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6 Central Florida restaurants and 2 food trucks shut down after health inspections last week
The Department of Business and Professional Regulation shut down six Central Florida restaurants and two food trucks for health code violations during the week from July 12-18.
Virginia hemp businesses to file court injunction to stop new restrictions on CBD products
“We just need time to sort through that, so there’s not this devastating ripple effect that impacts not only business owners and their employees but all the vendors that work with them,” said Barbara Biddle, owner of District Hemp in Northern Virginia.
Dimension Capital's $800M third fund shows the intersection of science and compute is booming
The four-year-old firm's latest fund is 60% larger than its second vehicle announced 18 months ago.
Apple loses bid to overturn $634 million Masimo patent verdict
Apple’s requests to overturn a $634 million patent verdict and secure a new trial in its long-running legal battle with Masimo were denied.
Court deals blow to Biden’s bid to block release of recordings
A federal appeals court has decided that public interest in recordings of Joe Biden speaking about his life in politics in 2016 and 2017 outweighs any privacy claims
Gov. Greg Abbott orders state health agencies to crack down on ‘birth tourism’
Immigration attorneys have expressed concerns the executive order could force health providers to determine the legal status of pregnant women before providing care, potentially endangering their lives and those of their unborn children.
2 large hospital systems just announced a new partnership in Colorado
Under the proposed affiliation, AdventHealth will take over operations of three Intermountain Health hospitals.
AdventHealth to take over Intermountain hospitals in Wheat Ridge, Brighton and Lafayette
The two health systems put out a news release describing a “joint venture,” but said AdventHealth would be in charge of daily operations at the three Intermountain Health hospitals.
Lobbying Update: $340,000 of LIVE NATION ENTERTAINMENT INC. lobbying was just disclosed
$340,000 of LIVE NATION ENTERTAINMENT INC. lobbying was just disclosed, from Q2 of 2026, in a new Lobbying Disclosure Act filing.This included lobbying on issues like:"Issues related to FAA Reauthorization Act of 2024 (PL 118-63), including drone issues. Issues related to drones in H.R.5061 - Counter-UAS Authority Security, Safety, and Reauthorization Act. Issues related to drones in National Defense Authorization Act for Fiscal Year 2026 (PL 119
Apple Reportedly Planning to Wind Down 'iPhone Upgrade Program'
After launching a new "Apple Upgrade" program next week, Apple plans to stop accepting new iPhone Upgrade Program sign-ups, according to Bloomberg's Mark Gurman. It remains to be seen if existing iPhone Upgrade Program members will be able to remain enrolled in the program beyond their current terms, or if they will be migrated to the Apple Upgrade program at some point.
Bat Tests Positive for Rabies in Bloomingdale Area
The Chatham County Health Department is alerting residents that a bat from the Bloomingdale area of Chatham County has tested positive for rabies.
Instagram now lets you swap out the music in your old posts
With the new "Replace Audio," tool, users can update the music on their post at any time while keeping the post's existing likes, comments, shares, and reach intact.
Automated Neurofeedback: Rewiring the Future of Mental Health Care
Mental health and addiction disorders continue to rise across the United States, affecting veterans, adolescents, families, first responders, and entire communities. According to the National Institute on Drug Abuse, nearly half of individuals with a substance use disorder also experience a co-occurring mental health condition. At the same time, healthcare systems are struggling with workforce ...
COVID-19 Linked to Short-Term Increases in Medicare Health Care Spending
Postacute COVID-19 symptom diagnoses, health care spending, and utilization among Medicare beneficiaries diminish within 3 months of infection.
Amazon Business Reaches $60 Billion in Annualized Gross Sales, Serving Over 11 Million Organizations Worldwide
Organizations of all sizes turning to Amazon Business for its AI-powered tools, business-relevant selection, everyday low prices, delivery fleets purpose-built for businesses, and expanded Prime Business membership benefits More than 1.8 million new organizations joined Amazon Business so far this year Last year, Amazon Business-specific discounts saved organizations more than $1 billion worldwide, while Prime Business members saved more than $880 million in shipping fees globally last year Amazon Business selection up nearly 30% globally this year, with expansion in categories like repair tools, fresh groceries, and office furniture
How the Michigan Senate primary activated every bitter Democratic grudge
The ghosts of 2016, 2020, and 2024 have all come to Michigan.
