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Tony Romo placed on leave by CBS after drunk driving charge
In Romo's place, JJ Watt will join Nantz and Tracy Wolfson as CBS Sports' lead NFL team during, CBS said Friday.
Arkansas basketball press conferences: Previewing Bahamas exhibitions
JJ Andrews, Cooper Bowser and Abdou Toure answered questions ahead of the Razorbacks' four-game trip to Nassau.
Early morning fire hits Peoria business
A Peoria business is reeling after a fire earlier Wednesday.
Orlando ranks first in small-business growth among midsized U.S. cities
Orlando ranked first in a new analysis of midsized U.S. cities for small-business growth, beating out McKinney and Frisco.
CASPR Ends Tenagrity Contract as Agenda Turns to Gambling
Center for Addiction Science terminates Tenagrity Solutions lobbying contract focused on GLP-1 drug access. Read the latest policy update.
‘Jeopardy’ champ pleads guilty to 2 felony charges after planting secret cameras in rental property
Two-time ‘Jeopardy’ champ Philip Joseph DeSena pleaded guilty to two counts of felony secret peeping after planting hidden cameras in a rental property’s bedroom and bathroom for ‘sexual gratification.’
'Not alike any we've ever seen before': Three of the 12 galaxies in this cosmic string are missing a crucial component of the universe
Astronomers have discovered a third galaxy without dark matter in a strange string of a dozen dwarf galaxies. A violent collision is likely to blame.
All-New Apple Home Hub Reportedly Launching as Soon as October
Apple plans to release an all-new smart home hub at some point between October and early next year, according to Bloomberg's Mark Gurman. Apple Home Hub (Concept) Siri AI is expected to be a core feature of the hub, which is designed to be placed in rooms throughout your house, such as a kitchen, living room, or bedroom. The report said the device will be available in tabletop and wall-mounted versions, with Apple apparently believing that many customers will buy more than one.
Windows 11’s August Patch Tuesday update brings several important changes, and I break down the biggest ones
Microsoft's August 2026 Patch Tuesday delivers a large batch of improvements across Windows 11.
Mariners vs Rangers ⚾️ MLB Highlights
Check out the best moments from matchup between the Seattle Mariners and the Texas Rangers.
National Survey on Drug Use, Mental Health
RDML. Christopher Jones, SAMHSA Acting Director, joins the show to talk about the recent SAMHSA survey.
Move over, Tom Hanks: Netflix’s Dan Brown series finds its new Robert Langdon
‘Gilded Age’ star Morgan Spector is set to lead the latest screen adaptation of Dan Brown’s best-selling Robert Langdon books.
Yankees Reportedly Willing to Trade Anyone Except One Player
The New York Yankees have made just one player untouchable heading into the MLB trade deadline.
Southern's Nelson Mandela Give Day Kick-Off Social raising money for social science education
Southern's Nelson Mandela Give Day Kick-Off Social raising money for social science education
Jaguars 53-man roster projection as training camp approaches
How will the Jaguars' 53-man roster shake out? We take a look ahead of the start of training camp.
German business sentiment rises more than expected in July, Ifo survey finds
German business morale grew more than expected in July, a survey showed on Monday.
Should the Guardians Sell at the Trade Deadline?
Facing some hard truths
Sports Illustrated ranks NFL QBs and places Kyler Murray near the middle
Kyler Murray projects as a middle-of-the-pack quarterback for the Vikings this year.
What does it mean to end 75 years of heartbreak?
After Mayo ended their 75-year wait to win the All-Ireland, what does it mean to finally end the 'Mayo curse'?.
Senator Makes Puzzling New Claim About McConnell’s Health
McConnell’s GOP colleague appeared nervous when asked about his condition.
Cleveland Browns still looking for help at defensive end
Cleveland is reportedly still in the market for another DE. But with the options dwindling, what is the right play?
Orlando Magic Need Best Version of Paolo Banchero Next Season
The Orlando Magic cannot reach their goals in this hardened Eastern Conference landscape without Paolo Banchero elevating them.
