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Whoa! Netflix is Sending Narnia Heading to Theaters...What This Means for the Future of Film
(Welcome to the “Most Important Story of the Week”, my bi-weekly strategy column analyzing the most important (but often not buzziest) news story of the last two weeks. I’m the Entertainment Strategy Guy, a former streaming executive who now analyzes business strategy in the entertainment industry. Please subscribe.) Here’s a funny thing about the debate over whether streamers should release their movies in theaters first: Both sides think the other side represents the “conventional wisdom”. If you’ve been reading me for any amount of time, or even just scanned my front page, you know I think movies make more money by having a robust theatrical window compared to going straight-to-streaming. I’ve published thousands of words on this topic. And for years, I felt like I was standing up to a wave of opposition. See, while the “put your films in theaters to make money” take was obvious at any point before 2019, post-streaming revolution, most of the trendy thinkers took the opposite point of view. Big names argued that Netflix putting their film straight-to-streaming (“S-to-S” from here on out) actually made more money. Netflix was “disrupting” theaters, just as they disrupted Blockbuster Video, and since innovation is always good, this too was a great idea. This thinking then leaked into the mainstream business outlets like the Wall Street Journal and Bloomberg. I read many articles whose take boiled down to “Netflix makes tons of money from S-to-S releases” and “theaters were in structural decline” anyways. Covid-19 shutting down theaters and the 2023 strikes shutting down film production seemingly justified this point of view, as the box office struggled to return to 2017-2019 heights. Yet I’ve also read folks arguing the opposite point: the conventional wisdom says to put films in theaters! From some writers’ points of view, “everyone” actually agrees/agreed with my “send your films to theaters” take—especially the stodgy traditional studios—and folks still didn’t understand Netflix’s genius. I feel like, for the last two years, many people have argued this point as if it’s conventional wisdom. You know what? I may have been wrong. At this point, the “S-to-S strategy makes money” might be the minority viewpoint. Especially with the news this month that Netflix will put at least one film—Greta Gerwig’s Narnia film The Magician’s Nephew—in theaters in 2027 for a full 49-day run is big news. So that’s the story of the week, but I’ll also explain why they’re making this move now and why Netflix may not completely embrace theaters, along with other topics, like how I don’t buy Disney’s “super app” strategy, the latest good news out of the unions, my take on the latest attacks against free speech, and a whole lot more. Let’s get started. Subscribe Most Important Story of the Week - Netflix Goes to Theaters! Listen, I promise not to victory lap too hard today. As I just wrote, I’ve argued against sending films straight-to-streaming for—checks calendar—eight years now. Since 2018. Yikes. That’s a long time. And for years, others painted my thinking as “conventional” in that I was standing up for the status quo against trendy, cool disruption. And that’s not cool! But math is math, and I never could make the S-to-S numbers work. The only thing that ever enabled that model was Wall Street’s brief exuberance for it. It seems like the heads of Netflix now agree with me. (There were always rumors that former head of film for Netflix Scott Stuber argued internally for theatrical releases as well.) As they announced: “The Magician’s Nephew_—the first film in a Narnia series of films—will open on 12-Feb-2027, with a 49 day theatrical exclusive run.”_ I’m a little surprised at how little coverage this big change actually got. Credit to Bloomberg for leading with it and Matt Belloni’s The Town for highlighting it with the provocatively titled podcast “Hell Hath Frozen Over”. But after that? Instead of getting as much coverage as, say, the FCC’s latest egregious crackdown on free speech, this news story got crickets. But it’s massively more important for the future business of entertainment. So let’s start with the obvious question… Why Put Your Movies in Theaters? So…why should Netflix put (some!) of their movies in theaters? Well, I’ve already written that in a very, very, very long article from 2022: [ ](https://entertainment.substack.com/p/the-data-is-in-theatrical-films-massively) [ The Data Is In: Theatrical Films Massively Outperform Straight-To-Streaming Films ](https://entertainment.substack.com/p/the-data-is-in-theatrical-films-massively) Entertainment Strategy Guy · April 5, 2023 [ Read full story ](https://entertainment.substack.com/p/the-data-is-in-theatrical-films-massively) To summarize, theatrical runs make much more money, especially blockbusters, because they earn more money per viewing,1 and that helps boost home entertainment sales. Theatrical films also perform as well or better than the streaming-only films. Now, partially this is driven by increased marketing for said films, but said marketing ultimately boosts the awareness of the movies and drives improved streaming and library performance as well. Again, I’ve made this case after reviewing the economic models and streaming data for years. Just last week, Emily Horgan also made the case for kids films! Yes, it is probably conventional wisdom, but that’s also because it’s true! I’d also argue we’ve seen a lot of data in the various studios’ behavior. As I’ve noted before, the more a studio needs to make money, the likelier they are to put films in theaters. As such, Disney, Universal, Warner Bros., Paramount and Sony all send their major films to theaters. Even if they once made a big S-to-S push (*cough* Disney *cough*), they’ve since relented and returned to theaters. The tech companies don’t need to make money, per se, so it took them years to embrace theaters. Apple doesn’t need to make money because it doesn’t disclose their (likely) Quibi-sized losses each year. (They fear bad press more than losing money.) Amazon announced two years ago that they planned to make Amazon-MGM Studios/Prime Video profitable on its own, and guess what? Now they’re putting films in theaters. That leaves Netflix. They’re in between the “no need to make money at all” and the “desperately need to make money to offset linear TV declines”, so they had less pressure to put some films in theaters. Plus, for years, they were the sexy disruptor, and Wall Street rewarded them for that. (Honestly, they still do.) Yet, even Netflix likely saw the money they were leaving on the table (I’ve estimated it at an easy billion dollars before) so they changed their course. I heard one pundit argue that, because Netflix already makes so much money, they don’t need to make more money, which sort of goes against everything I’ve ever learned about business and economics. Again, to be super-nuanced, sending “films to theaters” does not mean EVERY film. TV movies have been a thing for decades. Lifetime films, Hallmark holiday films, Disney Channel Original Movies, and so on, don’t need theatrical runs. But films above a certain budget level (say $25 to 50 million) almost certainly need theaters to maximize their revenue. The Scenarios (with a Dose of Skepticism) Now time for some skepticism: it won’t surprise me at all if Netflix re-changes course. Specifically, Netflix announced that their Narnia film will go to theaters. And I’d bet anything we see KPop Demon Hunters 2: The Huntering2 also goes to theaters, cause it’s the surest hit outside of a Disney animated sequel right now. But how much does Netflix truly commit to theaters? They’ve already tried to emphasize that this is a one-off move. I see three broad scenarios:
Wearables increasingly look to AI to predict health problems before they happen
Companies worldwide are studying the potential for technology to predict health events. This would push boundaries of data collection and information sharing.
MBA Roundup: 3 Harvard Business School Professors Top Harvard’s Highest-Paid List
Three women on the Harvard Business School faculty made a combined $4.8-million in 2024 ... but that's not the whole story.
British Takeovers Up 250% as Global Buyers Bypass Political Flux
Britain has been a go-to destination for international deal hunters. The value of M&A mergers targeting UK companies is up more than 250% this year to around $150 billion, according to data compiled by Bloomberg.
NextEra to discuss paying about $76 per share for Dominion, Bloomberg News reports
U.S. power firm NextEra Energy is discussing a mostly stock deal for Dominion Energy that would value the smaller Virginia-based utility at about $76 per share, or around $66 billion, Bloomberg News reported on Sunday.
