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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.
SPAN Launches Refrigerant Working Group to Advance Science-Based PFAS Policies
The Sustainable PFAS Action Network (SPAN) announced on July 15, 2026, the formation of its Refrigerant Working Group, “a new initiative focused
AMC Entertainment's Strong Showing Was Well-Deserved (Upgrade)
AMC Entertainment delivered a strong Q2 FY2026, with revenue up 14.2% to $1.60B and adjusted EPS beating expectations. Read more on AMC stock here.
Inside the Rise of Off-Market Business Acquisition Marketplaces
BusinessLocating is an example of this growing trend, highlighting its early growth, AI-powered matching, and concierge-led acquisition process.
Broadcom’s AI Mix Shift: How AVGO’s Booming AI Chip Business Changes the Investment Thesis
The AI sell-off extended on Friday and affected stock markets around the world. Oil prices remained volatile amid the U.S.-Iran tensions. Chip stocks, in particular, took the largest hit after a poor week. There is skepticism that AI chip prices are too high and that demand for computer memory and processors would be unsustainable if […]
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
This Analyst Bets On Tesla’s Robotaxi And Cybercab Businesses Ahead Of Q2 Results – Retail Sees Stock Climbing To $450
Cantor Fitzgerald said Tesla’s Robotaxi business and upcoming Cybercab platform represent a high-margin software-as-a-service opportunity, according to a report by CNBC.
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...
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.
Pokémon TCG: Pitch Black ETBs and Booster Bundles Are Back in Stock at Amazon — Snap These Up ASAP For Fast Easy Delivery
Amazon has finally restocked the Pokémon TCG: Pitch Black Elite Trainer Box and booster sets. Get the breakdown on pricing, set list details, and chase cards here.
Vanderbilt Health-led registry identifies gaps, aims to improve outcomes for aortic stenosis patients
The registry tracks the quality of upstream care processes for patients with aortic stenosis — the most common type of heart valve disease.
AMC Entertainment (AMC) Tops Q2 Earnings and Revenue Estimates
AMC Entertainment (AMC) delivered earnings and revenue surprises of +1,300.00% and +5.79%, respectively, for the quarter ended June 2026. Do the numbers hold clues to what lies ahead for the stock?
The next step of site-neutral, and a fiery PBM hearing
Medicare proposes to reduce payments to hospitals for certain drugs and imaging services.
Alliance Entertainment and Virax Interviews Aired on the RedChip Small Stocks, Big Money(TM) Show on Bloomberg TV
ORLANDO, FL / ACCESS Newswire / July 20, 2026 / RedChip Companies aired interviews with Alliance Entertainment Holding Corp. (Nasdaq:AENT) and Virax Biolabs Group Ltd. (Nasdaq:VRAX) on the RedChip Small
AMC Entertainment stock surges after record quarterly revenue and EBITDA
AMC Entertainment Holdings, Inc. (NYSE:AMC) shares climbed 13.
AMC Entertainment soars after strong earnings, massive weekend for The Odyssey
AMC stock jumps after Q2 earnings beat as revenue hits $1.6B and EBITDA surges 70% on strong box office trends.
AMC ENTERTAINMENT HOLDINGS ($AMC) Releases Q2 2026 Earnings
AMC ENTERTAINMENT HOLDINGS ($AMC) posted quarterly earnings results for Q2 2026 on Monday, July 20th. The company reported earnings of $0.14 per share, beating estimates of -$0.06 by $0.20. The company also reported revenue of $1,596,700,000, beating estimates of $1,488,804,013 by $107,895,987.You can see Quiver Quantitative's $AMC stock page to track data on insider trading, hedge fund activity, congressional trading, and more.
Why is AMC Entertainment stock surging today?
Why is AMC Entertainment stock surging today?
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.
After 106 Years, AMC Posts Its Highest Quarterly Revenue
The results cover the quarter ended June 30, 2026; AMC’s live investor webcast is set for July 20 at 7:30 a.m. CDT, with an archive available for a limited time.
How PayPal went from Wall Street favorite to unwilling merger target
Five years ago PayPal was a Wall Street favorite and a leader in digital payments. Since then the stock has plunged, Apple Pay dominates payment services in the U.S. and PayPal is facing a takeover bid it does not like. What happens next?
