Paramount’s Merger Greenlight

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Happy Tuesday, Future Party. Some days, you feel in control of your life. Others, you can feel like “kinetic artist” Joseph Herscher getting caught in his own Rube Goldberg machine. Here’s hoping today feels more like the former.

Paramount has settled the antitrust lawsuit filed by 12 state AGs, clearing the path for the company to finally complete its merger with Warner Bros. Discovery — the largest in Hollywood history.

The Big Picture: Things were getting heated between Paramount and the AGs, with the David Ellison-run studio threatening to leave California if it couldn’t merge with the rival Hollywood conglomerate — especially with a $7 million/day ticking fee set to kick in on October 1st. That could’ve been catastrophic for the LA economy and created a ripple effect across the entertainment industry. On the other hand, greenlighting the merger shows that the era of consolidation isn’t going anywhere.

Behind The Scenes: After a weekend of negotiations, Paramount and the AGs have come to terms on what it’ll take to get the Ellison super-merger done… at least for the next five years.

Closing Thoughts: If Paramount fails to keep those promises, it’ll be forced to pay fees ($30 million for each movie it doesn’t make) or make some divestitures (offloading its 49% stake in Miramax or selling some of its various cable assets) — all of which would be legally binding under a consent decree once a judge signs off.

While many in Washington and the creative community were pushing for the AGs to accept only structural remedies to allow the merger to go through, the battle over Paramount became a political football in California politics. No sitting or aspiring officeholder wanted to be responsible for job losses in the state — or for having a major studio leave California for the first time. That’s hard to explain on the campaign trail.

Coming Soon: Notably, the settlement requirements only last for five years, officially running through December 31, 2031. While the cynical take is that Ellison will make some big changes come 2032, it’s possible he’ll mostly just maintain the status quo — he already got what he wanted.

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Padel — a mix of tennis and squash that’s been around since 1969 — is blowing up in popularity.

Why It Hits: During COVID, pickleball was all the rage, with a new court seemingly popping up in every park, rec center, and celebrity backyard across the country. Now that the sport is entering a more mature stage of growth, padel could become the next growth story in sports.

Behind The Net: It looks like there’s some racket again about picking up a racket, per THR.

Final Score: Padel has gotten so popular that it’s become the new go-to celebrity game, with some, like Tom Holland and Eva Longoria, taking things a step further by sponsoring tournaments or investing in professional teams. Speaking of professional leagues, padel got its own in 2023… and it raised $15 million last year in a funding round led by Charlotte Hornets owner Rick Schnall. All that buzz has led blue-chip brands like Lamborghini, Rolex, Prada, and On to get involved.

Prediction: Soon, society may be split by what you’re swinging — golf, tennis, pickleball, or padel. Each industry may have its preference, so be careful which PE elective you pick in college.

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67.4% of you voted I trust the brand less in yesterday’s poll: If a brand suddenly pivots to AI, how does it affect your trust in the company?

“Chasing the fad.”

“‘Pivots to AI’ is code for ‘what we have sucks, so we’re going to put lipstick on the pig and hope it fools you.’”

“A brand really represents recognized expertise in something reasonably specific (computers, clothing, cosmetics, movies…). Changing that something precipitously to something else unrelated alters the trust equation.”

“If Kellogg’s suddenly focused on AI, I would wonder what they were putting in my cereal.”

Let’s keep the conversation going. Join Poll Of The Day, so your opinions can shine. Discover how your views line up with your peers’, check out cool insights, and have some fun. It’s data with personality.

📖 Netflix has inked a deal with the British Library, with the partnership’s first project being an interview series about adaptations of classic works.

🎥 A new company called SuperCinema is building a studio lot in Burbank specifically to support indie films.

🎧 Spotify and UMG are toying with making new albums available early to Premium subscribers.

☎️ Cold War vibes: the US has proposed setting up an emergency hotline with China to deal with rogue AI.

🏠 Google rolled out an AI agent specifically designed to help families manage their homes.

🚗 You can now reserve a Tesla Roadster… for $50,000.

👗 Legendary designer Donatella Versace is starting a new fashion brand in collaboration with Revolve Group.

🤠 Austin Post, Post Malone’s fashion brand, debuted a collection with the Dallas Cowboys.

⚽ Mbappé’s first On soccer shoe is already here.