Now What? With Carbon Pricing Eroded and Pipeline Politics Advancing, Here Are the Pathways for Climate Success
At the end of a whirlwind week of news on carbon pricing and electricity strategy, capping a madcap year of pretty much non-stop, dramatic change, the word across much of Canada’s climate and energy transition community is that climate policy in this country has been shredded. Eviscerated. Hit with a sledgehammer by policy rollbacks that have pushed the country’s 2050 net zero target “well out of reach”. That means it’s never been more important to look for the rays of hope and glimmers of possibility. To glimpse the seeds of the next set of strategies to get Canada’s climate pollution under control and the country into the accelerating global dash away from fossil fuels. And then, once we’ve spotted those possibilities, get on with the hard, day-to-day slog of trying to make them a reality. Nothing takes away from the frustration and the deep disappointment so many climate and energy hawks are expressing, the sense of betrayal by the author of Value(s) and the former UN special envoy for climate action and finance. But we knew two things as the week drew to a close. We’re looking at the world as it most definitely is. And we don’t get to give up finding the pathways to confront climate change and deliver faster, deeper carbon cuts that leave no one else behind. So really, the first question we all have to ask ourselves is: What’s next? Subscribe All the Oxygen in the Room The outpouring of anger and grief over the carbon pricing deal between Prime Minister Mark Carney and Alberta Premier Danielle Smith has been absolutely understandable. So much of the climate community poured years, more than a decade, into dragging the current federal pricing regime across the finish line, then defending it from a deluge of three-syllable rhymes after the Trudeau government proved utterly incapable of delivering its own message. The policy foisted on us by neo-classical economists took up all the oxygen in the room, burned through years of climate response time that we won’t get back, while cornering climate hawks into the position that the best response to the crisis of our lifetimes is a new tax…in an era of historic anti-tax sentiment. I mean, really—what could possibly have gone wrong? Against that history, let’s appreciate columnist Max Fawcett’s point that even a modest carbon pricing agreement with a government as off-the-wall libertarian/conspiracist as Danielle Smith’s—those adjectives are mine, not Max’s—is a win worth savouring (as long as Smith keeps her promises for a change). But part of living in the world as it is (no, I’m not letting that go) is to be clear-headed about what we can and can’t control. And one thing we get to decide, after seeing this week’s carbon price festivities take up all the oxygen yet again, is whether we want to keep letting that happen. Particularly when success down that road depends on a factor that no one with a climate agenda can control or influence—a provincial carbon pricing mechanism that has been manipulated and eroded beyond its lowest possible denominator. Thankfully, that’s not the way it has to go. Not when we have so many other powerful, practical tools at our disposal, including the ones still available to us through this abominable Memorandum of Understanding (MOU) between Canada and Alberta. Tools In Our Toolbox When I started roughing out this list, I didn’t expect it to grow to nearly a dozen bullet points. It’s probably still incomplete. Some of the greatest hits in today’s climate solutions toolbox include: • No Carbon Capture, No Pipeline: On Friday, Prime Minister Mark Carney explicitly stated that there’s been no change to the MOU provision that there will be no West Coast pipeline without an industry commitment to build its massive, $16.5-billion carbon capture and storage (CCUS) hub in Northern Alberta, and vice versa. The two megaprojects were joined at the hip when the MOU was signed Nov. 27, and the implementation agreement this week affirmed that they still are. A parade of independent analysts have spent years pointing to the economic and technical flaws in CCUS, while the industry kept postponing its investment decision until it could arm-twist the government for more “clarity” (by which it meant even more lavish taxpayer subsidies) on the project. Now the industry itself is running away from the CCUS hub and insisting the pipeline should proceed without it, but Carney doesn’t seem to be budging from a central tenet of the MOU to which Smith has signed on. • No Subsidies, No Investors: Climate analysts and advocates have quite rightly been hammering away at Carney and his team, insisting that any new capacity the industry wants to build must proceed without new subsidies. The government has responded with a growing collection of funding and financing mechanisms for the very wide menu of industrial development and nation-building projects they say they want to take on, and that menu always includes fossil fuel infrastructure. But it’s hard to see how even the combined fiscal clout of the federal and supportive provincial governments will deliver the financial backing private investors would need when the business case for new fossil fuel development is evaporating before their eyes. Particularly when… • No Market, No Demand, No Investors: As our friend Markham Hislop at Energi Media (our apparently sleepless friend, given the massive volume of great material he’s been churning out) points out this morning, the biggest vulnerability in any pipeline deal is the assumption that Asian buyers will want the oil or liquefied natural ga that our fossil industry is so keen to send them. Hislop writes in part: Ottawa and Alberta are effectively betting that countries like China and India will continue increasing oil imports for decades as their economies grow and energy consumption rises. That assumption underpins the entire economic rationale for expanding oil sands production and building billions of dollars in new export infrastructure. But Asian energy systems are changing rapidly… China, India, South Korea, and other major hydrocarbon importers are now investing hundreds of billions of dollars into electricity systems built around wind, solar, batteries, nuclear, hydro, and expanded transmission infrastructure. Domestic “energy sovereignty” is increasingly replacing the old energy-security model based on stable oil and gas imports. Those investments are expected to sharply slow oil demand growth and eventually reverse it, even as overall energy consumption continues rising. There are also refining constraints. Many Asian refineries and petrochemical complexes are already optimized to process discounted heavy crude from the Middle East and Latin America. That raises serious questions about how much additional Canadian bitumen Asian markets can absorb at profitable prices. Small wonder that there’s still no private sector investor for the project, despite Smith’s government desperately beating the bushes to put together a deal. For now, Alberta is acting as proponent and covering early start-up costs for a pitch to the federal Major Projects Office, which could actually turn into the next tough hurdle for Smith and her pipeline to jump. • Canada Day Looms: How ironic that Canada’s birthday this year could become a major chokepoint for the provincial premier who’s been working so diligently to tear the country apart! The July 1 target date for Alberta’s pipeline proposal is baked into the MOU, was reaffirmed by the implementation plan, but it hadn’t dawned on me that it cuts both ways. As one very smart colleague wrote in an email yesterday, “they’ve thrown the ball into Alberta’s court to get the project proposal on the table really quickly and to have to do a whole pile of work to put together a massive, complicated project that would typically take years to assemble, and they’ve given them weeks to do it.” That makes July 1 a looming deadline that Smith won’t be able to run away from politically, especially with the separatists in her party and her caucus breathing down her neck. (See previous ref to off-the-wall.) But if Alberta comes in with a sloppy, incomplete submission, even after Carney bent over backwards to simplify the application process and the rules that govern it, it may be harder for the province or the industry to blame Ottawa and insist on the faster process they claim their investors are demanding. (Oh, wait—which investors would those be??) • We’ll See You In Court (Then We’ll See You Again): If Carney did cave, that would be just one more reason for Indigenous and other affected communities to take the government and the process to court—Just as Alberta First Nations did, successfully, in response to Smith’s half-baked separation referendum. Veterans of the Harper era have been warning that a shoddy process around fossil fuel infrastructure or other major projects will be a recipe for the very delays that process seeks to avoid. And now more than ever, with renewable energy and energy storage eating fossil fuels’ lunch in import markets around the world, a delayed pipeline or LNG terminal may be as good as a cancelled one. • Charged Up, Ready to Go: With its goal of doubling Canada’s electricity supply to meet a doubling of demand by 2050, the national electricity strategy that Carney unveiled Thursday has a lot to like. With its explicit language about speeding the shift from fuels to more efficient and affordable electricity, global investment and deployment patterns that already favour that shift, an emerging bidirectional power grid, the role of front-line options like rooftop solar and heat pumps, the emergence of electric vehicles as behind-the-meter energy storage, and the domestic jobs and manufacturing to make it all happen, the document doubles down on the essential cornerstone of a faster shift off fossil fuels. The strategy envisions a more prominent role for gas and nuclear power. But some of those provisions were already in the Clean Electricity Regulations that climate hawks are now fighting so hard to defend, inserted as a compromise in a futile attempt to mollify the industry and its political representatives in Alberta and Saskatchewan. But once again, gas will be a tougher sell when it’s more expensive and now so much more unpredictable than the clean alternatives. The new nuclear technologies are still speculative and deeply vulnerable to cost overruns. Increasingly, utilities, developers, and