Late-night changes: Colbert and broadcast economics

This week, Kim Masters is joined by Matt Belloni and Lucas Shaw for a year-end Megabanter, looking back at a messy 2025. From the devastating Los Angeles fires to the shadow cast by the Trump administration over Hollywood, the trio digs into the Skydance-Paramount deal, a surprise Warners-Netflix upset, and Disney’s move to partner with OpenAI.