‘Blade Runner 2099’ exclusive first look at the replicant uprising
‘Blade Runner 2099’ exclusive first look at the replicant uprising: ‘The war has happened and the humans have lost.’
‘The Odyssey’ earns $87M in its second weekend, Christopher Nolan’s best second weekend yet
“The Odyssey” continues to captivate audiences in its second weekend, raking in $87 million in North American theaters.
Lazio Reject Sporting Club Offer for Defender Considered Untouchable
Sporting CP reportedly tried to sign Lazio centre-back Oliver Provstgaard, but he’s now considered off the market.Oliver Provstgaard Enjoying Steady Rise at LazioThe 23-year-old joined the Biancocel...
Hundreds attend inaugural St. Louis County NAACP health fair in Dellwood
Hundreds of people gathered Saturday for the inaugural St. Louis County NAACP Health Fair at the Dellwood Recreation Center.
Atlanta Braves Reveal Austin Riley Change Before Orioles Game
The Atlanta Braves picked up a big come-from-behind win against the Baltimore Orioles on Friday evening, and the Braves won 7-6 thanks to a huge 3-run home run by Matt Olson in the 10th inning, which pushed Atlanta’s division lead to 5+ games over the Philadelphia Phillies. On Saturday, the series rolls right along, and […] The post Atlanta Braves Reveal Austin Riley Change Before Orioles Game appeared first on HEAVY.
‘Big Brother,’ ‘Drag Race’ star apologizes to Ryan Murphy on air over declined role
‘Big Brother’ houseguest Jason De Puy, also known as ‘Drag Race’ star Salina EsTitties, hilariously apologized to Ryan Murphy on the air over declining role: ‘Cast me, I’m sorry!’
Lynchburg Announces Sports Hall of Fame Class of 2026
The University of Lynchburg athletic department is thrilled to reveal the class of 2026 inductees into the Lynchburg Sports Hall of Fame on Thursday, October 15 at 5 p.m. in Turner Gymnasium.
Northern Michigan University banks on new business school, housing to help boost enrollment
The university in Marquette is undertaking several initiatives to help reverse a decade-plus enrollment slide.
The Latest Policy Issue: Sports Prediction Markets
House Agriculture Committee examines regulatory gaps in sports prediction markets. Learn how federal oversight is evolving for this booming industry.
Landmark Aging Study by UT Health Sciences Researcher Published in Nature
A University of Tennessee Health Sciences researcher has published findings that could reshape how medicine approaches aging, longevity and late-life health, including the prospect of personalized interventions that keep people healthier longer.
Asia's rich swap sponsorships for stakes in sports as dealmaking hits record
Asian wealthy families and fund managers are increasingly moving beyond sponsorships and charity-linked sporting events to invest directly in sports assets, betting that growing audiences and rising media-rights fees will drive longer term returns.
Business remains open as GoFundMe surpasses $300
Car crashes into Bradenton dog daycare; owner works to rebuild.
Why aren’t health insurers rushing to cover GLP-1 prescriptions for beneficial weight loss?
In theory, GLP-1 receptor agonist drugs like semaglutide and tirzepatide should save a lot of money for the health insurers that pay for them. As it turns out, the lived reality is not keeping pace with the idealistic expectation.
Barcelona postpone official announcement of Karim Adeyemi transfer to Thursday
According to SPORT, Barcelona have postponed the official announcement of their second signing of the summer, with Karim Adeyemi set to be confirmed and unveiled on Thursday, July 23, after several da...
Sacrificed Inca children died very differently than we thought, study finds
A new look at three children who died in the Inca human sacrifice ceremony known as Capacocha reveals their last few months and moments.
Biotech experts want FDA drug reviews based on science, not politics
Biotech experts and industry executives are calling plans by the U.S. Food and Drug Administration — hit by job cuts last year — to hire thousands of employees and update clinical-trial standards encouraging, but want assurance that politics will not interfere in the agency's drug-review process.
