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Tension between Mullin and White House appears to be growing, sources say
President Donald Trump brought in Homeland Security Secretary Markwayne Mullin to lead a department at the forefront of his signature domestic policy.
Anchor Equity Partners invests $170 mn in Korean entertainment firm
Global private equity firm Anchor Equity Partners is seeking to refinance the acquisition loan backed by its stake in South Korea’s Kakao Entertainment C
Health department to hold free flood-recovery vaccine clinic Friday at Wesleyan
The Upshur-Buckhannon Health Department will offer free Tdap and hepatitis A vaccines beginning at 10 a.m. Friday, July 24, at West Virginia Wesleyan College for anyone who was in floodwater or is helping with cleanup.
Democrats slam Social Security boss over 'politicized' email praising Trump
Senate Democrats condemn Social Security Administration commissioner for “politicized” email to benefits recipients
All Wet Sports closing after 24 years in Jacksonville
After more than two decades of introducing Jacksonville residents to the joys of paddling, windsurfing and wakeboarding, All Wet Sports is closing its doors.
Clinical Mental Health Counseling Alumnus Q&A
In this Q&A, Brennan Champagne looks back on his time in the Clinical Mental Health Counseling program and highlights what he learned from the experience.
Intuit Intros QuickBooks-Linked Small Business Credit Card
Intuit has debuted a new small business-focused credit card in collaboration with Mastercard. The World Elite Business Mastercard, announced Wednesday
A-List celebrities show up for 40/40 Club at Fanatics Fest
Some of the biggest names in sports, music, and fashion, converged in New York City for Fanatics Fest over this past weekend. While many took part in all of
Temple partners with local business to support manufacturing in Pennsylvania
A new grant awarded to the College of Engineering and Demco Automation, a local alumni-owned business, will explore how AI can help engineers design and build automated manufacturing systems for Pennsylvania businesses.
Temple partners with local business to support manufacturing in Pennsylvania
A new grant awarded to the College of Engineering and Demco Automation, a local alumni-owned business, will explore how AI can help engineers design and build automated manufacturing systems for Pennsylvania businesses.
Esteemed Alumnus Brian Ruane Named Chair of the Zarb School of Business Dean's Advisory Board | News
Hofstra University's Frank G. Zarb School of Business has appointed Brian Ruane, MBA, ’97, senior executive vice president and head of Global Clearing,
McCains Support Goldfarb Center, Invest in Music Business Students
Western Illinois University alumna and former Music faculty member Claudia McCain was able to experience a breathtaking moment when the highly anticipated Western Illinois University College of Fine Arts and Communications (COFAC) Recital Hall opened in the early 2000s. Now, she and her husband, Jim, will soon experience something similar when the Goldfarb Center for the Performing Arts opens this fall.
Watch China's Hanfu Boom Is a Political Tool
Bloomberg Opinion columnist Karishma Vaswani says China's Hanfu boom gives young people comfort amid economic uncertainty and the Communist Party a tool for promoting national greatness. But nostalgia cannot create jobs, revive the property market or persuade young people to start families.
Jacksonville Sports Hall Of Fame Recognizes Dolphin Alumnus Dee Brown
JACKSONVILLE, Fla. – Jacksonville University men's basketball alumnus Dee Brown added to his illustrious sporting resume over the weekend, being inducted into the Jacksonville Sports Hall of Fame.
The Bear’s Den, July 22, 2026
The Chicago Bears and the Dog Days? Sure, lets make a list about it!
Sports Illustrated brings together sports, fashion and entertainment at Beyond the Pitch New York
The night before the FIFA World Cup final, Sports Illustrated brought together some of the biggest names in sports, entertainment, music and fashion for its
Ramp Opens Stablecoin Accounts and Payments to Business Clients
Financial operations platform Ramp says it has begun offering customers stablecoin accounts and payments. The new offering, announced Tuesday (July 21),
Boeheim's Army returns to TBT bracket Tuesday
The Syracuse alumni team opens the $2 million, winner-take-all tournament with a best-of-three series against Hall In, a team of Seton Hall alumni.
