, Netflix, and the hostile bid for Warner Bros. They dissect Paramount’s aggressive counterstrategy, the power players working behind the scenes, and how President Trump’s relationships and regulatory leverage could influence the outcome. They also examine the foreign-money complications that could reshape the streaming landscape, the potential long-term impact of the final deal, and more.

Finally, Washington Post columnist David Ignatius joins the show to assess America’s evolving role in Europe and the future of the war in Ukraine. Ignatius outlines why European governments fear a potential U.S. pullback, what Trump’s private messages to allies could mean for long-term security, and how Putin is gaming the next phase of the conflict. From intelligence capacity to regional deterrence, Ignatius lays out what’s at stake if the United States steps back — and why Europe may not be prepared to shoulder this on its own.

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