🎬 It's Not Happening

👋 Good morning! Pixar is feeling the joy as ‘Inside Out 2’ tracks for an $85M debut. If numbers hold, it’ll dethrone ‘Dune: Part Two’ as 2024’s biggest opening. This could be the comeback Pixar needs after a series of underperformers. 🚀

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-Skydance Merger Called Off

• Teamsters Negotiate

• CA Tax Credit in Jeopardy

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

• Video Village: The latest trailers

• Martini Shot 🍸

🎬🎥 Looks like the Paramount-Skydance merger isn’t happening. In a surprising plot twist, National Amusements (NAI) has called it quits on its acquisition talks with Skydance Media, despite earlier reports suggesting an $8B takeover of Paramount was in the bag. NAI, led by Shari Redstone, couldn't quite see eye to eye with Skydance on the terms, but CEO David Ellison says the process has made Skydance stronger and more confident in its future as a next-generation content company. This shift means Redstone might now look to sell National Amusements and its controlling stake in Paramount outright, with potential suitors like Sony and Bain Capital-backed Edgar Bronfman Jr. already expressing interest. Meanwhile, Paramount's new CEO trio is focusing on streamlining the company and finding a partner for Paramount+.

🎥🤝 Teamsters and studios have started negotiations. Following nearly three months of unresolved IATSE talks, Hollywood Teamsters Local 399 and the Hollywood Basic Crafts coalition have started targeted bargaining affecting drivers, location managers, electrical workers, and other classifications. This group, spanning nearly 8,000 workers, had already begun negotiating jointly with IATSE over benefits plans in March. This current round will focus on wages, working conditions, AI, and autonomous vehicles. With key agreements for both IATSE and Teamsters set to expire on July 31, failure to reach a deal could lead to another production-halting strike. Meanwhile, IATSE and the studios will be jumping back into the fray from June 24-27, hoping to strike a deal of their own.

🎬💸 California’s beloved film and TV tax credit is in jeopardy. A proposed ballot initiative, dubbed the Taxpayer Protection And Government Accountability Act, could pull the plug on the $330M incentive unless voters give it the green light once again. Supporters, including the California Business Roundtable, argue the initiative ensures transparency and taxpayer control over state tax hikes. Opponents, including Governor Newsom and unions, warn it could drive productions out of state and harm the economy. While the initiative isn't specifically aimed at Hollywood, its sweeping effects would undoubtedly shake up the industry by requiring voter approval for any tax increases across the board. The fate of this initiative will be sealed by June 27.

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Development 🗒️

• Sandra Bullock and Nicole Kidman are in talks to return for ‘Practical Magic 2,’ with Akiva Goldsman writing the screenplay for Warner Bros. (more)

• A ‘Crazy Rich Asians’ series is in the works at Max. (more)

• Diane Kruger and Jo Joyner will lead Paramount+ drama ‘Little Disasters.’ (more)

• Yahya Abdul-Mateen II will star in and executive produce Netflix’s ‘Man on Fire’ series, directed by Steven Caple Jr. (more)

• Eric Dane joins Prime Video’s thriller series ‘Countdown,’ while work on ‘Euphoria’ S3 continues amid production delays. (more)

• Mia McKenna-Bruce, Martin Freeman, and Helena Bonham Carter will star in Netflix’s new Agatha Christie adaptation, ‘The Seven Dials Mystery.’ (more)

• Jill Culton joins Jon M. Chu to co-direct Warner Bros Pictures Animation’s adaptation of Dr. Seuss’ ‘Oh, The Places You’ll Go!’ (more)

• Blue Fox Entertainment acquires family adventure film ‘Autumn and the Black Jaguar’ from Studiocanal for nationwide theatrical release later this year. (more)

• Kurt Russell, Cole Sprouse, Owen Teague, and more join Matthew McConaughey in the Black Bear thriller ‘The Rivals of Amziah King,’ which has wrapped production. (more)

• Frank Grillo’s horror-thriller ‘Werewolves’ is set for a wide U.S. theatrical release on Dec. 6, 2024, via Briarcliff Entertainment and The Solution. (more)

• Paul Giamatti joins Paramount+ series ‘Star Trek: Starfleet Academy’ as the main villain with a sinister connection to a cadet’s past. (more)

✅ Renewed & Cancelled ❌

• ‘Arcane’ will end with S2 at Netflix. (more)

• ‘The Boys’ will end with S5 at Prime Video. (more)

• ‘After Midnight’ with Taylor Tomlinson is renewed for S2 at CBS. (more)

Deals 🤝

• Will Arnett signs an overall producing deal with Fox for unscripted shows and a first-look agreement on scripted series developed by his company Electric Avenue Productions. (more)

• Shawn Ryan signs a major four-year overall deal with Netflix, paving the way for potential expansion of ‘The Night Agent’ universe. (more)

• Alan Yang signs a multi-year overall deal with Warner Bros. Television Group to develop and produce new TV projects exclusively for the studio. (more)

• UTA acquires Europe’s top soccer agency ROOF, integrating it with Klutch Sports to expand their global sports representation. (more)

Business 📃

• CAA promotes 15 individuals to agents or executives across various departments, strengthening their leadership team. (more)

• Global ad revenue is projected to surpass $1T in 2025, with GroupM boosting its 2024 forecast for the U.S. and China due to strong digital advertising growth. (more)

• Amblin and Bad Robot join 20 more companies in supporting the PGA’s health insurance initiative for producers, marking a significant expansion of benefits coverage. (more)

Other News 🚨

• ‘The Acolyte’ gives Disney+ its best series opening of 2024 with 11.1M views in five days, though it falls short of ‘Ahsoka’s’ numbers from last year. (more)

• Apple unveils “Apple Intelligence,” integrating ChatGPT into iOS, iPadOS, and MacOS with a focus on enhanced privacy and device-based processing. (more)

• Incumbents win big in the Academy’s Board of Governors election, with 11 re-elected and five new members filling term-limited seats. (more)

• Rearden has settled its lawsuit with Paramount over the unlicensed use of its motion-capture technology in ‘Terminator Genisys,’ concluding its legal battles with major studios. (more)