Live from Bloomberg Screentime 2026

EVERYBODY. TIM: IT IS SPRINGTIME HERE IN HOLLYWOOD. CELEBRITIES AND ENTREPRENEURS DEFINING THE NEXT PHASE OF POP CULTURE. CAROL: THEY WERE TALKING A LOT ABOUT YOUTUBE. YOU CAN WATCH ALL OF BLOOMBERG LIVE SCREEN TIME ON YOUTUBE. YOU CAN FIND AT MULTIPLE DIFFERENT PLACES. IT IS THE SAME AS THIS BROADCAST. WE ARE ON TV, RADIO, YOUTUBE, BLOOMBERG ORIGINALS. CONTENT IS KIND OF EVERYWHERE, AND THAT IS A LOT OF WHAT THIS IS ABOUT. NOT ONLY WHERE IT IS BEING DISTRIBUTED, BUT IT IS COMING FROM EVERYWHERE. TIM: THIS IS OUR FOURTH YEAR BEING LIVE AT SPRINGTIME -- AT SCREEN TIME. IT IS FAIR TO SAY WE HAVE THE SCOPE -- COVER DISRUPTION EVERY YEAR. THIS YEAR, TECHNOLOGY AND AI IN PARTICULAR LOOMS LARGE. I WOULD SAY THERE IS THIS EXISTENTIAL THREAT HANGING OVER THE INDUSTRY, WHICH IS WHAT DOES AI DO TO US. CAROL: PRODUCERS, ACTORS, EVERYBODY INVOLVED, IT IS A BIG QUESTION. COMING UP OVER THE NEXT FEW HOURS AND THIS HOUR IN PARTICULAR, WE ARE GOING TO HEAR FROM DARREN WALKER ABOUT HOW STORYTELLING CAN RESHAPE SOCIETY. THEY ARE GOING TO TALK ABOUT ANONYMOUS CONTENT, THE FILM PRODUCTION COMPANY THAT IS BEING FUNDED BY LORRAINE POWELL JOBS, ONE OF THE WEALTHIEST INDIVIDUALS IN THE WORLD. AND DARREN WALKER WAS FORMER PRESIDENT OF THE FORD FOUNDATION. HE KIND OF HEADED TO HOLLYWOOD. WE ARE GOING TO TALK TO HIM. THEY HAVE HAD A BUSY FALL. A LOT OF THINGS ON THEIR SLATE BEING RELEASED. A LOT TO GET TO. TIM: LOOKING FORWARD TO THAT INTERVIEW IN A FEW MINUTES. AND WE WILL BE SPEAKING TO AN ENTREPRENEUR ON TURNING CULTURAL RELEVANCE INTO A BUSINESS. CAROL: ARE YOU ALLOWED TO EVEN BE PART OF THAT CONVERSATION? IT IS FOR WOMEN. TIM: CAN I BE IN THE CONVERSATION? WITH PERMISSION, I GUESS. CAROL: YES, YES, YES. LET'S HEAD BACK TO NEW YORK CITY, A CHECK ON WHAT IS HAPPENING IN THE MARKETS WITH CHARLIE PELLETT. CHARLIE: TIM MENTIONED TECHNOLOGY AND AI, AND I WANT TO BEGIN AND BRING THAT BACK TO WALL STREET. DEVELOPING STORY ON BLOOMBERG. SOURCES TELL US ANTHROPIC IS SEEKING TO GO PUBLIC AS SOON A THE MIDDLE OF NOVEMBER. THE FIRM BEHIND CLAUDE COULD START FORMAL MARKETING FOR ITS IPO AS SOON AS DECEMBER 9, PUTTING IT IN LINE TO BEGIN TRADING BEFORE THANKSGIVING. DEALMAKING TYPICALLY GRINDS TO A HALT RIGHT AROUND THE HOLIDAY. WE HAVE THE DOW LOWER. WE ARE SEEING THE S&P REBOUND, WELL OFF SESSION LOWS. NASDAQ HIGHER, UP BY UNDER 0.1 PERCENT. AN ADVANCE IN TREASURIES SPURRING A REBOUND IN STOCKS. ALSO OVERSHADOWING CONCERNS ABOUT INFLATIONARY PRESSURE STEMMING FROM ELEVATED OIL PRICES. THE TWO YEAR AT 4.79%. THE FIVE YEAR, 5.01%. THE THIRTY-YEAR NOW AT 5.61%. THE RESPITE IN THE BOND SELLING HAS SENT 10 YEAR YIELDS DOWN FROM THE HIGHEST SINCE 2002. GOAL LITTLE CHANGED. IT IS UP BY EIGHT DOLLARS. WEST TEXAS INTERMEDIATE CRUDE -- WTI IS SURGING. BRENT CRUDE UP BY 4.6 PERCENT. BROADCOM HAS AGREED TO LEND ANTHROPIC AS MUCH AS $42 BILLION TO POLICE ITS CHIPS, ACCORDING TO REUTERS. SHARES OF BROADCOM ARE TRADING LOWER BY 1.1%. MICRON TECHNOLOGY UP 1.5%. FOR ON-DEMAND NEWS 24 HOURS A DAY, SUBSCRIBE TO BLOOMBERG NEWS WHEREVER YOU GET YOUR PODCASTS. BACK WE GO TO SPRINGTIME. YOUR HOSTS CAROL MASSAR AND TIM STENOVEC. CAROL: THANK YOU SO MUCH. THIS IS BLOOMBERG SCREEN TIME. WE ARE BLOOMBERG BUSINESSWEEK DAILY OUT HERE ON THE WEST COAST. WE WANT TO -- TALK ABOUT SUPPORTS, BRIDES, TRAVEL, BRAVO. THERE IS A LOT OUT THERE. I AM SAYING "EBETCHES." I LOVE THE NAME. TIM: YOU ARE PROBABLY FAMILIAR WITH IT. IT IS SOMETHING THAT STARTED AS A VIRAL BLOG BY CHILDHOOD FRIENDS AND TURNED INTO A LEADING ENTERTAINMENT BRAND WITH A WIDE ARRAY OF CONTENT, INCLUDING BY WORKING WITH ORGANIZATIONS SUCH AS THE NFL. CAROL: IT IS ALSO ABOUT LAUGHING A LOT. BETCHES GENERATED 540 MILLION MONTHLY VIEWS, REACHING NEARLY ONE INTO WOMEN ACROSS THE UNITED STATES. LET'S GET RIGHT TO IT. THE COMPANY WAS RECENTLY BOUGHT OUT, SO IT CAUGHT THE ATTENTION OF OTHER MEDIA COMPANIES. THIS IS THE BRAND CREATED BY AND FOR WOMEN, BETCHES. >> I LOVE THE INTRO. CAROL: IT IS SUCH A GREAT STORY. TAKE US BACK THERE. THESE ARE PEOPLE YOU KNEW FROM CHILDHOOD, RIGHT? YOU ARE IN COLLEGE TOGETHER. WHAT WAS IT SPECIFICALLY THAT YOU SAW THAT SAID, WE CAN DO SOMETHING HERE? >> I HAVE KNOWN THESE TWO WOMEN SINCE I WAS 10 YEARS OLD. WE WENT TO COLLEGE TOGETHER BECAUSE WE DON'T BRANCH OUT. WE LIVED TOGETHER OUR SENIOR YEAR. IT WAS 2011. IT WAS A TIME WHEN FACEBOOK WALL TO WALLS WAS HOW WE