‘Cats: The Jellicle Ball’ to close amid industry concern over Broadway economics
“Cats: The Jellicle Ball,” the ballroom-inspired reinvention of Andrew Lloyd Webber’s megamusical, will end its Broadway run at the Broadhurst Theatre on Aug.
Troy Jackson’s sudden rise in Maine invites scrutiny of his past and his vulnerabilities
Former Maine Senate President Troy Jackson is Democrats’ likely nominee to take on GOP Sen. Susan Collins in an expensive, consequential race following Graham Platner’s exit.
CONTRIBUTOR'S VIEW - Dick Yarbrough: Who can argue politics with a mouthful of barbecue?
Columnist Dick Yarbrough spotlights Builders Movement’s "Builders BBQ," a summer campaign using cookouts and shared meals to bring politically divided Americans...
Loads of fun planned for Sullivan Daze
The town of Sullivan will host Sullivan Daze, its annual “celebration of community and place,” at Sumner Park and other nearby locations on Friday and Saturday, July 31 and Aug.
Egypt: Release dozens detained over Gen Z online group calling for political change
The Egyptian authorities must release dozens of people detained for their association with a Gen Z online group calling for political change and publishing content critical of the government, Amnesty International said today. Since late May, officers from the National Security Agency (NSA) arrested at least 50 people, including nine women, for being part of the “Gen Z002” group on the social media platform, Discord, which called in October 2025 for toppling President Abdel […]
Can I eat lettuce now? What to know about the cyclosporiasis outbreak.
As investigators continue to study the outbreak and its possible sources, many people have questions about what's safe to eat. Here's the latest advice.
FDA issues recall of portable imaging systems
A notice from the agency indicates that systems that have had column replacements might not function appropriately afterward and could pose patient harm.
SEC gymnasts return to Nashville to start business, The Balance Group
In the meantime, the Price sisters have been hosting the “Bound by Balance” camps in Atlanta, Birmingham, Nashville, Fayetteville and Dallas on Aug. 1.
Linklaters partners handed record £2.5mn payday as Asia business booms
‘Magic circle’ law firm cites Hong Kong listings work and growth in US as it reports bumper payouts for top ranks
Popular travel tech find hits its lowest price of the year
Travelers rely on Apple AirTags to keep tabs on bags and valuables — and this four-pack is now the cheapest it's been all year.
Mamdani rolls out 50-plus fixes for NYC’s small-business bureaucracy
Mayor Zohran Mamdani unveiled more than 50 changes Monday aimed at making it easier to open and operate a small business in New York City — from seeking to
FDA says it’s still investigating Taylor Farms in cyclosporiasis outbreak
A false-positive test result doesn’t change the “overwhelming epidemiological data” linking Taylor Farms to the outbreak, the FDA said.
Cyclospora outbreak has me worried about public health cuts
As the cyclospora outbreak wreaks havoc across the country, federal funding cuts have weakened the public health system, columnist Naomi Ishisaka writes.
Beer Nut: Two local pilsners hit the spot for summer
Local drinks from Brick & Feather Brewery and Little Willow Brewing Co. help mark what columnist George Lenker calls "the summer of pilsner."
Univ. of New Haven receives $10M gift to launch business college in Saudi Arabia
The University of New Haven has received a $10 million gift from an alumnus to help launch a new business college at its branch campus in Riyadh, Saudi Arabia, the […]
Omnicom to merge Mediahub and Hearts & Science
Hearts & Science's Garrett O'Reilly will become UK chief executive of the merged global entity.
Mamdani’s comment on Netanyahu highlights schism among Democrats on Israel
Some Democrats condemned the New York City mayor after he said his staff was discussing whether to arrest the Israeli prime minister when he arrives for the U.N. General Assembly.
