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May 29, 2025
What I'm Hearing...
Hacks & House of the Dragon
Matthew Belloni Matthew Belloni
Welcome back to What I’m Hearing, and the official start of Summer Friday season. Reminder, I’ll be at the BofA Media in Montauk conference next week, then back in L.A. for a bit, then off to my secret summer hideaway bunker until after July Fourth. Still doing WIH and The Town during that time, though, so keep the tips coming… Discussed in this issue: Barry Diller, Michael Jackson, Donna Langley, David Ellison, Colman Domingo, Chris Nolan, Katie Schroeder, Shari Redstone, Ralph Macchio, Steven Spielberg, Adam Fogelson, Miles Teller, Jon Feltheimer, Jimmy Horowitz, Jordan Peele, David Geffen, and… Donald Trump Jr. Still not a Puck member? Just click here. Got a news tip or an idea for me? Just reply to this email or message me on Signal at 310-804-3198. Let’s begin…
 

Thursday Thoughts…

  • Did Barry buy himself a bestseller?: Big congrats to billionaire media mogul Barry Diller, whose Who Knew memoir debuted at No. 6 on the New York Times bestseller list for hardcover nonfiction. But… did you notice the little dagger icon below Barry’s entry? Per the Times, that’s to warn readers about suspicious “group, bulk, special interest or institutional purchases,” and Diller’s book is the only entry to carry the “dagger of death,” as it’s referred to in publishing. So unless GLAAD bought a couple hundred pallets of Who Knew to support Diller for officially coming out, or Herb Allen is planning to gift everyone and their private jet crew a copy at July’s Sun Valley conference, I’m guessing that Diller, wife Diane von Furstenberg, or one of their ultrarich friends is responsible for those bulk buys. Maybe David Geffen returned the favor for Diller referring to him as his “best friend”? (A Diller rep declined to comment.)
  • A bit more Barry…: Diller has no problem calling people amoral and ripping Donald Trump in the memoir and on his seemingly endless press tour—which is definitely fun. But honestly, buying your way on to the bestseller list is a very Trumpy thing to do, if that indeed happened. Remember, the future president bought tens of thousands of copies of The Art of the Deal back in the ’80s. And in 2019, Donald Trump Jr.’s book topped the Times list with a dagger of death because the Republican National Committee spent nearly $100,000 on copies. Reading Who Knew, I was captivated but also felt annoyed. Diller is one of the all-time great entertainment and media executives, of course. But at 83, he has this constant need to denigrate the current version of Hollywood, as if it should be judged by the same standards as when he and his swashbuckling peers were running things. Even with all his undeniable talents, Diller thrived during the heyday of the entertainment business—when Hollywood was the apex of media, and it was a lot easier to thrive. (He “invented” the TV Movie of the Week? Congrats, you put low-budget films on television when there were three channels to watch and no medium as powerful for brands to showcase their ads.) In some ways, I kinda wish Diller had been successful in his fleeting effort last year to buy Paramount, just to see if he could do anything better with it than the current executives he loves to crap all over.
A MESSAGE FROM OUR SPONSOR
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Hacks - Max
For your consideration: Sponsors include Max, presenting HACKS. Starring Jean Smart and Hannah Einbinder, the new season picks up with Deborah Vance’s late-night show finally in production—and Ava Daniels stepping in as head writer, to Deborah’s dismay. Their ever-complicated relationship is pushed to new limits as they clash over creative direction and get entangled in blackmail and betrayal. Slate says HACKS has "NEVER BEEN BETTER." Emmy-eligible for Outstanding Comedy Series and all other categories. Now streaming on Max.
  • Speaking of Paramount craziness…: Yesterday, the Journal characterized its $15 million settlement offer and Trump wanting more than $25 million as the two sides still being “far apart.” That’s true, but honestly, this is as close as they’ve come to a deal in the mediated standoff over Trump’s bogus 60 Minutes suit. Last week, per two sources familiar, Trump’s team actually demanded nearly $50 million in what was supposedly a take-it-or-leave-it situation, giving the Paramount lawyers 48 hours to respond. They went back and forth in a frenzy over the weekend, trying to settle before Trump filed his court papers today opposing Paramount’s motion to dismiss—and, hilariously, claiming the Kamala Harris interview caused him “mental anguish.” That didn’t happen, and the ultimate question now seems to be: What number will convince Trump that he has squeezed Shari Redstone sufficiently, given the settlement payoffs he’s collected from other media and tech companies since his return to office. So let’s review the Bribe-o-Meter: Amazon: $40 million (for Melania documentary) Meta: $25 million Disney: $16 million Twitter/X: $10 millionIf Trump can extract somewhere between Meta and Disney, that’s probably enough to declare victory… and pave the way for Paramount to be sold. Okay, let’s all go throw up.
  • The end of Peak TV, in chart form: Since 2023, viewers worldwide are watching fewer original shows and movies, and more stuff licensed from outside companies, per new data from Digital i. Blame the end of Peak TV, or the strikes, or the willingness of debt-laden Warner Bros. Discovery to hawk recent hits to Netflix. However, if there’s a glimmer of light, that gap has begun to close again in recent months…
  • King’s ‘Shawshank Redemption’ redemption: Stephen King’s lawyers have notified Warner Bros. that he will be terminating the copyright license for The Shawshank Redemption, one of my favorite movies. I hope this doesn’t mean he’s gonna set up a new movie or TV series elsewhere. King is pretty aggressive about terminations, Puck’s Eriq Gardner tells me, which makes sense given how robust the market continues to be for adaptations of his books.
  • Box office over/under: Sony’s I.P. barrel-scraping Karate Kid: Legends has softened in the tracking to about $25 million, per NRG. Apologies to Ralph Macchio, but I’m gonna take the under based on the huge Lilo & Stitch numbers.
Now, on to the latest M.J. biopic craziness…
The Never-Ending Michael Jackson Movie Saga

