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Someone Made a Terrific Deal in the Peacock/YouTube Premium Partnership…But Who?
(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.) I hope everyone around the world suffering from record heat waves is doing okay. The temperature is already up in Southern California, but obviously not nearly as bad as parts of Europe. With a super El Nińo coming this year, I worry it will get even worse. Yes, we know what’s causing this heat—it’s the carbon, duh—but we really aren’t making enough progress. I’m not “environmental strategy guy”, but if I were, I’d have some ideas of what I’d try. Honestly, for years I’ve been intrigued by the work of the folks at MEER—whose plan, super simply, is to put up mirrors to reflect heat (while continuing the important work of decarbonization)—but I’m frustrated this idea hasn’t made more progress. (Other geo-engineering groups seem to get better press.) With heat like this—cancelling events, hurting economies and, most importantly, killing people—it seems like the time to push solutions! The “mirrors on the ground” solution has barely been tried.1 While entertainment companies may not “feel the heat”, lots of outdoors/experiential industries—concerts, theme parks and so on—will. Even movie theaters could benefit, since mirrors could help lower AC costs, which I imagine is not an insignificant expense, especially in the hotter areas of the country. So I do think the entertainment industry should prioritize this issue. Anyways, let’s get back into the entertainment strategy. I was about to write, “Hey, this week we don’t have any mergers and entertainment news to dive into,” but that’s not really true, since we had more updates on Paramount-Skydance and Warner Bros. Discovery. But the big story of the week involves a streamer and a Big Tech platform bundling their respective streamers. So I’ll write about the updates on Paramount buying Warner Bros., Versant making some moves, and a whole lot more. But we start with a surprising deal: Peacock licensing their content to YouTube Premium. Let’s dive in! Subscribe Most Important Story of the Week - Peacock’s Pricey Premium Partnership The story of the week is Comcast’s2 NBC-Universal’s Peacock making a deal with Google’s YouTube’s YouTube Premium subscription product to embed their content. And I’ll say this up front: Someone made a terrific deal. The question is who. And I’ll be honest: I don’t know. Let me explain why, including why this deal exists, the pros and cons for each side, the biggest unknown, and what that says about the streaming wars. Customers Love Bundles (But YouTube Has Its Own Issues) We’re just getting started with this issue, but the rest is for paid subscribers of the Entertainment Strategy Guy, so if you’d like to find out… Why customers love bundles… But why I’m worried about YouTube’s integration... How Peacock is trading scale for control… And the reason they likely made this deal... The odd budget math for this deal... Whether or not I think the Paramount-Skydance/WBD deal is more likely after the latest settlement... Versant making moves and why that’s good for Hollywood… Another distributor going out of business… ...and a whole lot more! ...please subscribe! We can only keep doing this great work with your support.
Marantz CINEMA Series 2 Rebuilds the AV Receiver for Modern Home Entertainment
The Marantz CINEMA Series 2 upgrades premium home theater with new DACs, broader Dirac Live support, advanced gaming features, and smarter system control.
'Spider-Man: Brand New Day' keeps record pace, ‘The Odyssey’ sets new high for Nolan
“Spider-Man: Brand New Day” continued its blistering pace in theaters, collecting $144.5 million domestically over its second weekend, according to studio estimates Sunday. And Christopher...
As the world rediscovers 'The Odyssey,' disabled actors in Greece explore the pain of war
As Christopher Nolan’s “The Odyssey” renews global interest in Homer’s epic, Greece’s ancient Epidaurus theater is presenting another side of the Trojan War.
As the world rediscovers 'The Odyssey,' disabled actors in Greece explore the pain of war
As Christopher Nolan’s “The Odyssey” renews global interest in Homer’s epic, Greece’s ancient Epidaurus theater is presenting another side of the Trojan War | Talk 1370
As the world rediscovers 'The Odyssey,' disabled actors in Greece explore the pain of war
As Christopher Nolan’s “The Odyssey” renews global interest in Homer’s epic, Greece’s ancient Epidaurus theater is presenting another side of the Trojan War | 830 WCCO
As the world rediscovers 'The Odyssey,' disabled actors in Greece explore the pain of war
As Christopher Nolan’s “The Odyssey” renews global interest in Homer’s epic, Greece’s ancient Epidaurus theater is presenting another side of the Trojan War | WWL
As the world rediscovers 'The Odyssey,' disabled actors in Greece explore the pain of war
As Christopher Nolan’s “The Odyssey” renews global interest in Homer’s epic, Greece’s ancient Epidaurus theater is presenting another side of the Trojan War.
