🎬 Just a Hoax

👋 Good morning! Tom Cruise is reportedly gearing up to make the Paris 2024 Olympic Games’ closing ceremony his personal action movie set on Aug. 11. Word on the street is that Cruise will skydive to the Hollywood Sign during the handoff to Los Angeles for the 2028 Olympics. And who will be his sidekick for this epic stunt? None other than James Corden. The stunt was secretly filmed back in March—talk about keeping things under wraps.

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:

• Paramount's $43B Hoax

• No Fakes Act Gets Support

• Show Me the Streaming Money

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

• Release Radar: What to watch this weekend

• Video Village 📀

• Martini Shot 🍸

But first, it’s Friday, so let’s take a look at what people were watching this week… 👀

TOP STREAMED THIS WEEK IN THE US

Paramount Global's merger saga took a bizarre turn on Wednesday. During Paramount's 45-day "go-shop" period (where they can entertain other offers before finalizing the Skydance deal), a mysterious "Apex Capital Trust" swooped in with a jaw-dropping $43B all-cash offer to buy Paramount and National Amusements. The deal briefly sent Paramount's stock soaring, but quickly unraveled. Red flags emerged, including a suspiciously new website and oddly-named legal representation. By happy hour, the press release vanished. Plot twist: it was all a hoax! It’s still unclear who was behind the whole thing, but the impact is crystal clear: Paramount's stock kept climbing like it landed a summer blockbuster, showing just how easily Wall Street can be swayed by unverified M&A buzz.

AI’s Wild West days might be numbered. The No Fakes Act is making its way through congress, and it’s got more industry support than a free coffee stand at a tech conference. This bipartisan legislation aims to outlaw creating AI replicas of people without their consent, essentially giving everyone a federal right to their own voice and likeness. Don't worry, meme enthusiasts—parodies and docudramas are still fair game. It’s a big deal—Hollywood, Silicon Valley, and creative types are actually agreeing on something AI-related. With backing from SAG-AFTRA, Disney, and even OpenAI, this rare kumbaya moment could reshape how we handle digital identity. With Senator Coons gunning to make this law by year's end, your digital doppelganger might finally be yours to keep.

Hollywood's streaming payout drama hits a new high. ‘Road House’ director Doug Liman claims that despite 50M viewers streaming his Jake Gyllenhaal-led remake on Amazon Prime, he claims neither he nor the star saw an extra cent. The film was originally made for MGM's theatrical release, but plans changed when Amazon acquired MGM. Ouch. But this isn't just about one disgruntled filmmaker—it highlights two bigger issues in Hollywood right now: With studios owning their streaming platforms, there's suspicion they're "selling" content to themselves at bargain-basement prices, potentially shortchanging creators who rely on backend profits. As one industry expert puts it, studios have "a slight motivation to make those license fees that they pay to themselves as low as possible." Adding to the drama, unlike the transparency of box office numbers, we're at the mercy of streaming companies to disclose accurate data. This makes it nearly impossible for outsiders to verify a film's true performance, leaving creators in the dark about their project's actual reach and potential earnings. As more films skip theaters for streaming, Hollywood's scrambling to figure out how to fairly compensate creators.

Development 🗒️

• Amazon MGM Studios acquires film rights for ‘Yesteryear’ with Anne Hathaway set to star and produce. (more)

• New Line to co-finance and distribute ‘They Will Kill You’ with Zazie Beetz starring in the Muschiettis’ latest horror feature. (more)

• Netflix’s ‘Squid Game’ will conclude with a third and final season in 2025. (more)

• Prime Video orders ‘Every Year After’, a series based on Carley Fortune’s bestselling romance novel ‘Every Summer After.’ (more)

• Netflix is developing a live-action YA horror-comedy series ‘Bat Boy’ from Roberto Aguirre-Sacasa and Joe Tracz. (more)

• Peacock cancels its planned reboot of ‘Battlestar Galactica,’ with the project now being shopped to other outlets by UCP. (more)

• Universal secures the rights to a Britney Spears biopic, directed by Jon M. Chu and based on her memoir ‘The Woman in Me.’ (more)

• Al Pacino and Jessica Chastain lead the star-studded cast of Bernard Rose’s ‘Lear Rex,’ joined by Ariana DeBose, Rachel Brosnahan, LaKeith Stanfield, Peter Dinklage, and more. (more)

• Magnet Releasing acquires North American rights to SXSW sci-fi thriller ‘Things Will Be Different.’ (more)

• Wayfarer Studios is adapting Sanford D. Greenberg’s memoir ‘Hello Darkness, My Old Friend.’ (more)

• Colin Jost will host ‘Pop Culture Jeopardy!’ for Prime Video. (more)

• Christopher Lloyd will reprise his role in Universal and 87North’s action sequel ‘Nobody 2’, set to release on Aug. 15, 2025. (more)

Business 🤝

• Ramy Youssef inks a first-look deal with Netflix through his production company, Cairo Cowboy. (more)

• Lionsgate and 50 Cent have partnered to launch a free ad-supported channel. (more)

• Amazon’s stock dropped nearly 7% after missing Q2 revenue estimates and providing underwhelming Q3 guidance. (more)

• Newly retired NBA star Gordon Hayward launches a film distribution company, Whiskey Creek, to release independent films. (more)

Other News 🚨

• A federal judge dismissed a $4.7B jury verdict against the NFL in a class action lawsuit over NFL Sunday Ticket subscription prices. (more)

• The Teamsters and Hollywood Basic Crafts have ratified new three-year contracts with the AMPTP with overwhelming approval. (more)

• Venu Sports, the streaming bundle from Disney-ESPN, Fox Corp., and Warner Bros. Discovery will launch this fall at $42.99 a month. (more)

• Janet Yang has been re-elected as president of the Academy of Motion Picture Arts and Sciences. (more)

• Disney Entertainment Television lays off 140 staffers, including 13% of National Geographic’s workforce. (more)

• The week of July 4th broke Nielsen streaming records with 313B viewing minutes, led by ‘Beverly Hills Cop: Axel F’ at 2.05B viewing minutes. (more)

What to watch this weekend? 👀

🎥 THEATRICAL

• Trap: M. Night Shyamalan’s latest psychological thriller starring Josh Hartnett.

• Kneecap: Sundance hit comedy-drama about Belfast's hip-hop trio, featuring Michael Fassbender.

• Harold and the Purple Crayon: Live action movie based on the beloved 1955 children's book.

📺 STREAMING

• The Instigators: (Apple TV+) Heist comedy starring Casey Affleck and Matt Damon, directed by Doug Liman.

• Unstable: (Netflix) S2 of the workplace comedy starring Rob Lowe and son John Owen Lowe.

• Cowboy Cartel: (Apple TV+) True crime documentary about an FBI agent's role in taking down Los Zetas cartel.

• Batman: Caped Crusader: (Prime Video) Noir-inspired animated series reimagining young Batman, featuring voices of Hamish Linklater and Christina Ricci

• Rebel Moon - Part One: Director’s Cut: (Netflix) Director's cut of Zack Snyder's space opera with extended R-rated content.

🔮 BOX OFFICE PREVIEW

'Deadpool & Wolverine' is set to become the highest-grossing R-rated movie in U.S. history this weekend, surpassing 'The Passion of the Christ' with an expected $380M total. Expect Marvel's antihero duo to dominate for a third straight weekend.

M. Night Shyamalan's 'Trap' is targeting $15M-$20M, and 'Harold and the Purple Crayon' is projected for a modest $6M opening.