The Never-Ending Michael Jackson Movie Saga

International distribution is up in the air as Michael faces a legal setback, rewrites, and reshoots. But the real problem is that nobody seems to have any idea what the heck the movie is actually going to be, or even if it’s going to be released as a single movie at all.
Matthew Belloni Matthew Belloni
Lately, producer Graham King has been chatting with Skydance’s David Ellison about an intriguing potential opportunity—taking over international distribution of Michael. Lionsgate is handling the U.S. release of the controversial and twice-delayed Michael Jackson movie—or movies, depending on what happens during the next few weeks of a wild and fairly unprecedented scramble—while Universal is set to distribute in foreign territories, where the project will likely earn the majority of its box office. But either or both studios can opt out if Michael becomes something materially different from the $150 million musical biopic they agreed to help make and distribute. Lionsgate, freshly separated from Starz and seeking its own sale, desperately needs potential tentpoles like the M.J. movie—even with the headaches it has entailed for film chair Adam Fogelson. But Universal is substantially less thirsty, especially with a packed 2026 release slate that includes three animated franchises and big movies from Chris Nolan, Jordan Peele, and Steven Spielberg. So Team Ellison, if they gain control of Paramount—Trump-willing, of course—and if the deal terms make sense, want to put themselves in the right spot to step in for Universal. (A Skydance rep declined to comment.) And if not Paramount, maybe Warner Bros. or Amazon, which is building its international distribution group and already has a pay TV output deal with Lionsgate. And if no studio bites, Lionsgate could even distribute Michael worldwide itself, using a network similar to its foreign partners on the John Wick and Hunger Games movies.
A MESSAGE FROM OUR SPONSOR
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Why does this matter? Scheduling aside, why wouldn’t Universal want this high-profile and potentially very lucrative movie? After all, Jackson is still a massive music star overseas, and his legacy outside the U.S. is far less tarnished by the allegations of pedophilia and the court cases that dogged him during the last third of his life. But the problem—as I first mentioned back in January, when I broke the extraordinary news that the film’s entire third act had to be rewritten and re-shot due to the overlooked terms of a settlement between the Jackson estate and a child-abuse accuser—is that nobody seems to have any idea what the heck the Michael movie is actually going to be now. Certainly not Donna Langley and Jimmy Horowitz, the Universal studio chief and top dealmaker, who signed on with the understanding that this would be one movie, and it would be released in 2025. The screenplay by John Logan celebrated Jackson’s life and music, but it also addressed the allegations against him, painting a fuller picture of the star—even if, as I revealed when I read a near-final draft last year, the script went to great lengths to paint Jackson as a victim of nefarious parents willing to leverage false accusations for a payout. But now? Lionsgate C.E.O. Jon Feltheimer confirmed last week what we all knew months ago: The movie isn’t hitting its October 3 release date, which was already pushed from April due to the required reshoots. The revised third act is written, and director Antoine Fuqua has set three weeks of additional photography starting next week in and around Los Angeles. Yet the specific Jackson accuser in the original script—Jordan Chandler, whose claims of molestation at Neverland Ranch generated a massive settlement that also prevented his case from ever being dramatized in exactly the way Michael originally ended—has now been scrubbed. It’s not clear how Logan ends the movie, but Universal still has not seen the revised script and