🎬 Pinching Pennies

👋 Good morning! The 81st Venice Film Festival (Aug. 28 - Sept. 7) just unveiled its star-studded lineup. Who's in? Who's out? And who might be making early Oscar waves? Check out the full lineup here. 👈👀

Welcome aboard the Dailies. As you sip your morning brew, we’ll get you caught up with the fast-paced world of Hollywood - no need to chase down a newsstand, we’ve got everything you need right here.

🎞 Here’s what’s on the reel today:

• Apple Pinches Pennies

• WBD’s Last Minute NBA Play

• YouTube's Ad Growth Slowdown

• Last Looks: 👀 Bite-sized scoops on developing stories/projects

• Video Village: The latest trailers

• Martini Shot 🍸

🍎💰 Apple is suddenly pinching pennies on its Apple TV+ content. Yup, the $3T company that once lured A-listers with seemingly unlimited budgets is now playing it cautious, canceling shows more readily and scrutinizing costs. Even hit series aren't immune - ‘Severance,’ despite its critical acclaim and Emmy nominations, is feeling the squeeze. The show's first season ran $40M over budget, with S2 episodes costing $20M each. This cost-cutting could mean fewer lavish productions and more focus on budget-friendly hits for Apple. It's a significant change for a company known for its deep pockets, and it mirrors broader industry trends towards profitability in streaming. The big question is whether this new approach will stifle creativity or spark innovation.

🏀💵 Warner Bros. Discovery is making a last-minute play to hold onto its NBA rights. The media giant, which has aired NBA games on TNT for over 30 years, is attempting to match Amazon's rumored $1.8B per year offer. This comes as WBD simultaneously cuts 1,000 jobs, raising eyebrows across the industry. The NBA, which has been cozying up to streaming platforms, now faces a tough call: stick with WBD's cable-heavy approach or embrace Amazon's Prime Video future. WBD's play isn't without risks—they're reportedly securing a line of credit to match Amazon's upfront payment, and questions linger about how they'll fund this massive deal as cable TV declines. The stakes are huge—for WBD, losing the NBA could be a massive blow to its sports portfolio. For Amazon, these rights represent another leap towards streaming sports dominance. Ultimately, the NBA emerges as the true winner, set to score billions as media giants battle for live sports viewers.

📉👀 YouTube's ad revenue growth has hit a speed bump, slowing from 21% in Q1 to just 13% in Q2. What gives? Speculation points to new players like Amazon making a big push into TV advertising. The e-commerce giant's push into TV advertising on Prime Video might be stealing YouTube's thunder. Despite YouTube still being the go-to place for most viewers and its success in wooing TV ad dollars, Amazon's got an edge: content that feels more like traditional TV. It's a different flavor from YouTube's menu of creator content and short clips. As Amazon beefs up its sports offerings and Netflix dips its toes in the ad pool, the competition for ad dollars is getting fierce. YouTube's still ahead of the pack in ad revenue, but the race is tightening.

Development 🗒️

• Brendan Fraser will star as Dwight D. Eisenhower in ‘Pressure’, a D-Day movie about the tense days leading up to the Normandy landings. (more)

• Maura Tierney joins the cast of ‘Law & Order’ S24 as a lieutenant, premiering Oct. 3 on NBC. (more)

• The Forge acquires North American rights to Cannes winner ‘Black Dog’ and worldwide rights to SXSW winner ‘Resynator’, both set for Q4 theatrical releases. (more)

• Zac Efron will star in a dual role for A24’s Jody Hill thriller ‘Famous,’ produced by Sam Esmail. (more)

• Producer Donna Gigliotti and Stars Collective will adapt the bestselling historical drama ‘Fortunate Sons’ into a feature film. (more)

• Sharon Stone joins Bob Odenkirk in the ‘Nobody’ sequel, set for release on Aug. 15, 2025. (more)

• Robert Pattinson is in talks to star opposite Jennifer Lawrence in Lynne Ramsay’s thriller ‘Die, My Love,’ with Martin Scorsese producing. (more)

• Ashley Benson, Jake Lacy, Justin Long, and Ron Perlman will star in Clark Duke’s comedic thriller ‘Stranglehold’. (more)

Deals 🤝

• Amazon Prime Video acquires Bray Film Studios, home of ‘The Rings of Power,’ to expand its UK production capabilities. (more)

• Phoebe Robinson signs a two-year first look deal with Sony Pictures Television through her production company, Tiny Reparations. (more)

• AMC Entertainment secures a refinancing deal extending $2.45B in debt maturities, strengthening its financial outlook and providing significant financial flexibility. (more)

Business 📋

• The BBC will lay off 500 more staff by March 2026, facing a projected financial deficit of nearly £500M next year. (more)

• Ike Perlmutter has sold his entire Disney stake, citing lack of confidence in the company’s management. (more)

• Netflix appoints Epic Games’ Alain Tascan as President of Games to lead its expanding gaming division. (more)

• Comcast released its Q2 2024 earnings report yesterday:

  • Peacock lost 1M subscribers, now at 33M total. Quarterly losses decreased to $348M from $651M year-over-year.

  • Comcast secured a $2.5B per year, 11-year NBA deal. It includes 100 games on NBC/Peacock plus the All-Star Game.

  • Universal Pictures: The studio's profits dropped 51% compared to Q2 2023.

  • Traditional TV: Comcast lost 419K video subscribers this quarter.

  • Key Takeaway: The company is heavily investing in streaming and live sports for future growth.

Other News 🚨

• Netflix moved into the top four media distributors in June, with YouTube challenging Disney for the top spot in Nielsen’s rankings. (more)

• Marvel’s ‘Deadpool & Wolverine’ is set to open with a massive $360M worldwide, promising to revitalize the MCU’s box office glory. (more)

• WGA West announces 18 candidates for its 2024 Board of Directors election, with voting set from Sept. 5-24. (more)