investors know it. Carney declared Thursday that “it doesn’t do us good to be sitting in court all the time with provinces. It doesn’t do us good to be talking past each other. What does do us good is to come together with specific projects.” There are no guarantees, but so much of the language and narrative-building in the electricity strategy suggests the lion’s share of those projects will be renewable. • The Party Has Already Started: The electricity strategy only rarely digs down to specific projects, but provinces representing three-quarters of Canada’s population are already embracing a faster transition. Hydro-Québec is working on a 10-year, $185-billion renewable energy and grid buildout by 2035. Ontario recently brought 10 provinces and territories together in a National Energy Corridor Agreement to boost interprovincial and -territorial transmission infrastructure. And the MOU implementation agreement commits Alberta to facilitate investment in renewable energy projects, a big step back from its continuing, punitive restrictions on renewables development. The electricity strategy envisions much of the financing and infrastructure that will be needed to pull those advances together into an integrated whole. • Delivering on Affordability: The MOU implementation plan has little or nothing to say about affordability (are you surprised?), but the electricity strategy does, with a top-line pledge to reduce home energy costs for seven out of 10 Canadian households by 2050, a total saving of $15 billion across the board. It’s just a start, but it puts affordability on the government’s narrative map. If they’re serious and deliberate about patching together a least-cost energy strategy, it’ll have little if any room for oil, gas, or nuclear—not with powerful evidence, for example, that electricity prices are higher when those prices are set by gas. • Smith Proves that Canada Works: By signing a deal that makes it harder to claim the federal government is blocking a new pipeline, Smith has helped prove Carney’s constant anti-separatist refrain that “Canada works”—incurring the rage, no doubt, of her own political base. Canada also needs to work for anyone who depends on a clean environment, healthy and thriving ecosystems, and safe, stable climate. But with Smith and her separatist constituents setting up as a fifth column for annexation by Donald Trump’s United States, let’s set aside any notion that 51st state status for Canada is a recipe for anything other than climate disaster (and so much else). Resisting and withstanding Trump (just 170 more sleeps until mid-term elections, which is a damn sight better than the 730 we started with) doesn’t mean a free pass for a pipeline, but we can still appreciate it that keeping Canada whole and sovereign is still Carney’s Job One. • The Words Not Spoken: Apart from a commitment to export a million barrels of “low-emission” Alberta bitumen per day (memo to Smith and Carney: You realize that that’s less than the industry is already exporting??), the MOU implementation plan says nothing about the international trade and economic sovereignty deals that Carney has been travelling the world to negotiate. It didn’t have to. Carney doesn’t need permission from Danielle Smith, her American enablers, or her separatist allies to continue building the alliances that will ratchet down our economic dependency on our unstable, unreliable neighbour to the south. But every connection he builds with countries outside North America helps align our economy and our future with a faster shift off fossil fuels. Little if any of this was on our bingo cards a year or two ago. But it’s the pathway that has opened up to us. And if it gives Canada any climate or energy gains at all in an era still dominated by Trump and his increasingly ridiculous tariffs, his loutish trade negotiations and his continuing annexation threats, we have to take the wins. Not least because they’ll be the point of departure for what we can achieve in 2027, 2029, and beyond, as Trump’s grip and this era begin to loosen and then fade. What is Carney Doing? If this line of thought is right—and it’s a possibility, not a prediction—it means that Carney’s actions and decisions are largely about buying time. Time for Trump’s power to wane. Time for Alberta’s separatist/conspiracist virus to spread, mutate, die out, or at least die back, with help from a vaccine of federal steadiness and calm (appropriate enough, for a movement populated largely by vaccine deniers) that no conspiracy theory can dismiss. And time for the government’s trade and investment agenda to deliver results—even knowing that some of those results will bring impacts that front-line communities will not and should not accept. In the immediate moment, none of this changes the way the wider climate community has to respond, from campaigners to investors to front-line practitioners. All of our voices are still essential. But those voices will be stronger and more confident if we have a clearer sense of the brutal game we’ve been pulled into, and a plausible path (or two it three) for playing it to the win we need. This conversation also underscores our biggest task for the remaining years of what was supposed to be the “decisive” decade for climate response: if we can shift the energy narrative in Canada, make it a mainstream view that the country’s preoccupation with oil and gas has us falling farther behind a changing world, we’ll see far better results in the 2030s and beyond. For many veteran climate advocates, taking on that part of the fight will begin with recognizing that most of our friends and family, neighbours and colleagues already understand that climate change is real and right in front of us: they’re looking away and staying silent because they don’t have what climate communicator Katharine Hayhoe calls “efficacy”. As Hayhoe recently pointed out in a feature interview with The Energy Mix, it amounts to science denial to keep hammering away at the dire news about global warming without also helping audiences understand what they can do about it, with multiple studies telling us why that won’t work. Far better to open those conversations with the dominant crises like energy security, food security, emergency preparedness and business continuity, affordability, and financial security that have knocked climate change far lower on the list of public priorities, and will likely keep it there. We Knew This Would Happen Climate hawks have always known this day would come. For decades, we warned that everyone had to pay attention to climate change right now, because it would be much tougher to respond once the crisis itself started affecting our daily lives. We were right, and here we are. But now, thanks to decades of hard work, communities and countries have an alternative to doubling down on fossil fuels. “In 10 years everyone will have ‘always known’ that solar and batteries were going to win,” Morgan Solar Executive Chair Mike Andrade writes on LinkedIn. With the disruption in the Strait of Hormuz roiling energy priorities around the world, Canada and the United States are among the shrinking number of countries that are still very keen on fossil fuel development. Understanding that gap is a first, essential step in spotting the opportunities ahead, and averting the deep economic as well as environmental and social risk we face if we don’t seize them. Thanks for reading The Energy Mix Weekender! Subscribe for free to receive new posts and support our work. Subscribe Mitchell Beer traces his background in renewable energy and energy efficiency back to 1977, in climate change to 1997. Now he and the rest of the Energy Mix team scan 1,200 news headlines a week to pull together The Energy Mix and The Energy Mix Weekender. Chart of the Week BYD Eyes 20 Dealership Locations After Canada Greenlights Chinese EV Imports ‘Sledgehammer’ Carbon Price Deal Boosts Emissions by 230Mt, Aims for Fall 2027 Pipeline Approval ‘Worse Than Harper’: Regulatory Rollback Would Stop Canada from Assessing Project Impacts, Critics Warn Electricity Strategy Aims for Doubling by 2050, Allows ‘Flexibility’ for Gas Power Plants Opposition Mounts as O’Leary’s Data Centre Approved in Drought-Stricken Utah Diluted Carbon Price Misses ‘Reality of the World We’re In’, Could Impede Diversified Trade: Climate Institute $200B in Clean Energy Investment Will Need On-Time Delivery, Reliable Policies, Trade Association Says ‘Sovereign Pipeline’: CEO Pitches to Keep Trans Mountain in Government Hands What a Supercharged El Niño Could Mean for Canada Canada’s future is electric, and here’s how a power grid superhighway would get us there (Toronto Star) The Perilous Waters of Hecate Strait (Globe and Mail) Saudi Aramco profits jump despite conflict in Middle East (The Guardian) Farmers confront rising cost of fertilizer and fuel as spring seeding under way (Canadian Broadcasting Corporation) Clarkson forecasts 24% decline in offshore oil, gas capital expenditures (Oil & Gas Journal) Pipe Dreams: How Oil and Gas Fail to Deliver Economic Development in Africa (Oil Change International) Developing countries must hold the pen to script the fossil fuel transition (Climate Home News) Iran war threatens the dream of a post-oil economy in the Gulf (Washington Post) U.S. Oil, Gas Work Force Hits Lowest Level Since 2022 (Rigzone) Why Polestar Is Doubling Down on Net Zero as Rivals Pull Back on EVs (Bloomberg) Why this Michigan utility plans to sell its hydro dams for $13 (E&E News/Politico) Levees can no longer save New Orleans (Vox)
UnitedHealth’s AI push now includes employee tracking
UnitedHealth Group is pushing deeper into artificial intelligence—and tracking whether some employees are actually using it, Bloomberg writes. The health care giant is monitoring AI engagement among some Optum workers, including whether they make at least one daily query using tools such as ChatGPT or Microsoft Copilot. The effort is part of a broader companywide […]
Apple Card Promo to Offer Free AirPods Pro 3
Starting as early as next week, customers who sign up for an Apple Card at Apple's retail stores in the U.S. will receive $249 cash back when they purchase AirPods Pro 3, according to Bloomberg's Mark Gurman. The promotion has yet to be officially announced by Apple, so exact terms and conditions are not available at this time. AirPods Pro 3 are priced at $249 in the U.S., so customers who sign up for an Apple Card will effectively get free AirPods Pro through this promotion.