NC political corruption probe: Warrant says group spent big on strip clubs, golf
The new warrant highlights nearly $80,000 in spending from 2022 to 2024 on strip clubs, sports and a beach rental.
NEW NFIB REPORT: Texas Small Businesses Report Insurance Challenges Five Points Worse Than National Average
State-specific report finds insurance affordability and availability concerns are five points worse in Texas than across the country
Kingdom Hearts Missing-Link’s Leaked Cinematic May Have Clues For KH4
Kingdom Hearts: Missing-Link may not be coming out, but its leaked cinematic may hint at stories yet to come
OMB Publishes 2026 Unified Agenda Signaling Upcoming Health Privacy and Interoperability Updates from HHS
The Office of Management and Budget (“OMB”) has released its 2026 Unified Agenda, which identifies regulatory actions that federal agencies expect to
Penguins Interested in Using Connections to Land 44-Point Center
The Pittsburgh Penguins are interested in landing one of the top trade candidates in the market. It was recently revealed that the Seattle Kraken are moving on from Shane Wright this summer. Seattle previously drafted the center with the fourth-overall pick in the 2024 NHL draft. Despite lofty expectations, he regressed during the most recent […] The post Penguins Interested in Using Connections to Land 44-Point Center appeared first on HEAVY.
Hackers are exploiting recently patched WordPress bugs, putting millions of websites at risk
Two critical security flaws in WordPress’ software have given hackers the chance to remotely take over tens of millions of websites, according to an estimate by a cybersecurity researcher.
Three Rock Hill brothers accused of burning down their business in 2024
Around 12:40 a.m. on July 14, 2024, crews responded to the fire at Surefire Neighborhood Market on Ogden Road.
In Sickness and in Health: Retirement Responses to Spousal Health Shocks
Abstract Health shocks are a major driver of retirement. However, the existing literature on this topic tends not to consider the marital context in which retirements occur. Using the 1992-2022 Health and Retirement Study and...
Live coverage: SpaceX to launch 24 Starlink satellites on Falcon 9 rocket from Vandenberg SFB
The Starlink 17-39 mission is SpaceX’s 85th Falcon 9 rocket launch of the year. Liftoff from pad 4E at Vandenberg Space Force Base is scheduled for 7:36 a.m. PDT (10:36 a.m. EDT / 1436 UTC).
Joey Logano ends victory drought in NASCAR points return to North Wilkesboro
Logano won the 2024 All-Star race at North Wilkesboro Speedway in dominant fashion.
AMC Entertainment Attracts More Than 4.3 Million Moviegoers Worldwide as THE ODYSSEY Delivers the Biggest Opening Weekend for an R-rated Film Across AMC’s U.S. Circuit Since 2024
AMC Entertainment Holdings, Inc. (NYSE: AMC), the largest theatrical exhibitor in the United States and the world, today announced that more than 4.3 million...
AMC Entertainment Attracts More Than 4.3 Million Moviegoers Worldwide as THE ODYSSEY Delivers the Biggest Opening Weekend for an R-rated Film Across AMC’s U.S. Circuit Since 2024
LEAWOOD, Kan., July 20, 2026--AMC Entertainment Holdings, Inc. (NYSE: AMC), the largest theatrical exhibitor in the United States and the world, today announced that more than 4.3 million moviegoers attended AMC Theatres in the United States and ODEON Cinemas internationally from Thursday through Sunday, led by the opening of Christopher Nolan’s THE ODYSSEY.
Rich politicians loaning money to their own campaigns puts the average Oklahoman's interests at risk
“Be afraid. Be very afraid” seems like a fitting slogan for Oklahoma elections this year.
Questions Remain on Rural Health Transformation Funds Effects on Rural Hospitals
Across the country, states are grappling with how to allocate their portion of funds from the Rural Health Transformation Program (RHTP) created in 2025.
