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June Domestic Box Office Likely to Set Up Best Second-Quarter Post COVID-19, B. Riley Says
US Markets

June Domestic Box Office Likely to Set Up Best Second-Quarter Post COVID-19, B. Riley Says

US box office revenue in June is likely to come in higher than previously projected, potentially setting up the best second-quarter performance after the COVID-19 pandemic, according to B. Riley Securities.Figures for the current ending month show box office collections are likely to come in at $1.05 billion, climbing 27% year over year and ahead of the brokerage's prior forecast of $1 billion, it said in a client note emailed Tuesday.B. Riley cited ongoing momentum for certain releases in May, such as the Comcast (CMCSA)-owned Universal Pictures' "Obsession" and the A24-distributed "Backrooms," behind the upgrade.The performance is expected to result in a quarterly domestic box office of around $3 billion, representing an annual gain of 10% and the "best (second quarter) post-COVID," B. Riley Managing Director Drew Crum said in the note. This would be a "positive for all names across our universe," especially AMC Entertainment (AMC), Cinemark (CNK) and Marcus (MCS), according to Crum.AMC shares edged down 0.3% in Tuesday trade, while Cinemark and Marcus declined 2% each.Box office collections totaled $155.2 million over the weekend, led by Walt Disney's (DIS) "Toy Story 5" with $70.8 million, according to BoxOfficeMojo, owned by Amazon (AMZN) company IMDb. Momentum for the film was "muted by an equity offering" by AMC, B. Riley said.Last week, AMC closed its registered direct offering of 95.3 million common shares for gross proceeds of around $200 million.Warner Bros.' (WBD) "Supergirl" raked in an estimated $37.1 million, which the brokerage views as "underwhelming" when compared with its reported $170 million production budget. Imax (IMAX) took in nearly $8 billion of the film's domestic box office, or roughly 20%, "representing its highest domestic opening weekend index of any superhero title" in the theater company's history, according to B. Riley.Price: $2.01, Change: $-0.02, Percent Change: -0.99%

$AMC$AMZN$CNK$DIS$IMAX$MCS$WBD
Wire

Update: Paramount, Warner Bros Discovery Merger Might Face Potential UK Intervention

(Updates with quotes from Secretary Lisa Nandy and Paramount throughout the story.)Paramount Skydance's (PSKY) proposed $110 billion takeover of Warner Bros. Discovery (WBD) might face regulatory intervention over media plurality concerns, British culture minister Lisa Nandy said Tuesday.Nandy said her department has written to the current and proposed owners of Warner Bros. Discovery to inform them that she is "minded to intervene" on public interest grounds related to media plurality, and has invited further representations from the parties by July 6.Nandy also said she would bring forward secondary legislation, if she intervenes on that basis, to allow streaming and video-on-demand services to be considered in this and future media mergers.Paramount Skydance toldin a statement that it is confident that its proposed transaction does not pose any media plurality issues in the UK and also remains confident in its stated transaction timeline.Warner Bros. Discovery did not immediately respond to a request for comment from.

$PSKY$WBD
Comcast to Separate Media and Technology Businesses in Spinoff
US Markets

Comcast to Separate Media and Technology Businesses in Spinoff

Comcast (CMCSA) said Monday it plans to split into two publicly traded companies, separating its NBCUniversal and Sky media businesses from its broadband and connectivity operations as the media giant aims to boost strategic focus for each unit.The proposed spinoff, expected to be tax-free, is anticipated to be completed in about one year, subject to customary conditions, including board approval. Upon completion, Comcast shareholders will own shares in both Comcast and NBCUniversal.Comcast's shares rose about 20% in the most recent premarket activity.After completion of the proposed separation, Comcast will focus on its broadband, wireless and business services operations. NBCUniversal, together with Sky, will become an independent publicly traded company with media and entertainment assets including theme parks, film and television studios, NBC and Telemundo networks, Peacock and Bravo.Brian Roberts, chairman and co-chief executive officer of Comcast, will remain actively involved in the leadership of both companies. "The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business," Roberts said in a statement.Mike Cavanagh, who currently serves as co-chief executive officer of Comcast, will become CEO of NBCUniversal, while former Chief Financial Officer Michael Angelakis will return as CEO of Comcast following the separation."Comcast will continue to build on its leadership in connectivity, while NBCUniversal, together with Sky, will have the scale, brands, content and financial resources to compete as a premier global media and entertainment company," Cavanagh said.Comcast said it expects to retain up to a 19.9% stake in NBCUniversal for up to one year after the spin-off.Comcast earlier this year completed the spinoff of its cable TV networks and digital assets into the separately traded company Versant Media (VSNT).The latest separation announcement comes as media companies pursue consolidation to gain scale. Earlier this month, Fox (FOX, FOXA) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion.Earlier this year, Paramount Skydance (PSKY) agreed to acquire rival Warner Bros. Discovery (WBD) in a deal with an enterprise value of $110 billion. The US Justice Department's antitrust division recently cleared the deal.

