🎬 Rocky Road to Riches

👋 Good morning! As we breeze into summer, get ready for a whirlwind experience, literally. The upcoming movie ‘Twisters’ is taking marketing to new heights, offering fans the chance to stand in the middle of a wind tunnel and feel the gusty embrace of nature's fury. It’s right up there with the legendary ‘Dune’ popcorn bucket in the annals of "Wait, they’re really doing this?" marketing tactics. 🌬️🤪

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:

• Streaming’s Rocky Road to Riches

• Netflix’s Reorg

• Paramount and Skydance Deal Drama

• Streaming Setback in Southeast Asia

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

• Video Village: The latest trailers

• Martini Shot 🍸

📺💸 Streaming's Rocky Road to Riches: As Hollywood's streaming giants chase Netflix's golden trail, profitability remains elusive despite years of effort. The past year saw some streamers narrowing their losses, hinting at a brighter future. Still, they’re trailing Netflix, which continues to rake in the dough. Investors watch closely as traditional pay TV's decline shifts focus to streaming's profitability potential. Investors are on the edge of their seats, watching how players like Warner Bros. Discovery, Disney, and Peacock are tackling this profitability puzzle. Meanwhile, Netflix is venturing into uncharted territory, like gaming, to keep its profit party going.

🎥🔄 Netflix's New Genre Game Plan: The era of Dan Lin has begun at Netflix, and the streamer is shaking things up from within. Lin is reorganizing Netflix’s film division by genre rather than budget just a week after taking the reins. Each genre now has its own dedicated exec leading the charge, and about a dozen layoffs have already taken place. Previously, Netflix's film division was confusing, with multiple executives holding greenlight power based on film budgets, but Lin's genre-centric approach aims for clearer vision and alignment. This shift could hint at a future focus on franchises and blockbusters, aligning with Lin’s successful track record, and moving away from the prestige and high-budget projects favored by predecessor Scott Stuber.

🎬📉 Paramount and Skydance Deal Drama: Paramount and Skydance Media teeter on the brink of a deal that’s causing quite a stir among shareholders. Shari Redstone, the force behind Paramount, is apparently ready to offload her significant stake in National Amusements Inc. (NAI), which packs a punch with 80% of voting power in Paramount. Skydance, led by David Ellison, is aiming to nab control through a deal with NAI. Investors, holding millions in Paramount shares, are calling the deal “suboptimal,” sparking fears of lawsuits and discontent. They’re saying the deal could leave them shortchanged, hinting at better offers, notably a $26B cash bid from Apollo Global Management. As tensions simmer, Paramount’s special committee is tasked with balancing the interests of Redstone and the broader shareholder ensemble.

🌏💻 Streaming Setback in Southeast Asia: Prime Video and Disney+ have halted original content production in Southeast Asia, triggered by the region’s shifting entertainment landscape. Just a year ago, the region was eyed as a lucrative market. Now, it’s witnessing the withdrawal of investment from these streaming giants, with layoffs in tow. This development aligns with a broader industry strategy refocused on profitability, influenced by Wall Street’s pressure on streamers to prioritize earnings over expansion. Meanwhile, Netflix continues to commission content, albeit on a seemingly reduced scale. As the spotlight turns to more profitable markets like Korea and India, Southeast Asian producers are left strategizing their next moves.

Development 🗒️

• Michael Peña and David Harbour join Jason Statham in David Ayer's 'Levon’s Trade,' set for a January 2025 release by Amazon MGM. (more)

• Hailee Steinfeld joins Michael B. Jordan in Ryan Coogler’s mysterious supernatural thriller for Warner Bros. (more)

• David Greenbaum's 20th Century lands 'Deliver Me From Nowhere,' with Jeremy Allen White as Bruce Springsteen. (more)

• John Mulaney will headline a six-night live comedy event, 'John Mulaney Presents: Everybody's in L.A.,' during Netflix's Netflix Is a Joke comedy festival. (more)

• Sony's 3000 Pictures acquires Clare Leslie Hall's novel ‘Broken Country’ for Reese Witherspoon's Hello Sunshine to produce. (more)

• Jessica Frances Dukes joins Alexander Ludwig in MGM+'s limited series 'Earth Abides,' a new adaptation of George R. Stewart’s classic sci-fi novel. (more)

• Kevin Costner is set to debut ‘Horizon: An American Saga’ at Cannes Film Festival. (more)

• Francis Ford Coppola announced his next film will be an adaptation of Edith Wharton's 'The Glimpses of the Moon.’ (more)

• Netflix acquires the canceled wrestling drama 'Heels,' offering a glimmer of hope for its continuation if it performs well on the platform. (more)

• Mubi partners with the Whitney Biennial to stream eight films from its exhibit. (more)

• Colin Farrell is set to star in Edward Berger’s ‘The Ballad of a Small Player’ for Netflix. (more)

• Julianna Moore joins James McAvoy in ‘Control.’ (more)

• Maude Apatow and Olivia Rosenbloom launch Jewelbox Pictures, with Apatow’s first film ‘Poetic License’ initiating their production lineup. (more)

• Francis Ford Coppola's 'Megalopolis' secures a competition slot at the 77th Cannes Film Festival. (more)

✅ Renewed & Cancelled ❌

• CBS renews the 'FBI' franchise with the flagship series scoring a three-season deal. (more)

• ‘NCIS’ is renewed for S22 at CBS. (more)

Business 🤝

• YouTube's Dude Perfect secures over $100M from Highmount Capital to expand beyond digital, fueling growth and new projects. (more)

• NBC anticipates over $1.25B in ad revenue for the Paris Olympics. (more)

• Paramount's 'Top Gun: Maverick' copyright lawsuit filed by the family of the original article's writer has been dismissed. (more)

• Endeavor and TKO Group are purchasing $311M of Vince McMahon's stock, reducing his stake in the company he once led. (more)

• Martini Film Studios acquires a majority stake in Lighthouse Pictures. (more)

• Disney releases official tally from 2024 shareholders meeting. (more)

Other News 🚨

• The Editors Guild (IATSE Local 700) reached a tentative agreement with studios on local-specific issues after extended negotiations. (more)

• SAG-AFTRA advocates for California legislation to regulate AI. (more)

• 'The Fall Guy' introduces the film industry's first 'Stunt Designer' credit, awarded to Chris O’Hara by SAG-AFTRA and DGA. (more)