Stocks to Watch: Alibaba, Ryanair, AMC Entertainment, Micron
↗️ Alibaba (BABA, HK:9988): Shares in the Chinese internet giant rose after it previewed its new AI model, which it said is second onl
Trump's CDC Nominee Praises Vaccines, Without Vowing Independence From RFK Jr.
By Rachel Spears and KFF Health News HealthDay ReportersMONDAY, July 20, 2026 (HealthDay News) — Dr. Erica Schwartz, President Donald Trump’s nominee to lead the U.S. Centers for Disease Control and Prevention, expressed support for vaccines — including mRNA-based COVID shots — in a Senate hearing,
Bayer and Henry Ford Health partner to boost clinical trial access
Bayer and Henry Ford Health have entered a strategic research partnership aimed at expanding access to clinical trials for patients.
Former Jack Daniel’s Cooperage closes in Alabama
Alabama Cooperage, previously known as Jack Daniel's Cooperage, will close in September, resulting in 71 job losses.
Six Flags Entertainment (FUN) Opens Record Coaster As Investors Ask If The Stock Is A Bargain
Six Flags Entertainment (FUN) just opened Tormenta: Rampaging Run at Six Flags Over Texas, a record-setting giga dive coaster that could influence how investors think about the company’s park assets and guest appeal. See our latest analysis for Six Flags Entertainment. Despite the buzz around Tormenta: Rampaging Run, Six Flags Entertainment’s share price has softened recently, with the 30-day share price return down 29.71%, while the 1-year total shareholder return has declined 43.38%,...
Cantillon Capital Management LLC Cuts Stock Position in Tencent Music Entertainment Group Sponsored ADR $TME
Cantillon Capital Management LLC cut its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 28.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,382,595 share
Tencent Music Entertainment Group Sponsored ADR $TME Stock Holdings Increased by Allspring Global Investments Holdings LLC
Allspring Global Investments Holdings LLC boosted its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 21.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned
Bipartisan bill would invest $25M to bolster use of key medical imaging software
The AIR CARE for Vets Act would establish a new five-year pilot program, utilizing 4D imaging software to assess the lungs of vets impacted by burn pits.
Lockheed Martin Plans Bargain-Rate Patriot Missile to Replenish Low Stockpiles
The defense contractor says the new design could be fielded faster and cost less than half as much as its bestselling version.
Parents awarded $2M after ultrasound misinterpretation leads to child's stillbirth
Following delivery of the baby, physicians identified a severe cleft deformity that had not been diagnosed during prenatal imaging.
3rd person dies from Legionnaires' disease in New York City
A third person has died in New York City amid an ongoing cluster of Legionnaires' disease cases in the Upper East Side, according to health officials.
The promise of innovative mental health models
As demand for mental health services continues to grow at colleges nationwide, often due to service capacity, some institutions are moving beyond the traditional counseling center model. These...
Woman attacked, robbed at gunpoint inside business in Wicker Park, Chicago police say
Chicago police are investigating after a woman was attacked and robbed at gunpoint by multiple suspects while inside of a business Saturday night on the city's Northwest Side.
Best Entertainment Stocks To Follow Now
Verizon Communications, Walt Disney, Warner Bros. Discovery, Autodesk, SEA, Take-Two Interactive Software, and FOX are the seven Entertainment stocks to watch today, according to MarketBeat's stock screener tool. Entertainment stocks are shares of companies involved in creating, distributing, or mo
Live Nation Entertainment, Inc. $LYV Shares Acquired by Fifth Third Bancorp
Fifth Third Bancorp lifted its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 336.3% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 28,209 shares of the company's stock after purchasing an additional 21,744 shares during
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...
Beware the unintended consequences of testosterone screening for military servicemembers
“I fear that the widespread rollout of testosterone screening may lead to some surprising and unintended consequences,” writes a urologist who studies testosterone.
Is Tencent Music Entertainment Group (TME) Undervalued After Its CTF Life Awards Deal?