Lost in the Minnesota wildfires, too: Summer business
Businesses from grocers to resorts and outfitters in Ely are assessing the loss of recreation-driven money.
AMC Entertainment delivers record Q2 results as summer releases boost results
AMC Entertainment Holdings (NYSE:AMC) shares rose 11% after the movie theater chain reported second-quarter results that exceeded Wall Street expectations,...
Zohran Mamdani puts his democratic-socialist version of DOGE to the test
The New York mayor’s government efficiency effort is a potential path forward for Democrats around the country. But some are concerned he’s moving too fast.
METZ Launches the New MNH7000Z QD-MiniLED TV in Italy, Bringing Premium Home Entertainment to a New Level.
ROME, July 20, 2026--METZ officially announced the launch of its new QD-MiniLED TV MNH7000Z in Italy on May 20, combining advanced display technologies, immersive entertainment features and elegant design to deliver a premium home entertainment experience.
D&B Helps Companies Act Earlier on Business Signals
Commercial credit decisions have long moved at the speed of the analyst: a new scorecard takes weeks to design, months to validate and another cycle to
Hicks Commentary: The Lincoln Party Is Already Winning
This column was originally published for the Ball State University Center for Business and Economic Research Weekly Commentary blog. By Michael J. Hicks July 19, 2026 The Lincoln Party has taken a deeply consequential step. By collecting sufficient signatures to place former Indianapolis Mayor Greg Ballard on the ballot for secretary of state, his team
Why has Britain’s oldest political magazine become such a rabid cheerleader for Islamophobia?
A report on the Spectator’s coverage of Muslims makes for grim reading. Conservatism is now focused on this minority to the exclusion of everything else, says Guardian columnist Nesrine Malik
Grading Northwestern Alumni in the Summer League
A Summer League splattered with purple and white.
56 days till Arizona Cardinals' opener: Remembering the 1956 season
With 56 days until the Arizona Cardinals' 2026 opener, let's look back at their 1956 season.
Apple's Latest Price Increases Go Beyond Macs and iPads
After raising prices on all Macs and iPads worldwide last month, Apple increased prices on more products and services on Friday. After raising prices on all Macs and iPads worldwide last month, Apple increased prices on more products and services on Friday.
Trump immigration officials seek to mend frayed ties with business as arrests spike
Under new DHS chief Markwayne Mullin, officials met for the first time with trade groups concerned about losing workers to the president’s deportation campaign.
DOGE was supposed to be dead. Its remnants are everywhere.
The fallout from Elon Musk’s cost-cutting venture can be found across the government if you know where to look.
Commanders 2026 training camp preview: Quarterback
Previewing the Washington Commanders quarterback position ahead of training camp.
Column: Break the silence surrounding men’s mental health
We must encourage men to treat mental health with the same seriousness they give physical health, psychiatric-mental health NP Danieal Robinson writes in a guest column.
Tom Brady Keeps Dropping Hints About Potential WWE Stint
Tom Brady and Logan Paul had another heated confrontation this week, this time at the Fanatics Fest in New York City.
These Broncos Face Big Pressure As Season Approaches
The Denver Broncos are facing a lot of pressure as training camp opens, and that especially applies to their coach.
As Beijing ramps up exports, the world feels ‘China Shock’ 2.0
Trump’s tariffs have helped stem the flow of inexpensive Chinese goods to the U.S., but European factories are suffering under a flood of imported cars and tech.
The scores are in. Who received low, high scores in health inspections?
Health inspection shows Springfield Huddle House received a score of 64, observed mold-like substance.
Column: My favorite films of 2026, so far
In general, the highest-quality movies are usually reserved for the end of the year as we head towards awards season. But there are movies releasing every week of the year,
Moment of Science: Why spicy food burns and how it’s measured
Did you know? Spice is not technically a taste.
Moment of Science: Why spicy food burns and how it’s measured
Did you know? Spice is not technically a taste.