Gilts Become ‘Half-Hour Trade’ on Politics, HSBC’s Kettner Says
(Bloomberg) -- The UK’s fractious politics is making investors wary of long-term wagers in the country’s gilt markets, according to HSBC Holdings Plc’s Max Kettner.Most Read from BloombergAmbani’s Cola War With Coke, Pepsi Spurs Fridge Bonanza in IndiaNvidia’s CEO Joins Trump in China With AI in the SpotlightInside a Year of Chaos and Conflict at Kevin Hart’s Media CompanyMamdani Scraps Property Tax Hike, Counts Second-Home Revenue“I’d love to buy them because obviously long-end yields are so en
NY Real Estate, Business Groups Lobby to Defang Second Home Tax
New York’s real estate and business communities are viewing a proposed tax on second homes as the first step in a multi-year push to raise taxes on wealthy residents.
iOS 27 Getting Major Siri Redesign With Chat Interface and Dedicated App
Apple is introducing an overhauled version of Siri in iOS 27, evolving the personal assistant into a more capable chatbot and AI agent able to compete with ChatGPT, Claude, and Gemini. With Siri's transition, Apple will be making multiple Siri-related design changes in iOS 27, according to a new report from Bloomberg. Siri will largely live in the Dynamic Island in iOS 27, but there will also be a dedicated Siri app for the first time.
iOS 27 to Bring Customizable Camera App, Tweaks to Weather, Safari and Liquid Glass
Apple plans to make the Camera app more customizable in iOS 27, reports Bloomberg. Users will be able to select the features they want to see in the Camera app, like flash, exposure, timer, depth of field, photo styles, and resolution. Camera controls, labeled as widgets, will be able to be placed at the top of the Camera interface in any order. Users will be able to select widgets from a transparent widget tray that comes up from the bottom of the app.
Column: America’s broken politics are dragging it down a fiscal black hole
Restoring fiscal control demands a comprehensive plan to raise taxes and cut entitlement spending substantially, Bloomberg Opinion columnist Clive Crook writes.
macOS 27: Two More Changes Leaked Ahead of WWDC Next Month
macOS 27 will have a "slight redesign" compared to macOS Tahoe, along with an option to automatically group tabs in Safari, according to Bloomberg's Mark Gurman. In his Power On newsletter today, Gurman said the design changes will help to address some of the criticism surrounding macOS Tahoe's new Liquid Glass interface. In particular, the changes should improve overall readability. "Apple aims to address the shadows and transparency quirks," he said.
SoftBank cuts target for OpenAI margin loan by 40% to $6 billion, Bloomberg News reports
SoftBank Group has downsized plans for a $10 billion margin loan backed by its OpenAI stake after hesitation from some creditors, Bloomberg News reported on Friday, citing people familiar with the matter said.
Lucky Strike Entertainment Hit With Bowling Alley Monopoly Suit
Private equity-backed Lucky Strike Entertainment Corp. was sued in federal court by consumers who allege the company unlawfully acquired bowling centers across the US to gain monopoly power and drive up prices, making the sport no longer an affordable pastime for families and leagues.
Apple May Drop Base $599 MacBook Neo as Chip, DRAM Costs Climb
Apple is considering dropping the cheapest MacBook Neo configuration as one possible response to the rising cost of building the popular laptop, according to Taiwan-based tech columnist and former Bloomberg reporter Tim Culpan. The Neo currently starts at $599 for a 256GB model, with a 512GB version at $699. Writing in his latest Culpium newsletter, Culpan says cutting the entry-level 256GB model is among the options Apple is weighing as component costs climb.
Sprawl Rankings Reveal Health Benefits and Cost Offsets in Compact, Connected U.S. County and Metro Areas | Johns Hopkins Bloomberg School of Public Health
New report ranks over 200 metropolitan areas based on development density, street connectivity, population/employment centering, and land-use mix.
iOS 27 Will Let You Pick Claude or Gemini Instead of ChatGPT for Apple Intelligence
iOS 27, iPadOS 27, and macOS 27 will let users set third-party AI services as the default for Apple Intelligence features like Writing Tools and Image Playground, reports Bloomberg. Apple has signed a deal with Google and plans to use a Gemini-based model for Apple Intelligence and Siri features in iOS 27, but users will also be able to choose their favorite AI service as an alternative.
Apple Plans to Let Users Build Their Own Passes in iOS 27 Wallet App
(Bloomberg) -- Apple Inc. is preparing a new “Create a Pass” feature for its next major iPhone software update, allowing users to build and customize their own digital tickets and gift cards within the Wallet app.Most Read from BloombergChina’s Unprecedented Defiance of US Sanctions Triggers ShowdownFormer NYC Mayor Giuliani in Critical Condition, Trump SaysBeijing Tells China Firms to Ignore US Sanctions on RefinersSupertanker Appears to Have Crossed the Strait of HormuzUS Denies Iran Report Th
watchOS 27 to Offer New Watch Faces, Including 'Modular Ultra' Variant
For watchOS 27, Apple is testing new Apple Watch faces, and one of them is a simpler version of an existing Apple Watch Ultra watch face that could be coming to standard Series models. Writing in his latest Power On newsletter, Bloomberg's Mark Gurman reports that Apple is testing multiple new faces for watchOS 27, code-named "Orchid". One of them is said to be a "simplified take" on the Modular Ultra design.
Healthy workers are ditching company insurance to save $1,000 a month
With premiums rising 6% in 2025 for company family plans alongside the growing cost of living, some workers are questioning whether their benefits are worth the cost.
Florida Yacht Charter Business Fights $1.5 Million Tax Bill
A Florida yachting venture that participated in high-stakes offshore fishing tournaments before unforeseen setbacks forced a pivot to luxury charters told the US Tax Court the IRS wrongly defined its business as a hobby and assessed more than $1.5 million in tax liabilities.