Biotech experts want FDA drug reviews based on science, not politics
Biotech experts and industry executives are calling plans by the U.S. Food and Drug Administration — hit by job cuts last year — to hire thousands of employees and update clinical-trial standards encouraging, but want assurance that politics will not interfere in the agency's drug-review process.
Shark’s Cove businesses fight to stay as city plans first responder hub
Once the land acquisition is complete later this summer, the city plans to issue eight businesses a 90-day notice to vacate.
Police Dismantle Kratos Phishing Kit Built to Steal Microsoft 365 Sessions and Bypass MFA
Authorities seize 200 Kratos servers and arrest its alleged developer and operator; investigators estimate 15,000 campaigns ran monthly.
Possible tornado damages barns, equipment at Owen County truck and trailer business
Randy Tolles, owner of Craigmyle Truck and Trailer Sales, said he and three others were able to get inside a house for safety as the storm moved through.
Claude Code Can Now Build and Test iOS Apps in Apple's Simulator
Anthropic today said Claude Code for desktop has been updated to work with the iOS Simulator, with the integration available in public beta. Claude Code can open in-progress apps in the iOS Simulator pane when it's instructed to build, run, or check an app. Claude can watch the iOS Simulator live as it runs, interact with it, and then iterate until a project is finished. Developers can continue to use the iOS Simulator as Claude works.
Singer Who Quit Kennedy Center Says He Feared ‘Retribution’
At a congressional hearing, the musician warned of a “partisan toxic environment.”
Cardinal Health to buy Strive Medical, AdaptHealth's diabetes health business for $360M
Cardinal Health is pursuing two tuck-in acquisitions to expand its home care business. | The pharmaceuticals and specialty products distributor plans to buy AdaptHealth's diabetes health business unit and medical supply provider Strive Medical in separate deals worth $360 million.
Why have political double standards gotten worse?
Are double standards becoming the norm in American politics? In this episode of “Make It Make Sense,” Carine Hajjar and Brad Palumbo, an independent journalist and YouTube creator, break down the growing fractures on both the left and the right. They discuss recent Senate races involving Graham Platner and Abdul El-Sayed; the controversy surrounding Ken Paxton in Texas; and how media echo chambers, viral clips and conspiracy theories are pushing the country further apart.
Critical SharePoint RCE CVE-2026-50522 Under Active Exploitation After Public PoC
watchTowr reports active exploitation of SharePoint CVE-2026-50522 after a public PoC, with attackers stealing machine keys for persistence.
Samsung Debuts AI-Powered Health Assistant, Joining Packed Market
Samsung Electronics Co. is rolling out a new AI-powered assistant that acts as a virtual health companion, joining a growing number of tech companies using chatbots to deliver personalized wellness insights to its users.Samsung Health Assistant pulls in data from the user’s Galaxy smartphone, smartwatch or smart ring, the company said Tuesday. The firm also announced a series of other features coming to its health platform, particularly around heart metrics.
Penguins face rebuild dilemma with ‘living legend’ Sidney Crosby
Josh Yohe questions Pittsburgh Penguins' veteran-heavy rebuild strategy.
Making nutritious meals for older relatives can be hard. Follow this guide.
These simple steps lead to healthier meals.