Barnstable County Fair starts today. Here's what to know.
Get ready for the Barnstable County Fair running July 20 to 26 with rides, demolition derbies, animals, quilts and live music.
AMC Entertainment Attracts More Than 4.3 Million Moviegoers Worldwide as THE ODYSSEY Delivers the Biggest Opening Weekend for an R-rated Film Across AMC’s U.S. Circuit Since 2024
Six U.S. AMC locations operated around the clock throughout the weekend, running THE ODYSSEY showtimes for more than 85 consecutive hours to…...
Fortissimo nears $400 million Blackstone deal for RGIS international business
Exclusive: Israeli private equity firm is in talks to acquire control of the inventory services company's operations in Israel and several overseas markets, marking a second major transaction with Blackstone.
Massive Galaxy Watch 9 and Watch Ultra 2 leak reveals colors, specs, and more
Marketing materials for the Galaxy Watch 9 and Watch Ultra 2 have leaked and they reveal colors, Snadpragon Wear Elite chipset, and more.
Galaxy Watch Ultra 2 leak reveals 5,000 nits display, IP69K rating, and more
Samsung cannot seem to stop leaks of its upcoming devices. A new leak has revealed nearly all the key improvements the Galaxy Watch Ultra 2 will bring. The wear
Op-Ed: School employees' health costs are everyone's problem
As premiums soar by more than a third, lawmakers have an opportunity to change how we bargain for coverage
How to Stop Google Maps From Displaying Your Home to Strangers
A straightforward privacy request to Google can remove your home from Street View entirely. Here's the step-by-step process.
Apple Reportedly Worked on Two 'Extreme' Chips
Apple once developed "M2 Extreme" and "M3 Extreme" chips for the Mac Pro, but it decided not to release them, according to Bloomberg's Mark Gurman. He first reported on this topic in 2022, and he touched on it again in his Power On newsletter today. "Extreme" chips would have had twice as many CPU and GPU cores as Apple's "Ultra" chips. "The idea was to offer twice as many graphics and main processing cores as that chip," he said.
The market for psychedelic drugs to treat mental health conditions gets a big buy signal
Eli Lilly's acquisition of psychedelic drug maker AtaiBeckley extends Big Pharma's embrace of a stigmatized class of medications for treating mental health.
AI may make you 'boring' at work, Columbia Business School professor says: How it can hurt your career
Using AI at work in the wrong ways could lead to "gradually falling behind and becoming complacent," said Sandra Matz, a professor at Columbia Business School.
Michigan will have a new football and basketball coach at the same time…again
As was the case in 2024, Michigan will have two new coaches in its biggest sports:
Psychiatrists, psychologists spending more than other healthcare providers to lobby policymakers
Payments to lobbyists from healthcare providers fell 13% over a 10-year period ending in 2024. Yet lobbyist spending by one specialty—mental healthcare—rose by nearly 30%. What explains the against-the-current cash flow?
Orange County restaurants shut down by health inspectors (July 9-16)
There were 11 restaurants and food establishments ordered closed by Orange County inspectors from July 9 to July 16.
California doesn’t need to put an ‘Out of Business’ sign on AI innovation
California should be leading the AI revolution, not regulating itself onto the sidelines.
Pixelated 108: Rerun of a rerun
Welcome to Pixelated episode 108. This week, Damien, Abner, and Will briefly dive into Google and Epic’s decision to wrap...
'Fireball' meteorite that smashed into New Jersey home contains ingredients of life from an ancient proto-planet, study finds
Amino acids and other "pre-biotic" molecules were spotted in a meteorite that crashed into a New Jersey home in 2024.
Penguins ticket prices reportedly trending down
Attendance across the NHL was up last season to record levels across the board. A rebound year on the ice meant improvements in Pittsburgh to fill the arena to 94% capacity in 2025-26, up from 91.5% in 2024-25. That 94% figure still ranks near the bottom of the league, with only six teams in the […]
Burnham to announce plans for new North Sea oil and gas drilling
Drilling has become a controversial topic for the Labour party after the 2024 manifesto pledged to not issue new licenses.