COMMUNICATED. BUT AT THAT TIME, THERE WAS SUCH AN INTENSE CULTURE AROUND GROWS ONLINE. FOR WOMEN, IT WAS ALL ABOUT TELLING US HOW WE SHOULD BE. ONLINE, THERE WAS NOTHING FOR WOMEN TELLING US HOW WE ARE, WHAT IS REAL. THAT IS WHAT INSPIRED US. I DON'T KNOW ANY OTHER WAY TO DO IT BUT HUMOR. THAT IS HOW WE DID IT AND IT WENT VIRAL. IT WAS ANONYMOUS WHEN WE STARTED. CAROL: WHY ANONYMOUS? >> I WANTED TO GO TO MEDICAL SCHOOL. WE WERE ANONYMOUS FOR TWO YEARS. BUT WE WROTE A BOOK COMING OUT OF COLLEGE BECAUSE WE HAD THE ADVICE OF AN AGENT TO SOLIDIFY OUR IP. I HAD NO IDEA WHAT THAT WAS. I WAS A MEDIA OUTSIDER. ALL HE BELIEVED WAS IF YOU MAKE GOOD CONTENT, PEOPLE WILL COME BACK ON THEIR OWN. WHAT HAPPENED BY BEING ANONYMOUS IS THAT WOMEN SAW THEMSELVES IN IT. THEY WERE TAKING EACH OTHER ON EACH OTHER'S FACE WALLS, ACCUSING THEM OF WRITING IT, BEING, HOW DO YOU KNOW ME SO WELL? WHO IS THIS? AM I BEING PUNKED? SO WE WROTE A BOOK RIGHT AFTER COLLEGE. I DECIDED TO TAKE A YEAR OFF. MY PARENTS WERE NOT HAPPY. IT WAS A NEW YORK TIMES BESTSELLER. WE BOOTSTRAP TO THE BUSINESS AND EXITED 2023. TIM: AT WHAT POINT WHERE YOUR PARENTS OK WITH THE PATH? >> WHEN I COULD SUPPORT MYSELF. PROBABLY TWO YEARS OUT OF COLLEGE. TIM: SO IT TOOK ABOUT TWO YEARS FOR THE REVENUE. I THINK A LOT HAS CHANGED WHEN IT COMES TO MEDIA SINCE THEN. YOU TALKED ABOUT THE WORLD OF BLACKBERRY MESSENGER. THAT IS WAY BACK IN THE DAY. WE HAD GOOD TIMES. BUT WHEN YOU TALK TO SOMEBODY ABOUT THAT TODAY WHO IS UNDER THE AGE OF 35, THEY HAVE NO IDEA WHAT YOU ARE TALKING ABOUT. WHAT IS THE RIGHT WAY RIGHT NOW TO CONNECT WITH YOUR AUDIENCE? >> IT DEPENDS WHO YOUR AUDIENCE IS. I THINK THE RIGHT WAY IS KNOWING WHERE THEY ARE AND WHO ARE YOU SPEAKING TO. FOR ME, I AM SPEAKING TO YOUNG WOMEN, GEN Z, MILLENNIALS. THEY ARE ON INSTAGRAM. THEY ARE ON YOUTUBE. THEY ARE IN REAL LIFE. FOR ME, THAT IS WHAT IS REALLY IMPORTANT, IS SPEAKING TO OUR AUDIENCE. THAT IS WHY WE HAVE BEEN SO SUCCESSFUL. WE BUILT BRAND FIRST, AND THAT MEANT KEEPING OUR VOICE SO CONSISTENT THAT WOMEN CONTINUE TO SEE THEMSELVES IN OUR CONTENT. OUR CONTENT WAS SPEAKING TO WOMEN THE WAY THEY SPOKE TO EACH OTHER. THAT IS HOW WE SHOWED UP REGARDLESS OF THE PLATFORM. CAROL: I AM MOST CURIOUS ABOUT HOW STICKY. ONCE YOU GET SOMEBODY ON, DO THEY STAY? DID THEY START BRANCHING OUT TO THE DIFFERENT VERTICALS? WE ARE GOING TO TALK ABOUT THE VERTICALS YOU ARE IN, INCLUDING WHAT YOU ARE DOING WITH THE NFL AND SPORTS. HOW STICKY IS IT? >> INCREDIBLY STICKY. THE BRAND WAS NUMBER ONE. I COULD NOT AFFORD NOT TO ONLY INVEST IN THE BRAND AND THE CONTENT AND THE AUDIENCE. SO WHEN I GOT A FAN, A REAL FAN, I WANTED TO HOLD ON. EVERYTHING I WAS FOCUSED ON WAS HOW TO MAKE THEIR EXPERIENCE BETTER. IF THEY ARE GROWING UP, LET ME MAKE SOMETHING FOR THEM. AS THEY HIT DIFFERENT LIFE STAGES OR HAVE DIFFERENT INTERESTS, OR FOR NEW FANS, HOW CAN I MAKE CONTENT THAT MAKES THEM FEEL SEEN AND MAKES THEIR LIFE A LITTLE BIT LIGHTER AND HAVE A GOOD LAUGH. CAROL: DO YOU WANT TO STAY IN THAT SWEET SPOT IN TERMS OF AGE? >> I WANT TO BE THERE FOR YOUNG WOMEN. I AM GOING TO CONSIDER MYSELF YOUNG FOREVER. IT IS MILLENNIALS, GEN Z, AND GEN ALPHA. I BELIEVE WE HAVE A RESPONSIBILITY TO BE THERE. LIFE IS HARD, ESPECIALLY FOR WOMEN. I REALLY BELIEVE WE CAN BE THERE TO MAKE THINGS A LITTLE BIT LIGHTER. AND WHEN YOU KNOW HOW TO COMMUNICATE WITH HUMOR AND YOU KNOW HOW TO COMMUNICATE AUTHENTICALLY AND RELATEDLY, YOU CAN REALLY TALK ABOUT ANYTHING. TIM: YOU ARE IN IT FOR A LARGE SEGMENT. THAT IS PROBABLY 25, 30 YEARS DIFFERENCE WITH SOME OF THOSE VIEWERS, SOME MEMBERS OF YOUR AUDIENCE. I AM WONDERING, FOR GEN ALPHA, THE GENERATION THAT GREW UP PERHAPS MOST ONLINE, LIVED THROUGH COVID, AND REALLY CHALLENGING SCHOOL. WHAT IS THE RIGHT WAY TO CONNECT WITH THEM, VERSUS CONNECTING WITH PEOPLE MY AGE, ELDER MILLENNIALS? >> GEN ALPHA IS THE YOUNGEST COHORT. THEY ARE STILL YOUNG TEENAGERS. GEN Z ARE THE GENERATION THAT GREW UP THROUGH COVID IN COLLEGE. SPEAKING TO THEM IS ABOUT JUST SPEAKING AUTHENTICALLY. AND I KIND OF SEE MYSELF AS A 21-YEAR-OLD GIRL STARTING BETCHES, THE SAME WAY. I SAW EVERYTHING ELSE AS KIND OF BS. WHY IS EVERYBODY BEING CONDESCENDING AND SPEAKING TO ME LIKE I AM DUMB? WOMEN ARE SMART. YOUNG WOMEN ARE SMART. THAT IS WHAT GEN Z WANTS. THEY WANT TO BE TAKEN SERIOUSLY. I THINK THAT IS THE BEST WAY TO COMMUNICATE. CAROL: NEWS, ENTERTAINMENT, TV, MOVIES, BOOKS, SPORTS, RELATIONSHIPS, LIFESTYLE, STYLE. YOU