Could Hollywood Actually De-Monopolize?

Summary of Could Hollywood Actually De-Monopolize?

by The Ringer

34m•April 20, 2026
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Overview of Could Hollywood Actually De-Monopolize?

This episode of The Town (The Ringer) — hosted by Matt Belloni with guest Lucas Shaw (Bloomberg) — digs into two big, recent antitrust developments (the federal judge blocking Nexstar/Tegna and a jury ruling against Live Nation/Ticketmaster), and what they might mean for the proposed Paramount–Warner merger. The conversation also touches on related Hollywood culture items: CinemaCon reactions, David Ellison’s promises, and AI-generated performances (the Val Kilmer example) and how awards bodies may react.

Key topics discussed

  • Nexstar/Tegna TV-station merger: federal judge blocks the deal despite FCC waiver, citing likely harms to pay-TV consumers and local news.
  • Live Nation / Ticketmaster jury verdict: jurors found the company unlawfully maintained monopoly power (tying between ticketing and venue booking); Live Nation vows to appeal.
  • Broader antitrust landscape: growing role of state AGs and juries versus federal regulators; implications for large media mergers (notably Paramount acquiring Warner Bros. Discovery).
  • CinemaCon and industry sentiment: theater owners split; many in Hollywood oppose the Paramount–Warner deal but unified opposition is limited.
  • AI in film: AI-generated Val Kilmer performance raises questions about Academy eligibility and future rules for digitally recreated performances.
  • Lighter culture notes: Jon Favreau/Mandalorian impressions from CinemaCon, Coachella crowd behavior and phone/video culture.

Main takeaways

  • State-level enforcement and juries are asserting tangible power: recent wins by state plaintiffs/juries (vs. federal settlements or waivers) show another route to block or constrain big deals and dominant companies.
  • The Nexstar/Tegna decision relied on traditional local-TV market definitions (ownership caps, local-news impacts). The ruling may be a bellwether for future station- or local-news–centric antitrust scrutiny.
  • The Live Nation verdict is politically and symbolically significant, even if immediate consumer-price relief is uncertain:
    • Jury empathy toward consumers played a big role; Ticketmaster remains widely disliked.
    • The actual quantified overcharge per ticket was small ($1.72), but the case centered on broader conduct (tying, exclusivity, venue control).
    • Remedies (fines, structural relief, or breakup) are uncertain; appeals could delay any enforcement.
  • Paramount–Warner merger faces increased chance of state-led challenges but will likely require bipartisan political concern and broader industry alignment (theater chains, unions, agencies) to stop it.
  • AI-generated performances (e.g., Val Kilmer recreation) force industry bodies to clarify eligibility and crediting rules; the Academy is expected to update rules soon, likely limiting or disallowing posthumous/fully AI-generated acting nominations.

Notable insights & quotes (paraphrased)

  • The federal government (via FCC waiver) favored the Nexstar/Tegna merger for ideological reasons (more conservative local outlets), but a judge ruled that granting a waiver selectively smells problematic and may be unlawful.
  • “Ticketmaster is the boogeyman” — public dislike of Ticketmaster/Live Nation heavily influenced jury sentiment; jury trials can be unpredictable for unpopular defendants.
  • Even if structural remedies are unlikely, high-profile legal defeats can function as a check on corporate behavior and public relations.

Details & implications

Nexstar/Tegna (TV stations)

  • What happened: Judge in California blocked proposed Nexstar–Tegna combination, which would have reached ~60% of U.S. TV households (vs. a 39% ownership cap).
  • Why it matters: Judge concluded the merger would likely raise pay-TV costs and reduce local-news diversity/quality. The FCC had granted a waiver (Brendan Carr), but the courts are skeptical of selective waivers.
  • Wider context: Raises questions about how market definitions are drawn (local TV vs. all video/online competition). Ninth Circuit appeal expected.

Live Nation / Ticketmaster

  • What happened: A federal jury found Live Nation/Ticketmaster unlawfully maintained monopoly power in primary ticketing for major venues and engaged in tying/exclusive practices.
  • Consumer impact: Jury found overcharging was modest per ticket ($1.72), but the decision targets conduct (venue exclusivity, tying) that restricts competition and access.
  • Enforcement outlook: Live Nation will appeal; remedies phase uncertain (breakup unlikely but possible; other structural or behavioral remedies could be imposed). DOJ’s prior controversial settlement and political dynamics complicated the background.
  • Practical effect: Even if long-term ticket prices might not plunge (limited supply and high demand remain primary drivers), the verdict could reduce anti-competitive practices and curb some of Live Nation’s worst behaviors.

Paramount–Warner merger (Implications)

  • The Nexstar and Live Nation results embolden state attorneys general and other plaintiffs considering challenges to large media consolidations.
  • Blocking the Paramount–Warner deal would likely require broader coalition building (bipartisan political support, theater owners, unions, agencies).
  • Industry reaction: Many in Hollywood oppose the merger, but theater owners are divided; promises from David Ellison (release windows, volume guarantees) are viewed skeptically.

AI-generated performances and awards

  • Case in point: Trailer/film using an AI recreation of a young Val Kilmer in a lead role (estate-approved).
  • Academy/Guilds: No present, clear published rule yet; predicted outcome is that wholly AI-generated performances—especially of deceased actors—will be ineligible. But nuanced decisions needed for enhancements (vocal tweaks, modest AI assistance).
  • Key considerations: crediting, transparency, and the distinction between performance recreation vs. subtle post-production enhancements.

What to watch next

  • Ninth Circuit appeal in the Nexstar–Tegna case and its market-definition reasoning.
  • Remedies phase and appeals in the Live Nation case — whether the court orders structural relief or behavioral changes.
  • Any coordinated state AG action against the Paramount–Warner merger (signs of bipartisan support will be decisive).
  • Academy and guild policy updates on AI use and eligibility (expected in the upcoming rules cycle).
  • Industry alignments at trade shows and events (CinemaCon follow-ups, theater-owner contracts, agency positions).

Actionable summary for industry watchers and consumers

  • Industry watchers: monitor state AG filings and Ninth Circuit rulings — these are where the newest antitrust momentum is forming.
  • Theater owners/unions/agents: if you oppose big mergers, strategic coordination (unified messaging, joint legal/political action) raises the chance of influence.
  • Consumers/fans: the Live Nation verdict may not instantly lower ticket prices, but it could increase competitive options and pressure on fees/venue exclusivity over time.
  • Filmmakers/estates: ensure clear contracts and credit language for any AI usage; industry rules are likely to harden soon.

Credits: guest Lucas Shaw (Bloomberg); hosts/production noted in the episode.