Dodgers edge Yankees 2-1
Max Muncy hit a two-run homer in the seventh inning on Gerrit Cole’s 103rd and final pitch, lifting the Los Angeles Dodgers over the New York Yankees 2-1 on Friday night in their first game in the Bronx since winning the 2024 World Series. New York (54-43) dropped to 18-20 without captain Aaron Judge, still sidelined by a fractured rib. On a night with smoke in the air from Canadian wildfires, New York led on an unearned run against Roki Sasaki in the fourth.
Weight-loss drugs may improve job prospects and dating odds for one group
A weight-loss specialist says GLP-1 results boost confidence in job interviews and dating, but the study found no clear improvement in well-being.
Doing More With Less: How Counties Can Successfully Address Behavioral Health Crisis Response Needs
Join Bamboo Health for a practical discussion on strategies county health departments can use to maximize resources and improve care outcomes.
UT Health San Antonio’s $1 billion multiyear investment helps meet demand for care
Healthcare is a strong economic driver in San Antonio, generating more than $43 billion annually and supporting nearly 200,000 jobs across the region, according to the San Antonio Chamber of Commerce. As the region's academic health center, UT Health San Antonio contributes approximately $3.2 billion annually through patient care, research, education and workforce development.
Medical societies take a stand as CMS nears final decision on TAVR proposal
Back in June, CMS proposed significant updates to its current TAVR policies. Three leading healthcare societies have now joined forces to share their own perspective on the potential updates.
WV Department of Health confirms 139 cyclosporiasis cases; 15 hospitalizations
As West Virginia sits at the national epicenter of cyclosporiasis cases, the State Department of Health (WVDH) has provided updated numbers on how the parasite has spread across the Mountain State.
San Bernardino County restaurants shut down by health inspectors, July 8-16
Four facilities were ordered to close.
CJEU Clarifies the Conditions for Seizure of Business Emails During Competition Inspections
On July 16, 2026, the Court of Justice of the European Union ("CJEU") issued a decision clarifying that EU law does not, as a rule, prevent a national
World Cup final on track to be most expensive sporting event ever
The average price of World Cup final tickets is $12,751, more than $2,000 higher than the previous record set by the 2024 Super Bowl.
ACA and Medicaid changes hang over health earnings
Insurers and health systems already are feeling the effects of significant enrollment drops and changes in who's paying for care.
Junk science drives wrongful convictions. That's not justice.
It is more important than ever for states to adopt evidence-based standards to ensure that only credible and vetted information is given to juries.
American College of Radiology pans proposal to shake up federal grantmaking
ACR believes a proposal to add restrictions around research funding could have "a chilling effect on academic research and innovation in the United States.”
Lawsuit filed in cop's fatal shooting of woman in mental health crisis
Family members insist that 25-year-old Victoria Lee was no threat, and officers knew it
CORE Business Interiors honored for building a family legacy
CORE Business Interiors is recognized for family leadership, business growth and community service in the Central Valley.
It's official: EU will force Google to share search data and open up AI on Android
Google says these changes could endanger user privacy and security.
GameStop CEO Says Games Are "Irrelevant" To Company
In a new interview, GameStop CEO Ryan Cohen says that games and software are "irrelevant" to the company's business.
Arvest to open first Texas location
Fayetteville-chartered Arvest Bank will open a loan production office in Frisco, Texas, later this year. It will be Arvest’s first Texas location. The new office will be in a new...
Entertainment lineup announced for Avena Maryland Italian Festival
The Avena Maryland Italian Festival will feature tribute acts and local performers at Ripken Stadium in Aberdeen from Sept. 25-27.
Reading Science Center receives $10,000 grant for Sisters in STEM program
The Reading Science Center has received a $10,000 grant from the American Association of University Women (AAUW) to support its Sisters in STEM program, an initiative designed to encourage girls to explore science, technology, engineering and mathematics. The grant was awarded by AAUW through the organization’s Reading Branch. Sisters in STEM is a weekly program […]
New Orleans' community health ranks 57th among top U.S. cities
That's a drop from No. 52 in 2024.