HAVE SO MUCH OUT THERE. ARE ALL OF THEM GROWING FAST? ARE THERE CERTAIN THINGS THAT HAVE REALLY TAKEN OFF? WHAT OTHER VERTICALS ARE YOU THINKING OF ADDING? SPORTS WAS THE MOST RECENT BIG BET THAT WE MADE. I SAW A REALLY BIG OPPORTUNITY IN AN AUDIENCE THAT WAS NOT BEING SPOKEN TO. A FEW YEARS AGO, YOU JUST ALL OF A SUDDEN SAW THIS MASSIVE RISE IN WOMEN'S MEDIA TALKING ABOUT WOMEN'S SPORTS, AND I WAS LIKE, THIS IS AMAZING, BUT ARE WOMEN ONLY SUPPOSED TO WATCH WOMEN'S SPORTS? I, AS A SAD JETS FAN, DON'T ONLY LOVE WOMEN'S SPORTS. I DO LOVE WATCHING WOMEN'S GYMNASTICS. I AM OBSESSED WITH WOMEN'S HOCKEY. BUT ALSO, SADLY, I AM A JETS FAN AND I LOVE THE ISLANDERS. ACTUALLY 50% OF THE SUPER BOWL VIEWERSHIP IS WOMEN. AND NOBODY IS SPEAKING TO WOMEN AS A FAN BASE. SO BETCHES SPORTS IS SET UP TO SPEAK TO WOMEN. WOMEN WATCH SPORTS DIFFERENTLY THAN MEN DO. TIM: WHAT DOES THAT MEAN FOR THE CONTENT? IF THEY WATCH IT DIFFERENTLY, HOW DO THEY CONSUME CONTENT DIFFERENTLY? >> I THINK WE CARE ABOUT THE PLAYERS. I THINK WE CARE A LITTLE BIT MORE DEEPLY ABOUT THE STAKES OF THE GAME, THE PEOPLE BEHIND IT, THE PERSONALITIES BEHIND IT. WHEN I AM WATCHING, I AM LOOKING UP EVERYTHING POSSIBLE ABOUT THAT PERSON. WHO THEY HAVE DATED. WHY THEY ARE ON THIS TEAM. WHAT 10 TEAMS WERE THEY ON BEFORE? AND KNOWING HOW A WOMAN ENGAGES, AND REALLY UNDERSTANDING THE DEPTH OF THE STAKES, REALLY ALLOWS YOU TO ENGAGE WITH A FEMALE FAN IN A DIFFERENT WAY AND GETS THEM HOOKED RIGHT AWAY. CAROL: YOU DID A DEAL WITH THE NFL TWO YEARS AGO. DO THEY GET IT ABOUT HOW WOMEN COME UP MAYBE WHAT THEY WANT OUT OF WATCHING NFL GAMES? I GREW UP WATCHING NFL GAMES CURSING MY DAD AND MY BROTHERS. IT WAS JUST WHAT WE DID ON SUNDAYS AND ON MONDAY NIGHT FOOTBALL. BUT I AM JUST CURIOUS. HOW LUCRATIVE HAS THAT PARTNERSHIP BEEN FOR YOU? WE HAVE ABOUT A MINUTE OR SO. >> I WOULD HOPE THE NFL GETS IT BECAUSE THEY CAME TO US A MONTH AFTER WE LAUNCHED. THEY ASKED US TO SUPPORT THEM IN REACHING YOUNG WOMEN FANS. AND IT HAS BEEN AN AMAZING PARTNERSHIP. I OBVIOUSLY CANNOT SPEAK TO THE DETAILS, BUT WHAT I CAN SAY -- CAROL: WHICH YOU WOULD NOT SAY UNLESS IT WAS GOOD. TIM: VERY BRIEFLY, MORE PARTNERSHIPS TO COME? LIKE? >> THERE ARE DIFFERENT LEAGUES OUT THERE. I CANNOT SAY YET. YOU HAVE TO GO FOLLOW AT BETCHES . WE KNOW THE WOMEN'S WORLD CUP IS COMING UP. L.A. 28 IS COMING UP. WE HAVE ENDLESS AMOUNTS OF CONTENT, IP, CREATOR-LED NARRATIVES. YOU'VE JUST GOT TO KEEP WATCHING. CAROL: WHAT A COOL ENVIRONMENT. THANK YOU FOR THE TIME. THE FOUNDER AND CEO OF THE MEDIA AND ENTERTAINMENT BRAND CREATED BY AND FOR WOMEN. SHE JOINS US AT NEW YORK SCREEN TIME. TIM: COMING UP IN JUST A MINUTE, HOW ONE CANDIDATE SEES THE RELATIONSHIP BETWEEN THE CITY AND HOLLYWOOD. A MAYORAL CANDIDATE ON BLOOMBERG BUSINESSWEEK DAILY. CAROL: WE ARE WATCHING THE MARKETS. WHAT AN INTERESTING DAY. CHARLIE: IT IS 2:21 ON WALL STREET. SOURCES TELL BLOOMBERG ANTHROPIC IS SEEKING TO GO PUBLIC AS SOON THE MIDDLE OF NOVEMBER. THE FIRM COULD START MARKETING FOR ITS IPO AS SOON AS THE WEEK OF NOVEMBER 9, PUTTING IT IN LINE TO BEGIN TRADING BEFORE THANKSGIVING. WE'RE LOOKING AT A DOWN DAY FOR THE DOW. IT HAS BEEN FLUCTUATING. A GOOD DAY FOR THE S&P AND NASDAQ. THE S&P NOW UP BY 0.1%. WALL STREET SPURRING A REBOUND IN STOCKS. THE 2, 4 POINT 78%. THE FIVE YEAR, FIVE POINT 00%. THE 10 YEAR, 5.23%. GOLD AT 417 TO THE OUNCE. ON BRENT, UP 4.4%. A BARREL OF WTI UP 2.7%. CAROL AND TIM, THAT IS A BLOOMBERG BUSINESS FLASH. CAROL: ALL RIGHT, CHARLIE. THANK YOU SO MUCH. CAROL MASSAR AND TIM STENOVEC LIVE ON THE WEST COAST. WE ARE IN HOLLYWOOD. TIM: A LITTLE BIT OF A SIGNAL DELAY GETTING TO US. WE CAN HEAR YOU. WE ARE GRATEFUL. CAROL: SPEAKING OF WHAT WE ARE HEARING UP IN THE THEATER AT SCREEN TIME, WE WANT TO GET TO ONE OF THE L.A. MAYORAL CANDIDATES. SHE IS SITTING DOWN WITH OUR MANAGING EDITOR, THE NATIONAL DESK AT BLOOMBERG. LET'S LISTEN IN FOR A LITTLE BIT. >> AND FIGHT AS HARD AS I POSSIBLY CAN TO MAKE SURE THAT EVERY SINGLE ONE OF THOSE SHOOTS ARE HAPPENING IN LOS ANGELES, AND I WILL DO EVERYTHING IN MY POWER TO MAKE SURE THAT HAPPENS. ASK YOUR HUSBAND IS A WRITER, A SUCCESSFUL WRITER/PRODUCER IN HOLLYWOOD. SO YOU SEE THE INDUSTRY UP CLOSE. CAN YOU SPEAK ABOUT WHAT THE DOWNTURNS MEANT FOR YOUR NETWORK AND YOUR OWN FAMILY? >> MY HUSBAND IS A WRITER, A COMEDY WRITER. HE HAS WORKED ON WONDERFUL SHOWS -- MODERN FAMILY, 30 