We had to stop recording this one for a minute, because Matt Belloni got a text. More on that below.

Big picture: Matt is a longtime Hollywood reporter - and lawyer before that - who now has the industry's ear via his writing at Puck and his The Town podcast. I asked him to talk about what lies ahead for the Oscars, the out-of-step TV production that still has big audiences and prestige; and the current state of Hollywood, the business. Also discussed here: Awards party catering, and the most popular movie executive who isn't Bob Iger.

For the record: When we started recording this podcast, the audience for Sunday's Oscar awards had declined yet again. By the end of it, new numbers meant it was the most popular show in the last five years. Obviously we would have preferred to know that in advance.

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