Rising premiums push younger workers to rethink employer health plans
Rising health insurance costs are prompting some younger, healthier workers to reconsider employer-sponsored coverage, creating new strains for workers and warning signs for employers, Bloomberg writes. As premiums climb and take-home pay tightens, some employees are opting for alternatives, such as medical cost-sharing plans, limited-benefit coverage or going uninsured altogether to save hundreds of dollars […]
Study: Higher Maternal Death Rate in States With Abortion Bans | Johns Hopkins Bloomberg School of Public Health
Findings point to potential 9% rise in pregnancy-associated and pregnancy-related mortality
Sun Pharma signs Definitive Agreement to Acquire Organon
Sun Pharmaceutical Industries Limited (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) (together with its subsidiaries and/or associated co...
Tim Cook Calls Apple Maps Launch His 'First Really Big Mistake' as CEO
Outgoing Apple CEO Tim Cook has named the botched 2012 launch of Apple Maps as his "first really big mistake" in the role, according to a Bloomberg report covering the town hall meeting that was held Tuesday with his recently announced successor, John Ternus. The Maps app launched with mislabeled landmarks, faulty directions, and a user experience that fell well short of Google Maps at the time.
Baltimore City Commissioner of Health Michelle Taylor to Speak at Johns Hopkins Bloomberg School of Public Health’s Class of 2026 Convocation | Johns Hopkins Bloomberg School of Public Health
Ceremony will recognize the value of the practice of public health at the local, state, and global level.
German Business Activity Unexpectedly Shrinks as Services Plunge
(Bloomberg)--German private-sector activity unexpectedly contracted as the Iran war triggered the biggest plunge in the services sector in more than three years.
Apollo nears $1.6 bln deal for auto interiors business of France's Forvia, Bloomberg News reports
Private equity firm Apollo is nearing a deal to acquire the auto interiors business of France's Forvia , Bloomberg News reported on Thursday, citing people familiar with the matter.
French Business Activity Sinks to 14-Month Low on Services
(Bloomberg)--French business activity shrank at the fastest pace in more than a year, driven by a slump in the services sector as the Iran conflict made consumers more cautious on spending.
Johns Hopkins: “Bloomberg School” Marks 25 Years of Progress | Johns Hopkins Bloomberg School of Public Health
The Johns Hopkins Bloomberg School of Public Health took its current name 25 years ago. 15 highlights show its accomplishments since 2001.
Australian Gas Exporter Santos Streamlines Business to Cut Costs
Santos Ltd. is restructuring the company’s oil and gas business in order to cut costs, according to an internal notice seen by Bloomberg, after a string of stymied takeover bids in recent years that have raised pressure to increase shareholder returns.
Longtime Florida Official Named Head of EPA’s Science Office
The EPA on Monday announced the permanent head of a new science office created by the Trump administration that replaced the shuttered research and development wing.
MacBook Pro With Touch Screen and New Mac Studio Likely 'Postponed'
The global memory chip shortage may result in the next MacBook Pro and Mac Studio models launching later than expected, according to the latest rumor. Bloomberg's Mark Gurman has repeatedly stated that 14-inch and 16-inch MacBook Pro models with a touch screen are slated to launch in late 2026 to early 2027. In his Power On newsletter today, though, he said to be prepared for the laptops to potentially arrive towards the end of that timeframe due to the chip shortage.
Apple Testing Two Small Yet Useful iOS 27 Options
Apple is planning to add "Undo" and "Redo" options to the iPhone's Home Screen customization menu on iOS 27, according to Bloomberg's Mark Gurman. These two options will make it easier to reverse or redo your Home Screen changes. "Right now, when you long-press on the home screen, you get a bubble in the top left corner with four options: Add Widget, Customize, Edit Wallpaper and Edit Pages," he explained, in his latest Power On newsletter.
WWDC 2026 Graphic Teases Major iOS 27 Feature
Apple's WWDC 2026 graphic provides "a glimpse of the revamped Siri interface coming in iOS 27," according to Bloomberg's Mark Gurman. In his Power On newsletter today, Gurman said iOS 27 will include a new Siri interface in the Dynamic Island.
After Long Avoiding Politics, Commodity Traders Cozy Up to Trump
(Bloomberg) -- For decades, the world’s biggest commodity traders have sought to remain outside of politics, doing deals with anyone who has natural resources to buy or sell. Now, Donald Trump is changing the rules of the game. Most Read from BloombergHormuz Chaos, Lebanon Clashes Dent Trump Peace Deal HopesNvidia Makes Quantum Computing CEO a Billionaire in DaysTrump Says Iran Will Suspend Nuclear Program as Hormuz OpensThe Jet-Fuel Surge Is Making Global Flight Connections DisappearCongo to To
The next Mac Studio and MacBook Pro releases could be postponed by several months
Bloomberg is now expecting the Mac Studio to release in October and the MacBook Pro to be available in early 2027.
New Mac Studio may not arrive until October
In the latest edition of Mark Gurman’s Bloomberg newsletter, he reports that the new generation of Mac Studio may not...
How today’s AI trainers could be tomorrow’s displaced workers
A fast-growing AI startup is betting it can transform—and potentially replace—large swaths of white-collar work by turning professionals into trainers for the very systems that could one day displace them, Bloomberg writes. Mercor, now valued at $10 billion, recruits doctors, lawyers, consultants and other experts to break down their jobs into step-by-step tasks, feeding that […]
In-House Counsel Need ‘T-Shaped’ Skills to Be a Business Leader
In-house counsel need not only deep legal skill but also business acumen and data literacy to help drive business growth, manage risk proactively, and create competitive advantage.
Student Spotlight: Erin Jones | Johns Hopkins Bloomberg School of Public Health
Learn how a working research professional makes the most out of her career and her education by pursuing the MHS online and part-time.
Millions of Floridians Will Bear the Brunt of Trump’s Health Cuts
(Bloomberg) -- Millions of people in the US are expected to lose their health coverage in coming years because of shrinking funding for federal programs. Few states would suffer a bigger blow than Florida.Enhanced Affordable Care Act subsidies expired in December. More than $900 billion in cuts to Medicaid safety-net programs are on the horizon. Across the US, in excess of 14 million people are expected to lose health insurance through 2034, according to health-policy research nonprofit KFF.Flor
Epic Games Reportedly Developing Extraction Shooter Starring Disney Characters
Bloomberg reports that Epic Games is currently developing a Disney-themed extraction shooter as part of the studios' $1.5 billion partnership.
Leaker adds support for red iPhone 18 color rumor, in a slightly weird way
Bloomberg reported back in February that Apple was considering a new deep red color option for the iPhone 18 Pro,...
iPhone 18 Pro Deep Red Color Likely as Android Rivals Prep Same Shade
Apple's upcoming iPhone 18 Pro is very likely to come in a new deep red color, claims a Chinese leaker, because the color is already being prototyped by Android phone makers. In February, Bloomberg's Mark Gurman reported that Apple is testing a deep red finish for the iPhone 18 Pro and iPhone 18 Pro Max. Rumors of purple and brown finishes have also circulated, but Gurman believes those are just variants of the same red idea.
Apple Testing Four Smart Glasses Styles Made of High-End Materials
Apple is developing at least four different styles of smart glasses, and the company is betting that their superior design will set them apart from rival products, according to Bloomberg's Mark Gurman. Writing in his latest Power On newsletter, Gurman says that Apple's latest designs are made from a high-end material called acetate, which is "more durable and luxurious" than the standard plastic used by most existing brands.
Cyberattacks, Tariffs, Geopolitics Loom Over Business Executives
Geopolitical uncertainty, rapid policy shifts, and mounting security risks are ratcheting up the threats facing US companies.
DrPH Student Spotlight: Victoria Adewumi | Johns Hopkins Bloomberg School of Public Health
Victoria shares her experience in the DrPH Program and her work advancing community health worker leadership and policy.