UFC Freedom 250 Fails to Knock Out The Ratings
(Welcome to my weekly streaming ratings report, the single best guide to what’s popular in streaming TV and what isn’t. I’m the Entertainment Strategy Guy, a former streaming executive who now analyzes business strategy in the entertainment industry. If you were forwarded this email, please subscribe to get these insights each week.) If UFC fans wanted one image to say, “Hey, Paramount+ is crushing it with their UFC rights deal,” I could provide that image. Here it is: (Reminder: this is my creation of the Nielsen Top 30, since Nielsen doesn’t combine the lists or include sports. I take all three lists and combine them. Some streaming TV shows probably have higher ratings than many of the films on this list.) Look at that! UFC Freedom 250 is number one! It topped the Nielsen “Top 30” list for shows and films that made the top ten the week of 15-June. So if you’re a UFC fan or supporter of Paramount+, that’s the good news for you this week. This program topped the ratings charts for one week. Everything else is bad news, or at least a huge caveat to that story, which I’ll explain today in the first part of this week’s Streaming Ratings Report—for the weeks of 8-June and 15-June—which is a double issue since I’ve been writing on a bunch of topics recently. UFC Freedom 250 is one of the biggest streaming events of the year, and super relevant to Paramount+’s strategy, so it merited its own article. Let’s dive in! (Reminder: The streaming ratings report focuses on the U.S. market and compiles data from Nielsen’s weekly top ten viewership ranks, Luminate’s Top Ten Data, JustWatch and Reelgood interest data, Samba TV household viewership, company datecdotes, Netflix hours viewed data, Google Trends, and IMDb to determine the most popular content. While most data points are current, Nielsen’s data covers the weeks of June 8th to June 21st 2026. You can find a link to my terminology here.) Subscribe Check Out My Interview on UFC 250 at MMA Draw After you read this article, if you want even more thoughts on UFC and Paramount-Skydance/Paramount+, I did a written interview with MMA Draw. They asked me to answer some questions about UFC Freedom 250, and I was happy to chat with them. Find it here: [ The MMA Draw Newsletter Did Paramount really overpay for the UFC? What the data tells us so far If you know the history of American television, you also know that combat sports is often a leading indicator of the future… Read more a day ago · 10 likes · 1 comment · Nate Wilcox and Zach Arnold ](https://www.themmadraw.com/p/did-paramount-really-overpay-for?utm_source=substack&utm_campaign=post_embed&utm_medium=web) I never thought I’d need a combat sports newsletter in my life, but the good folks at MMA Draw publish an excellent one on UFC, MMA, pro wrestling, boxing and more, analyzing both the sports themselves and the politics, economics and antitrust issues that impact them. Check the article and their newsletter out! Paramount+ Has Its Best Sporting Event of All Time…But Was It Worth It? Before we look at the UFC Freedom 250 data in particular, let’s talk about what we can’t say. Namely, let’s start with the lack of comparisons. First off, I’d love to put a chart out comparing this fight to past UFC fights on Paramount+…but we don’t have the data. This is the first time we’ve gotten Nielsen data about a Paramount+ UFC fight. As far as I can tell, Paramount provided data for the first fight, but it was a proprietary datecdote (saying it had “an average minute audience” of 5 million “views”) and then, for two fights, we got the linear viewership numbers when they aired on CBS, but no streaming data. Everything else was crickets. We also can’t compare this fight to other fights/combat sports on streaming, in particular the MMA and boxing, because Netflix also didn’t use Nielsen to track those events, opting for TVision and VideoAmp, respectively. (This isn’t Paramount’s fault, but does still suck.) We also can’t compare to UFC’s fights that used to be on ESPN+, since we don’t have any data for that, plus Disney+ didn’t have marquee fights. The comparisons would not be apples-to-apples. Can we compare to past Pay-Per-View fights? Absolutely not. The comparisons would absolutely NOT be apples-to-apples. That didn’t stop Paramount+, though, who bragged that their UFC events have reached drastically more people than past PPV fights. Duh. Sorry, but I gotta make this point again. A basic tenet of economics is that the cheaper something becomes, the more people consume or buy it. That’s Econ 101. (Sometimes pundits call things “Econ 101” that are actually like Econ 210 or even PhD-level economics, but no, this is really like first or second class basic economics.) Yet I still see one analytics firm consistently say that more people watch films on streaming than PVOD proves streaming which means that the streaming window is more valuable than the PVOD window. No, it’s not! Same thing here. Pay-Per-View events back in the day could be really, really, really expensive! So