Media Monday: Hollywood’s Midterm Hangover & Times M&A Fantasies

Summary of Media Monday: Hollywood’s Midterm Hangover & Times M&A Fantasies

by Puck | Audacy

22m•November 9, 2026
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Overview of Media Monday: Hollywood’s Midterm Hangover & Times M&A Fantasies

This Powers That Be episode is a wide-ranging Media Monday conversation about three big themes: how TV networks handled election-night coverage, what a newly empowered Congress could do with subpoena power, and whether the New York Times could soon receive a massive payout from its AI copyright lawsuit — and how it might spend that money.

Election Night TV Coverage: CNN Still Sets the Standard

Peter Hamby and John Kelly start by comparing where they watched the election results come in and how different networks performed.

Main takeaways

  • CNN was the strongest overall election-night broadcast, especially in terms of energy, pacing, and guest booking.
  • Internet-based election coverage often beat TV on speed, with live streams and data analysts calling races earlier than the networks could.
  • Ratings shouldn’t be overread: audience habits matter as much as execution, and network performance tends to rise and fall with political winds.
  • CNN’s post-election coverage was praised for booking a broad range of guests and reporters from around the country.

Notable point

  • The hosts argue that on election night, online data hubs and live streams can sometimes give viewers better information faster than cable television.

Democratic Subpoena Power and Media/Tech Scrutiny

The conversation then shifts to the changing political landscape and what Democrats might do now that they have more power in Congress.

What they discussed

  • Democrats are expected to pursue investigations into Trump-aligned media and tech executives.
  • Examples mentioned include:
    • David Ellison / Paramount-related dealings
    • Amazon’s purchase of a Melania Trump documentary
    • Nexstar’s decision to preempt Jimmy Kimmel
    • Potential correspondence around the “60 Minutes” Kamala Harris interview
  • The hosts debate how much of this is genuine oversight versus political retaliation.

Key interpretation

  • John Kelly’s view is that many executives hugged Trump and the “pro-business” environment too openly, expecting regulatory and merger-friendly treatment.
  • He suggests that Congressional subpoenas may now be used to force disclosure of emails, texts, and other documents that could reveal behind-the-scenes coordination.
  • He also draws a line between illegal conduct and behavior that is simply ethically ugly but legally permissible.

Practical note

  • They note that congressional subpoenas are powerful but often slow and negotiable, especially in terms of whether testimony is public, private, or accompanied by documents.

The New York Times vs. OpenAI and Microsoft

The second half of the episode focuses on the New York Times’ copyright lawsuit over AI training data, which could lead to a major financial windfall.

Main points

  • The Times is seen as having a strong case after accusing OpenAI and Microsoft of using its journalism without permission.
  • A settlement could be very large, though the hosts debate the exact scale and treat the biggest estimates as speculative.
  • The Times has already spent tens of millions on litigation, so any payout would be meaningful even after legal costs.
  • The case is framed as part of a broader trend: publishers and other rights holders are pushing back against AI companies using scraped content.

Why it matters

  • The hosts see this as more than just a lawsuit — it could become a landmark precedent for the media industry.
  • If the Times wins big, other publishers may try to follow the same playbook.

What Would the New York Times Buy?

The discussion turns speculative and playful: if the Times gets a huge payout, what should it do with the money?

Suggested uses

  • Not local news, which the hosts think would be a weak return on capital.
  • Adjacencies and consumer products that expand the Times brand beyond journalism.
  • Possible targets mentioned or implied:
    • Letterboxd as a cinephile/community play
    • Other subscription-style or lifestyle businesses
    • A broader expansion into services and digital products

Broader strategic idea

  • John argues that the Times has effectively become a lifestyle and product company, not just a newspaper.
  • The company’s growth has come from:
    • Games
    • Shopping/affiliate content like Wirecutter
    • Sports and niche audience products
  • The message: a major AI settlement could fund more ambitious diversification.

Bottom Line

This episode is about power shifting across media, politics, and tech:

  • CNN still dominates traditional election-night coverage, but digital live streams are increasingly faster and smarter.
  • Democrats may now have enough power to pressure media and tech executives with real subpoenas.
  • The New York Times may be on the verge of a major AI-era legal payday, and the hosts think it could use that money to buy or build something bigger than traditional news.

Notable Quotes / Moments

  • “Lawyer up.” — a joking shorthand for the coming wave of scrutiny
  • The hosts repeatedly emphasize that there’s a big difference between what’s illegal and what’s merely ugly capitalism
  • The Times discussion ends with a tongue-in-cheek idea: buy Rockstar Games after GTA 6 launches