Aug. 8 Arts & Entertainment Calendar
Events coming up in the Greenville area offer music, arts, theater and family fun. Here is a sampling.
ENTERTAINMENT: ‘Angels in America’ and ‘Lungs’ on area stages
Dive into Little Rock's vibrant arts scene with powerful theater performances and captivating exhibitions.
Scene Calendar: Grammy winner Jim Lauderdale, fine art, live theater
Here's a look at what's happening this weekend and beyond in Gainesville entertainment.
'Mystery Science Theater 3000' Revival Sets Online Release Schedule
"Mystery Science Theater 3000: The RiffTrax Experiments" has officially set release dates for the four new episodes of the beloved cult series.
Our favorite memories at the movies
As the box office heats up this summer, The Verge reflects on the magic of theaters
How interpreter Caden Zane Marshall translates a show in real time
Marshall, a Chicago-based ASL interpreter who has worked in Wisconsin, shares why it’s key to have more than one interpreter at a theater performance.
Studio Entertainment: Laila Noelle
BISMARCK, ND (KXNET) — Laila Noelle was with Studio 701 for Music Monday. She told us about her upcoming show with Tigerlily Gold, which will be held at Burning Hills Amphitheater August 10. She al…
Hades, King Herod and the Politics of Theater. A Starry August. Stageworthy News of the Week.
The producers of “Hadestown” on Broadway rescinded the casting of Geno Segers as Hades, after OnStageBlog reposted Segers’ (now deleted) videos on social media that belittled transgender people. Th…
Bars, bowling alleys and movie theaters cost too much to run and visit. Americans have run out of places to hang out and we’re paying with our health
Chronic isolation has the same health impact as smoking 15 cigarettes a day.
D.O.P.E Cider takes over amphitheater for YO-Nights Business Takeover
A busy weekend in Youngstown continues later into the night with the D.O.P.E. Takeover at Youngstown Foundation Amphitheatre.
Lake Charles venues diversify entertainment lineup, drawing visitors from across the country
From the Rosa Hart Theatre to the lakefront amphitheater, venues across the Lake Area have been expanding their entertainment lineups — moving beyond a single genre to appeal to a broader audience.
The Streaming Bubble Keeps Popping
(Welcome to the Entertainment Strategy Guy, a newsletter on the entertainment industry and business strategy. I write a weekly Streaming Ratings Report and a bi-weekly strategy column, along with occasional deep dives into other topics, like today’s article. Please subscribe.) One of my rules is “never bet against PE [private equity]”. This isn’t to say that I agree with their methods or tactics or strategies or financial innovations (aka shenanigans). Just that in the long arc of financial history, they’ve tended to return very good returns to their shareholders. That said, their forays into entertainment have left me...skeptical. I’ve written before about PE’s production company/celebrity production company roll ups, and those haven’t really worked out. Some PE groups tried to “roll up” an industry that isn’t “roll-up-able” for lack of a better term—since the barrier to entry for starting a production company is very low—often paying top dollar for celebrity production companies at the height of streaming valuations. So yeah maybe we can bet against PE when they venture into filmed entertainment. I’ve also noted that studio lots seemed to be a bubble back in 2022. Sure enough… Yikes! That sure sounds like some private equity guys lost some money. The only caveat being that holding a lot of land in Los Angeles is always valuable. But that wasn’t the pitch and likely real estate investment companies overpaid for said land. I mean, Goldman Sachs had to repossess it after all. (Technically, I’m not sure these buyers were traditional private equity, but PE was buying LA studio lots earlier this decade.) All to say: I call out bubbles when I see them, and they often pop. Anywho, my most famous bubble call was the “streaming bubble”, specifically that the major streamers were making too many shows and films. And that it could all come crashing down. Notably, I made this call before the strikes of 2023, but those strikes potentially accelerated the popping. And now it has indeed popped. One of my most popular articles of last year made that exact case. A year later, it’s time to update that analysis. The bottom line is that the streaming contraction continues. Credit where credit is due, Luminate—an analytics company whose data I use weekly in my streaming ratings report—called this out in a recent