$CMCSA$ROKU$VSNT$WBD
Wire

Market Chatter: Paramount Skydance Prepared to Divest Universal JV to Address EU Concerns Over Warner Deal

Paramount Skydance (PSKY) is prepared to sell its film distribution joint venture with Universal Pictures to resolve EU antitrust concerns over its proposed $110 billion acquisition of Warner Bros. Discovery (WBD), Reuters reported Wednesday, citing a person familiar with the matter.The proposed remedy, which follows a meeting with EU antitrust regulators on Tuesday, is expected to be submitted next week and would extend the European Commission's review deadline to July 21, according to the report.Reuters reported that concerns center on the distribution venture rather than Paramount's TV channels, which had previously been considered possible divestiture candidates.The US Justice Department cleared the acquisition last week, while several US states are preparing a lawsuit to block the deal, the report added.Paramount did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $9.74, Change: $+0.02, Percent Change: +0.21%

$PSKY$WBD
Wire

Market Chatter: Paramount Skydance Braces for State AG Antitrust Lawsuits Over Warner Bros. Discovery Deal

Paramount Skydance (PSKY) executives expect California and New York attorneys general to file suit challenging its $81 billion takeover of Warner Bros. Discovery (WBD) on antitrust grounds, the New York Post reported Wednesday, citing a person with knowledge of the matter.Executives wake up to the expectations every day that a lawsuit is being filed by California AG Rob Bonta, New York AG Tish James, and possibly other state AGs, according to the report.Paramount Skydance and Warner Bros. Discovery did not immediately respond to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $9.74, Change: $+0.02, Percent Change: +0.21%

$PSKY$WBD
Wire

Market Chatter: Paramount's Warner Bros. Takeover Set to Get EU Approval

Paramount Skydance's (PSKY) $111 billion acquisition of Warner Bros. Discovery (WBD) is set to receive the approval of the European Commission, provided the media company accepts certain remedies, the Financial Times reported Wednesday, citing two people involved in the discussions.The precise remedies are still being discussed between the companies and antitrust enforcers, and they could include a requirement for Paramount to exit a joint venture with Comcast's (CMCSA) Universal Pictures, the report said.Paramount declined to comment, while the European Commission didn't immediately reply to a request for comment from(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $9.81, Change: $+0.09, Percent Change: +0.95%

$CMCSA$PSKY$WBD
Wire

Paramount Skydance's Warner Bros. Takeover Set to Get EU Approval, Financial Times Reports

Paramount Skydance's Warner Bros. Takeover Set to Get EU Approval, Financial Times Reports

$PSKY$WBD
Wire

Update: Market Chatter: US States Preparing to Challenge Paramount Skydance's Warner Bros. Deal

(Updates with Paramount's response in the third and fourth paragraphs.)A group of US states is preparing a lawsuit to block Paramount Skydance's (PSKY) $110 billion acquisition of Warner Bros. Discovery (WBD), Reuters reported, citing two people familiar with the matter.California Attorney General Rob Bonta said his office will decide soon whether to join the legal action, the report added.Blocking the deal would harm consumers, creators and workers while handing an undeserved competitive edge to established players like Netflix, the very opposite of what antitrust law is designed to do, a Paramount spokesperson said in an email to."We will continue to fight against any attempt to derail a deal that plainly benefits consumers, creators, and the industry as a whole," the spokesperson added.The California Department of Justice and Warner Bros. didn't immediately reply to' request for comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $10.14, Change: $-0.55, Percent Change: -5.10%

$PSKY$WBD
Sectors

Sector Update: Consumer

Consumer stocks were mixed late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 2.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 2%.In corporate news, Paramount Skydance (PSKY) is facing mounting legal pressure as a group of US states prepares a lawsuit to block its $110 billion acquisition of Warner Bros. Discovery (WBD), Reuters reported, citing two people familiar with the matter. Paramount Skydance shares dropped 5.6% and Warner Bros. stock was down 3.6%.

