How would a Netflix-owned Warner Bros. operate?

Warner Bros. stock is up after CEO David Zaslav confirmed the company is on the market and open to offers. Following Netflix’s moderate Q3, dragged by an unexpected Brazilian tax hit, speculation is growing over the streamer’s possible interest in Warners. Netflix co-CEO Ted Sarandos has dismissed talk of buying legacy media networks, though the studio and streaming divisions may still be in play. Matt Belloni and Lucas Shaw break down why Netflix might consider a partial acquisition, and what it could mean for Hollywood.

Plus, Kim Masters talks to Kelly Reichardt about her new film, The Mastermind. The veteran independent filmmaker recalls launching her career by partially financing her first film on credit cards and selling it to a reluctant distributor for a dollar. She shares how Todd Haynes urged her to teach at Bard College, and the years she spent juggling full-time teaching with summer shoots before shifting to part-time. Reichardt also explains why she still insists on theatrical releases especially since she, like other filmmakers, doesn’t care for the way her films look on TV.