report I saw highlighted in both Bloomberg and The Hollywood Reporter. But I’m adding my data to their look, including streaming films and kids TV shows. I’ll also provide some other data that all tells the same picture. Let’s dive in! Subscribe The Number of Streaming TV Shows, Films and Specials Is Declining AGAIN in 2026 Let’s get right to the data, starting with my dataset. Specifically, each week I track every “notable” title to come out on streaming. I try to grab every title on every major streamer, meaning if it’s a first run or original or exclusive, I track it. This helps me call out the “dogs not barking” and the misses/flops each week. So that will be our first series of charts, my weekly collection data. Let’s start with the raw TV show, film and special data, by week. Note: As the years have gone by, I have actually added more sources (going from just one source to five sources) to find new titles, meaning that this data collection is, likely, more accurate now than in the past. Which means my team and I are more likely to have undercounted titles in the past rather than today. I like to cut the data several different ways. Here’s that same look, by quarter, to more sharply show the trends: And here’s the data just looking at the first half of each year. That’s the same data, just cut three different ways with three different time periods. Note that films, TV shows, and specials are all down by 25%, 42% and 17%, respectively, from 2022. The good news is that the number of films and specials actually increased year-over-year from 2025 to 2026, but not enough to offset the 25% decline in TV shows. Now, I also look at kids shows, and here they are pulled out on their own: And here’s that by quarter: This really seems to be a notable area of pullback by the streamers. Kids shows are down 80% from 2022. This reflects some formerly Disney+ shows going to cable TV first, but also pullbacks from HBO Max, Prime Video and Netflix. I also categorize the TV shows by English language and non-English language, and that also reveals a lot of where the drop comes from: And here is by the half-year: In this look, the good news is the drop for English language shows seems to have stabilized in the last year. But the bad news is the long term decline from the 2022 peak. Other Data So I wasn’t the only person to notice this decline in the number of shows. I have a few other data sources for this, though most only go through the end of 2025. As I said, Luminate beat me to the punch, so let’s look at their data. We’re just getting started with this issue, but the rest is for paid subscribers of the Entertainment Strategy Guy, so if you’d like to find out… What TV loss streaming didn’t make up for... How Netflix has changed their programming slate over time… Ten more images charting the decline of production... What type of films aren’t being made anymore... The good news (for movie theaters)… And more... ...please subscribe! We can only keep doing this great work with your support.
New movies to watch this weekend: See 'Spider-Man: Brand New Day' in theaters, rent 'Supergirl,' stream 'The Devil Wears Prada 2' on Disney+
"Spider-Man: Brand New Day," "I Want Your Sex" and "The Devil's Mouth" are out now. Are they worth watching?
GOP's Fauci witch hunt is more than just bad political theater
Dr. Fauci deserves better than being harassed, and we deserve better than our congressional representatives leading such an embarrassing witch hunt.
Bagley Cartoon: Hysteria Science Theater
Check out Pat Bagley's latest cartoon: Hysteria Science Theater
ArtBeat: Arts & Entertainment Showcase
Whether you’re looking for Broadway-style theater, live music under the stars, family-friendly films, art exhibitions, or community festivals, there’s plenty to enjoy across East Tennessee this week. Week of July 29–August 5 This week’s highlights are compiled from the Arts & Culture Alliance and participating arts organizations across East Tennessee. On Stage Through – August […]
The latest trailer for Jumanji: Open World brings its avatars into the real world.
This time around, Jumanji’s avatars, played by Dwayne Johnson, Karen Gillan, Kevin Hart, and Jack Black, escape the game in “demo mode,” before a family jumps into their bodies to fix things. The trilogy’s final film is set to release in theaters on December 25th. [Media: https://www.youtube.com/watch?v=zhApeaHMvfs]
American Summer: Steve Guttenberg, Christie Brinkley Film Gets Release
Mia Talerico also stars in Michael W. Gray's coming-of-age feature that hits theaters later this year from Blue Harbor Entertainment.
