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Why Take-Two Won’t Share ‘Unprecedented’ ‘Grand Theft Auto VI’ Pre-Order Numbers
CEO Strauss Zelnick says he doesn’t want to mislead shareholders
Sony could release a cheaper version of its WH-1000XM4 headphones, according to leaks
Sony could revive an older headphone model at a cheaper price.
Senate Hears Small Business Owners as SBA Cuts Loom
Senate committee examines Trump administration's plan to cut SBA budget by 67% and restrict green card holders from federal loans. Hear from entrepreneurs.
Business Restructuring Review Vol. 25 No. 4 July-August 2026
In This Issue New York Bankruptcy Court: Premature Allegations of Creditor Mistreatment Insufficient to Deny Chapter 15 Recognition of Foreign Restructuring Proceeding In In re ARD Finance, S.A., No. 25-12794 (MG), 2026 WL 817458 (Bankr. S.D.N.Y. Mar. 25, 2026), the U.S. Bankruptcy Court for the Southern District of New York was presented with a petition seeking chapter 15 recognition of Luxembourg's recently enacted bankruptcy law governing judicial reorganization proceedings. The court granted the petition, turning aside challenges to recognition voiced by a creditor group arguing that recognition should be denied based upon allegations of unfairness to creditors in the Luxembourg proceeding that would make recognition manifestly contrary to U.S. public policy. According to the bankruptcy court, recognition was warranted because: (i) the rules and procedures governing the proceeding under Luxembourg law were fundamentally fair; (ii) the petition otherwise satisfied chapter 15's recognition requirements; and (iii) the creditor group's allegations were premature, given the fact that the Luxembourg court presiding over the debtor's restructuring proceeding had not confirmed a restructuring plan, and all creditors had the right to participate fully and voice their objections in the proceeding (including the right to appeal an order approving a plan). [read more …] Florida Bankruptcy Court Examines Scope of Discovery in Chapter 15 Cases In In re Banco Master, S.A., No. 25-24568-SMG, 2026 WL 931729 (Bankr. S.D. Fla. Apr. 6, 2026), the U.S. Bankruptcy Court for the Southern District of Florida granted in part and denied in part post-recognition motions filed by an insider of a foreign debtor seeking to bar or limit discovery sought by the debtor's foreign representative concerning allegedly voidable transfers involving the debtors' U.S. real property. According to the court: (i) although chapter 15 includes its own discovery provisions among the relief that may be granted to a foreign representative, the expansive discovery available in cases under other chapters of the Bankruptcy Code is also available in chapter 15 cases; (ii) the discovery sought by the foreign representative was permissible; (iii) discovery regarding matters that were the subject of a pending adversary proceeding had to be undertaken under the more restrictive rules applicable to such proceedings; and (iv) a discovery request would be barred to the extent that it sought production of documents or testimony from a subpoenaed entity that exceeded the geographic limitations specified in such rules. [read more …] Delaware District Court Affirms Chapter 15 Recognition Order Enforcing Nonconsensual Third-Party Releases In U.S. Int'l Dev. Fin. Corp. v. Credito Real S.A.B. de C.V. SOFOM, E.N.R. (In re Credito Real S.A.B. de C.V. SOFOM, E.N.R.), 677 B.R. 192 (D. Del. 2026), appeal filed, No. 26-2356 (3d Cir. June 5, 2026), the U.S. District Court for the District of Delaware affirmed a bankruptcy court order granting chapter 15 recognition to a Mexican "concurso mercantile" proceeding and enforcing nonconsensual third-party releases approved by the Mexican court. Agreeing with the bankruptcy court that the releases were not manifestly contrary to U.S. public policy, the district court concluded: "It is well settled that U.S. bankruptcy courts can give effect to foreign orders in recognized foreign proceedings pursuant to the authority granted in Chapter 15, even when those orders contain relief unavailable under U.S. law. [The appellant's] arguments misconstrue the Supreme Court's narrow holding in Purdue, applicable in Chapter 11 cases, as well as the statutory framework of Chapter 15 and its core policy objectives. Accordingly, I will affirm the Enforcement Order." The ruling has been appealed to the U.S. Court of Appeals for the Third Circuit. [read more …] Fifth Circuit: Bankruptcy Court, Not State Court, Had Jurisdiction to Allow or Disallow Administrative Expense Claim In Storey Minerals Ltd. v. EP Energy E&P Co., LP (Matter of EP Energy E&P Co., LP), 169 F.4th 609 (5th Cir. 2026), the U.S. Court of Appeals for the Fifth Circuit affirmed lower courts' rulings disallowing a creditor's administrative expense claim. It also rejected the creditor's argument that, because the claims were predicated on state law, a state court should adjudicate the merits of the state law causes of action before the bankruptcy court could allow or disallow the claim as an administrative expense. According to the Fifth Circuit, even though the causes of action were based on state law, the bankruptcy court had jurisdiction to determine whether the creditor's claims should be conferred with administrative expense priority in the debtors' chapter 11 case. [read more …] New York Bankruptcy Court: Dismissal of Involuntary Chapter 11 Case Filed Prior to Commencement of Foreign Restructuring Proceeding Unwarranted In In re Xinyuan Real Estate Co. Ltd., No. 25-10745 (PB), 2026 WL 592250 (Bankr. S.D.N.Y. Mar. 3. 2026), the U.S. Bankruptcy Court for the Southern District of New York considered the bona fides of an involuntary chapter 11 petition filed by certain holders of U.S. dollar-denominated notes against a holding company for a group of Chinese property development companies that filed a restructuring proceeding in the Cayman Islands after the noteholders filed the involuntary chapter 11 petition. The court denied the debtor's motion to dismiss the chapter 11 case. Given the timing of the filing of the Cayman Islands restructuring proceeding, the absence of any progress in the proceeding for seven months, the debtor's need to restructure notes governed by U.S. law, and the debtor's lack of any meaningful contacts to the Cayman Islands, dismissal of the chapter 11 case was unwarranted under the applicable provision of the Bankruptcy Code, international comity, or the doctrine of forum non conveniens. [read more …] Bankruptcy Court Evaluates Trustee's Authority to Sell Avoidance Actions and Right of Target Defendants to Object In In re Law Enf't Officers Sec. Union, No. 24-70277-JAD, 2026 WL 560452 (Bankr. W.D. Pa. Feb. 27, 2026), a chapter 7 trustee sought court approval to sell certain avoidance actions to a creditor of the debtor's estate. Potential targets of the subject avoidance actions objected, arguing that such claims were nontransferable powers of the trustee rather than saleable estate property and urging the court to approve their competing settlement with the trustee. The U.S. Bankruptcy Court for the Western District of Pennsylvania disagreed with the potential defendants, holding that they lacked standing to object to the proposed sale, that avoidance actions are indeed estate property, and that the sale—rather than the settlement—best served the estate's interests. [read more …] U.S. Supreme Court Bankruptcy Roundup in Brief In Keathley v. Buddy Ayers Construction Inc., No. 25-6, 2026 WL 1686028 (U.S. June 11, 2026), the U.S. Supreme Court overturned a Fifth Circuit decision judicially estopping a chapter 13 debtor from asserting a personal injury claim against a construction company because the debtor failed to disclose the claim during his bankruptcy case. In so ruling, the Court held that "[t]he Fifth Circuit erred by artificially narrowing its inquiry to whether the debtor had knowledge of the underlying facts or a potential motive to conceal the claim." It represents the first time that the Court has applied judicial estoppel in the bankruptcy context, although it has suggested in other contexts that it may be inappropriate where an inconsistent legal position resulted from "inadvertence or mistake." Also in June, the Court denied petitions for certiorari in a few notable bankruptcy cases. [read more …] Newsworthy Heather Lennox (Cleveland/New York) (Star Individual), Bruce Bennett (Los Angeles) (Senior Statesperson), Kevyn D. Orr (Washington) (Eminent Practitioner), Gregory M. Gordon (Dallas) (Band 1), Carl E. Black (Cleveland), Corinne Ball (New York) (Senior Statesperson), Brad B. Erens (Chicago), Jeffrey B. Ellman (Atlanta), T. Daniel Reynolds (Cleveland), and Dan T. Moss (Washington/New York) were recognized as leading lawyers in the practice area Bankruptcy/Restructuring in the 2026 edition of Chambers USA: The World's Leading Lawyers for Business. The 2026 edition of