Paramount Settles States’ Antitrust Lawsuit. Plus, ‘Lanterns’ Episode 6.

Summary of Paramount Settles States’ Antitrust Lawsuit. Plus, ‘Lanterns’ Episode 6.

by The Ringer

1h 3m•September 21, 2026

Overview of The Watch

Chris Ryan and Andy Greenwald lead with the big Hollywood business story before turning to Episode 6 of Lanterns, “Bad Optics”. The Paramount segment is a skeptical, industry-insider take on the state AG settlement and the broader consolidation of power in entertainment, while the Lanterns discussion focuses on how the show is using time jumps, off-screen history, and character work to deepen Jon Stewart and Hal Jordan’s arcs. They also briefly cover a new HBO/Javier Bardem project and end with a quick Eagles check-in.

Paramount Settles the States’ Antitrust Lawsuit

What happened

  • Paramount reached a settlement with a coalition of state attorneys general, headed by California’s Rob Bonta, over the company’s merger/business dealings.
  • The hosts frame the reporting as another example of major entertainment news leaking in real time before an official announcement.
  • They note the deal includes all the usual industry anxieties: merger scrutiny, debt, potential layoffs, and the future shape of studio output.

Why they think it matters

  • Their main view: industry contraction is bad for workers.
    • Fewer buyers means fewer places for creators, crew, and below-the-line workers to sell their labor.
    • Consolidation often leads to pay suppression and job losses.
  • They acknowledge the opposing corporate argument:
    • The tech-bro view is that Hollywood’s old “handshake/back-end/overall deal” system was inefficient or inequitable.
  • Even so, they see the scale of debt as the real red flag:
    • Heavy borrowing tends to produce cost-cutting and redundancy-driven layoffs.
    • The Ellisons’ role and Paramount’s future are treated with caution, not optimism.

Bigger-picture takeaway

  • The hosts are wary of a media landscape where only a few giant players dominate and the regulatory system feels too weak or too political to stop it.
  • They argue that, without meaningful government oversight, disputes become a battle of rich factions rather than a process that serves the public or labor.

Other TV News: HBO’s Javier Bardem Project

The logline

  • HBO won a bidding war for a new series starring Javier Bardem, set in Miami and centered on a visionary billionaire in the financial world.
  • The show comes from the Ozark creative orbit, with Bill Dubuque and Chris Mundy connected to the project.

Their reaction

  • They note that HBO has increasingly leaned into stories about the wealthy elite:
    • Succession
    • The White Lotus
    • Big Little Lies
    • Other prestige dramas about power and money
  • Chris jokes that “visionary billionaire” is one of the least appealing phrases in art or life.
  • Andy argues that these shows can still work if they use wealth to expose something human, funny, or unsettling rather than simply glamorizing power.

Lanterns Episode 6: “Bad Optics”

Overall response

  • They both liked the episode more than some earlier installments because it feels more grounded in the story’s current moment.
  • The episode is treated as a reset/pick-up-the-pieces chapter after the bigger previous episode, while still advancing the season’s mystery and emotional stakes.
  • They praise the performances of:
    • Aaron Pierre as Jon Stewart
    • Kyle Chandler as Hal Jordan
    • Kelly Macdonald as Sheriff Kerry

What the episode does well

  • It shows a 10-year gap in Jon Stewart’s life:
    • He’s older, less rigid, and more morally complicated.
    • He’s no longer just the by-the-book military type from earlier episodes.
  • It gives Hal Jordan a more complete downfall story:
    • He’s dealing with prison time, guilt, amends, and a complicated relationship with Kerry.
  • The episode uses off-screen developments effectively:
    • Jon’s family dynamics
    • Hal’s life in Rushville
    • Prior emotional and romantic history
  • They appreciate that the show is letting certain characters breathe rather than force-feeding every plot point at once.

Key lore and plot discussion

  • They discuss how the show handles the Green Lantern ring succession and the presence of Guy Gardner.
  • Andy admits he hadn’t fully clocked that the “alt-Hal” inside the ring was the mechanism that would let Kyle Chandler remain on the show in another form.
  • They enjoy the reveal that the show is making room for the larger DCU while still telling its own story.
  • They also note:
    • The appearance of Carol Ferris
    • The mystery surrounding the Manhunters
    • The show’s continued use of jump cuts, off-screen history, and future-seeded storytelling

Critiques

  • They think the show sometimes leans too hard on:
    • Jackets as shorthand for character development
    • Constant swearing
    • Expository worldbuilding that feels laborious
  • Andy says the show may work better as a binge because of how much it’s clearly designed to pay off later.
  • Chris disagrees slightly, arguing the show should still function episode by episode, not just as a long-form puzzle box.

Themes they highlight

  • The episode is trying to balance:
    • superhero spectacle
    • class and racial perspective
    • family drama
    • DC continuity
  • They think the show is making a sincere effort to be more thoughtful than a standard franchise tie-in, even if it’s not on the level of Watchmen in terms of social commentary.

“Watch After Dark”: Eagles Talk

Quick sports check-in

  • The episode ends with a brief Eagles conversation after a tense game.
  • Chris describes the emotional experience of watching on mute and feeling the familiar dread of a late-game collapse.
  • Andy and Chris reflect on how the team’s win felt unexpected, and how Jalen Hurts’ performance changed the tone.

Friendship / ritual note

  • They close by reflecting on how many years of watching sports, talking TV, and doing podcasts together helped build the rhythm of their friendship and the show itself.