'iPhone Ultra' Will Solve Two Key Problems
Apple reportedly plans to unveil a foldable iPhone in September, and the device will supposedly solve two problems with foldable smartphones. In case you missed it, a leaker on Chinese social media platform Weibo recently claimed that the foldable iPhone will be named "iPhone Ultra". According to Bloomberg's Mark Gurman, the device will have improved screen quality and overall durability compared to competing foldables.
A Guide to Understanding Public Health Research Study Designs | Johns Hopkins Bloomberg School of Public Health
How different types of scientific studies are designed—and what they can and can’t tell you.
iPhone Ultra's Price Range Revealed
Apple reportedly plans to unveil its long-awaited foldable iPhone in September, and Bloomberg's Mark Gurman has revealed the device's supposed price range. Apple's foldable iPhone is rumored to be named iPhone Ultra In a report this week, Gurman said the foldable iPhone is expected to "cross the $2,000 threshold" in the U.S., although it is unclear if he is referring to the starting price or if only some configurations will surpass that price point.
iPhone Air 2 and iPhone 18e Reportedly Launching Early Next Year
Apple plans to release an updated iPhone Air and a lower-end iPhone 18e early next year, according to the latest word from Bloomberg's Mark Gurman. In a report this week, he said Apple plans to unveil the two devices in spring 2027, alongside a standard iPhone 18. If so, Apple will likely announce the trio of devices in March or April next year. It is unclear if there will be a live-streamed event.
Apple's Three-Year Plan to 'Reinvent' the iPhone is Underway
Apple is in the middle of a three-year plan to "reinvent" the look and feel of the iPhone, according to Bloomberg's Mark Gurman.
New MacBook Neo With A19 Pro Chip and 12GB RAM Expected Next Year
Apple is planning to release a new MacBook Neo next year, according to Taiwan-based tech columnist and former Bloomberg reporter Tim Culpan. In the latest edition of his Culpium newsletter today, Culpan said the new MacBook Neo will be equipped with a version of the A19 Pro chip from the iPhone 17 Pro models. This means the next edition of the laptop should have an increased 12GB of RAM, as that is how much unified memory the chip has in the iPhone 17 Pro models.
Apple is Reportedly Facing a 'Massive Dilemma' With the MacBook Neo
The all-new MacBook Neo has been such a hit that Apple is facing a "massive dilemma," according to Taiwan-based tech columnist and former Bloomberg reporter Tim Culpan. In the iPhone 16 Pro models, the A18 Pro chip has a 6-core GPU. During the chip manufacturing process, however, sometimes a CPU or GPU core can turn out to be faulty.
Johns Hopkins Bloomberg School of Public Health Again Rated #1 by Peers in U.S. News & World Report | Johns Hopkins Bloomberg School of Public Health
The School has held the #1 spot since the rankings began in 1994. The School has also been named by peers as a leader in five specialty areas within public health this year.
Microsoft Warns Copilot AI Is For 'Entertainment Purposes' Only: 'Use At Your Own Risk'
Microsoft updates Copilot terms and conditions, warning that the AI tool is for entertainment only and users assume all risks.
Wealthy Donors Are Hiding Political Money in Secretive Nonprofits
Using philanthropy for campaign donations is illegal. But an exception for some nonprofits has allowed Democratic billionaires like Bill Gates and Michael Bloomberg to remain anonymous when they want to play politics.
MHA Team Wins Prestigious Case Competition | Johns Hopkins Bloomberg School of Public Health
MHA students Hallie Smith, Delaney Brooks, and Beth Bleil earned first place at the University of Alabama at Birmingham (UAB) Health Administration Case Competition, the most prestigious health care administration competitions in the country.
SpaceX's business and finances: rockets, satellite communications and budding AI
SpaceX is gearing up for a stock market debut that could value it at more than $1.75 trillion, Bloomberg News reported on Wednesday, as the Elon Musk-led company reaches for the stars in what could be the largest IPO in history.
Alumni Spotlight: Caroline Doherty, MHS ’22 | Johns Hopkins Bloomberg School of Public Health
Caroline Doherty, MHS ’22, uses the strong foundation she earned while at the Bloomberg School to make a lasting impact in the field of health policy.
Alumni Spotlight: Bonny Dahm’s Role in Transforming Healthcare Policy Into Action | Johns Hopkins Bloomberg School of Public Health
Bonny Dahm, MHS ’08, puts her Bloomberg School training to use by leading strategic initiatives at the intersection of policy, operations, and growth.
iOS 27 Siri Update Will Let Users Make Multiple Requests at Once
The updated version of Siri that Apple plans to release in iOS 27 may be able to handle multiple commands in a single query, reports Bloomberg. With the feature, users would be able to make multi-step requests that Siri would carry out, such as getting directions to a location and then sending those directions to someone in a message. Siri has long been limited to a single command for most requests, and the personal assistant is not able to parse queries with multiple components.
Coatue Projected $1.995 Trillion Valuation for Anthropic in 2030
In a presentation to prospective investors in January, Coatue offered a rare look at how it justifies Anthropic’s heady valuations. An anonymous source sent me the slides, which give a unique look at how a top investment firm values Anthropic’s business. This is a moment in time when some of America’s most valuable, growing technology companies remain private. In the January presentation, Coatue estimated that Anthropic would lose $14 billion in EBITDA on $18 billion in revenue in 2026, ending the year with $30 billion in annualized run-rate revenue. Most recently, it’s been reported that Anthropic is at $19 billion in ARR, which could suggest Anthropic is already running ahead of Coatue’s expectations. By 2031, Coatue projected that Anthropic would be generating $48 billion in EBITDA profits on $200 billion in revenue, with $224 billion of ARR. That would give Anthropic a 41x forward EBITDA multiple at a projected $1.995 trillion valuation in 2030. Coatue told the investors it was pitching that Anthropic could be worth $2.413 trillion in 2031. In February, Coatue co-led a $30 billion Series G investment in Anthropic that valued it at $380 billion. Coatue declined to comment on this story. I first shared this slide and talked about the presentation on my new podcast, the Cerebral Valley Show, which I host with my CVAI co-hosts Max Child and James Wilsterman. I’ve got a few other slides from the Coatue presentation for Newcomer subscribers.
Apple Intelligence Accidentally Goes Live in China Before Regulatory Approval
Apple accidentally started rolling out Apple Intelligence features in China before receiving regulatory approval, reports Bloomberg's Mark Gurman. Some Chinese users began seeing Apple Intelligence features listed as available and active in the Settings app on their iPhones, but Apple made no formal announcement. Gurman says that Apple is not planning to launch the feature imminently, and that its availability was a mistake. Apple has since removed the Apple Intelligence features.
Alumni Spotlight: Marco Antonio Quiroz, MSPH ’25 | Johns Hopkins Bloomberg School of Public Health
Marco Antonio Quiroz, MSPH ’25, puts his Bloomberg School training to use improving health policy for underserved communities.
Watch Hua Medicine on Earnings, Business Expansion Plans
Chinese biotech firm Hua Medicine sees robust growth in 2026 after reporting a 93% jump in full-year revenue. Speaking exclusively to Bloomberg's "The China Show," Chief Strategy Officer George Lin discusses the outlook for the company’s flagship drug dorzagliatin and plans to expand to additional markets.
Apple's 50th Anniversary Finale Revealed
Apple has been celebrating its upcoming 50th anniversary by hosting surprise performances and other events around the world over the past few weeks, and now Bloomberg's Mark Gurman has revealed details about the company's grand finale. In a social media post, Gurman said Apple's celebrations will conclude this week with a finale at its Apple Park headquarters for employees. A special guest will perform, according to Gurman. He hinted at Paul McCartney.
iOS 27 Rumored to Feature All-New Siri App With 'Extensions' Feature
In his Power On newsletter today, Bloomberg's Mark Gurman discussed Apple's upcoming AI plans in more detail. As he reported last week, this will apparently include a Siri app with a so-called "Extensions" feature across iOS 27, iPadOS 27, and macOS 27. With the Siri app, the report said that iPhone, iPad, and Mac users would be able to interact with Apple's assistant in both text and voice modes.