Lawdragon 500 Leading Bankruptcy and Restructuring Lawyers ranked the following lawyers: Corinne Ball (New York) (Hall of Fame), Bruce Bennett (Los Angeles), Carl E. Black (Cleveland), Jeffrey B. Ellman (Atlanta), Brad B. Erens (Chicago), Gregory M. Gordon (Dallas), Heather Lennox (Cleveland/New York), Joshua M. Mester (Los Angeles), and Kevyn D. Orr (Washington). Fabienne Beuzit (Paris) and Jasper Berkenbosch (Amsterdam) were among the "Leading Individuals" ranked in the 2026 edition of The Legal 500 EMEA guide in the field of Restructuring and Insolvency or Insolvency. Rodolphe Carrière (Paris) was named a "Next Generation Partner" in the practice area Insolvency. Sid Pepels (Amsterdam) was selected by Global Restructuring Review's 40 under 40 2026. He was identified as a Rising Star within the global cross-border restructuring community. Global Restructuring Review is a leading digital subscription service, news outlet, and information platform dedicated exclusively to cross-border insolvency and corporate restructuring law. Fabienne Beuzit (Paris), Rodolphe Carrière (Paris), and Isabelle Maury (Paris) were recognized in the 2027 edition of The Best Lawyers in France™ in the practice area Insolvency and Reorganization Law. An article written by Corinne Ball (New York) titled "Comity and Fairness are Critical to Granting Additional Assistance under Chapter 15: A Canadian Reverse Vesting Order and Related Releases in Proceedings Involving Canadian and U.S.-Affiliated Companies Are Approved" was published in the June 24, 2026, edition of the New York Law Journal. An article written by Caitlin K. Cahow (Detroit) titled "New York Bankruptcy Court Weighs In on Adequate Assurance of Future Performance under Assigned Leases and Chapter 11 Plan Exculpation Provisions" was published on June 8, 2026, in Lexis Practical Guidance. An article written by Trisha L. Mowbray (Real Estate; Chicago) and Ryan Sims (Washington) titled "Chapter 11 Plan that Abridged Non-Debtor Lessee's Rights to Remain in Possession After Rejection Unconfirmable as Having Been Proposed in Bad Faith" was published on June 16, 2026, in the Harvard Law School Bankruptcy Roundtable. An article written by Dan T. Moss (Washington/New York), Corinne Ball (New York), Isel M. Perez (Miami), and David S. Torborg (Washington) titled "Texas Bankruptcy Court Adopts Barnet Rule Requiring Foreign Debtor to Have U.S. Assets to Be Eligible for Chapter 15 Relief" was published on June 10, 2026, in Lexis Practical Guidance. An article written by Daniel J. Merrett (Atlanta) and Nathaniel Parr (Atlanta) titled "Southern District of Texas Clarifies Post-Purdue Course for Consensual Third-Party Releases and Gatekeeping Provisions" was published on June 11, 2026, in Lexis Practical Guidance. An article written by Corinne Ball (New York) titled "LMEs, Sophisticated Investors and Equitable Mootness: The Fifth and Third Circuits Warn Against Testing the Limits of Chapter 11" was published in the June 2026 issue of the American Bankruptcy Institute Journal. Nicholas J. Morin (New York) was quoted in an article titled "Serta Ruling Offers Damages Road Map in Lender-on-Lender Disputes," published by Bloomberg Law on July 7, 2026. The article discussed U.S. Bankruptcy Judge Christopher Lopez's July 7, 2026, ruling that participating lenders in Serta Simmons Bedding's 2020 non-pro rata uptier exchange breached the credit agreement's ratable-sharing provision, and awarding excluded lenders more than $261 million in damages. The opinion resolves six years of litigation related to Serta's 2020 transaction, where it raised $200 million in new financing and exchanged $1.2 billion of term loans for $875 million in superpriority debt. Judge Lopez found that the debt-for-debt exchange constituted a "payment" under the credit agreement, requiring proportional sharing among lenders, and dismissed various defenses raised by the participating lenders. The case is Serta Simmons Bedding LLC v. AG Centre Street Partnership (In re Serta Simmons Bedding LLC), 2026 WL 1968535 (Bankr. S.D. Tex. Jul. 7, 2026). The New York Law Journal has recognized Andrew M. Butler (New York) as a 2026 "Rising Star" in Restructuring/Bankruptcy as part of the New York Legal Awards. The Rising Star category recognizes New York's most promising lawyers age 40 and under who have distinguished themselves through exceptional legal work, leadership, and contributions to the profession. Lawyer Spotlight: Daniel J. Merrett Dan Merrett, a