Valerie Curtis-Newton looks toward Seattle theater’s future amid UW retirement
Valerie Curtis-Newton reflects on her career and the ever-evolving artform she loves
'The Thomas Crown Affair': Everything to know about the Michael B. Jordan film, in theaters March 5, 2027
From 'Gentleman' on the West Bank to 'Chicago' in Slidell, death comes to New Orleans theaters
Dive into a world of murder and music with "A Gentleman's Guide to Love and Murder" at JPAS and "Chicago" at Cutting Edge
News | Sony revives iconic Hollywood theater as it bets on creative entertainment venues
Alamo Drafthouse to restore Cinerama Dome and ArcLight theaters
Bleecker Street’s Crosswalk and LD Entertainment’s HADESTOWN: THE MUSICAL Surpasses HAMILTON as the Number One Opening Weekend for Live Theater Capture of All Time
Bleecker Street’s event cinema division Crosswalk and collaborator LD Entertainment have announced that the live theater capture of Tony Award-winning hit musical Hadestown, titled Hadestown: The Musical, has officially nabbed the number one grossing opening weekend for a live theater capture at the North American box office, surpassing Hamilton. Hadestown: The Musical grossed $10.2M in […]
Don't create political theater — fund the Medicaid fraud fighters
The governor's and attorney general's Medicaid fraud task force seems to be ignoring the real solutions for strengthening Iowa's enforcement.
$70 for a popcorn bucket? Movie theaters are seeing big business with blockbuster collectables
AMC, the world’s largest theater chain, estimates it will see $100 million in revenue this year alone from its collectable popcorn buckets.
‘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. This marks a modest 30% drop from its opening weekend, making it
‘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.
$70 for a popcorn bucket? Movie theaters are seeing big business with blockbuster collectables
AMC, the world’s largest theater chain, estimates it will see $100 million in revenue this year alone from its collectable popcorn buckets.
Collectable popcorn buckets are big business for movie theaters
Theaters that are always in search of revenue streams have clearly hit upon a winner in those very lucrative collectable popcorn buckets that seem to be ubiquitous with blockbuster movies. KTLA's David Lazarus explains.
$70 for a popcorn bucket? Movie theaters are seeing big business with blockbuster collectables
AMC, the world’s largest theater chain, estimates it will see $100 million in revenue this year alone from its collectable popcorn buckets.
$70 for a popcorn bucket? Movie theaters are seeing big business with blockbuster collectables
AMC, the world’s largest theater chain, estimates it will see $100 million in revenue this year alone from its collectable popcorn buckets.
Film review: ‘Hadestown’ goes to hell and back on the big screen
“Hadestown: The Musical" is a live stage capture filmed at London’s Lyric Theatre, now playing in movie theaters.
2026 Best of Johnson County Arts & Entertainment winners
Best Live Music Venue: Aztec Shawnee Theater Currently operating as a live music venue, the Aztec Shawnee Theater is a historic movie palace that first open ...
MINNEAPOLIMEDIA PRESENTS | This Weekend in the Twin Cities: Entertainment Guide: July 26, 2026 Edition
Golf, jazz, art, baseball, theater, circus and family entertainment fill the Twin Cities Sunday, with extreme heat requiring careful planning.
ENTERTAINMENT: 24 Hour Plays on tap; local theaters to offer ‘Les Mis’
More than 70 Central Arkansas playwrights, directors, actors, stage managers, musicians, designers and technicians create six brand-new short plays for the fourth annual edition of The 24 Hour Plays: Little Rock, 7 p.m. Monday at Argenta Contemporary Theatre.
Theater producer’s Des Peres home filled with entertainment collectibles
Stepping into the Des Peres home of theater producer Jack Lane is like taking a trip through the history of Hollywood, Broadway and the wonderful world of Disney all in
MINNEAPOLIMEDIA PRESENTS | This Weekend in the Twin Cities: Entertainment Guide: July 25 to July 26, 2026 Edition
Golf history, global culture, sports, theater, comedy, art, markets and family events continue under an Extreme Heat Warning.
These people accidentally saw 'The Odyssey' in 4DX
Imagine not realizing you're about to get shaken and sprayed with water for three hours before walking into a 4DX IMAX theater to see "The Odyssey."
elrow transforms Pacha New York into an electric, larger-than-life playground
Pacha New York became more than just a nightclub last weekend as elrow brought its signature blend of music, theater and immersive entertainment to Brooklyn
A Willy Street vigil, Forage expands, 'Hadestown' in theaters
In this week's Madison food and culture newsletter, businesses support a Willy Street vigil as a community gathers to mourn.