$PSKY$WBD
Wire

Market Chatter: US States Preparing to Challenge Paramount Skydance's Warner Bros. Deal

A group of US states is preparing a lawsuit to block Paramount Skydance's (PSKY) $110 billion acquisition of Warner Bros. Discovery (WBD), Reuters reported, citing two people familiar with the matter.California Attorney General Rob Bonta said his office will decide soon whether to join the legal action, the report added.The California Department of Justice, Paramount Skydance, and Warner Bros. didn't immediately reply to' request for comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $9.85, Change: $-0.83, Percent Change: -7.82%

$PSKY$WBD
Wire

US States Preparing to Challenge Paramount-Warner Bros. Merger, Reuters Reports

US States Preparing to Challenge Paramount-Warner Bros. Merger, Reuters Reports

$PSKY$WBD
Wire

Paramount Skydance Seeks EU Approval for Warner Bros. Discovery Takeover

Paramount Skydance (PSKY) has officially requested the European Union to greenlight its $110 billion takeover of Warner Bros Discovery (WBD), according to a Tuesday case filing with the European Commission.The European Commission has set an initial deadline of July 7 to rule on the merger, according to the filing.Price: $10.76, Change: $-0.22, Percent Change: -2.00%

$PSKY$WBD
Sectors

Sector Update: Consumer Stocks Mixed Late Afternoon

Consumer stocks were mixed late Tuesday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 1.1%.In sector news, Redbook US same-store sales last week rose 8.1% from a year earlier after a 9.6% increase in the previous week. "Coming off last-minute Mother's Day shopping on Sunday, sales and traffic slowed across the board in the middle of the week, but picked up during the weekend as graduation, BBQ season, and warm weather approached," Redbook said.In corporate news, Estee Lauder (EL) remains in talks with Puig over a potential business combination, though there's no announcement to make yet, Reuters reported, citing Estee Lauder CEO Stephane de La Faverie. Estee Lauder shares fell 5.4%.Home Depot (HD) reported fiscal Q1 results above market expectations despite consumer uncertainty, while the home improvement retailer reiterated its full-year outlook.The shares rose 0.7%.Wall Street banks started a debt sale on behalf of Warner Bros. Discovery (WBD) comprised of a $5 billion dollar loan and a 1 billion euro ($1.16 billion) loan, Bloomberg reported. Warner Bros. shares were little changed.Amer Sports (AS) raised its full-year guidance after the Finnish sports equipment company reported better-than-expected Q1 results. Amer shares climbed 1.8%.

$AS$EL$HD$WBD
Wire

Update: Market Chatter: Bankers Prepare Paramount's $49 Billion Debt Sale to Back Warner Bros. Takeover

(Update with Paramount's response to a request for comment.)Bankers are expected to launch a premarketing process as soon as the next couple of weeks to sell $49 billion of debt to back Paramount Skydance's (PSKY) acquisition of Warner Bros. Discovery (WBD), Bloomberg reported Tuesday, citing people familiar with the deal.Paramount is looking to use bonds and loans to refinance its existing bridge loan into longer-term debt, a critical step in its takeover of Warner Bros., the report said.Paramount declined to comment to.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $9.82, Change: $-0.01, Percent Change: -0.05%

$PSKY$WBD
Wire

Market Chatter: Bankers Prepare Paramount's $49 Billion Debt Sale to Back Warner Bros. Takeover

Bankers are expected to launch a premarketing process as soon as the next couple of weeks to sell $49 billion of debt to back Paramount Skydance's (PSKY) acquisition of Warner Bros. Discovery (WBD), Bloomberg reported Tuesday, citing people familiar with the deal.Paramount is looking to use bonds and loans to refinance its existing bridge loan into longer-term debt, a critical step in its takeover of Warner Bros., the report said.Paramount didn't immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $9.82, Change: $-0.01, Percent Change: -0.05%