partner in the Atlanta Office, has spent nearly 20 years representing all manner of stakeholders in complex corporate restructurings and chapter 11 reorganizations. His practice extends to related transactions and disputes involving acquisitions; divestitures; credit facilities; securities; environmental obligations; and vendor, employee, and governance matters. Dan has substantial experience managing mass tort liabilities, including the restructurings and related chapter 11 cases of affiliates of Georgia Pacific and Johnson & Johnson, implemented to resolve asbestos and talc liabilities. He also represents key parties in energy and infrastructure matters, including facility owners, EPC contractors, and joint-venture parties. Dan was a key player in the restructuring teams in the historic bankruptcies of the City of Detroit and Chrysler. His other significant representations in chapter 11 cases include AFA Foods, Alpha Natural Resources, Dana Corporation, M&G Chemicals, McDermott International, Monster/CareerBuilder, Transtar Industries, and Westinghouse. He is licensed in both the United States and England & Wales and recognized in restructuring by Chambers USA and Best Lawyers.
Rams have assembled a roster to ruin football, just like the Dodgers have ruined baseball
Colin Cowherd claims the Los Angeles Rams have assembled the best NFL roster in at least a decade, and the case for an even bolder claim exists.
Vanderbilt Health physical therapist bound for Nationals after winning four medals at Tennessee Senior Olympics
Vanderbilt Health physical therapist Grant Schlisner, PT, DPT, Cert. MDT, won four medals in the recent Tennessee Senior Olympics, which qualifies him to compete in the national Senior Olympics, set for July 2027 in Tulsa, Oklahoma. Senior Olympians are athletes 50 years or older who compete in regional events for an opportunity to move to state events, and eventually to the Nationals. Schlisner’s medals were in the javelin, discus and softball throw (gold) and shot put (bronze). Schlisner, who is based at Vanderbilt Health One Hundred Oaks, grew up in the Chattanooga area in a family that valued physical fitness and playing sports, and he says, with considerable understatement, “The whole family is quite athletic.” Grant Schlisner (R) with brother Bret and sister Sue, all of whom won medals in the Tennessee State Senior Olympics. (photo courtesy Grant Schlisner) His brother Bret also competed in the Senior Olympics. So did his sister Sue. (His other sister Tammy did not compete, but, Schlisner said, “We’re still going to work on her.”) And their father, who now lives in South Dakota, competed in that state’s Senior Olympics in the category for athletes aged 84 to 89. Schlisner was a high school athlete in several sports, including stints as a baseball pitcher and a football quarterback. Since he was already playing positions in other sports in which he was throwing things, he was also recruited to the school’s track and field team, which is where he gained experience in the events that were his ticket to the 2027 Nationals. The medals are a reward for the hard work of training and preparation, but Schlisner said the real reward is the fitness that the medals represent. Schlisner competes in one of his medal-winning events, the shot put. (photo courtesy Grant Schlisner) “[Preparing for competition] got me working out to train for these events. I added more extensive weight training to promote injury prevention and building flexibility and strength have made me feel better overall.” He also said that, in addition to the physical rewards, he enjoys the camaraderie of the other athletes and a feeling of accomplishment. “It’s great to be able to have a goal,” he said. “If you aim low, you’ll hit it. This is aiming high. I want to bring home a medal in the Nationals.” His physical therapy patients, especially those who may be discouraged or need a little extra motivation, also benefit from his example. “I can connect with patients and say, ‘I’m 57 with previous injuries, and I’ve been doing these events, and you can get back to your ‘sport’ as well, whether that is chasing grandkids or participating in a competitive activity,’” he said. And being around the other Senior Olympians, especially in the older age groups, is motivating for him, as well. “One competitor was 90 years old,” he said. “She’s not just sitting around. That was super motivating and cool to see. I don’t want to be a lump on the couch at 90.”
