Nathan Fielder’s Doc on Theranos Founder Elizabeth Holmes Takes Media World By Storm
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TOP STORY
THE DOC THAT HAS EVERYONE TALKING
Well: we did expect our inbox to be bursting at the seams this morning, but it appears a kind of post-holiday malaise has struck our writers and the pickings are fairly slim. Still, a wild new movie trailer has the stack buzzing on this Tuesday. Nathan Fielder’s upcoming You Can See Everything — a documentary about Theranos founder Elizabeth Holmes’s attempts to clear her name before she began serving a 11-year sentence for defrauding investors — dropped a viral trailer Sunday night which has been the talk of Newsletter-land.
The trailer is certainly odd — and as he introduced the film this past weekend at the Telluride Film Festival, Fielder himself admitted he is “struggling to this day to understand exactly what I experienced.”
THREE TAKES
The Poynter Report, Tom Jones — Jones described the documentary as “bizarre” Tuesday morning, and directed readers toward two takes that especially encapsulate the response the film received this weekend. The New York Times’ Nicole Sperling noted the documentary “movie features long, intense conversations between Fielder and Holmes with extreme close-ups” and that parts of the story that “can’t be featured in on-camera interviews is depicted in innovative recreations.” Crucially, she added there is “a surprise plot point that shouldn’t be spoiled.” Jones also pointed toward Vanity Fair’s Rebecca Ford, who said the audience received the film with “shock and awe.”
Morning Brew, Matty Merritt — Audiences should not expect to walk out of theaters “with any clear answers” this October, Merritt wrote today. He also noted the doc “is apparently really weird,” and so was its presentation. “The filming took place in secret. The audience at Telluride didn’t even know what the movie was about until they entered the theater,” Merritt continued. On top of that, “Throughout the doc, which runs almost three hours, Fielder tries to find the truth about what happened with Theranos and if Holmes was being manipulated—or doing the manipulating.”
TheWrap, Carla Renata — The doc is “sheer craziness,” Renata’s headline screamed this morning. Ahead of its debut at the festival, “predictions had been all over the place.” Renata also included a pretty fun tidbit: one guest was asked to put her phone into a pouch and refused, and “begrudgingly volunteered to leave and then ducked behind a black curtain, never to be seen again. Security chased her and we are still wondering where she is.” Fielder and co-director Lance Oppenheim also told attendees that Holmes and her then-boyfriend, Billy Evans, approached A24 about “having their lives documented.” Renata didn’t give spoilers, but did write that the “documentary uncovers complex new layers to the Holmes saga and pushes the boundaries of nonfiction filmmaking into new, uncharted terrain.”
Elsewhere in the stack, a few others also referenced Ford’s review. That included CNN’s Reliable Sources by Brian Stelter and Page Six Hollywood’s Ian Mohr.
TAKEAWAY: The story of Holmes and Theranos is compelling, and the documentary is likely to be a hit when it’s released on Oct. 16. And at a time when movies have struggled to get an in-person audience, that feels notable for an industry pondering its next moves. It’s a project that feels more at home on a streaming platform. But a massive box office return might have executives rethinking their strategies on going straight to Netflix, Hulu and others.
TOP SCOOPS & ANALYSIS 
SCOOP
Status, Natalie Korach —Some staffers at EPN were “frustrated” when the network “cast doubt” on the work of Don Van Natta Jr., Baxter Holmes, Ramona Shelburne, who published a report about the suspension of Steve Ballmer, who’s been accused of circumventing the NBA’s salary cap rules. Their take: “Sources: NBA has no evidence Ballmer funneled money to Leonard via sponsors.” Korach reported Monday. The story “remains unchanged” three weeks after it was published, but “it no longer seems to entirely match the reality of the situation.” Staffers also told Status that the entire situation is a “disaster” that’s coming after a summer of “an unusual amount of drama.” The biggest contributing factor is that the Aug. 17 story by Natta, Holmes, and Shelburne has “ignited tensions” between the network and Pablo Torre, who believes ESPN was “fed a story by the Clippers that the Clippers may have known was not true.”
ANALYSIS
The Bulwark’s Morning Shots, Bill Kristol and Andrew Egger — President Donald Trump “fired off more than sixty social media posts” on Sunday, and each was “more bizarre than the last” and “weirdly dystopian.” He continued that trend well into Monday, including one in which he wrote that his political opposition “should be exhausted by now, but they’re not.” Kristol explained, “This admission should cheer us all up. But not too much. It’s not a good thing that we have an unhinged president with more than two years left in his term … it is good that even Trump has to admit that his critics aren’t exhausted. And it is good, as Trump doesn’t admit but as he surely knows, that their ranks are growing. That our ranks are growing.”