Movie Theaters Embrace the Bewilderingly Lucrative Business of Buckets
Once, a tub of popcorn was just a tub of popcorn. Now, “collectible concession vessels” could make one chain more than $100 million.
Broadway magic of ‘Hadestown: The Musical heads to theaters
A Tony-winning Best Musical that continues as a Broadway hit, “Hadestown” transforms a pair of ancient Greek tragedies into a dazzling mix of American folk and New Orleans-inspired jazz.
'Harry Potter and the Sorcerer’s Stone' coming back to theaters with 12 minutes of bonus footage
The New York Times
Sony Pictures Entertainment will reopen Hollywood's iconic Cinerama Dome theater in 2028 after a renovation. The venue closed in 2020 because of the pandemic. https://nyti.ms/4gSfAvH
AMC Entertainment CEO says one long-running entertainment debate is finally over
For six years, the entertainment industry has been locked in a debate that touched everything from studio strategy to real estate valuations to the future of a 106-year-old American institution. The question was simple and existential: did streaming permanently replace movie theaters? July 20, AMC ...
Sony and Alamo Drafthouse are reopening Hollywood's Cinerama Dome
After a six-year closure and an uncertain future, the Cinerama Dome is back. Sony Pictures Entertainment and Alamo Drafthouse are restoring the historic theater and plan to reopen it in early 2028.
Cinerama Dome, an iconic Hollywood theater shuttered by pandemic, will reopen
Alamo Drafthouse Cinema will operate it
Cinerama Dome, an iconic Hollywood theater shuttered by pandemic, will reopen
Alamo Drafthouse Cinema will operate it
‘Harry Potter and the Sorcerer’s Stone’ returning to theaters with 12 minutes of bonus footage (exclusive)
For its 25th anniversary, ‘Harry Potter and the Sorcerer’s Stone’ will return to theaters in late August with 12 minutes of never-before-seen bonus footage.
Revel Entertainment plans to build new outdoor amphitheater
Revel’s owner wants to bring free community events, food trucks and live music to a new outdoor venue currently planned to fit 800 people.
This year's Best of Johnson County Arts & Entertainment winners
Congrats to the winners of this year's Best of Johnson County Arts & Entertainment categories! Best Live Music Venue: Aztec Shawnee Theater Current ...
Is AMC Entertainment’s (AMC) Record Revenue Proof That the Theater Recovery Is Finally Real?
AMC Entertainment Holdings, Inc. (NYSE:AMC) jumped 16% in premarket trading on Monday after reporting record second-quarter revenue and a surprise adjusted profit. Revenue reached $1.60 billion, compared with the $1.47 billion expected by analysts, while adjusted earnings came in at 14 cents per share instead of the expected 6-cent loss. The quarter provides the strongest […]
Revel Entertainment plans to build outdoor amphitheater next to current building
ALBUQUERQUE, N.M. (KRQE) – A popular music venue in Albuquerque is expanding. Revel Entertainment is adding an outdoor amphitheater to their already established multi-room venue along the I-25…
AMC Entertainment (AMC) Rockets 25.8% on Record Revenue in 106-Year History
AMC Entertainment saw its share price climb by as much as 25.77 percent during intra-day trading on Monday at $2.44 apiece, after the theater giant posted its highest quarterly revenue in its 106-year history, prompting investors to look past a wider net loss and focus on signs that recovery is gaining momentum. In an updated […]
Help usher in a new era at Swansea movie theater. Now hiring staff
The reels are about to turn once again at a popular SouthCoast movie spot. But first, hiring will be getting underway at the new Swansea theater.
AMC Entertainment (AMC) Stock Trades Up, Here Is Why
Shares of theater company AMC Entertainment (NYSE:AMC) jumped 17.3% in the morning session after the company reported impressive Q2 2026 earnings results with revenue and Adjusted EBITDA crushing expectations.The cinema chain delivered a blowout second quarter, posting total revenues of $1.60 billion—representing 14.2% year-over-year growth and easily surpassing analyst estimates of $1.47 billion. Profitability metrics were particularly strong, with Adjusted EBITDA soaring to $321.4 million comp
AMC Entertainment (AMC) Stock Trades Up, Here Is Why
What Happened? Shares of theater company AMC Entertainment (NYSE:AMC) jumped 17.3% in the morning session after the company reported impressive Q2 2026 earni...