Entertainment Guilds Blast Emmy Category Changes
The Directors Guild of America, SAG-AFTRA and the Writers Guild of America Friday criticized a Television Academy decision to remove five Emmy Award categories from the prime-time broadcast. The criticism came a day after the Television Academy’s Board of Governors approved moving five award categories from the Sept. 14 prime-time telecast on NBC to ceremonies […]
Trump speech ripple effects: From the Politics Desk
Plus, a big campaign shake-up in Wisconsin.
Ranking Member Markey, Senator Hirono Reject Trump’s SBA Policy Proposal that Harms Underserved Small Business Owners and Entrepreneurs
Letter (PDF) (Washington, July 17) – Ranking Member Edward J. Markey (D-Mass.) and Senator Mazie Hirono (D-Hawaii) submitted a comment letter to the Small Business Administration (SBA) opposing a proposed rule change by Trump’s SBA to the 8(a) Business Development Program that would harm underserved small business owners and entrepreneurs. The 8(a) Business Development Program was created by Congress more than 50 years ago to level the playing field for small business owners and entrepreneurs who have faced discrimination in starting and operating their businesses. The SBA’s proposed change ignores the existence of historic discrimination that minority and underserved small businesses have faced and continue to face. In the letter, the lawmakers wrote, “SBA’s proposed rule ignores present-day barriers that entrepreneurs from minority and underserved communities face. Discrimination is not dead; minority entrepreneurs continue to face reduced access to contracting opportunities and capital, as well as racial threats and targeting, including unequal treatment, refusal by others to work with minority-owned firms, being called racial slurs, and bias in the workplace. These barriers lead to wide underutilization of, and less revenue for, minority-owned businesses compared to majority-owned businesses, as supported by decades of disparity studies. The proposed rule diminishes the history of systemic racial and ethnic discrimination in the United States by claiming that remedies for discrimination create discrimination in and of themselves.” The lawmakers continued, “The program has always been open to anyone who can prove they have experienced prejudice or cultural bias in education, employment, entrepreneurship, and other facets of our society. Nonetheless SBA has moved forward with the proposed rule. It lacks a reasoned basis, purporting that the federal government has discriminated against White Americans, but offering no substantive qualitative or quantitative data or research in support. If the examples provided in the proposed rule are the only basis for what constitutes discrimination to the agency, they are woefully insufficient. The final rule must provide strong evidence that there is discrimination against White individuals and show how the rule is narrowly tailored to address it. The record remains devoid of evidence of discrimination against White individuals on the basis of race.” Ranking Member Markey is fighting to protect federal programs that address historic discrimination against small business owners from minority and underserved communities, and for a small business agenda that ensures economic opportunity for all. In June, Ranking Member Markey released a statement condemning the SBA’s proposed changes to the 8(a) Business Development Program. Also in June, Ranking Markey released a new report highlighting Trump’s drastic reduction in federal contracting dollars awarded to American small businesses, including minority-owned small businesses. In February, Ranking Member Markey, alongside Senators Hirono and Cory Booker (D-NJ), and Representative Ayanna Pressley (MA-7), introduced the Strengthening Place-based Access, Resources, and Knowledge (SPARK) Act to spur entrepreneurship and increase access to capital and resources for underserved entrepreneurs nationwide. Ranking Member Markey previously held a field hearing in Roxbury, Massachusetts, to discuss how government and the private sector can come together to make entrepreneurship more accessible for underserved communities. Earlier in February, Ranking Member Markey secured funding with the Appropriations Committee for Small Business Development Centers, Women’s Business Centers, SCORE Chapters, and Veterans Business Outreach Centers and provisions to rein in the Administration’s attempts to eliminate programs that support women, veterans, and underserved entrepreneurs. In January, Ranking Member Markey sent a letter to the Consumer Financial Protection Bureau to oppose rule