ANALYSIS
The Poynter Report, Tom Jones — The “stunning news” that Fox parted ways with Maria Bartiromo last week remains compelling, Jones wrote. There are also conflicting accounts about how and why she was fired, with Bartiromo’s team refuting the idea that “Bartiromo was fired or is no longer an employee of Fox” as “absolutely and unequivocally false.” But if “Bartiromo did share confidential information from Fox executives with the White House,” then the rest of us should “credit Fox for seeing it for what it was: an inexcusable and fireable offense,” Jones concluded.
ANALYSIS
Semafor, Ben Smith — “The relationship between the Pentagon and journalists” continues to “hit new lows,” Smith wrote today. That’s something that war reporter Wesley Morgan has been speaking about. Morgan, who arrived in Baghdad to cover the war there as 19-year-old college student in 2007, more than has the chops to address the topic. The work he did and others contributed has meant “there’s a generation of Army officers and Marine officers who had a ton of exposure to reporters, and became very discerning about understanding how to deal with the media.” But that relationship today is “atrocious,”and as Smith also wrote, “Israel has put Gaza effectively off-limits to journalism, and Ukraine tightly manages access to its front line.”
ANALYSIS
Morning Brew, Adam Epstein — The success of the Alternative for Germany, or AfD, gives the political party “the chance to form the country’s first far-right state government since the Nazi era,” Epstein wrote today. It’s still “unclear” if the party will “would receive the support necessary from other parties in order to govern in the state” thanks to a firewall established by the country’s “mainstream political parties.” Notably, Germany’s “intelligence agency classifies the nationalist, anti-immigrant AfD as an extremist group in some regions.”
BUSINESS OF MEDIA 
CJR’s Near and Far, Carolina Abbott Galvão — CJR has an interesting deep dive for anyone interested in the modern media business (which we assume you, dear One Sheet readers, are). Harrisburg journalists learned in spring 2023 that their listener-supported radio station WITF was being gifted LNP, a daily newspaper covering Lancaster County and owned for over a century by the prominent Steinman family. The deal, which was immediately met with suspicion from WITF workers, combined LNP and WITF under a new nonprofit called Pennon, accompanied by a $30 million grant spread over five years. However, Pennon severely underappreciated the business challenges of running a daily newspaper; by late 2024, Pennon was forced to execute severe newsroom layoffs, and LNP was soon losing approximately $450,000 every month. Cassie Farrelly, Pennon’s senior vice president, filed a whistleblower lawsuit in June 2026 alleging that Pennon’s board and senior management failed to protect funds and that conditions attached to the deal—including a downtown office lease costing over $800,000 a year until 2040 and a printing contract with Steinman-owned Susquehanna Printing—created a “circular funding pattern” that squeezed millions of dollars from Pennon back to Steinman-related entities. Facing an operating deficit of $1.4 million, Pennon considered declaring bankruptcy by October 2025 before former NPR host David Greene moved to spin LNP off into a new independent nonprofit called Always Lancaster, which has successfully broken the expensive lease, switched printers, and stabilized LNP‘s operations. QUOTE
“In some ways, the challenges for the press in small-town central Pennsylvania are not dissimilar to the ones faced by news outlets across the country. As local newspapers struggle to sell advertising, subscriptions dwindle, and funds for public media dry up, nonprofit endeavors—like the Salt Lake Tribune’s transition, in 2019, and the Chicago Sun-Times’, in 2022—are on the rise. Philanthropists have poured funds into journalism across the United States. Yet these projects can, as WITF and LNP show, come with complications.”
The Rebooting, Brian Morrissey — Legacy media brand Playboy is executing a major strategic turnaround to pivot away from what its leadership calls an “asset-light licensing business” and return to its roots as somewhat of a direct lifestyle brand. (If you can’t recall the prominence of Playboy-branded apparel or restaurants, you must be one of those mythical people who flipped through it for the articles.) Led by new president David Miller (formerly of National Geographic Media) and editor-in-chief Phillip Picardi (formerly of Teen Vogue), the pub has gone back to a quarterly print format featuring high-profile celebrity covers. While some lifestyle brands are scrambling for short-term cash grabs, Miller intends to balance investment in high-quality media to avoid a private equity-style “quality spiral” that degrades legacy names into cheap licensing products. Under this model, the print magazine serves as a primary marketing arm to drive experiential partnerships, membership offerings, and events. QUOTE
“The magazine’s quarterly frequency lends itself to focusing attention on larger brand initiatives. For instance, a Playboy swim-focused issue can used as part of a larger activation during Miami Swim Week tied to events and licensed products. There are plans for membership offerings that are about access to experiences rather than only content. A Playboy Club in Miami Beach, where Playboy relocated its headquarters, is an aspiration.”