Colorado’s primary proved in this political climate money doesn’t buy electoral happiness
To catch you up, campaign committees from this 2026 election cycle already collected and shoveled out a lot of cash: $102.64 million. That’s contributions in all forms — dollars, in kind, loans, etc. — from December 2024 to now. Total expenditures just for advertising amount to $32.94 million. More to come for the general election. […]
2027 Princeton Review MBA Rankings: Best Business Schools For Careers, Culture & Curriculum
The Princeton Review evaluates MBA program across 18 categories include Faculty, Administration, Campus, Outcomes, Consulting, and Finance.
2027 Princeton Review MBA Rankings: Best Business Schools For Careers, Culture and Curriculum
The Princeton Review evaluates MBA program across 18 categories include Faculty, Administration, Campus, Outcomes, Consulting, and Finance.
Trump says Iran released American woman held since 2024 in 'gesture of goodwill'
President Donald Trump said Iran released an American woman who he said had been wrongfully detained since December 2024. The woman was later identified as Dena Karari.
Google and Epic Abandon Settlement, Clearing the Way for Rival Android App Stores
Google and Epic Games this week withdrew their joint settlement agreement after it became clear the court was unlikely to allow it. With the settlement out, Google is bound by a permanent injunction issued in October 2024 requiring it to allow alternative app stores on Android devices. In a court filing [PDF], Google said that it plans to begin supporting alternative app stores on July 22. In a statement to The Verge, Google said it decided to withdraw the motion to avoid a prolonged legal fight.
ZeniMax Online Studios leadership to exit as part of Xbox cuts
There are major changes happening atop Maryland-based ZeniMax Online Studios, developer of the Elder Scrolls Online, Game File has learned. Joe Burba, a 14-year veteran of the studio who was appointed to run it last July, is departing, along with ESO executive producer Susan Kath, studio game director Rich Lambert and production director Ala Diaz. Their roles were listed among hundreds of others cut last week from the Maryland offices of ZeniMax, in a WARN letter sent to the state by ZeniMax and obtained today by Game File. Tonight, BUrbam Kath, Lambert and Diaz notified Zenimax Online Studios workers of plans to “transition” to a new leadership team consisting of promoted ZOS veterans. That transition will occur “over the next few months,” they told workers, according to a copy of the notice reviewed by Game File. “We will remain in place during the transition period to help ensure a smooth handoff.” Last week, Microsoft laid off of 1,600 workers across its vast gaming teams in locations around the U.S. and abroad. Just who has been impacted and how hard various studios have been hit has been emerging day by day. Game File reported last week that Microsoft/ZeniMax notified officials in Maryland that 379 gaming jobs were being cut across the state. They tallied cuts in two locations: one for ZeniMax Media Inc. (covering Elder Scrolls/Starfield/Fallout-maker Bethesda Game Studios and central Bethesda game publishing) and one for ZeniMax Online Studios (Elder Scrolls Online). More than 200 jobs were cut at the latter. Last week’s totals did not reveal job titles, nor did Microsoft announce any leadership changes in the ZeniMax group. That has now happened. Earlier today, Game File obtained from Maryland officials a breakdown of the 379 impacted roles, which, extraordinarily, included “studio head.” Microsoft later confirmed to Game File which studio head that referred to: ZeniMax Online Studios’. Microsoft has since has notified studio employees and internally announced new leadership. ZOS will now be run by Josh Henderson, previously head of business operations at the studio, and Nick Giacomini, who was promoted to game director for ESO last August. Game File is a reader-supported publication. To receive new posts and support my journalism, please consider becoming a free or paid subscriber. Subscribe Last week’s news of 200+ cuts at ZeniMax Online Studios generated public sympathy for those workers and questions about the long-term viability of the Elder Scrolls Online. ESO is a massively multiplayer online game that