changes that would gut protections against discriminatory lending practices that harm small businesses. In December 2025, Ranking Member Markey sent a letter to SBA Administrator Kelly Loeffler expressing significant concerns with the SBA’s overly burdensome request and unclear guidance for extensive financial documentation over the holidays, as a part of their sweeping attempts to dismantle the 8(a) Business Development Program. In July and December 2025, Ranking Member Markey sent letters to the SBA Administrator demanding answers about the Trump administration’s efforts to limit economic opportunity for American entrepreneurs, including immigrants. In May 2025, Ranking Member Markey sent a letter to the SBA Administrator rejecting President Trump’s FY 2026 budget proposal and calling on SBA to immediately release funding for the entrepreneurial development programs, which include programs like the Women’s Business Centers and the Veteran’s Business Development Centers that support underserved small business owners. In April 2025, Ranking Member Markey introduced the New Start Act of 2025 to establish a five-year pilot program providing grants to support entrepreneurial development training for currently or formerly incarcerated individuals. In February 2025, Ranking Member Markey sent letters to the SBA Administrator and Government Accountability Office (GAO) condemning President Trump’s war on diversity, equity, inclusion, and accessibility (DEIA) policies and asking how the SBA intends to implement Trump’s anti-DEIA executive orders. ###
‘The Odyssey,’ ‘Heartstopper Forever,’ and ‘The Vampire Lestat’ finale top this week’s Must List
See EW’s top pop culture picks for the week, including Christopher Nolan’s ‘The Odyssey,’ ‘Heartstopper Forever’ on Netflix, and ‘The Vampire Lestat’ finale on AMC.
Carmen Schools of Science & Technology Northwest Celebrates New Home with Ribbon Cutting and Community Block Party
MILWAUKEE (July, 2026) Carmen Schools of Science & Technology Northwest will officially celebrate the opening of its new campus with a ribbon cutting ceremony and community block party. The free event will welcome students, families, neighbors, alumni, partners, and community members to mark an exciting new chapter for the school on Saturday, July 25 from […]
Christopher Pang has more fun playing the jerk in Hulu’s ‘The Season’
Everyone wants to be the hero. Christopher Pang, however, would rather be the guy audiences love to hate.
Less sleep = less health; Led Zeppelin in the OR; dangers of people-pleasing; plus other stories with Vanderbilt Health sources
Prevention interviewed Beth Malow, MD, Professor of Neurology and Pediatrics in the Vanderbilt Sleep Division, for a story about two randomized trials published in Annals of Internal Medicinethat found decreasing sleep by just 1.5 hours each night was linked with increases in body weight, waist circumference, and sedentary time in adults with elevated cardiometabolic risk. Yahoo Healthalso picked up the story. WTVF News Channel 5 reporter Nikki Hauser interviewed Ashish Shah, MD, Professor and Chair of Cardiac Surgery, for a new video podcast series called “Why Nashville” where she interviews interesting people doing interesting work about why they came to Nashville and how it is going. Among the revelations: his go-to OR music includes Led Zeppelin and AC/DC. Everyday Health interviewed Aaron Brinen, PsyD, Assistant Professor of Psychiatry and Behavioral Sciences, for a story about the TikTok trend that encourages women to speak up about their concerns or they’ll develop an autoimmune disease. Overall, people suggest that suppressing feelings of anger, minimizing your own needs, or people-pleasing raises your risk. Telemundo Nashville broadcast a story on cyclosporiasis that quotes both William Schaffner, MD, professor of Preventive Medicine, and Juan C. Salazar, MD, MPH, chair of the Department of Pediatrics and system Pediatrician-in-Chief for Monroe Carell Jr. Children’s Hospital at Vanderbilt. Schaffner also spoke to WKRN News 2 about measles and The Cutabout shingles and long distance running. WREG (Memphis) and others picked up the measles story as well. CNN reporter Deidre McPhillips interviewed John Trahanas, MD, Assistant Professor of Cardiac Surgery, and Director of Thoracic Aortic Surgery, for a story about aortic dissection in last week’s death of U.S. Sen. Lindsey Graham. The Nashville Post published a story by freelance reporter Leah Hunter on robotic surgery, including a patient story and numerous quotes from Sekhar Padmanabhan, MD, Assistant Professor of Surgery in the Division of Surgical Oncology.