Tencent Music Entertainment Group (TME) is back in focus after CTF Life agreed to become the exclusive title sponsor of the 2026 TMElive International Music Awards, bringing the event to Hong Kong for the first time. See our latest analysis for Tencent Music Entertainment Group. Despite the CTF Life partnership putting Tencent Music Entertainment Group back in the headlines, the stock’s recent performance has been mixed, with a 1 month share price return of 4.95% contrasting with a year to...
Promising Entertainment Stocks To Watch Today
Verizon Communications, Walt Disney, Warner Bros. Discovery, Autodesk, and SEA are the five Entertainment stocks to watch today, according to MarketBeat's stock screener tool. Entertainment stocks are shares of companies that create, produce, distribute, or monetize leisure and media experiences, s
Warren Buffett's message to investors: Be careful
Warren Buffett called out widespread gambling on stocks and the huge amounts being spent on AI. He also discussed his Alphabet wager.
Hsbc Holdings PLC Trims Position in Sphere Entertainment Co. $SPHR
Hsbc Holdings PLC trimmed its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 84.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,495 shares of the company's stock after selling 18
AMC (AMC) Stock Trades At A Discount On Its 99% Five Year Slump
AMC Entertainment Holdings stock now trades around US$1.94 after a long slide in which shareholders have seen the value of their investment fall about 99% over five years, while some valuation checks still suggest the shares are not clearly expensive on current metrics. Over the past five years, AMC Entertainment Holdings has declined about 99%, which means any fresh move in the share price carries outsized importance for existing holders. Recent balance sheet moves to refinance high...
NFL Legend Reveals What Kyler Murray Would Finally Give Vikings
Minnesota Vikings legend Cris Carter is buying stock in quarterback Kyler Murray for one specific reason. He spoke highly of the quarterback in a recent television appearance earlier this week.Murray was one of the crown jewel moves of the offseason for the Vikings. At the very least, he will bring experience to the quarterback position. […] The post NFL Legend Reveals What Kyler Murray Would Finally Give Vikings appeared first on HEAVY.
Elevance Health CEO Snaps Up Stock After Post-Earnings Slide
Elevance Health CEO Gail Boudreaux makes her first purchase since 2025 as shares slump after second-quarter earnings.
Lucky Strike Entertainment: Gutter Ball
LUCK stock outlook: declining brand interest, high debt, and a 22% EV/EBITDA premium despite just 2% forward EBITDA growth: read why it’s a SELL now.
Medical societies take a stand as CMS nears final decision on TAVR proposal
Back in June, CMS proposed significant updates to its current TAVR policies. Three leading healthcare societies have now joined forces to share their own perspective on the potential updates.
Recall update: FDA now urging clinicians to return vascular device linked to 3 deaths
Cardiologists and vascular surgeons were previously told they could still use the device if necessary. Now, however, the message is that they should return the product to the manufacturer.
The Evolution of Politics: From Civic Virtue to Realpolitik
While people claim they want the "virtuous" state with citizens to match, what we really get is realpolitik, whether we want it or not.
Spotting Winners: Flutter Entertainment (NYSE:FLUT) And Consumer Discretionary - Casino Operator Stocks In Q1
The end of the earnings season is always a good time to take a step back and see who shined (and who didn’t). Let’s take a look at how consumer discretionary - casino operator stocks fared in Q1, starting with Flutter Entertainment (NYSE:FLUT).
Wegovy, weight loss and cardiovascular health: A closer look at how semaglutide protects the heart
When patients take semaglutide, the dose appears to offer more cardiovascular benefits than weight loss.
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.
GSK’s drops chronic cough drug, dampening $2bn Bellus Health bid
GSK will discontinue camlipixant’s late-stage RCC programme, though it will continue the drug’s development in two forms of IBS.
Are Consumer Discretionary Stocks Lagging PENN Entertainment, Inc. (PENN) This Year?
Here is how PENN Entertainment (PENN) and American Outdoor Brands, Inc. (AOUT) have performed compared to their sector so far this year.
UTulsa launches Bachelor of Science in applied data science in sports and human performance
The College of Engineering & Computer Science at The University of Tulsa is launching a Bachelor of Science in applied data science in sports and
UTulsa launches Bachelor of Science in applied data science in sports and human performance
The College of Engineering & Computer Science at The University of Tulsa is launching a Bachelor of Science in applied data science in sports and
Stocks Sink on Anxiety About Tech and A.I. Spending
A sell-off in Asia led by chipmakers spilled into Europe and U.S. markets on Friday.