American Slaveholders Lost Their Wealth but Kept Their Political Power
In new research, Luna Bellani, Anselm Hager, and Stephan Maurer examine how the abolition of slavery after the American Civil War affected the political influence of former slaveholders. Despite the blow to their economic standing, former slaveholders maintained their electoral success, and once in office, their influence actually grew.
Current and potential outbreaks to be aware of—and ready to talk about
Healthcare stakeholders of a certain age range will remember when the Centers for Disease Control declared measles dead and gone in the U.S. That was in 2000. The eradication was nice while it lasted, wasn’t it?
FDA approves first mRNA-based flu vaccine
The US Food and Drug Administration on Wednesday approved the United States’ first mRNA-based flu vaccine for adults 50 and older, drugmaker Moderna said.
Intellia Therapeutics Announces Second Quarter 2026 Financial Results and Business Updates
The Investor Relations website contains information about Intellia Therapeutics's business for stockholders, potential investors, and financial analysts.
Sanofi suspends chronic lung disease phase 2 study, tied to ‘strategic business reasons’
Sanofi halted a phase 2 trial testing a monoclonal antibody, SAR445399, in non-cystic fibrosis bronchiectasis, Fierce Biotech has learned. The trial, which began only back in April, was a randomized, double-blind, placebo-controlled study to measure the reduction in mucus plug score following treatment with SAR445399 compared with placebo in adults aged 18 to 80 years with NCFB, a chronic lung disease. The trial was officially reported as halted on July 29, the day before Sanofi’s second-quarter earnings call. The decision to pause the trial was made “as part of a company-wide portfolio review for strategic business reasons,” and not due to safety concerns, a Sanofi spokesperson told Fierce. The move to pause the NCFB trial comes during a trying time for Sanofi following a year filled with a series of trial fails. In February, the French pharma ousted CEO Paul Hudson and appointed Merck KGaA leader Belén Garijo, M.D., Ph.D., to steer the ship. Since then, Garijo has been doing a deep dive on correcting the company’s strewn R&D and clinical strategies. On July 24, Sanofi scrapped amlitelimab for atopic dermatitis, despite its lore as being a potential $5 billion blockbuster. During its second-quarter report, the company abandoned two more assets, balinatunfib and itepekimab, following failed trial results in psoriasis and chronic obstructive pulmonary disease, respectively. SAR445399, only first revealed by Sanofi in 2023, is an anti-interleukin-1 receptor 3 monoclonal antibody developed to block the interleukin 1, 33, and 36 cytokine pathways. These pathways can be important in chronic immune-related dermatologic diseases, such as atopic dermatitis and hidradenitis suppurativa, as well as respiratory conditions, such as NCFB. Related Sanofi’s new CEO ‘looking deeply’ at late-stage pipeline as clinical clearout continues NCFB affects roughly half a million people in the U.S., with a global incidence of greater than one million cases. In August 2025, Insmed received FDA approval for Brinsupri, a DPP1 inhibitor targeting neutrophil activation, for treatment of NCFB in adults and kids ages 12 and older. The British biotech Infex Therapeutics showed promising NCFB phase 2a data using their monoclonal antibody, INFEX702, which acts by disabling Pseudomonas aeruginosa, a bacteria known to be a major pathogen of NCFB. Sanofi is currently running a separate phase 2 study testing SAR445399 as a potential treatment for the inflammatory skin condition hidradenitis suppurativa.
Saudi wealth fund and Jared Kushner's Affinity finalize $55 billion EA Sports deal
EA said its stock has ceased trading and will be delisted from the Nasdaq. Its shareholders will receive $210 in cash per share.
Accel Entertainment (ACEL) Releases Q2 2026 Earnings: Revenue Beats Estimates and EPS Jumps
Accel Entertainment, Inc. $ACEL reported second-quarter 2026 revenue of $368.1 million, up 9.6% from a year earlier and slightly ahead of Wall Street’s $363.6 million estimate. Gross profit rose 9.5% to $115.2 million, while operating profit climbed 19.3% to $32.1 million.The company also posted stronger bottom-line results, with net income attributable to common shareholders increasing 70.8% to $12.5 million. Diluted earnings per share came in a
Stakeholders Testify on Medicaid & Health Care Costs
Stakeholders testify on Medicaid, the cost of care, and program funding needs bedore the Senate Budget Committee.