ROCK. A NUMBER OF SHOWS THAT I THINK A LOT OF PEOPLE IN THIS AUDIENCE PROBABLY LOVE. HE HAS HAD A VERY GOOD CAREER AND WE FEEL VERY LUCKY. BUT WE HAVE SEEN -- MY FAMILY HAS SEEN, OR FRIENDS NETWORK HAS SEEN, THAT JOBS ARE JUST FEWER. THOSE IMPACTS ARE PLAYING OUT I THINK MORE KEENLY FOR PEOPLE WHO ARE JUST STARTING OUT IN THE INDUSTRY NOW. IT IS SUCH A SHARP DIFFERENCE FROM BEFORE THE PANDEMIC AND BEFORE THE STRIKES. SUCH A SHARP DIFFERENCE IN THE NUMBER OF JOBS THAT ARE OUT THERE AND AVAILABLE. AND I THINK THE UNCERTAINTY IN THE INDUSTRY HAS DEFINITELY GROWN. AND WHAT WE HAVE SEEN IS ACTUALLY PEOPLE THAT MY HUSBAND HAS WORKED WITH, PEOPLE WHO WE CONSIDER DEAR FRIENDS, DECIDING THAT THE UNCERTAINTY IN THE INDUSTRY IS SO MUCH THAT THEY ARE EITHER LEAVING THE INDUSTRY AND GOING TO OTHER JOBS OR THEY ARE LEAVING LOS ANGELES ENTIRELY. THAT HAS BEEN REALLY PAINFUL TO WATCH PLAY OUT. MY HUSBAND IS A COMEDY WRITER. YOUR SHELF LIFE -- I THINK HE IS AWARE THAT YOU DO NOT ALWAYS WORK UNTIL RETIREMENT AGE, YOU KNOW? THERE IS KIND OF INHERENT UNCERTAINTY BUILT INTO THAT WORLD EVEN BEFORE, WHEN IT WAS A MUCH MORE ROBUST INDUSTRY. NOW I THINK FEELING THE BROADER UNCERTAINTY IN THE MARKET, IT JUST HAS BECOME A HARDER PLACE TO WORK AND A SCARIER PLACE, AND A PLACE WITH SIGNIFICANTLY LESS CERTAINTY THAN WE HAD BEFORE. >> I WANTED TO SWITCH GEARS A LITTLE BIT BECAUSE WE ARE IN THE MIDDLE OF A CAMPAIGN. FOR WEEKS TO GO. BUT MAIL-IN BALLOTS ARE GOING TO GO OUT IN THE NEXT WEEK. I THINK IT IS INTERESTING BECAUSE A LOT OF POLLS HAVE SHOWN RECENTLY, BUT ALSO THE PAST FEW MONTHS, THERE IS A HUGE CHUNK OF VOTERS WHO ARE UNDECIDED. WHAT DO YOU NEED TO DO BETWEEN NOW AND ELECTION DAY TO CONVINCE THOSE PEOPLE TO EVEN COME OUT AND VOTE? THERE ARE A LOT OF VOTERS WHO ARE UNDECIDED. BUT WHAT I AM SEEING ACROSS THE CITY AS I AM TALKING TO PEOPLE IS SUCH A DEEP DISSATISFACTION WITH THE DIRECTION OF OUR CITY RIGHT NOW. DEEP DISSATISFACTION WITH THE STATUS QUO THAT HAS LED TO A CITY THAT IS SO UNAFFORDABLE, WHERE STREET HOMELESSNESS HAS GONE UP THIS LAST YEAR DESPITE THE MAYOR SPENDING HUNDREDS OF MILLIONS OF DOLLARS ON IT. A CITY WHERE PEOPLE ARE FEELING LESS TRUST IN CITY HALL. IN MY DISTRICT, I HAVE WORKED TO GET RESULTS. WE SAW SIGNIFICANT REDUCTIONS IN HOMELESSNESS EVEN AS HOMELESSNESS ROSE CITY WIDE. FOR ME, I WANT TO SHOW PEOPLE THAT THEY CAN TRUST THE CITY AGAIN, THAT I WILL WORK AS HARD AS YOU DO. I WANT YOU TO THINK OF CITY HALL AND SOMEONE THAT IS A PARTNER TO YOU IN MAKING YOUR LIFE BETTER. THAT IS THE MESSAGE I AM GETTING OUT TO PEOPLE. PEOPLE ARE FRUSTRATED IN LOS ANGELES. TWO THIRDS OF VOTERS IN THE PRIMARY ELECTION VOTED AGAINST OUR INCUMBENT MAYOR. THAT IS A SIGN OF THE DEEP DISSATISFACTION THAT WAS HERE. WHAT I AM TRYING TO DO IS GO OUT THERE AND TELL PEOPLE I AM FRUSTRATED AND I AM HERE TO WORK AS HARD AS POSSIBLE TO MAKE THIS CITY WORK BETTER FOR YOU AND YOUR FAMILY. >> YOU HAVE BEEN ON CITY COUNCIL, SO YOU DEFINITELY SEE HOW THINGS WORK. YOU OBVIOUSLY ARE PART OF IT RIGHT NOW. ARE YOU WORRIED ABOUT, IF YOU ARE ELECTED MAYOR, HOW QUICKLY YOU CAN ACTUALLY AFFECT CHANGE -- EFFECT CHANGE? IF YOU CLEAR ENCAMPMENTS, THEY POP UP IN ANOTHER PART OF THE CITY. I JUST WONDER HOW YOU THINK ABOUT THAT, IF IT KEEPS YOU UP AT NIGHT, HOW YOU AS MAYOR WILL BE ABLE TO QUICKLY ACT ON SOME OF THE PROMISES. >> ABSOLUTELY, IT KEEPS ME UP AT NIGHT, BUT I KNOW I AM NOT GOING INTO CITY HALL BY MYSELF. WE NEED REAL TALENT. THIS MAYOR HAS NOT SURROUNDED HERSELF WITH IT IN THE GENERAL MANAGER ROLES, AND SOME OF THE PLACES IN CITY HALL THAT WE HAVE RIGHT NOW. I KNOW THAT THERE IS AN INCREDIBLE AMOUNT OF TALENT IN LOS ANGELES, AND THE PRIVATE SECTOR, AND THE NONPROFIT SECTOR, THAT HAS WORKED ON SOLVING SOME OF THE MOST CHALLENGING ISSUES THAT THIS CITY IS FACING, HAS FACED. AND I WANT TO BRING THOSE PEOPLE IN THERE WITH ME. WE ARE TALKING TO SO MANY OF THEM. AND WE NEED TO BE ABLE TO. CAROL: ALL RIGHT, EVERYBODY. YOU HAVE BEEN LISTENING TO THE THEATER HERE AT BLOOMBERG SCREEN TIME. A CONVERSATION REALLY MESHING POLITICS WITH HOLLYWOOD. THAT IS ONE OF THE L.A. MAYORAL CANDIDATES TALKING WITH SARAH MCGREGOR HERE AT BLOOMBERG NEWS. SHE IS MANAGING EDITOR OF THE NATIONAL DESK. YOU THINK ABOUT SOMEBODY RUNNING FOR THE RACE. THEY HAVE TO TALK ABOUT THE LOCAL ECONOMY. AND HOLLYWOOD IS NOT WHAT IT USED TO BE IN TERMS OF ECONOMIC ENGINE. IT IS STILL IMPORTANT, BUT IT HAS