Welcome back to What I’m Hearing, hope you had a great long weekend in Malibu, or Montauk, or Venice, or Telluride, or the Creative Arts Emmys, or even at Burning Man. I was in none of those places, but I did have a nice back-and-forth with my Puck colleague Bill Cohan about the fall narratives in entertainment and finance. Hopefully, it will acclimate you to September…

Discussed in this issue: Brian Roberts, Olivia Wilde, John Harwood, Ted Sarandos, Stephanie McMahon, Dan Loeb, Joel Silver, David Zaslav, Jen Salke, Nicole Kidman, Leo DiCaprio, 12-minute standing ovations, and the most amusing moment of the summer.

But first…

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William D. Cohan: Wall Street sees the ad-supported layer as a revenue opportunity for both companies, for sure. How much remains to be seen, though the reported $65 per 1,000 views that Netflix is asking for ads is indeed aggressive. The question is whether saving around $7 a month is worth getting bombarded with ads for plaque psoriasis and Skyrizi. Streaming is one of the few places where you can avoid mind-numbing ads. You can’t even do that in the movie theater anymore, to the extent that anyone goes to movie theaters anymore...