VOICES: Wildfire smoke exposes a hard truth — why staying indoors isn't enough in Michigan
I have lived my entire life in Southeast Michigan, and until the summer of 2023, wildfire smoke was not something we regularly experienced here. Today,
Morgan State University Launches Artificial Intelligence Degree to Prepare Students for the Next Era of Innovation
New Undergraduate Program and Interdisciplinary Risk Management Course Expand Career-Ready Offerings Aligned With the Future of Work and the Demands of an AI-Driven Economy
New Study Assesses ALS Patient Perspectives and Health-Related Quality of Life Related to PEG
These findings indicate that patients with ALS have generally positive perspectives on PEG positioning and that PEG improves health-related quality of life overall.
Maximum Entertainment’s U.S. Subsidiary Agrees to Cathay Bank’s Request for Stipulation of a Receiver
Stockholm, Sweden, July 17, 2026 - Maximum Entertainment AB (Nasdaq: MAXENT B) (“Maximum Entertainment” or the “Company”) today announces that its U.S. subsidiary, Maximum Entertainment, LLC (the “Borrower”), has agreed to stipulate to the appointment of a court-supervised receiver as requested by…
Science by merit, not political favor
The right to be judged by a jury of your peers is a bedrock of American democracy. This principle applies not only to the judicial system but also to how the federal government evaluates and awards billions of dollars in grants to natural…
MAHA is rewriting the vocabulary of American mental health care
“‘Deprescribing’ elevated into a movement, and a cultural default, is a clinical hazard,” writes Sunny Patel.
American College of Radiology pans proposal to shake up federal grantmaking
ACR believes a proposal to add restrictions around research funding could have "a chilling effect on academic research and innovation in the United States.”
Global tech stocks fall as chip sell-off deepens; Burberry sales boosted by gen Z shoppers
Rolling coverage of the latest economic and financial news
New Business Licenses: 7.17.26
This week's businesses includes a pizzeria, masonry, dental care and more. (BizSense Pro required)
Spotting Winners: Flutter Entertainment (NYSE:FLUT) And Consumer Discretionary - Casino Operator Stocks In Q1
The end of the earnings season is always a good time to take a step back and see who shined (and who didn’t). Let’s take a look at how consumer discretionary...
Op-Ed: The Forgotten Key to Wildlife Management: Values
Science alone won’t get the politics out of wildlife management. We shouldn’t want it to.
How AI can help heart teams identify TAVR patients
Many heart patients who would benefit from TAVR are still missing out on the care they need. AI, it turns out, can help cardiologists find those patients. An upcoming webinar is set to explore this topic at length.
Salt Lake City Awarded 2027 College Championships
Colorado Springs, Colo. (July 16, 2026)—The 2027 USA Ultimate College Championships have been awarded to Salt Lake City, the national governing body for the
A Personal Perspective of U.S.-China Nuclear Science and Security Cooperation
This article by Siegfried S. Hecker presents a historical narrative of U.S.-China cooperation in nuclear security following China’s political opening in the early 1970s.
Medtronic recalls surgical devices due to risk of blood contamination
Trace amounts of blood were identified within the sealed packaging of these devices. No patients were exposed to the foreign material, and no adverse events were reported, but Medtronic is recalling the devices as a precaution.
Trump media firm plans to sell high speed access to Truth Social posts
The move would allow Wall Street firms and other institutions to get news from Truth Social contributors in milliseconds so they can make quick profits off transactions in stocks, bonds and interest rates
Arkansas medical marijuana sales down through June
Medical marijuana sales in Arkansas were $140.3 million in the first six months of 2026, down 2.6% compared with the same period in 2025 when sales totaled $144 million, the...
Arkansas medical marijuana sales down through June
Medical marijuana sales in Arkansas were $140.3 million in the first six months of 2026, down 2.6% compared with the same period in 2025 when sales totaled $144 million, the...