CHANGED. TIM: THE NEXT MAYOR WILL HAVE A CHALLENGE WITH THAT WHEN IT COMES TO TAX CREDITS. EXAMPLE AFTER EXAMPLE OF FILM OR REALITY TV SHOW OR SCRIPTED SERIES MOVING OUT OF L.A. AND BEING FLEXIBLE. THAT IS NOTHING NEW. BUT THERE ARE STILL PROMINENT RECENT EXAMPLES OF THAT. THE CITY AND THE STATE WANT TO DO EVERYTHING THEY CAN TO KEEP THAT HERE. IF YOU WANT TO CONTINUE WATCHING THAT CONVERSATION OR FOLLOWING THE HIGHLIGHTS, GO ON THE BLOOMBERG TERMINAL FOR OUR LIVE BLOG, OR LIVE GO ON THE TERMINAL. LIVE ON SCREEN TIME, A CANDIDATE FOR LOS ANGELES MAYOR. CAROL: WE ARE GOING TO JUMP TO THE NEXT GUEST JOINING US HERE ON SET. IT IS SOMEONE WHO HAS FOUND HIMSELF MANY TIMES IN FRONT OF THE CAMERA. BEST KNOWN FOR PLAYING MICKEY ON SHOWTIME'S SHAMELESS, MICHELANGELO ON TEENAGE NINJA TURTLES, AND VLADIMIR IN THE TWILIGHT SAGA. HE HAS BEEN ON CAMERA A LOT. TELEVISION AND FILM ACTOR. ALSO A PRODUCER AND SCREENWRITER. NOEL FISHER OF PROTOTYPE PRODUCTIONS. WELCOME. CONGRATULATIONS. IT IS NOT ALWAYS EASY HAVING A CAREER IN ACTING, IS IT? >> I STARTED WHEN I WAS 14, SO I WAS VERY EXCITED. IT HAS CHANGED A LOT SINCE I STARTED. CAROL: HOW HAS IT CHANGED? >> TECHNOLOGY CHANGED. STREAMERS CAME OUT. I GREW UP WITH HBO, RIGHT IN THE LAUNCH PHASE OF THAT. IT IS CRAZY HOW MUCH IT HAS BLOOMED, AND MORE RECENTLY THERE HAS BEEN A LITTLE BIT OF A CONTRACTION. THERE IS A LOT OF NEW TECH AND A LOT OF NEW WAYS TO WATCH THINGS. TIM: I DON'T THINK PEOPLE REALIZE WHEN THEY SEE YOU ON SCREEN OR SEE ANYONE ELSE IN YOUR POSITION ON SCREEN HOW MANY TIMES YOU HEARD KNOW BEFORE YOU HEARD YES. >> THERE IS A SAYING THAT YOU NEED TO HAVE THICK SKIN AND YOU GET USED TO KNOW, BUT THAT IS KIND OF -- TIM: DO YOU GET USED TO KNOW? >> YOU HAVE TO. IF YOU DON'T, YOU GO CRAZY. TIM: IS IT CRAZIER NOW? IT USED TO BE YOU WOULD GO AN ADDITION IN FRONT OF SOMEBODY, AND NOW YOU ARE SITTING IN YOUR LIVING ROOM WITH LIKE A TRIPOD AND YOUR IPHONE, TALKING TO NOBODY. >> I AM LUCKY. MY WIFE IS AN ACTOR. WE GET TO DO THAT TOGETHER. THAT IS INCREDIBLY FORTUNATE. BECAUSE THAT IS JUST A SOURCE OF INCREDIBLE HELP FOR ME. I DO MISS GOING INTO ROOMS. TIM: IS ANYONE GOING INTO ROOMS ANYMORE? >> RARELY. YOU DO WHEN YOU ARE FURTHER ALONG. MY OPINION IS I SEE BOTH SIDES OF IT. IT HAS REALLY DEMOCRATIZED ACCESS. CAROL: THAT IS WHAT I WAS THINKING. DOESN'T IT GIVE YOU AN OPPORTUNITY TO GO AFTER MORE THINGS? >> IT CAN. I GREW UP IN CANADA. I AM FROM VANCOUVER, CANADA. AND I GREW UP WORKING IN THIS INDUSTRY. THERE WAS A RELATIVELY SMALL POOL OF COMPETITORS I WOULD GO UP AGAINST IN AUDITIONS AND WE KIND OF KNEW EACH OTHER. IT WAS MORE OR LESS A LITTLE COMMUNITY. CAROL: IN THE TRENCHES TOGETHER. >> ONE OF THE THINGS I LOVE THE LOT WAS THAT I GOT TO WORK A LOT IN VANCOUVER BECAUSE THE COMMUNITY WAS SMALLER AND THERE WAS WORK. THAT WAS GREAT AS AN EDUCATION GROWING UP. NOW, ANY CASTING DIRECTOR COULD BE SEEING SOMEONE IN AUSTRALIA. IT IS A GLOBAL COMPETITION AT THIS POINT. SO THAT IS A REALLY DIFFERENT SCENARIO. CAROL: I WANT TO ASK YOU HOW YOU THINK ABOUT AI IN THIS BUSINESS. HAS IT IMPACTED YOU AT ALL? >> I DON'T KNOW. IT IS KIND OF IMPACTING EVERYBODY. IT IS LIKE A MYSTERY BLACK BOX THAT IS SCARY FROM THE OUTSIDE. ONE OF THE THINGS I APPRECIATE ABOUT BEING HERE IS HEARING PEOPLE WHO ARE MUCH DEEPER INTO WHAT THEY KNOW ABOUT IT. BEN AFFLECK IS INCREDIBLE. CAROL: HE WAS INCREDIBLE LAST NIGHT. THAT WAS COMFORTING TO ME, JUST TO HEAR A DIFFERENT ANGLE ON THIS, MORE OF AN ITERATIVE PROCESS INSTEAD OF THIS CATASTROPHIC IDEA THAT IT IS GOING TO WIPE EVERYTHING OUT. CAROL: EVERYBODY SHOULD GO BACK AND LISTEN. I DO NOT THINK ANYBODY REALLY UNDERSTOOD, BUT IT SOUNDED LIKE PRODUCERS OR ACTORS OR ANYBODY WHO IS A CONTENT CREATOR -- IT BECOMES THEIR BODY OF WORK, AND THEY CAN THEN PUT THAT IN AN AI MODEL, BUT IT IS THEIRS. ASK WHICH IS I THINK THE BIGGEST ISSUE WITH THE AI MODELS, THAT IT SEEMS TO BE SOMETHING THAT YOU CANNOT HOLD ONTO YOURSELF. IT IS OUT OF YOUR CONTROL. I THINK THAT SOMEONE IS SPEARHEADING IT -- TIM: SPEAKING OF IP, EXPLAIN YOUR STRATEGY WITH PROTOTYPE PRODUCTIONS. >> PROTOTYPE PRODUCTIONS CAME TO ME A COUPLE YEARS AGO. ESSENTIALLY, FOR AS LONG AS I HAVE BEEN IN HOLLYWOOD, DEVELOPMENT HAS BEEN A SUNK COST. IT IS HARD TO HAVE AN ROI. A LOT OF PEOPLE DON'T DO IT ANYMORE, WHICH I THINK IS UNFORTUNATE AND HURTS THE OVERALL INDUSTRY. PROTOTYPE ESSENTIALLY TURNS THAT ON ITS HEAD. IT IS A WAY TO MONETIZE