Poynter, Tom Jones — Of interest to One Sheet readers: The Poynter Institute and the Public Media Company have launched the “Future of Public Media Initiative,” a national effort to design a renewed public interest media system built to serve communities over the next 50 years. The project arrives after a massive shock in 2025, when the federal government under President Donald Trump voted to strip Corporation for Public Broadcasting (CPB) funding. Poynter’s Sitara Nieves and PMC CEO Tim Isgitt explain that the sudden loss of federal revenue hit small and rural stations with existential survival threats and severed the systemic funding that held the entire public media network together. The FPM initiative aims to establish a shared framework and deliver full recommendations by the first quarter of 2027 based on comprehensive community research. QUOTE
Per Nieves, “The end of federal funding was a seismic shock for the 1,500 stations that are across the country — though not all in the same way… For many stations, the funding that came through the Corporation for Public Broadcasting was actually a relatively small part of their budget… But for some of the smallest and most rural stations, that funding was a more significant part of their budget and was an existential threat to their survival.”
CNN Reliable Sources, Brian Stelter — In case you somehow missed it, CBS News’ flagship newsmagazine, “60 Minutes,” is heading into its 59th season under a heavy microscope following a big editorial and staff restructuring. Several veteran correspondents, including Scott Pelley, Sharyn Alfonsi, and Cecilia Vega, were fired or left since the end of last season amidst accusations that CBS News editor-in-chief Bari Weiss attempted to inject political bias into their work. To modernize and repair the program’s image, new executive producer Nick Bilton is implementing little visual changes, including moving away from “walk and talk” shots and replacing the traditional background “book” graphics. The upcoming season will feature new correspondents Ross Douthat, Sebastian Junger, Gianna Toboni, and Trevor Phillips alongside vets Lesley Stahl and Bill Whitaker. QUOTE
“This will start the 59th season of the iconic news magazine show, but there has never been a more critical or anticipated season in its history.”
Awful Announcing, Brendon Kleen — Charles Barkley has teased retirement once again, stating that the upcoming NBA season on TNT Sports will 100% be his last and claiming that longtime host Ernie Johnson is also set to step away. Barkley previously threatened retirement in 2024 before TNT lost its NBA rights, only to parlay his leverage into a lucrative contract extension. Because Barkley has spent a quarter-century utilizing a savvy sense of how to maximize his earnings at every stage of his media career, industry critics remain highly skeptical of his comments as he enters another contract year. QUOTE
“The latest claim is timed almost perfectly to the last time Barkley pulled this.”
OTHER COOL STUFF
Feed Me — London has officially launched a personals section strictly for restaurant lovers. The debut ad features a St. John Welsh Rarebit enthusiast seeking a kindred spirit to share a post-dinner Negroni with.
WHAT GOT MISSED? 
Punchbowl News AM — Rep. Shomari Figures (D-AL) is collaborating with the Democratic Congressional Campaign Committee, or DCCC, on a “hybrid ad” for a seat in a district that was “solidly Democratic before the Alabama legislature redrew its districts following the Supreme Court’s VRA decision,” Punchbowl reported today. Now that same seat is R+7.
NEWSLETTER OF THE DAY 
Feed Me, Emily Sundberg — Sundberg’s newsletter is a fun romp through everything from a new podcast by the New York Times about NYC, “tits are MAGA-coded, depressing news for fig lovers, [and] depressing news for champagne lovers” on what was otherwise not the most compelling day we’ve seen from the stack. But things aren’t all doom and gloom, and Sundberg also took a look at the role of the homepage in 2026, and especially interesting question to ask for anyone who grew up with the pre-social media internet. It turns out they’re still just as relevant as ever, and continue to offer the chance to “control how you present yourself, your work, and what you want to be known for.”
This newsletter was produced by Lindsey Ellefson.
The post Nathan Fielder’s Doc on Theranos Founder Elizabeth Holmes Takes Media World By Storm first appeared on Mediaite.
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