Stakeholders Testify on Medicaid & Health Care Costs
Stakeholders testify on Medicaid, the cost of care, and program funding needs bedore the Senate Budget Committee.
Who Owns Asus?
Taiwan-based Asus is shareholder-owned mostly by individuals, instead of one or two founders; however, it has seen some pushback over its parts warranties.
Chair File: Better Healthcare and Better Health for Older Adults
Since 2017, the AHA has partnered with The John A. Hartford Foundation and the Institute for Healthcare Improvement on the Age-Friendly Health Systems initiative.
Fast Track Provides Shareholder Update on IP-Led Growth Strategy and Sony Music Entertainment Malaysia Partnerships Following LAUNCHPAD Media Launch
SINGAPORE, Aug. 03, 2026 (GLOBE NEWSWIRE) -- FAST TRACK GROUP (NASDAQ: FTRK) (
Good Communication Is Good Business by Geoffrey Losee
The following column was contributed by J.D. Fisher. Mixed-use communities are increasingly common. Restaurants, breweries, retail stores, entertainment venues, and professional offices often operate within walking distance of established neighborhoods. That proximity creates tremendous opportunity, but it also means that a business's decisions may affect more than just its customers. Many business owners understandably focus on obtaining the permits necessary to open their doors. However, municipal approval is rarely the end of the conversation. As a business evolves, whether by adding outdoor seating, live entertainment, extended operating hours, or other new amenities, the applicable zoning ordinance may require additional approvals or impose operational standards designed to balance commercial activity with nearby residential uses. From a business perspective, the question should not simply be, "Can we do this?" It should also be, "Have we communicated with everyone who may be affected?" Recent local news coverage highlighted how differing interpretations of a municipal ordinance can quickly become the subject of public hearings, legal arguments, and significant uncertainty for a business. While every situation turns on its own facts, one common theme emerged: practical solutions are more difficult to achieve if communication breaks down. Businesses can often reduce that risk by engaging early with the relevant stakeholders. That begins with municipal staff. Planning departments are oftentimes willing to discuss how an ordinance applies before substantial investments are made. Seeking clarification in advance may identify permitting requirements or operational limitations that can be addressed proactively rather than after enforcement action. Communication should not stop with local government. Nearby property owners and neighborhood representatives frequently appreciate being informed about proposed changes before they occur. A brief meeting, an informational email, or an invitation to discuss concerns can foster goodwill and reveal potential issues while there is still flexibility to adjust operations. That’s why such meetings often required for substantial projects and may be a good idea even if not required. Perhaps most importantly, businesses should view compliance as an ongoing process rather than a one-time event. Operational changes that seem minor from a business standpoint may have regulatory implications under local development ordinances. Periodically reviewing proposed changes with experienced land-use counsel or planning professionals can help identify issues before they become disputes. No ordinance can eliminate every conflict between commercial activity and residential expectations. Nor should every disagreement become a legal controversy. But businesses that invest in transparent, proactive communication place themselves in the strongest position to protect both their operations and their relationships within the community. In today's regulatory environment, good communication is more than good public relations, it is good risk management. If your business is planning to expand its operations, introduce a new use, or simply wants to better understand how local land development regulations apply, the attorneys at Rountree Losee LLP are available to help. Our land use and local government practice works with businesses throughout southeastern North Carolina to navigate municipal approval processes, identify potential issues before they become disputes, and keep projects moving forward with confidence. Read more at rountreelosee.com.
Why Tesla selling its China business could be a negative for shareholders
Tesla China spin-off rumors: analysts warn a sale could erase humanoid/robotaxi upside and cut TSLA value.