Apple Plans to Let Rival AI Chatbots Integrate With Siri in iOS 27
Apple plans to allow third-party AI chatbots to integrate with Siri in iOS 27, reports Bloomberg. Apple already has a partnership with OpenAI that lets Siri hand questions off to ChatGPT, but Apple will expand that integration to other companies like Google and Anthropic. An iPhone user with the Claude or Gemini app installed will be able to send questions to those chatbots, like how the current ChatGPT feature works.
Apple Plans to Open Up Siri to Rival AI Assistants in iOS 27 Update
(Bloomberg) -- Apple Inc. plans to open Siri to outside artificial intelligence assistants, a major move aimed at bolstering the iPhone as an AI platform.The company is preparing to make the change as part of a Siri overhaul in its upcoming iOS 27 operating system update, according to people with knowledge of the matter. The assistant can already tap into ChatGPT through a partnership with OpenAI, but Apple will now allow competing services to do the same.The changes are part of an attempt to tu
iPhone Fold is ‘no doubt’ coming later than iPhone 18 Pro, says Gurman
Bloomberg’s Mark Gurman said today there is “no doubt” the iPhone Fold will ship a bit later than the iPhone 18 Pro.
iPhone Fold Likely to Ship Later Than iPhone 18 Pro
The new foldable iPhone won't ship to customers in the same September timeframe as the iPhone 18 Pro and iPhone 18 Pro Max, Bloomberg's Mark Gurman said today in a Q&A session. Apple will likely ship the iPhone Fold to customers after the iPhone 18 Pro and Pro Max come out in September, but Gurman did not provide a specific availability timeline.
GOP Tax Writer Floats Bill to Boost Business Interest Deductions
American companies facing higher after-tax capital costs because of how tax law excludes global income from interest deductibility calculations would get a break under new legislation proposed by a GOP House tax writer.
The Health Benefits of Baby Bonds | Johns Hopkins Bloomberg School of Public Health
Early wealth-building policies are popular and effective.
iOS 27 Siri Overhaul: Standalone App, New Design, Dynamic Island Integration and Ask Siri Button
Apple is testing a standalone Siri chatbot app for iOS 27, reports Bloomberg's Mark Gurman. Apple plans to debut a chatbot version of Siri that will compete with Claude and ChatGPT, and the new Siri could be accessible through a dedicated app. Gurman previously said that Apple was not going to develop a standalone Siri app, but it appears plans have changed.
US business activity slows as war-driven costs surge
U.S. business activity slowed in March to its weakest pace in nearly a year as rising costs tied to the Iran conflict weighed on demand, Bloomberg writes. A key S&P Global index dipped but remained in expansion territory, while input prices surged to multimonth highs. Service sector growth softened, hiring declined and companies passed higher […]
Apple Reportedly Preparing 'Biggest Set of iPhone Revamps' Ever
Apple is working on "the biggest set of iPhone revamps in the product's history," according to the latest word from Bloomberg's Mark Gurman. Specifically, he is referring to the long-rumored foldable iPhone, as well as an ambitious 20th-anniversary iPhone with a truly "edge-to-edge" design.
‘They’ve Stolen the Narrative’: Black Business Leaders on the DEI Backlash
Bloomberg Businessweek convened five prominent Black executives to candidly discuss navigating the White House, rollbacks in access and the current American mood.
iPad 12 With A18 Chip for Apple Intelligence is 'Still Coming This Year'
Apple has updated a wide range of products and accessories this month, but there is still no entry-level iPad 12 with Apple Intelligence support. Fortunately, Bloomberg's Mark Gurman today said an iPad with an A18 chip for Apple Intelligence is "ready to go" and "still coming this year". An earlier report from Macworld claimed that the iPad 12 will actually have an A19 chip.
New Apple TV and HomePod Mini Remain 'Ready' to Launch
Apple has unveiled nine new products this month, but the wait continues for the next-generation Apple TV 4K and HomePod mini models. In his Power On newsletter today, Bloomberg's Mark Gurman said new versions of the Apple TV and HomePod mini have been "ready" since last year, but he reiterated that Apple has held off on releasing them until the more personalized version of Siri and other Apple Intelligence upgrades are released later this year.
New dispute emerges around Subnautica 2’s early access release
Lawyers for the ousted—and now partially reinstated—leadership team of Unknown Worlds, the studio behind Subnautica 2, are crying foul over news that the game will be released into early access in May. The release announcement earlier this week was made improperly, potentially “damaging the game and sowing additional confusion among the Subnautica community,” the lawyers said in a letter sent on Tuesday to Vice Chancellor Lori Will of Delaware’s Court of Chancery. In their letter, the lawyers also floated the idea of asking Will to find Krafton in contempt of the court’s ruling. The letter was sent just one day after Will’s bombshell ruling that publisher Krafton had breached its contract with Unknown Worlds’ executive team, when it fired them last June. The new issue isn’t necessarily the May early access timeframe, but how the news was announced. The letter and Krafton’s response have not been previously reported. A quick recap of prior events: Subnautica 2 is an unreleased, underwater survival adventure and the most-wishlisted game on Steam. Last year, longtime Unknown Worlds CEO Ted Gill, along with studio co-founders Charlie Cleveland and Max McGuire, were fired by Krafton. They swiftly sued, saying the publisher had terminated them to avoid paying out up to $250 million in potential performance-based bonuses. The studio leaders had hoped to earn that with an early access release of the game, which Krafton had blocked. The publisher argued in court that Subnautica 2 wasn’t ready, which the ousted execs disputed. On Monday, Will ruled that Krafton had violated its contract, firing the execs to avoid the performance payouts, and that it had to reinstate Gill and give him full authority over any early access release for Subnautica 2. On Tuesday, IGN reported on a new memo issued that day to Unknown Worlds staff by Steve Papoutsis, the executive Krafton had put in charge of Unknown Worlds after the 2025 firings. In the note, Papoutsis said that Subnautica 2 had passed a key development milestone “last week” and that he and Krafton had determined the game “is ready for Early Access release in May.” This news appeared to catch the lawyers for Gill, Cleveland and McGuire by surprise. On Tuesday night, they sent a letter to Will expressing “serious concerns” about whether it would be possible to forge an agreement with Krafton consistent with the judge’s order. Papoutsis’ memo was a problem, they wrote. He didn’t have the authority to declare anything about Subnautica 2’s release. As of 9am ET on Monday, March 16, the effective date of Will’s order, Papoutsis wasn’t CEO of Unknown Worlds. Gill was. And, per Will’s order, only Gill could make Subnautica 2 release decisions. They continued: Krafton self-servingly announced the launch without any regard to its impact on the game, the team, or the community—let alone this Court’s Opinion. Announcing the release of a game is momentous, and it is typically accompanied by significant marketing activity, fanfare, and community coordination. And most importantly, the announcement is carefully designed to maximize excitement for the game. That entire process was supposed to be driven by Mr. Gill. However, in defiance of the Court’s Opinion, Krafton has now taken that away, further damaging the game and sowing additional confusion among the Subnautica community. The lawyers speculated that Krafton had “intentionally leaked” Papoutsis’ memo and then issued an official statement to confirm the leak. Game File is a reader-supported publication. My reporting is only possible through support from readers like you. To support my work, consider becoming a free or paid subscriber. Subscribe On Wednesday, lawyers for Krafton defended their client in their own letter to vice chancellor Will, saying nothing they did violated her order nor showed contempt: Papoutsis’s message was simply celebrating the UW employees’ efforts toward a past event: Krafton’s pre-Opinion determination that Subnautica 2 was ready for Early Access release. There was nothing improper about conveying the results of the milestone