Bank of America Sees Nvidia’s Next $20 Billion Business. Here’s Where NVDA Stock Could Go
Bank of America just flagged a hidden revenue engine inside Nvidia that the market is still ignoring, and the numbers suggest Wall Street has been pricing the wrong business this entire time.
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
FDA approves first cholesterol pill of its kind
Enlicitide, the new oral PCSK9 inhibitor from Merck, will be sold under the brand name Lipfendra. It is approved to reduce LDL-C in patients with hypercholesterolemia, including HeFH.
Suno scraped YouTube, Deezer to train its AI, hacked code reveals - potentially strengthening UMG and Sony’s
The code was obtained by a hacker who breached Suno and shared it with 404 Media.
UT Health San Antonio study links sleeping long hours with higher levels of an Alzheimer’s-related protein
UT Health San Antonio study links sleeping long hours with higher levels of an Alzheimer’s-related protein
Wayne County Fair gears up for another year of family entertainment
The Wayne County Fair returns Thursday through Sunday, July 23-26, with a mix of livestock shows, motorsports, live music and family entertainment, highlighted by country music star Trace Adkins’ performance
Alabama students post large science gains, overall eighth-grade scores improve
Alabama students posted strong gains in science, improved eighth-grade achievement and higher ACT scores, according to preliminary statewide assessment results presented Tuesday.
AI Isn't Replacing The MBA. It's Redefining What Business Leaders Need To Know
Employers are automating entry-level jobs & paying a premium for MBA grads. Judgement, not output, is now the real curriculum.
PENN Entertainment (NASDAQ:PENN) Shows Strong Breakout Setup with High Technical Strength
PENN ENTERTAINMENT stock shows a strong uptrend with a 7/10 Technical Rating and a high 9/10 Setup Rating, signaling a tight consolidation pattern near resistance for a potential breakout entry.
Two more insurers sue CMS over Medicare Advantage star rating methodology
The lawsuits come days after Elevance Health filed a complaint of its own, asking a court to compel the Centers for Medicare & Medicaid Services to remain consistent in how it doles out stars.
Reading Science Center gets $10,000 grant for STEM program
Will support a weekly hands-on STEM program for girls
UT Health San Antonio study links sleeping long hours with higher levels of an Alzheimer’s-related protein
Findings could signal early neurodegenerative processes at work Contact: Steven Lee, (210) 450-3823, lees22@uthscsa.edu SAN ANTONIO, July 16, 2026 – Regularly sleeping long hours each night is associated with higher levels of an Alzheimer’s-related protein in the blood, even accounting for other health factors, suggests a new study from UT Health San Antonio, the academic […]
Blue Origin's new stock option plan comes with a catch
Blue Origin's new equity plan has an unusual clause meant to retain employees tempted by SpaceX's money machine.
CMS signals intent to revamp how it pays for clinical software and AI
CMS wants to build a standardized payment structure for clinical software and AI that factors in their impact on patient outcomes.
Physician lawmakers introduce bipartisan fix for radiologist Medicare pay woes
Members of the Democratic and GOP Doctors Caucuses are proposing the Patients First Act, bolstering incentives to save independent practices and “reversing decades of consolidation.”
CMS proposes Medicare payment cuts in 2027—physician groups pledge to bring about change
Cardiologists received a nice bump in pay in 2026 thanks to a one-time 2.5% conversion factor increase. That expires at the end of the year, however, and physicians will see their payments decrease as a result.
When Surveillance Becomes Science: The Data the FDA Should Not Trust - Petrie-Flom Center
In 2024, the Federal Trade Commission (FTC) banned a data broker called X-Mode Social from selling sensitive location data, charging that the company sold precise phone location data that could be used to track visits to reproductive health clinics, addiction treatment centers, and other sensitive sites.