DEVELOPMENT BEFORE LARGE INVESTMENTS ARE MADE, SO YOU CAN FIND ORIGINAL STORIES AND FIND PROOF THAT THOSE HAVE AUDIENCES BEFORE YOU SINK A LOT OF MONEY INTO IT. ESSENTIALLY, IT IS A RISK MITIGATION STRATEGY. MY HOPE IS THAT IT ALLOWS NEW ARTISTS, NEW ORIGINAL PIECES OF IP, TO FLOURISH IN A WAY THAT IS SAFER TO GET INTO. CAROL: YOU HAVE A TON OF PROJECTS. GIVE US ONE THAT WE CAN LOOK FORWARD TO SEEING YOU IN. >> THERE IS A MOVIE THAT JUST CAME OUT CALLED CLOG THAT IS AVAILABLE FOR RENTAL RIGHT NOW. THERE IS ALSO AMC'S DARK WINDS. IT WILL BE OUT SOMETIME EARLY NEXT YEAR. MARCH, I THINK. THANKS FOR HAVING ME. CAROL: HAVE A GREAT FALL SEASON. NOAH FISHER, ACTOR AND FOUNDER OF PROTOTYPE PRODUCTIONS. TIM: WHEN WE COME BACK, ED LUDLOW IS GOING TO JOIN US. WE ARE TALKING ANTHROPIC. BIG NEWS EXPECTED WITH THE IPO. THAT IS COMING UP NEXT. ♪ CHARLIE: WE CHECK MARKETS ALL DAY LONG HERE AT BLOOMBERG. THE TRADING HALT ON MATTEL HAS BEEN LIFTED AND THE STOCK IS SOARING. MATTEL UP BY 23 .6% AFTER A WALL STREET JOURNAL REPORT SAYING THE TOY COMPANY RECENTLY ATTRACTED TAKEOVER INTEREST FROM AUTHENTIC BRAND AS A GROUP. STOCK UP AND RUNNING AFTER A TRADING HALT. MATTEL SHARES SURGING BY 22 POINT 7%. THE DOW, S&P, NASDAQ ALL ADVANCING RIGHT NOW. DOW INDUSTRIALS BACK IN THE GREEN. LITTLE CHANGED. AN ADVANCE IN TREASURIES IS BRINGING RELIEF TO WALL STREET, SPURRING THE REBOUND IN STOCKS AND OVERSHADOWING CONCERNS ABOUT INFLATIONARY PRESSURES FROM OIL. THE S&P UP BY ABOUT ZERO .3%. THE NASDAQ COMPOSITE UP 0.3 PERCENT. THE RUSSELL 2000 INDEX OF SMALL-CAP SHARES ALSO RALLYING, AND WE HAVE GOT THE TWO YEAR AT 4.78%. THE FIVE YEAR, 5.00%. THE THIRTY-YEAR YIELDING 5.60%. GOLD MEANWHILE UP $21 THE OUNCE. 4178 NOW ON THE PRECIOUS METAL. CRUDE RALLYING 3%. WEST TEXAS INTERMEDIATE CRUDE RIGHT AT $93 A BARREL. A BARREL OF BRENT UP NOW BY 4.5 PERCENT. BITCOIN JUST ABOVE $85,000. BITCOIN UP NOW BY JUST ABOUT 1.6 PERCENT. MATTEL UP BY 23%. THE TRADING HALT LIFTED. THE STOCK IS SURGING ON A WALL STREET JOURNAL REPORT THAT THE TOY COMPANY RECENTLY ATTRACTED TAKEOVER INTEREST FROM AUTHENTIC BRANDS GROUP. FOR ON DEMAND NEWS, SUBSCRIBE WHEREVER YOU GET YOUR BIKE -- OR PODCAST. CAROL AND TIM, THAT IS A BLOOMBERG BUSINESS FLASH. CAROL: THANK YOU SO MUCH. CAROL MASSAR -- CAROL MASSAR, TIM STENOVEC COME ALIVE ON THE WEST COAST. ONE OF THE THINGS WE LOVE ABOUT GOING EAST TO WEST IS CATCHING UP WITH ALL OF OUR COLLEAGUES WHO ARE BASED IN L.A. OR SAN FRANCISCO. THAT INCLUDES THE GUY SITTING NEXT TO US. TIM: WHERE IS ED LUDLOW, REALLY? HE IS ON THE ROAD A LOT. ED LUDLOW IS GOING TO BE TALKING TO STEPHEN BARTLETT LATER HERE. STEPHEN BARLOW ALSO JOINING US A LITTLE LATER ON. GOOD TO HAVE YOU HERE. THIS SCREEN TIME DOES FEEL A LITTLE BIT DIFFERENT WITH THE CONVERSATION ABOUT AI. ED: WHAT IS INTERESTING IS IF YOU GO BACK THREE YEARS, IT WAS AI -- IF YOU PUT A PROMPT IN, DO YOU GET A FEATURE FILM OUT THE OTHER SIDE OF IT? THAT WAS THE EARLY DAYS. THE CONCLUSION TODAY IS NO, THAT IS NOT HOW IT IS WORKING. BUT IN THE STUDIO CONTEXT, THEY ARE ABSOLUTELY USING AI. THERE ARE SO MANY CASE STUDIES THAT IT IS NOT DISPLACING JOBS. IT IS SHOWING UP IN POST PRODUCTION IN WHAT THEY CALL HYBRID STUDIOS. REAL HUMANS ON STAGES ARE IN THE WILD, FILMING STUFF, AND THEN BEING PUT INTO MAY BE A DIFFERENT WORLD THROUGH THE USE OF AN AI TOOL. TIM: HOW WOULD YOU EXPLAIN THE DISTINCTION BETWEEN THE CGI THAT WE GREW UP WITH VERSUS THE AI THAT IS AVAILABLE NOW? TIM -- ED: I HAVE POSE THIS QUESTION A FEW TIMES THIS MORNING AND HAVE NOT GOTTEN A GOOD ANSWER. IN SIMPLE TERMS, WE'RE STILL TALKING ABOUT GENERATIVE AI, TYPING ON THE KEYBOARD. THE AI MODEL GENERATES PIXELS. THAT IS THE BREAKTHROUGH OF THE GPU. YOU COULD STAND ON STAGE IN THESE BEAUTIFUL WORLDS AND HE WOULD SAY YOU GUYS ARE NOT GETTING THIS. THE GPU IS CREATING PIXELS. AI IS CREATING PIXELS. THERE IS A DISTINCTION. ON A TECHNICAL BASIS, RENDERING. BUT THAT IS THE ANSWER. CAROL: ON THAT POINT, IS IT JUST AN ADVANCED LEVEL OF THINGS WE HAVE BEEN USE TO COME UP MORE AND MORE TECHNOLOGY WHEN IT COMES TO FILMMAKING? ED: THERE ARE SOME CASE STUDIES. WHEN YOU TAKE A TELEVISION SERIES -- LUMA AI, THE CEO WAS ON THE SHOW THIS MORNING. YOU STILL, IN THE TELEVISION SERIES, GO BACK FOR WEEKS OR MONTHS OF SHOOTING. YOU COULD BE ON LOCATION, ON SET. THE HUMAN INVOLVEMENT IS VERY HIGH. THE REALITY OF ONE EPISODE IS IN POSTPRODUCTION, THE DIRECTOR AND THE