AMC Entertainment Shares Surge On Upbeat Q2 Report, Windfall From ‘The Odyssey’
The world’s biggest theater chain saw its shares surge as it posted the highest quarterly revenue in its history for the three months ended in June.
As Budget Cuts Loom, French Theater Turns Up the Political Heat
This year’s Avignon Festival has transformed into a staging ground for protests, defiant new works and some early 2027 presidential campaigning.
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, driven by a strong slate of summer blockbuster releases. The company reported adjusted earnings per share of $0.14 for the quarter ended...
AMC Entertainment Q2 2026 earnings: record revenue, surprise profit
The theater chain beat Wall Street estimates on both revenue and earnings as attendance climbed in the U.S. and Europe
AMC Entertainment posted record revenue and a surprise profit as blockbusters packed theaters
The theater chain beat Wall Street estimates on both revenue and earnings as attendance climbed in the U.S. and Europe
AMC Entertainment CEO Adam Aron on record Q2 results: People love to go to movie theaters
AMC Entertainment CEO Adam Aron joins 'Squawk Box' to discuss the company's quarterly earnings results, state of the movie industry, weekend box office, impact of AI, and more.
AMC Entertainment (NYSE:AMC) Reports Upbeat Q2 CY2026, Stock Jumps 15.2%
Theater company AMC Entertainment (NYSE:AMC) reported Q2 CY2026 results exceeding the market’s revenue expectations, with sales up 14.2% year on year to $1.6...
AMC Entertainment (NYSE:AMC) Reports Upbeat Q2 CY2026, Stock Jumps 15.2%
Theater company AMC Entertainment (NYSE:AMC) reported Q2 CY2026 results exceeding the market’s revenue expectations, with sales up 14.2% year on year to $1.60 billion. Its non-GAAP profit of $0.14 per share was significantly above analysts’ consensus estimates.
Six AMC theaters showed THE ODYSSEY for more than 85 hours
THE ODYSSEY's media-reported domestic gross reached approximately $124M; Rotten Tomatoes scores were 95% from critics and 97% from audiences. Ticket information is online.
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,...
BUSINESS BRIEFS July 20, 2026: Business news in the Berkshires and beyond
Business news from The Clark, Great Barrington Public Theater, MountainOne Bank, Timberlyn Heights, and more
AMC Entertainment (AMC) Reports Q2: Everything You Need To Know Ahead Of Earnings
Theater company AMC Entertainment (NYSE:AMC) will be reporting results this Monday before the bell. Here’s what to expect.
AMC Entertainment (AMC) Reports Q2: Everything You Need To Know Ahead Of Earnings
Theater company AMC Entertainment (NYSE:AMC) will be reporting results this Monday before the bell. Here’s what to expect. AMC Entertainment beat analysts’ r...
How Going to the Movies and Museums May Help Slow Biological Aging
A recent study found that regular cultural engagement, such as attending the cinema, theater, or museums, may help slow biological aging. These activities can also improve mental health and build social connections in older adults.
Tom Cruise treats AMC workers to ‘Odyssey’ screening — and joins them to watch
Tom Cruise treated workers at a Manhattan AMC to a special IMAX screening of ‘The Odyssey’: ‘An amazing night in a movie theater.’
Arts and entertainment calendar
Events coming up in the Greenville area offer music, arts, theater and family fun. Here is a sampling.
AMC Entertainment Holdings (AMC) Is Up 8.9% After Debt Refinancing And Note Conversion - Has The Bull Case Changed?
AMC Entertainment Holdings has advanced its balance-sheet overhaul by refinancing US$400 million of high-interest debt on better terms and converting about US$155.8 million of senior secured exchangeable notes into equity, while also preparing to report its second-quarter 2026 results on July 20. These moves reduce long-term obligations and loosen restrictive covenants, potentially giving AMC more room to support core theater operations and future refinancing efforts ahead of its upcoming...
Hometown Entertainment: Weekend events in the Roanoke Valley and beyond
Live music, theater and more are happening across the Roanoke Valley and beyond this weekend.
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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