review or thanking the development team for their dedication and talent. They added that Gill could still make his own call about Subnautica 2’s release: In his role as CEO, Gill will be able to assess independently his views on the state of Subnautica 2 and the appropriate release schedule; nothing in Papoutsis’s message alters Gill’s authority or discretion. Vice chancellor Will has not responded to the letters and doesn’t necessarily have to. Both parties were previously ordered by Will to confer this week and submit a proposed judgment consistent with her ruling. The letter from Gill’s attorney’s this week doesn’t indicate whether he would or would not support a May release for Subnautica 2. But it could limit his options. And, if Gill’s lawyers are right, the lack of marketing fanfare around the leak of the May date could dull the launch of the game. Any harm to Subnautica 2’s launch is an extra sensitive issue given the context of the legal dispute: millions of dollars of payouts are on the line, tethered to the scale of the game’s initial performance. In her ruling on Monday, Will noted that there was obvious “bad blood” between Gill’s side and Krafton but that the two would need to work together: “They can—and must—act in good faith to navigate their remaining contractual relationship.” Item 2: A new kind of couch co-op game A highlight of GDC each year is the Alt.Ctrl showcase that features games played with extremely experimental controllers. Perusing this year’s offerings last Friday, I found a game controlled with giant scissors, another with big toothbrushes and one that amounted to dumpster diving. My favorite was Pivot, a co-op game about collectively maneuvering a couch. It was developed by students at the University of Utah’s masters of arts and engineering games program. Players lift and tilt the physical couch in order to control the position of a virtual one. That virtual one is moving through an obstacle course on-screen, while being pursued by a giant skull. Developer Nishant Verma told me at GDC that the couch is made of styrofoam (this became more evident as I watched!) and that the name was a riff on an episode of the sitcom Friends. Item 3: In brief… 🚫 Ubisoft is laying off more than 100 workers at its Red Storm studio, as the North Carolina location known for decades for its Tom Clancy games, ceases in-house game development, VGC reports. 👀 On Monday, Nvidia’s revealed its DLSS 5 AI-driven graphics technology that purports to improve game graphics… and it has been roasted about it by the media and the online gaming public for the remainder of the week. The tech changed the faces of characters in footage from Resident Evil Requiem, Hogwarts Legacy and EA Sports FC, drawing accusations of giving carefully art-directed games the generic look of AI “slop.” Nvidia CEO Jensen Huang had said on Monday that “DLSS 5 is the GPT moment for graphics—blending handcrafted rendering with generative AI to deliver a dramatic leap in visual realism while preserving the control artists need for creative expression.” By mid-week, Huang was telling Tom’s Hardware that the new tech’s critics were “completely wrong” because game-makers could still “fine-tune the generative AI” to suit their game’s aesthetics.
Bloomberg: Google begins testing dedicated Gemini app for Mac
Mac users who prefer Gemini for their AI interactions might not have to wait much longer for a dedicated app....
HSBC mulls job cuts that could impact around 20,000 roles, Bloomberg News reports
HSBC Holdings Plc is weighing a wave of deep job cuts over the coming years that could ultimately impact around 20,000 roles, or about 10% of its total workforce, Bloomberg News reported on Wednesday, citing people familiar with the matter.
Unilever considers separation of its food assets, Bloomberg News reports
Unilever is in the early stages of weighing a separation of its food assets as the consumer goods maker plans to streamline its business, Bloomberg News reported on Tuesday, citing people familiar with the matter.
UBS faced technology outage that impacted trading business, Bloomberg News reports
UBS Group has been working to fix a global technology outage that impacted some of its trading business, Bloomberg News reported on Tuesday. Some trading has been halted during the outage, the report said, citing people familiar with the matter. (Reporting by Akanksha Khushi in Bengaluru; Editing by Maju Samuel)
Manatt Recruits Nixon Peabody Entertainment Group Chief Heisler
Entertainment lawyers Ellie Heisler, Jessica Boardman, and Mike Lawhead joined Manatt, Phelps & Phillips as partners in Los Angeles, the firm announced Tuesday.
Samsung to Discontinue Galaxy Z TriFold After Just Three Months
Samsung is set to discontinue the Galaxy Z TriFold globally after just three months on sale (via Bloomberg). The company will start by ceasing sales of the device in Korea, where it has been on sale since December. Samsung plans to discontinue the device in the United States once it clears its inventory. Samsung's website already lists the TriFold as "sold out," but customers are still able to buy the device at Samsung stores.
APAC Buy-Side Firms Embrace AI, Automation To Optimize Business Processes | Insights
In this new survey of 50 buy-side firms across Asia-Pacific, Bloomberg and WatersTechnology reveal an industry that has moved decisively past experimentation and into live, production-grade adoption of AI and automation.
Reed Smith Hires Entertainment, Media Lawyer Malphettes in Paris
Agathe Malphettes joined Reed Smith as a partner in its entertainment and media industry group in Paris, the firm announced Monday.
iOS 27 Will Reportedly Be Like Mac OS X Snow Leopard
In his Power On newsletter today, Bloomberg's Mark Gurman reiterated that iOS 27 will be similar to 2009's Mac OS X Snow Leopard, in the sense that one of Apple's biggest priorities is bug fixes for improved performance and stability. At WWDC 2008, Apple showed a presentation that said Mac OS X Snow Leopard had "0 new features," as it opted to focus on performance and stability improvements.
MacBook Neo 2 With a Touch Screen Has Gone From Yes to Maybe to No
A second-generation MacBook Neo with a touch screen has gone from a yes to a maybe to a no. In his Power On newsletter today, Bloomberg's Mark Gurman said Apple has yet to decide whether to bring touch-screen support to any Macs beyond the next high-end MacBook Pro, which is expected to be released in late 2026 or early 2027. A touch screen would also slightly increase the cost of making the MacBook Neo, which is priced as low as $499, so the laptop will likely remain without one for years.
Treasury’s FinCEN Whistleblower Portal Presents Business Risks
The Treasury Department’s new whistleblower portal is likely to increase enforcement risks for companies that must comply with the Bank Secrecy Act, US sanctions, and beyond.
Allianz, Sun Life weigh bids for HSBC Singapore insurance business, Bloomberg News reports
Allianz SE and Sun Life Financial are considering bids for HSBC's Singapore insurance unit after the bank launched a strategic review of the business, Bloomberg News reported on Thursday, citing people familiar with the matter.
MacBook Air With OLED Display is Still Years Away
Apple is planning to launch a MacBook Air with an OLED display, but it won't come for several years after the MacBook Pro is updated with OLED screen technology. We're not going to see an OLED MacBook Air until at least 2028, according to Bloomberg. Large, high-quality OLED displays are expensive, and it will take some time for the technology to come down in price enough that it can be used in Apple's midrange devices.
iPhone Fold expected to include new app features, including side-by-side multitasking
Apple’s first foldable iPhone is coming this fall, and Mark Gurman at Bloomberg has new information about how the interface...
Medical Debt Associated with Deferring Dental, Medical, and Mental Health Care | Johns Hopkins Bloomberg School of Public Health
Deferred care due to medical debt consistently high across all types of insurance, with dental care the most sensitive to medical debt.
Small business optimism slips further as sales outlook weakens
U.S. small business optimism slipped again in February as owners grew more cautious about future sales and broader economic conditions, Bloomberg writes. The National Federation of Independent Business’ optimism index edged down to 98.8, marking the second consecutive monthly decline and reflecting softening expectations across several key indicators. A major drag on sentiment was the […]