The States Try to Topple WarnerMount…Thus Begins the Local Antitrust Era
(Welcome to the “Most Important Story of the Week”, my bi-weekly strategy column analyzing the most important (but often not buzziest) news story of the last two weeks. I’m the Entertainment Strategy Guy, a former streaming executive who now analyzes business strategy in the entertainment industry. Please subscribe.) Well, it looks like it’s time for another strategy column. Can I finally avoid writing about M&A? No, it seems I cannot. Admittedly, I’m a week early with this column, since I usually put it out every other week. But this news couldn’t wait. This will make three “Most Important Stories” in a row with a merger or acquisition as its centerpiece. First, Roku-Fox (an acquisition), then Comcast-NBCUniversal (a divestment!), and now the State AGs and the WGA’s lawsuits against Paramount’s pursuit of Warner Bros. Discovery (antitrust). M&A is usually the “most important” topic any given week, simply because a giant company merging or breaking up (or preventing those outcomes) can have the biggest impact on the streaming board. If you think about these companies as players in a game, changing the number of players is one of the biggest changes you can make. I shouldn’t really complain, either, since this lawsuit is very good news for customers and suppliers (econ speak for talent, workers and indie studios in Hollywood). So let me answer some questions about this potential trial, along with (shudder) making some heavily caveated predictions. I’ll also look at whether Hollywood must consolidate, whether or not the states can win, trouble at X-Box, Netflix’s YouTube binge, and more. Plus, I have five images that visualize this merger and the harm, including three brand new data looks you’ve never seen before. Subscribe Most Important Story of the Week - Can The States and the WGA Stop Hollywood’s Consolidation (Crisis)? If every other newsletter and news outlet is writing about the same story, I try to avoid writing about it as well, but I can’t ignore a story this consequential. The story of the last year was the fate of Warner Bros. Discovery, and this development potentially extends that saga into 2027. As I tried to figure out my angle, I realized, like my last column, I’m again faced with a series of questions. These questions, though, are much more forward-looking. Will the states win? Will the WGA win? If so, what happens to Warner Bros. Discovery? Either way, will this chill the market for future mergers? So you know what that means: predictions. About the future, no less, the hardest thing to predict.1 Just remember: nothing here comes with a guarantee. And the more confident someone is in their predictions, the less you should trust them. This situation is incredibly fluid, nuanced, uncertain and tenuous. So let’s try to explain what may happen. Question: Why File this Lawsuit? I’ll admit, a few months back, I was fairly pessimistic about the fate of this lawsuit. Rumors had started bubbling up that the state Attorneys General (in particular California) wanted to settle with either some minor divestments (usually CNN) or behavioral remedies. And that tracked for me: the states usually settle lawsuits, like the recent John Deere right-to-repair suit. Yet, they plan to fight this. (As they did the LiveNation-Ticketmaster monopolization trial and the Nexstar-Tegna merger.) Honestly, that also makes a ton of sense. Frankly, this move is just good politics for these State AGs. Most are still running for higher and higher office in blue states—some folks have emphasized that only Democratic AGs joined this suit, but given the Ellison/Trump ties, and fears of retribution, that tracks—and a high profile case like this will help them move up the electoral ladder, especially since Paramount and its leadership (the Ellisons, father and heir) have sided with the other side of the political aisle. That makes them unsympathetic to Democratic voters and Hollywood workers in particular. Why did this lawsuit happen? In addition to the very real concerns about industry consolidation, this is why. That said, I don’t think we would have seen this lawsuit for Netflix and Warner Bros., simply because they’re more sympathetic and aligned with Democrats. But those consolidation concerns are real. The “town”—meaning Hollywood and such—really is seeing the damage of mergers on this industry. That’s why the WGA also filed its own lawsuit in defense of workers as well. (Wildcard: What about Europe? Will they try to stop the deal, too? There have been some rumors out of the UK they may try to fight the deal, and UK enforcers just stopped a Getty Images-Shutterstock tie up, so there is precedence. This argument could go either way, though. On one hand, the EU doesn’t need to step in, cause they states are handling it. On the other hand, this could make the EU’s case easier. Just imagine if both sides coordinated. I’ll simply say, “We’ll see!”) Question: Will The State AGs or the WGA Win? Can the state AGs play David to Paramount-Skydance’s Goliath here? That’s really the whole thing, isn’t it? If you know this result, you could make a lot of money. When things are uncertain, it’s tempting to shrug