has been shown only about 20 minutes of footage. (A studio rep declined to comment, as did King’s publicist Katie Schroeder, who initially asked me for detailed questions and then disappeared.) Meanwhile, King is pushing hard to split the project into two movies. I’m told there’s about an hour and 45 minutes of performances alone starring Jaafar Jackson, Jackson’s nephew, and King thinks the footage and M.J.’s life story is sufficiently cinematic to justify a two-part big-screen, global event. King also believes that he left money on the table by not Wicked-ifying his $900 million-grossing Queen biopic, Bohemian Rhapsody, into two installments back in 2018. (That movie suffered a similarly troubled production. Remember when director Bryan Singer was fired for “erratic behavior” with only a few weeks left in production?) Plus, the Jackson estate is on the hook to cover most of the additional costs, including the shooting that would be required for a second movie, though the exact split is still up for negotiation, I’m told. The estate, an influential partner in this project (co-executor John Branca is a character in the film), originally warranted that the Logan script was legally sound—even though it most definitely was not. To that end, the Michael cast and crew, including stars Colman Domingo, Nia Long, and Miles Teller, are in talks to potentially return to L.A. for a few weeks in July to shoot additional footage that would be used in the second movie. That’s assuming Logan can finish the script by then and everyone signs off. There are currently no deals for any talent for a second movie. And King, Fuqua, and Logan have yet to present their vision of the two-film split to either Fogelson at Lionsgate or Langley at Universal. If I’m those studio execs, I’d of course be a bit nervous about the Horizon problem: namely, if the first Michael movie doesn’t work, the second becomes a total wipeout. With the estate paying for most of this, it’s almost certainly worth the risk for Fogelson. But for Langley? What’s especially dangerous here is that the first movie will be shooting its all-important new third act while its writer attempts to finish a script for a second movie that can be seamlessly blended into a coherent two-film narrative with enough big musical moments in both halves and two satisfying endings—all in the span of a tight six-to-eight-week window. Not easy. But reassembling the busy cast months later also wouldn’t be easy. Maybe the first movie ends with Jackson splitting with the Jackson 5 and his abusive father after the famous 1984 performance at Dodger Stadium. Maybe it ends with the Pepsi commercial fire that same year that led to Jackson’s lifelong struggle with painkillers. That’s all being worked out now, on the fly, with Universal waiting to hear the plan and decide thumbs up or thumbs down. If I’m betting, I’d put a little money on King getting his wish and Michael becoming two movies, and Universal eventually staying on board—with a few financial or release date concessions for its troubles. But either way, the machinations behind the scenes on this movie are fast becoming some of the most interesting in recent history.
 
See you Monday, Matt Got a question, comment, complaint, or a GoFundMe to prevent Sydney Sweeney from selling her bathwater? Email me at Matt@puck.news or call/text me at 310-804-3198.
The Town
Puck founding partner Matt Belloni takes you inside the business of Hollywood, using exclusive reporting and insight to explain the backstories on everything from Marvel movies to the streaming wars.
In the Room
Ace media reporter Dylan Byers brings readers into the C-suite as he chronicles the biggest stories in the industry: the future of cable news in the streaming era, the transformation of legacy publishers, the tech giants remaking the market, and all the egos involved.
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Wall Street’s Secret Crisis

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