inherently persists on the strength of new content being developed for it. Earlier today, fans and workers in Maryland protested the cuts at the ZeniMax teams in a rally organized by the Communication Workers of America, the union that represents many of the impacted employees. Regarding concerns around the game, a community manager stated on Saturday: “The plan is still to deliver great content, and we will hopefully have an update soon.” In their note to the studio today, the outgoing leaders of ZeniMax Online Studios predicted “growth” for the game: We have tremendous confidence in Josh and Nick, the future of this studio, and the continued growth of ESO. With exciting experiences still ahead for our players as we wrap up work for Update 51 and beyond, we believe that your passion, creativity, and commitment to each other and the community will continue serving as the heartbeat of ESO. The list of jobs cut in the ZeniMax WARN notice in Maryland includes several very senior roles, including: Studio Head Studio Operations Director Studio Game Director Studio Audio Director Studio Art Manager Vice President and Controller VP, Global Sales & Business Development While some of those job descriptions match the exiting ZOS leadership team, Game File couldn’t verify if all were from that studio. The full list of cut roles shared by Maryland officials also covers workers at Bethesda Game Studios and its central publishing office. The following is an excerpt: The list of 379 eliminated ZeniMax jobs in Maryland also includes: four animators three bilingual CS (community service) leads for Chinese, Italian, and Japanese a creative director for the Elder Scrolls Online Player Life Cycle two food service workers seven producers more than 60 senior QA testers. and many others The WARN notice states that almost all of the 379 workers were notified of their layoff on July 6. In fine print, it states: “Approximately 9 employees were notified of the elimination of their position prior to July 6, 2026.” A 2021 mega-merger scaled back Microsoft announced in 2020 that it intended to buy ZeniMax and its network of game studios in 2020, and closed the $7.5 billion deal in March 2021. The purchase, which preceded Microsoft’s acquisition of Activision Blizzard, added several award-winning studios to Microsoft’s portfolio, including Bethesda (Elder Scrolls, Fallout), Arkane (Dishonored), and id Software (Doom). The studios’ output since then included a 2024 Game of the Year contented from MachineGames in the form of Indiana Jones and the Great Circle along with Starfield from Bethesda and the poorly-received Redfall from Arkane Austin. In recent years, a Microsoft repeatedly in cutback mode closed ZeniMax’s Tango Gameworks (which was reconstituted by Krafton) and closed Arkane Austin. The Xbox cuts last week have hit the ZeniMax group hard, with 158 jobs eliminated in Texas, many of them at id, and 379 from the ZeniMax teams in Maryland. Xbox also said last week that it would be entering a consultation process around Arkane Lyon, a process expected to end in a sale, shutdown or other form of divestment. The Lyon team has been working on a game tied to Marvel’s Blade vampire-hunting super-hero.
Meteorite that crashed into a New Jersey home contains ‘extraterrestrial’ amino acids
A meteorite that crashed into a New Jersey home in 2024 is a rare, primitive space rock containing evidence of ancient water.
Fireball over New York City was a rare meteorite containing evidence of extraterrestrial water
A meteorite that crashed into a New Jersey home in 2024 is a rare, primitive space rock containing evidence of ancient water.
Trump endorses 'Pillow Man' Mike Lindell for Minnesota governor
Trump praised Lindell as “one of America’s greatest and most hard working Patriots” and gave formal backing to a fellow election denier a day before the Republican president delivers a national address he says will focus on election security.
When Surveillance Becomes Science: The Data the FDA Should Not Trust - Petrie-Flom Center
In 2024, the Federal Trade Commission (FTC) banned a data broker called X-Mode Social from selling sensitive location data, charging that the company sold precise phone location data that could be used to track visits to reproductive health clinics, addiction treatment centers, and other sensitive sites.