and say, “Eh” meaning it’s a 50/50 proposition. I wouldn’t, though. When in doubt, you should expect that the merging parties succeed. AT&T did successfully buy Warner Bros., after all, and Disney bought Fox without any challenges. Many judges are extremely sympathetic to mergers, and I’d bet the state AGs get a judge who will allow the merger. (Even Obama-appointed judges often allow mergers.) As I understand it, we’ll see two main attacks. First, theatrical films. The AGs are arguing that, when it comes to share of box office and the number of both “wide releases” and blockbuster (or “tentpole”) films, the merging parties will have over 27% market share. Now, the Supreme Court once ruled from on high that any merger that exceeds 30% is presumptively illegal, but that’s guidance, not an ironclad bar. Still, the states will have to argue that this is close to having too much power, and with that power, this will likely further worsen the theater/studio splits in particular. Indeed, as Matthew Stoller pointed out, “just five studios are responsible for 95% of all blockbusters; if this merger goes through, then Paramount and Disney will control 60% of that.” So yes, movie studios will be very concentrated after this merger. Want me to visualize some of that? Well, here’s the share of films that grossed over $200 million at the domestic box office since 2022. (Note: this isn’t all films released in over 3,000 screens, but it is a good look at market power.) First, here are the 43 films by studio: Notice all the blue (Disney), orange (Universal), and purple (Warner Bros)? Yeah, those studios are powerful, and this combines Paramount with one of them. Here’s the look by studio and share of the films that grossed over $200 million: Now, if you look at that and also think, “Huh, should we break up Disney?” I’m with you. I’ve seen some folks poo-poo this idea that this is a real category, but it is! For an upcoming article, I’ve been pulling data on the share of top 100 films at the box office as a share of total box office, and it’s massive. Here’s the chart: (This analysis looks at The-Number’s top 100 films and total domestic box office each year.) To be clear, tentpoles make up 80.7% of the box office each year, so I do think it’s a genuine market. (To be clear, films grossing over $50 million make up 80% of the domestic box office, and films grossing over $100 million make up 64.1%.) I mean, the top 100 films at the box office make up 95% of each year’s grosses. Worse, the combined studios will likely cut output to flex that market power. Everyone can just look at what happened to Disney and Fox to see the precedent. (With fewer films, the remaining theaters have to give more for those few films that remain.) Here’s an image I’ve used a lot, the share of wide-release films from Disney and Fox over time: The AGs will also argue that this consolidation will also impact the cable industry. In this case, the consolidation is actually worse, but that environment is…complicated. Paramount will argue that the cable industry is shrinking. That said, predictions that cable will “go to zero” also don’t look very well supported by the data, as the declines are shrinking, meaning “cable” or “vMVPDs” will likely stabilize at some point. Can the state Attorneys General win on those two main arguments? I honestly don’t know. Again, I’d bet no, since history in general supports that, but it depends on the judge/jury and how they interpret the arguments. Notably, Paramount won’t face accusations about monopoly power in other areas, like streaming, news, sports rights, or vertical integration. I tend to disagree with leaving out sports rights, but I also see the appeal for a simpler case. The states also aren’t really pushing novel theories about labor harm either, which should help. (By the way, Sean McNulty at The Ankler wrote a great run through of potential options, and Capitol Forum also wrote a great paper on theatrical consolidation. Both these pieces predated the lawsuit. Matthew Stoller is also out with his analysis of the pros and cons of the case too.) In some ways, the WGA’s case is even stronger. Quoting Sean McNulty’s summary: “The WGA is citing WARNAMOUNT as crossing a 30% market share in multiple sectors, a number that the Supreme Court has precedent for deeming “presumptively anticompetitive” in a market. According to the WGA numbers, WARNAMOUNT would have represented: - 35% of film writing jobs between 2021 and 2024 - 36% of TV writing projects between 2022 and 2025 - 38% of overall deals between 2021 and 2024” Notably, antitrust enforcers did win recently in the Penguin-Simon & Schuster merger by focusing on labor impact, so don’t count this thinking out. (Wildcard: Will the states try to get a jury trial? Most likely no, they’ll let a judge handle it. If I’m them, though, I’d try to put this in front of a jury. Juries tend to understand monopoly power in a more realistic way than judges faced with legions of economists.) Question: What if They Win? What if They Lose?
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Flutter Entertainment (FLUT) Stock Still Looks Like A Bargain Despite Earnings Risks
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