EDITORS ARE SITTING THERE ALTERING LIKE ONE SPECIFIC CORNER OF THE SCREEN. IT REDUCES COST OF THE OVERALL PRODUCTION, IS THE MAIN ECONOMIC TAKEAWAY. I THINK IF YOU TRY TO TALK ABOUT WHAT EVERYONE IS TALKING ABOUT HERE, THEY SEE AN ECONOMIC BENEFIT. IF YOU ARE AN INVESTOR IN THE SPACE, THAT IS SOMETHING YOU WANT TO SEE. CAROL: I KEEP MENTIONING KATHLEEN KENNEDY OF LUCASFILMS MAKING THAT DECISION. THEY WERE DOING FOCUS GROUPS AND BRINGING PEOPLE TOGETHER. THERE ARE GOING TO BE SOME JOBS THAT GO AWAY, BUT THEY ARE TRYING TO FIGURE IT OUT. ED: IT IS AN INDUSTRY THAT STILL HAS LOTS OF THINGS GOING ON. THE NETFLIX CEO MADE THE POINT LAST NIGHT THAT THEY HAVE THREE RECENT PRODUCTIONS THAT WERE DONE IN L.A. AND THE AGGREGATE PRODUCTION SPEND WAS FOUR HUNDRED MILLION DOLLARS. MEDICALLY, L.A. IS NOT THE PLACE YOU ALWAYS WANT TO MAKE A FILM OR TV SERIES. RED TAPE. THE CITY MAKES IT DIFFERENT -- DIFFICULT. THERE WAS A NEJRA -- MAYORAL CANDIDATE ON THE STAGE EARLIER ABOUT TAXES. THAT HAS NOTHING TO DO WITH TECHNOLOGY. IT IS JUST BUSINESS. TIM: SORRENTO'S MADE THE POINT OF SAYING WE HAVE SHOT IN ALL 50 U.S. STATES. TIM: -- ED: IN THE LAST YEAR ALONE. TIM: CANADA IS HUGE. THE U.K. IS HUGE FOR SHOOTING. BUT IN THE CONTEXT OF SOME SORT OF FEDERAL TAX CREDIT FROM THE TRUMP ADMINISTRATION. ED: THREE YEARS AGO, WHEN THEY STARTED BLOOMBERG'S GREEN TIME, THE FANTASY WAS I HAVE A CHATBOT AND I WILL PUT A PROMPT IN AND IT WILL BE READY TO GO. CAROL: MAKE ME A FILM THAT IS A BLOCKBUSTER. EDIT: -- ED: THAT IS NOT HOW PEOPLE HAVE ENDED UP USING THE TECHNOLOGY. TIM: OPENAI SORA -- FOR PEOPLE NOT USING IT THE WAY OPENAI THOUGHT THEY WOULD? ED: OPENAI AS WELL AS FACEBOOK LABS -- THOSE ARE NOT TEXT MODELS. THEY ARE NOT LLM'S. OPENAI STILL HAS A LUMA -- HAS A MODEL. LUMA DOES RESEARCH ON FRONTIER LABS USED FOR ROBOTICS. THE REASON THEY ARE AT SCREEN TIME IS THEY HAVE AN AI AGENT, AND IF YOU ARE THE DIRECTOR OF A MOVIE AND SITTING DOWN WITH THE EDITOR TO MAKE A SCENE, THE AGENT WILL DETERMINE WHICH OF THE MODELS THAT ARE OUT THERE IS BEST. IT MIGHT SAY OPENAI'S VIDEO MODEL IS GOOD. YOUR OBJECTIVE IS TO PUT A TREE IN THE BACKGROUND THAT WASN'T THERE, OR SOMETHING LIKE THAT. IT IS JUST BASIC STUFF. CAROL: SPEAKING OF MODELS -- SO MUCH COMING OUT. WE ALWAYS WANT TO HOURS WITH YOU. ANTHROPIC SET TO TARGET ITS MAY GET IPO BEFORE THE THANKSGIVING HOLIDAY. BIG NEWS. ED: BAILEY LIPSCHULTZ HAS LED THE WAY ON THIS. IT IS HARD TO FIND OUT WHAT IS GOING ON, FOR OBVIOUS REASONS. IT LOOKS LIKE THE WEEK OF NOVEMBER 9, JUST AFTER THE MIDTERMS. AND THEN THERE IS A REALITY TO HOW LONG YOU NEED TO GET THE MARKET READY FOR AN IPO THIS COMPLEX. BUT BEFORE THANKSGIVING, THE TRADE IS POSSIBLE, BASED ON THIS REPORTING. THE VALUATION IS $1.2 TRILLION. TIM: NO QUESTION THEY ARE BEATING OPENAI. ED: IT IS A FLUID SITUATION. IT LOOKS LIKE THEY WILL GO PUBLIC BY THE END OF THE YEAR. BY THE END OF DECEMBER, THAT IS STILL WHAT THEY ARE PLANNING, BASED ON OUR REPORTING. WE HAVE BEEN SAYING SINCE THE SUMMER THAT AFTER THE SUMMER THIS WOULD FLIP PUBLIC, AND THINGS HAVE CHANGED. THE AI SAFETY DEBATE HAS BEEN AN IMPACT. IT IS COMPLEX. TIM: WHAT DOES IT MEAN FOR SAM ALTMAN OF OPENAI? ED: THE POSITION HAS BEEN STATED IN A DIFFERENT INTERVIEW THAT THEY WILL NOT IPO RIGHT NOW BECAUSE OF THE AI SAFETY ENVIRONMENT. I THINK OPENAI WAS ALREADY ON A PATH TO ACCEPTING AN IPO WOULD BE IN 2027. WHICH PART? IF YOU ARE LISTENING, I AM SHRUGGING MY SHOULDERS. FROM MY SOURCING ON THE INVESTOR SIDE, THE INVESTORS ARE VERY RELAXED ABOUT THE IDEA ANTHROPIC GOES FIRST. OPENAI INVESTORS, I MEAN. THEY WOULD BE SUPPORTIVE. IT HAPPENS WHEN IT HAPPENS. CAROL: IT IS NOT LIKE INVESTORS WILL NOT BE INTERESTED. TIM: -- ED: WHEN YOU FILE CONFIDENTIALLY, TYPICALLY THE CEO DOES NOT ANSWER WHEN THEY ARE ASKED ABOUT AN IPO. IT HAS BEEN HIGHLY IRREGULAR. CAROL: GREAT STUFF. ED IS OF COURSE THE HOST OF BLOOMBERG TECH. CATCH IT ON BLOOMBERG TELEVISION AT 11:00 A.M. WALL STREET TIME. ♪ >> THIS IS BLOOMBERG BUSINESSWEEK DAILY WITH CAROL MASSAR AND TIM STENOVEC ON BLOOMBERG RADIO AND TELEVISION. CAROL: WE ARE LIVE AT BLOOMBERG SCREEN TIME HERE IN HOLLYWOOD AND WE WANT TO TAKE YOU BACK TO THE THEATER HERE AT SCREEN TIME. WE HAVE A DISCUSSION UNDERWAY. TIM: DARREN WALKER, THE PRESIDENT AND CEO OF ANONYMOUS CONTENT -- I ALMOST SAID THE FORD FOUNDATION BECAUSE THAT IS HOW WE KNOW HIM. CAROL: HE USED TO BE. TIM: SITTING DOWN WITH THE MANAGING