$PSKY$WBD
Sectors

Sector Update: Consumer Stocks Mixed Tuesday Afternoon

Consumer stocks were mixed Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 1%.In sector news, Redbook US same-store sales rose by 8.1% from a year earlier in the week ended May 16 after a 9.6% year-over-year increase in the previous week. "Coming off last-minute Mother's Day shopping on Sunday, sales and traffic slowed across the board in the middle of the week, but picked up during the weekend as graduation, BBQ season, and warm weather approached," Redbook said.In corporate news, Home Depot (HD) on Tuesday reported fiscal Q1 results above market expectations despite consumer uncertainty, while the home improvement retailer reiterated its full-year outlook. Its shares rose 0.5%.Amer Sports (AS) raised its full-year guidance on Tuesday after the Finnish sports equipment company reported better-than-expected Q1 results. Amer shares jumped past 4%.Wall Street banks started a loan sale Tuesday on behalf of Warner Bros. Discovery (WBD) comprised of a $5 billion US dollar loan and a 1 billion euro loan, Bloomberg reported. Warner Bros. shares added 0.5%.

$AS$HD$WBD
Wire

Bankers Prepare Paramount's $49 Billion Debt Sale to Back Warner Bros. Takeover, Bloomberg Reports

Bankers Prepare Paramount's $49 Billion Debt Sale to Back Warner Bros. Takeover, Bloomberg Reports

$PSKY$WBD
Sectors

Sector Update: Consumer Stocks Advance Late Afternoon

Consumer stocks were higher late Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.1%.In corporate news, Yeti (YETI) lifted its full-year earnings outlook on Thursday as the outdoor products company recorded better-than-expected fiscal Q1 results. Its shares climbed 5%.DraftKings (DKNG) faces a positive catalyst path from the FIFA World Cup driving incremental wagers during a low period over the next few months, Morgan Stanley said in a note. DraftKings shares rose nearly 1%.Tesla (TSLA) Chief Executive Elon Musk's SpaceX is facing opposition from leaders of three major US public pension systems over what they described as the company's "extreme" governance structure ahead of its planned initial public offering, Reuters reported. Tesla shares were down 0.3%.Paramount Skydance's (PSKY) acquisition of Warner Bros. Discovery (WBD) will be carefully scrutinized by European regulators, CNBC reported Thursday, citing a letter sent to Paramount Skydance Chief Executive David Ellison from a group of US and European lawmakers it viewed. Paramount shares fell 3.1%, and Warner Bros. was decreasing 0.5%.

$DKNG$PSKY$TSLA$WBD$YETI
Sectors

Sector Update: Consumer Stocks Rise in Afternoon Trading

Consumer stocks were higher Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.4%.In corporate news, Yeti (YETI) lifted its full-year earnings outlook on Thursday as the outdoor products company recorded better-than-expected fiscal Q1 results. Its shares climbed past 6%.Tesla (TSLA) Chief Executive Elon Musk's SpaceX is facing opposition from leaders of three major US public pension systems over what they described as the company's "extreme" governance structure ahead of its planned initial public offering, Reuters reported. Tesla shares were up 0.3%.Paramount Skydance's (PSKY) acquisition of Warner Bros. Discovery (WBD) will be carefully scrutinized by European regulators, CNBC reported Thursday, citing a letter sent to Paramount Skydance Chief Executive David Ellison from a group of US and European lawmakers it viewed. Paramount shares fell 1.5%, and Warner Bros. was down 0.4%.

$PSKY$TSLA$WBD$YETI
Wire

Update: Market Chatter: Paramount's Warner Bros. Acquisition to Draw EU Scrutiny

(Update with Paramount Skydance's response to a request for comment.)Paramount Skydance's (PSKY) acquisition of Warner Bros. Discovery (WBD) will be carefully scrutinized by European regulators, CNBC reported Thursday, citing a letter sent to Paramount Skydance Chief Executive David Ellison from a group of US and European lawmakers it viewed."Paramount has been engaging constructively and proactively with regulatory agencies which are rigorously reviewing the transaction," a Paramount spokesperson toldvia email. "We have proactively made clear output-enhancing commitments: to increase output to an annual 30 high-quality films released in theatres, to continue licensing content, and to preserve iconic brands with independent creative leadership."(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $10.44, Change: $-0.04, Percent Change: -0.33%

$PSKY$WBD

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