whole groups of people pitched in to buy them. That increased the perceived value of, say, the Mike Tyson fight. Or a UFC numbered event. So yes, the fact that Paramount+ makes numbered UFC fights essentially “free” if you’re already a Paramount+ member means consumption will go up. Obviously. Same for Netflix and their boxing matches. They’re talking about fights that used to cost consumers, in some cases, $50 in 1996…which is over $100 in today’s dollars. Over 1.6 million people paid that to watch the Tyson-Holyfield fight! Again, streaming is essentially “free”. Or $10 to $20, depending on what streamer we’re talking about and what tier you’re on. No wonder more people are “watching”. (Plus, Nielsen’s out-of-home viewing also helps these numbers.) UFC Freedom 250 Did Well…But I Have A Lot of Worries So what can we compare the fights to? Well, the good news is Nielsen put out that the fight averaged 7.0 million viewers for UFC Freedom 250, which is a solid number for a fight. We also know the length, at roughly 4 and a half hours. (I saw different run times, but this seems to be the consensus considering it started at 8 pm, had a delay and then finished after midnight on the East Coast. If you assume a shorter run time, then yes, the total hours viewed would go down.) That means I have the two numbers needed to add this to my Nielsen database. And then…I can compare this viewership to the NFL: And, uh, not great. But also within striking distance, mainly because the runtime for this event was so long. I’d also add that this event had viewership equal to a regular season NFL game on streaming, but if anything, it was more comparable to an NFL playoff or Super Bowl-esque event. And you can compare viewership to the top football games on broadcast, cable and streaming, and it’s not impressive at all: We can also compare it to other sports that week, including the NBA Finals and start of the World Cup: Again, not great. The NBA generated roughly four times as many average viewers each game for its NBA Finals. The World Cup has similarly big numbers. Also, that’s just a tiny fraction of the 25 most watched sporting events each week. The NBA, NHL and FIFA World Cup had many, many more games racking up hours. We could also compare this to other streaming programs to get an idea of “is this a good investment?” and here is how it ranks compared to other top Paramount+ programs: The worry here? Well, unlike scripted programming, which has rewatchability, older fights/sporting events have very little library value. Very, very few people are rewatching these fights, especially years from now. Paramount has also released datecdotes bragging about their subscriber numbers. Earlier this year, they claimed that the first UFC fight on Paramount+ brought in 1 million subscribers. Then, in their quarterly earnings report, they only ended up with 700K subs. Not great! They claimed they dropped lower-value international subscribers, but that’s why I tend to discount subscriber additions when they’re leaked to the press.1 I expect we may see a bump again for UFC Freedom 250, but I’d caution using subscriber growth so soon after these events to judge the success, since new subs with high churn (see Peacock) aren’t great either. Also, analysts often want to attribute all subscriber growth to their favorite/pet show, and that just doesn’t make sense. The biggest caveat for UFC Freedom 250 and Paramount’s very first UFC marquee event is that these could be high watermarks for the sport. UFC Freedom 250 had an incredible amount of earned media coverage compared to most UFC fights. I mean, it had wall-to-wall national news coverage in the lead up to the event. (The first fight also had a lot of promotion from Paramount since it was first.) Other fights could reach this bar—say the Conor McGregor return to the Octagon—but they’ll be fewer and far between. Was This Deal Worth It? All to ask: is this Paramount deal worth it? In this case, I think the UFC Freedom 250 numbers are more distracting than helpful. This fight did well and compares well to other top sporting events. But we know that the first marquee event was at least a third smaller, if Paramount’s own data is to be believed. And it’s likely the other fights are much, much, much smaller. And then you get to the paycheck that Paramount-Skydance paid. FIFA’s World Cup cost about the same for Fox, but clearly generated multiples more total viewership. (Though it’s only every four years.) The NBA is much more expensive, but until the playoffs, they likely didn’t pay for itself. Even still, Disney, NBCUniversal and Amazon Prime Video likely overpaid. So, in that context, the NBA may be an overpay that makes the UFC look not so bad. But two overpays don’t make an underpay, to paraphrase the old cliché about wrongs and rights. And looking at UFC Freedom 250 as the likely ceiling of MMA on Paramount+, Paramount-Skydance likely paid too much. Share 1 I would love regular reports on subscriber additions by programs, but as is, it’s mostly leaked or rumored in haphazard ways.