EDITOR OF MEDIA, ENTERTAINMENT, AND SPORTS HERE AT BLOOMBERG. >> TO DO THE FULL 360 AND PARTNER WITH NETFLIX, ULTIMATELY CREATING THIS JEWEL OF A PRODUCTION. >> YOU MENTIONED HAVING A LONG-TERM INVESTOR. DO YOU SEE YOURSELF STAYING IN THIS BUSINESS 10 YEARS, 20 YEARS, HOWEVER LONG? THERE IS NOT A RUSH TO GET A RETURN? >> THAT IS CORRECT. BUT THE COMPANY HAS TO BE SELF-SUSTAINING. WHAT WE ARE ALWAYS TALKING ABOUT IS A FLY WILL -- FLYWHEEL THAT IS HIGHLY PRODUCTIVE AND ENDS UP MAKING MONEY THAT IS CIRCULATED BACK INTO THE COMPANY. >> YOU TALKED ABOUT THE CHALLENGES OF THE FEE FOR HIGHER BUSINESS. THERE HAS BEEN A LOT OF CONSOLIDATION AMONG TALENT AGENCIES, TO THE POINT WHERE YOU HAVE THREE BIG ONES AND A HUGE DROP, AND THEN A FEW MIDSIZED ONES. THERE HAS NOT BEEN THE SAME CONSOLIDATION ON THE MANAGEMENT FRONT, ALTHOUGH THERE HAS BEEN A LOT OF DISCUSSION. YOU HAVE A LOT OF PRIVATE EQUITY MONEY IN IT. HAVE YOU TALKED ABOUT TRYING TO COMBINE ANONYMOUS WITH OTHER FIRMS? >> WE HAVE ABSOLUTELY, AS A PART OF OUR STRATEGY TO GROW. I AM NOT GOING TO COMMENT ON ANY PARTICULAR PART OF THE VERTICALS AND TARGET COMPANIES. BUT WE PLAN TO GROW. WE ARE GOING TO GROW ORGANICALLY. WE'RE PROBABLY GOING TO MAKE SOME HIRES. AND IF THERE IS A TRANSACTION THAT MAKES SENSE, WHICH IS, THESE DAYS, BECAUSE VALUATIONS ARE SO INFLATED -- HE WOULD LOOK AT THAT, ABSOLUTELY. >> IS THERE AN AREA THAT YOU ARE NOT IN RIGHT NOW THAT YOU FEEL THE BUSINESS SHOULD BE LARGER IN, WHETHER THAT IS CREATORS, PODCASTS -- THERE IS OBVIOUSLY A LOT OF VERTICALS WITH THE PEOPLE THAT ARE TRYING TO STRETCH BEYOND SPORTS AND MUSIC AS WELL. THE FILM AND TELEVISION BUSINESS HAS BEEN FAIRLY STATIC. >> ABSOLUTELY. THERE IS NO DOUBT THAT THE CONTENT CREATORS, THESE INDEPENDENT CONTENT CREATORS, FIGURING OUT HOW TO HAVE A PORTAL TO THAT COMMUNITY, THAT COMMUNITY OF WRITERS, THAT COMMUNITY OF CREATORS IN PLACES THAT WE DON'T NORMALLY GO, AND MAKING SURE WE HAVE TEAM MEMBERS WHO CAN HAVE TENTACLES IN THOSE PLACES. AND THEN LOOKING AT THINGS LIKE THEATRICAL, AND LOOKING AT DIFFERENT WAYS FOR US TO WORK -- WHEN I SAY THEATRICAL, I MEAN BROADWAY, LIVE EVENTS. CRACKS SO YOU ARE NOT GOING TO BE BUYING MOVIE THEATER CHAINS? >> NO. I MEAN BROADWAY, LIVE EVENTS. AN UNDERSTANDING THAT TODAY, AND YOUNG PEOPLE ARE RETURNING TO LIVE EVENTS, TO THEATER, BECAUSE THEY FIND COMMUNITY. AND IN SPITE OF THE FACT THAT WE CONVINCED OURSELVES THAT YOUNG PEOPLE WANT TO BE WITH THEIR EQUIPMENT, WITH THEIR PHONES, WITH THEIR COMPUTERS, THEY ACTUALLY WANT TO BE WITH OTHER HUMAN BEINGS. IT IS WHY THEY STAND IN LINE FOR HOURS UPON HOURS FOR LIVE EVENTS. THAT IS WHY STANDING IN LINE IS A WAY OF BEING IN COMMUNITY. IT ISN'T SEEN NECESSARILY AS A HASSLE TO STAND IN LINE BECAUSE YOU ARE ENGAGING WITH OTHER PEOPLE. FOR THE GENERATION OF YOUNG PEOPLE LIVED THROUGH COVID, THEY ARE DESPERATE FOR A DIFFERENT KIND OF CONNECTION TO HUMANITY. >> HE BROUGHT UP THE ATLANTIC EARLIER AND I WANTED TO ASK YOU -- THAT IS A BUSINESS THAT I THINK WHEN YOU TOOK IT OVER, IT WAS NOT IN THE BEST OF SHAPE. IT WAS A GREAT BRAND. BUT I THINK IT HAS NORTH OF A MILLION AND A HALF SUBSCRIBERS. IT IS PROFITABLE. YOU SEEM TO BE HIRING PEOPLE EVERY THREE MONTHS, AS BEST I CAN TELL. HOW HAVE YOU TURNED ATLANTIC INTO ONE OF THE FASTEST GROWING MEDIA COMPANIES AROUND RIGHT NOW? >> THE EDITOR-IN-CHIEF WAS THERE BEFORE WE INVESTED, JEFF GOLDBERG. BUT THE BUSINESS SIDE NEEDED SOME REAL ORGAN CHANGES. SO WE BROUGHT IN A NEW CEO. >> WHO WAS NOT THE MOST OBVIOUS CHOICE. HE HAD COME FROM THE EDITORIAL SIDE. >> YES, AND AT WIRED MAGAZINE, HE WAS BUSINESS AND NOT EDITORIAL. SO YES, HE WAS BOTH. IT WAS GOOD THAT HE HAD BOTH SIDES OF THE BRAIN BECAUSE HE WORKS HAND IN GLOVE WITH JEFF. BUT OUR BIG INVESTMENT WAS IN ENGINEERING. THEY HAD A VERY, VERY THIN ENGINEERING STAFF, SO THEY HAD NO SUBSCRIPTION REVENUE AT THE TIME OTHER THAN FOR THE HARDCOPY MAGAZINE. SO WE WORKED TO BUILD OUT THE PLATFORM FOR DIGITAL SUBSCRIPTIONS, AND THAT BECAME THE BIG REVENUE DRIVER. WE SAW WHAT WAS HAPPENING FROM BUSINESS AND AD REVENUE. IT WAS NOT A FREE FALL, BUT A SLOW DECLINE. IT HAS SORT OF PLATEAUED AT THIS POINT. BUT WE SAW THAT TRAJECTORY, AND WE KNEW WE NEEDED ANOTHER SOURCE, BECAUSE SUBSCRIPTIONS, LIVE EVENTS. WE BUILD UP THAT CHAIN. CAROL: THAT IS THE VOICE OF LORRAINE POWELL JOBS UP ON THE STAGE, IN THE THEATER WITH DARREN WALKER, WHO IS NOW HEAD OF ANONYMOUS CONTENT.