Good morning. We got our hands on the script for Cody Brotter's film about Matt Drudge, which was included in this year's Black List of movie executives' favorite unproduced screenplays.

• As with Aaron Sorkin's treatment of Mark Zuckerberg, it's safe to say Drudge probably wouldn't like how he's portrayed.

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Who will stop Mark Zuckerberg?

Moving the Market: Mark Zuckerberg's enduring neglect for citizens' privacy has increased pressure on Washington to curtail Facebook's power and its reckless management of user data. With Democrats taking control of the House, the next two years will see an aggressive push for new privacy laws to crack down on Silicon Valley.

• Matt Stoller, Open Markets Institute: "You don’t say ‘why is this bank robber robbing banks?’ after the 15th bank robbery. You say ‘where are the cops?’"

The Latest, via The New York Times: "For years, Facebook gave some of the world’s largest technology companies more intrusive access to users’ personal data than it has disclosed, effectively exempting those business partners from its usual privacy rules."

• The report shows that Facebook gave Microsoft, Amazon, Netflix, Spotify and more than 150 companies the ability to access users' data, users' friends' data and even users' private messages without their knowledge or consent.

• Many companies have since said they did not take advantage of that access. What's troubling is that they had the ability to.

The Big Picture: Facebook has either violated or is dangerously close to violating its 2011 agreement with the Federal Trade Commission, which prohibits them from sharing user data without explicit permission.

• Four former FTC officials and employees told the Times that "the data-sharing deals likely violated the consent agreement, since users had no way of knowing which companies Facebook had shared their data with, and no clear means of granting or withholding permission."

• Steve Satterfield, Facebook’s director of privacy and public policy, said none of the partnerships violated users’ privacy or the FTC agreement and that Facebook's partners were required to abide by people's privacy settings.

What's Zuckerberg thinking?: "We had many long exchanges with the company," Nicholas Confessore, an author on the report, tweeted last night. "The key argument: Facebook doesn't need explicit consent because these partners are all functionally extensions of Facebook itself."

• In a statement, Facebook said other companies were only able to access users data if they signed in with their Facebook account.

So .... Where are the cops?

• Sen. Brian Schatz, D-Hawaii: "It has never been more clear. We need a federal privacy law. They are never going to volunteer to do the right thing. The FTC needs to be empowered to oversee big tech."

• Sen. Amy Klobuchar, D-Minn:"Unacceptable. Congress should pass my bipartisan privacy bill with [Sen. John Kennedy, R-La.]."

The problem, as Axios' David McCabe has pointed out, is that Klobuchar and Kennedy's privacy bill "mostly includes measures that the company has already embraced."

• Which means lawmakers need to go back to the drawing board if they want to pass regulations with actual teeth.

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Staggs' Leap: What CBS wants

Talk of Tinseltown: Shari Redstone & Co. have set their sights on former Disney executive Tom Staggs as the top candidate to serve as chief executive of CBS in the wake of the Les Moonves scandal, The Wall Street Journal reports (and our sources confirm).

• The Big Picture: With Moonves gone, CBS' controlling shareholder Shari Redstone is searching for a chief executive who will do what Moonves would not: Rubber-stamp her plan to merge CBS and Viacom.

• But here's the rub: When that happens, Viacom chief Bob Bakish is likely to become CEO of the new company, leaving the new head of CBS out of a job in a matter of years, if not months. ... In other words, Redstone isn't searching for a CEO so much as a steward.

Will he do it? WSJ's Joe Flint and Emily Glazer say he "expressed reservations but remained open to further discussions." We here at the Market read that as a bid for more money.

The Staggs Report:

• Staggs has a strong reputation in Hollywood and on Wall Street, where he's known for being financially responsible.

• Born and bred in Minnesota, Stanford MBA.

• Ran the gauntlet at Disney as chief financial officer, head of parks and resorts and finally as chief operating officer.

• Left Disney in 2016 after it became clear that Iger did not plan to make him his successor as chief executive.

• Once saved Iger's life with the Heimlich maneuver.

• Famously emulates Iger, from the sweaters and the watches to the sailing, obsessive exercise and love of fine wine.

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Digital media's break-even business

Digital media is a funny business. Politico owner Robert Allbritton has announced that the company generated $113 million in revenue globally this year, a very admirable achievement that nevertheless belies the fact their total profit margin — after more than a decade of very hard work — was less than 2%. In most industries, success starts well above 10%.

The economics become more difficult if, unlike Politico, you're a venture-backed media company like BuzzFeed, Vox, Vice, Group Nine or the ill-fated Mic, which was recently sold to Bustle:

• For years, these companies were supported by investors who stressed the importance of growth over profit. But as growth has slowed in the face of Facebook and Google's ad duopoly, investors are starting to ask for a return on their investment.

• That means companies have to cut costs and, in many cases, staff. Mic cut most of its staff before the Bustle sale, and, as I reported last week, Verizon's Oath (now Verizon Media Group) plans to cut 10% of its workforce.

All hope is not lost. Eric Hippeau, the VC who previously served as CEO of Huffington Post, tells Axios' Dan Primack he's still bullish because audiences are growing and there's room to diversify revenue streams.

But the larger point is this: Success differs by industry, and in digital media success is currently defined as breaking even.

• Which is OK. As one digital media investor tells me, "there are worse things than roughly break-even businesses that .... broadly serve a purpose in society."

Oh/and: Lest anyone thought Politico was for sale, Allbritton told me yesterday, "I’m a buyer, not a seller."

Market Links

• Hans Vestberg does away with the Oath brand (Bloomberg)

• Jeffrey Katzenberg fills out the Quibi team (THR)

• Ken LaCorte launches a questionable venture (Politico)

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About the Tucker Carlson boycott

Fox News host Tucker Carlson is facing a growing advertiser boycott after saying that immigrants are making the United States "poorer and dirtier and more divided.”

• As of this writing, more than a dozen advertisers — including Land Rover, IHOP, Ancestry.com and TD Ameritrade — have pulled their spots from the show and placed them elsewhere on Fox News.

Two things can be true:

1. What Carlson said was wrong, bigoted, xenophobic, etc.

2. It's dangerous to start giving advertisers the power of determining acceptable speech. As Jack Shafer once wrote, "when we encourage corporate advertisers to police content and commentators, we end up making them the guardians and arbiters of journalism, always a bad choice."

What's Next: "Trust in the media is starting to make a comeback," Axios' Sara Fischer reports. "New studies suggest that efforts to bring transparency to media ... have helped the media recover a bit of trust with the public after hitting an all-time low in 2016."

See you tomorrow.