Bill Gates heads to Africa's cleanest country to learn about its health success story and discuss its $50 million plan
One of the world’s richest men, Bill Gates, is heading to Rwanda to get a glimpse of the progress the Eastern African country has made regarding its health sector
Gut check: What the digestive system means for our overall health
In a Q&A, gastroenterologist Rosemarie Fisher explains common digestive health issues — and the best ways to improve gut health.
Russian anti-war politician ends run for parliament, citing legal setbacks
Boris Nadezhdin, a Russian anti-war politician who had hoped to stand in parliamentary elections later this year, has announced he is ending his role in opposition politics for now, blaming what he said were politically-motivated legal setbacks.
Potential announcement date revealed for new Barcelona signing
Barcelona had wrapped up the deal to sign Karim Adeyemi earlier in the month, with the Catalan swooping out of nowhere to acquire the services of the explosive winger.Borussia Dortmund have already co...
Grappling Bulletin: FloGrappling & ONE Championship Enter Strategic Partnership
-FloGrappling and ONE Championship have entered into a strategic partnership that aims to more actively ensure the best in the world will be active and available at the biggest events in the world, including ONE, WNO, and Flo-partnered events like ADCC & IBJJF majors. -Helena Crevar scored a big win at ONE: The Inner Circle 22, defeating Paige Ivetter Clymer by decision. Crevar and Clymer will be both in the same bracket at the ADCC World Championships, with the potential for a rematch.
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:
Harry Kane on World Cup future with England
Harry Kane reflects on England's successes and failures at the 2026 World Cup as well as his future with the national team.
Larry David seemingly tells RFK Jr. to ‘drop dead’ in new episode of HBO series: ‘You’re not a doctor’
Did Larry David’s character just tell former friend RFK Jr. to ‘drop dead’ in his new show? Here’s what happened.
Tariffs cause delays for Texoma business development
Denison city officials agreed Thursday night to extend construction deadlines at the Foundation Business Park north of town after tariffs slowed progress, forcing companies off their original timelines.
Ubisoft Celebrates 3 Million Sales for Assassin's Creed Black Flag Resynced and Promises New Game+ Content
Exactly a week after the game crossed the two-million-sales mark—in less than 24 hours, no less—Ubisoft has announced that Assassin's Creed Black Flag Resynced has officially sold three million units. Black Flag Resynced has also managed fairly decent player retention, with SteamDBstill reporting...
Lakers Make Major Change to JJ Redick’s Coaching Staff
Lakers head coach JJ Redick made the call to have South Bay coach Zach Guthrie become a Lakers assistant coach and head of player development. The post Lakers Make Major Change to JJ Redick’s Coaching Staff appeared first on LA Sports Report.
House Panel Examines AI's Impact on Main Street
House Small Business Committee examines AI adoption among small businesses. Learn how artificial intelligence is reshaping Main Street operations and policy...
I Got Angry with England and Wrote This
The top teams never take their foot off the pedal
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.
Real Salt Lake apologizes after JJ Watt calls them out for not identifying his wife Kealia, a former NWSL player
Baltimore man sentenced for selling fentanyl in parking lot of Bridgeport business
A Baltimore, Maryland, man was sentenced for selling fentanyl in the parking lot of a business in Bridgeport.
Is the stock market a good measure of Trump’s success?
It’s a metric that leaves out small businesses, not to mention many Americans
House Subcommittee to Examine Prediction Market Protections
Congress examines consumer protections in unregulated sports prediction markets. House hearing addresses market integrity and regulatory gaps. Learn more.
IKEA closes more plan and order point locations amid business shift
The retailer's closures span Charlotte, Austin, Memphis and Southlake as it reshapes how Americans shop for furniture.
What science loses when T. rex becomes a trophy
Sold for a record price of more than $50 million, ‘Gus’ was described by Sotheby’s as more than 60% complete.
Flex Raises $70 Million to Improve Payments for High Net Worth Business Owners
Business banking platform Flex raised $70 million in a Series B1 round to expand its business finance, payments, private credit, and ERP offerings while doubling its workforce.
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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