The States Try to Topple WarnerMount…Thus Begins the Local Antitrust Era
(Welcome to the “Most Important Story of the Week”, my bi-weekly strategy column analyzing the most important (but often not buzziest) news story of the last two weeks. I’m the Entertainment Strategy Guy, a former streaming executive who now analyzes business strategy in the entertainment industry. Please subscribe.) Well, it looks like it’s time for another strategy column. Can I finally avoid writing about M&A? No, it seems I cannot. Admittedly, I’m a week early with this column, since I usually put it out every other week. But this news couldn’t wait. This will make three “Most Important Stories” in a row with a merger or acquisition as its centerpiece. First, Roku-Fox (an acquisition), then Comcast-NBCUniversal (a divestment!), and now the State AGs and the WGA’s lawsuits against Paramount’s pursuit of Warner Bros. Discovery (antitrust). M&A is usually the “most important” topic any given week, simply because a giant company merging or breaking up (or preventing those outcomes) can have the biggest impact on the streaming board. If you think about these companies as players in a game, changing the number of players is one of the biggest changes you can make. I shouldn’t really complain, either, since this lawsuit is very good news for customers and suppliers (econ speak for talent, workers and indie studios in Hollywood). So let me answer some questions about this potential trial, along with (shudder) making some heavily caveated predictions. I’ll also look at whether Hollywood must consolidate, whether or not the states can win, trouble at X-Box, Netflix’s YouTube binge, and more. Plus, I have five images that visualize this merger and the harm, including three brand new data looks you’ve never seen before. Subscribe Most Important Story of the Week - Can The States and the WGA Stop Hollywood’s Consolidation (Crisis)? If every other newsletter and news outlet is writing about the same story, I try to avoid writing about it as well, but I can’t ignore a story this consequential. The story of the last year was the fate of Warner Bros. Discovery, and this development potentially extends that saga into 2027. As I tried to figure out my angle, I realized, like my last column, I’m again faced with a series of questions. These questions, though, are much more forward-looking. Will the states win? Will the WGA win? If so, what happens to Warner Bros. Discovery? Either way, will this chill the market for future mergers? So you know what that means: predictions. About the future, no less, the hardest thing to predict.1 Just remember: nothing here comes with a guarantee. And the more confident someone is in their predictions, the less you should trust them. This situation is incredibly fluid, nuanced, uncertain and tenuous. So let’s try to explain what may happen. Question: Why File this Lawsuit? I’ll admit, a few months back, I was fairly pessimistic about the fate of this lawsuit. Rumors had started bubbling up that the state Attorneys General (in particular California) wanted to settle with either some minor divestments (usually CNN) or behavioral remedies. And that tracked for me: the states usually settle lawsuits, like the recent John Deere right-to-repair suit. Yet, they plan to fight this. (As they did the LiveNation-Ticketmaster monopolization trial and the Nexstar-Tegna merger.) Honestly, that also makes a ton of sense. Frankly, this move is just good politics for these State AGs. Most are still running for higher and higher office in blue states—some folks have emphasized that only Democratic AGs joined this suit, but given the Ellison/Trump ties, and fears of retribution, that tracks—and a high profile case like this will help them move up the electoral ladder, especially since Paramount and its leadership (the Ellisons, father and heir) have sided with the other side of the political aisle. That makes them unsympathetic to Democratic voters and Hollywood workers in particular. Why did this lawsuit happen? In addition to the very real concerns about industry consolidation, this is why. That said, I don’t think we would have seen this lawsuit for Netflix and Warner Bros., simply because they’re more sympathetic and aligned with Democrats. But those consolidation concerns are real. The “town”—meaning Hollywood and such—really is seeing the damage of mergers on this industry. That’s why the WGA also filed its own lawsuit in defense of workers as well. (Wildcard: What about Europe? Will they try to stop the deal, too? There have been some rumors out of the UK they may try to fight the deal, and UK enforcers just stopped a Getty Images-Shutterstock tie up, so there is precedence. This argument could go either way, though. On one hand, the EU doesn’t need to step in, cause they states are handling it. On the other hand, this could make the EU’s case easier. Just imagine if both sides coordinated. I’ll simply say, “We’ll see!”) Question: Will The State AGs or the WGA Win? Can the state AGs play David to Paramount-Skydance’s Goliath here? That’s really the whole thing, isn’t it? If you know this result, you could