Lexington bakery finds new owners after struggle to sell business
Bluegrass Baking Company, a bakery local to Lexington, has officially been sold to new owners, according to the Lexington Herald-Leader.
Cramer, Mulvaney Garner College Sports Communicators Academic All-America Accolades
Springfield, Mass. – July 17, 2026 – Springfield College men's volleyball senior Dylan Mulvaney (Reston, Va.) and men's gymnastics junior Peyton Cramer (Grapevine, Texas) have earned spots on the College Sports Communicators Academic All-America Teams this year for their hard work in the classroom and in their sports during the 2025-26 academic year.
Meet Keyveatz, AOMG’s first girl crew redefining Korean Hip-Hop
“All you gotta know is that I rock the show,” raps Keyveatz on their debut single, “Key Beats,” a bold statement from the five-member crew carving their own
SpaceX IPO earns millions for US Small Business Administration head Kelly Loeffler
U.S. Small Business Administration head Kelly Loeffler multiplied the value of her investment in Elon Musk's SpaceX after she was nominated for the job, earning millions of dollars from the company's record initial public offering, a Reuters review of her financial disclosures showed.
Top Veterans Affairs official says "latest technology" in health care records coming to Danville
Deputy Secretary Paul R. Lawrence said the Federal Electronic Health Record system will go live in Danville next March.
Ann Widdecombe’s death should make Britain ask itself: what sort of political culture do we want?
Dehumanising politicians is the first step towards justifying their elimination. It matters more than ever to keep putting the person back into the picture, says Guardian columnist Gaby Hinsliff
Kansas City burglary ring leader sentenced as small business owners call it ‘a long time coming’
The alleged leader of a burglary ring that targeted more than 100 Kansas City businesses was sentenced Thursday.
MSU graduate named Department of Energy Computational Science Graduate Fellow
Michigan State University alumnus Aaron Philip (‘26) has been named a U.S. Department of Energy Computational Science Graduate Fellow. He is the second Spartan in university history and one of only 29 students this year to earn the designation.
3 big Senate fundraising takeaways: From the Politics Desk
Plus, previewing Trump’s speech tonight.
1 Machesney Park business fails liquor compliance check, 7 pass
Out of the eight Machesney Park businesses where a liquor compliance check was done Tuesday, only one failed, according to the Winnebago County Sheriff’s Office.
Google Vids now lets you star in your own AI videos
Google is adding personalized AI avatars to Vids that let users create videos starring a digital version of themselves, alongside Gemini Omni-powered tools for generating and editing videos from prompts and reference images.
Chiefs’ Patrick Mahomes shares health update ahead of 2026 NFL season
Kansas City Chiefs star quarterback Patrick Mahomes said his "goal" is to be ready to play Week 1 when the Chiefs host the Denver Broncos on Monday Night Football on Sept. 14.
The Hydrologic Instrumentation Facility (HIF) launches national research and development program
Researchers, students, and partners from across organizations came together at the Hydrologic Instrumentation Facility (HIF) to conduct the facility's first coordinated research, development, and innovation activities, demonstrating the HIF’s role as a national platform for water science and technology development.
How is USF St. Pete’s Marine Science Lab doing 2 months after catastrophic fire?
For the 150 students and faculty housed in the building, the last couple months have been a series of ups and downs.
EU Top Court Backs Amnesty for Catalan Independence Leaders
The European Union’s top court ruled in favor of a Spanish law granting amnesty to Catalan politicians who held a referendum for the region’s independence in 2017, handing Prime Minister Pedro Sánchez a political boost.
Water main break triggers boil water notice, forces business closures in Sumner County town
A boil water notice issued Wednesday by the city of Westmoreland is forcing businesses to close and residents to scramble as officials work to restore safe water service.
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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