make a lot of money. When things are uncertain, it’s tempting to shrug and say, “Eh” meaning it’s a 50/50 proposition. I wouldn’t, though. When in doubt, you should expect that the merging parties succeed. AT&T did successfully buy Warner Bros., after all, and Disney bought Fox without any challenges. Many judges are extremely sympathetic to mergers, and I’d bet the state AGs get a judge who will allow the merger. (Even Obama-appointed judges often allow mergers.) As I understand it, we’ll see two main attacks. First, theatrical films. The AGs are arguing that, when it comes to share of box office and the number of both “wide releases” and blockbuster (or “tentpole”) films, the merging parties will have over 27% market share. Now, the Supreme Court once ruled from on high that any merger that exceeds 30% is presumptively illegal, but that’s guidance, not an ironclad bar. Still, the states will have to argue that this is close to having too much power, and with that power, this will likely further worsen the theater/studio splits in particular. Indeed, as Matthew Stoller pointed out, “just five studios are responsible for 95% of all blockbusters; if this merger goes through, then Paramount and Disney will control 60% of that.” So yes, movie studios will be very concentrated after this merger. Want me to visualize some of that? Well, here’s the share of films that grossed over $200 million at the domestic box office since 2022. (Note: this isn’t all films released in over 3,000 screens, but it is a good look at market power.) First, here are the 43 films by studio: Notice all the blue (Disney), orange (Universal), and purple (Warner Bros)? Yeah, those studios are powerful, and this combines Paramount with one of them. Here’s the look by studio and share of the films that grossed over $200 million: Now, if you look at that and also think, “Huh, should we break up Disney?” I’m with you. I’ve seen some folks poo-poo this idea that this is a real category, but it is! For an upcoming article, I’ve been pulling data on the share of top 100 films at the box office as a share of total box office, and it’s massive. Here’s the chart: (This analysis looks at The-Number’s top 100 films and total domestic box office each year.) To be clear, tentpoles make up 80.7% of the box office each year, so I do think it’s a genuine market. (To be clear, films grossing over $50 million make up 80% of the domestic box office, and films grossing over $100 million make up 64.1%.) I mean, the top 100 films at the box office make up 95% of each year’s grosses. Worse, the combined studios will likely cut output to flex that market power. Everyone can just look at what happened to Disney and Fox to see the precedent. (With fewer films, the remaining theaters have to give more for those few films that remain.) Here’s an image I’ve used a lot, the share of wide-release films from Disney and Fox over time: The AGs will also argue that this consolidation will also impact the cable industry. In this case, the consolidation is actually worse, but that environment is…complicated. Paramount will argue that the cable industry is shrinking. That said, predictions that cable will “go to zero” also don’t look very well supported by the data, as the declines are shrinking, meaning “cable” or “vMVPDs” will likely stabilize at some point. Can the state Attorneys General win on those two main arguments? I honestly don’t know. Again, I’d bet no, since history in general supports that, but it depends on the judge/jury and how they interpret the arguments. Notably, Paramount won’t face accusations about monopoly power in other areas, like streaming, news, sports rights, or vertical integration. I tend to disagree with leaving out sports rights, but I also see the appeal for a simpler case. The states also aren’t really pushing novel theories about labor harm either, which should help. (By the way, Sean McNulty at The Ankler wrote a great run through of potential options, and Capitol Forum also wrote a great paper on theatrical consolidation. Both these pieces predated the lawsuit. Matthew Stoller is also out with his analysis of the pros and cons of the case too.) In some ways, the WGA’s case is even stronger. Quoting Sean McNulty’s summary: “The WGA is citing WARNAMOUNT as crossing a 30% market share in multiple sectors, a number that the Supreme Court has precedent for deeming “presumptively anticompetitive” in a market. According to the WGA numbers, WARNAMOUNT would have represented: - 35% of film writing jobs between 2021 and 2024 - 36% of TV writing projects between 2022 and 2025 - 38% of overall deals between 2021 and 2024” Notably, antitrust enforcers did win recently in the Penguin-Simon & Schuster merger by focusing on labor impact, so don’t count this thinking out. (Wildcard: Will the states try to get a jury trial? Most likely no, they’ll let a judge handle it. If I’m them, though, I’d try to put this in front of a jury. Juries tend to understand monopoly power in a more realistic way than judges faced with legions of economists.) Question: What if They Win? What if They Lose?
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