Did Trump Finally Find an Offramp for the Iran War? | WSJ Politics Newsletter for Aug. 3
Plus, Blanche rescinds ‘anti-weaponization’ fund, which could aid his confirmation, and comparing new Air Force One to older models
Virginia Immunization Awareness Month 2026
This year in August, the Virginia Department of Health (VDH) is celebrating its first Virginia Immunization Awareness month. August is a great time to talk about the importance of immunizations while children and their families are returning back to school. Ensuring children are up to date on their immunizations helps keep all children safe and healthy during the school year. In addition to educating parents about the importance of routine immunizations, VDH works with stakeholders and community partners to […]
No time to retire: Why growing older does not have to mean slowing down
Growing older should not mean withdrawing from life. By protecting our health, challenging our minds, and staying connected, we can continue to grow, learn, and find purpose at any age.
Bay Beach named among most nostalgic local summer businesses in US
Advance Funds Network says it surveyed 3,021 Americans 45 and older.
Young Nigerian women want to go into politics – party rules and older men keep them out
It’s not lack of ambition that keeps young women out of politics.
AMC Entertainment (AMC) Is Up 24.2% After S&P Credit Upgrade On Improved Operations And Lower Debt - Has The Bull Case Changed?
In the second quarter of 2026, AMC Entertainment Holdings reported revenue of US$1,596.7 million versus US$1,397.9 million a year earlier, while net loss widened to US$11.4 million and basic loss per share from continuing operations was US$0.02. Alongside these results, S&P Global Ratings upgraded AMC’s credit rating to B- from CCC+, citing improved operating performance, lower debt, record quarterly sales and adjusted EBITDA, and better free cash flow despite ongoing losses and shareholder...
Musikfest fans share vintage mugs dating back to 1985
Reporter Kevin Zipay put out a call for you all to share your Musikfest mugs to see if any of you have mugs older than 1996, and you delivered!
How often are married people having sex? What to know about the intimacy standard in America
Research reveals once a week may be the sweet spot for marital satisfaction, with no added happiness boost from more frequent sexual intimacy.
Report: Amazon’s 'God of War' Season 2 to Cast Older Versions of Atreus and Thrud
While the search for a new Kratos is underway for Amazon's God of War adaptation, Season 2 casting calls confirm new actors for a time jump.
FC Barcelona Star Torres Receives PSG Warning, Reports SPORT
FC Barcelona star and World Cup winner Ferran Torres has been sent a warning by a club that wants him in Champions League holder Paris Saint-Germain.
PENN Entertainment (PENN) Nears Earnings, Is The 74% Undervalued View Too Optimistic?
PENN Entertainment (PENN) is back in focus as investors look ahead to its upcoming June quarter earnings report on August 6, with Wall Street expecting higher revenue and year over year earnings growth. See our latest analysis for PENN Entertainment. PENN Entertainment's recent share price has held around $20.53, with a 90 day share price return of 18.88% and a year to date share price return of 38.25%. The 1 year total shareholder return of 15.34% contrasts with weaker 3 and 5 year total...
Microsoft wants to make Windows work better with 8GB of RAM.
And that’s a good thing, because its own 8GB Surface Laptop 13 struggles so much that it’s a tough buy. Microsoft’s other new areas of “focus” include making Windows onboarding and family controls easier to set up and making “voice [control] more natural and fluid” across apps. [Link: Windows quality: an update on the commitment we made in March | https://blogs.windows.com/windows-insider/2026/07/31/windows-quality-an-update-on-the-commitment-we-made-in-march/ | Windows Insider Blog]
The Streaming Bubble Keeps Popping
(Welcome to the Entertainment Strategy Guy, a newsletter on the entertainment industry and business strategy. I write a weekly Streaming Ratings Report and a bi-weekly strategy column, along with occasional deep dives into other topics, like today’s article. Please subscribe.) One of my rules is “never bet against PE [private equity]”. This isn’t to say that I agree with their methods or tactics or strategies or financial innovations (aka shenanigans). Just that in the long arc of financial history, they’ve tended to return very good returns to their shareholders. That said, their forays into entertainment have left me...skeptical. I’ve written before about PE’s production company/celebrity production company roll ups, and those haven’t really worked out. Some PE groups tried to “roll up” an industry that isn’t “roll-up-able” for lack of a better term—since the barrier to entry for starting a production company is very low—often paying top dollar for celebrity production companies at the height of streaming valuations. So yeah maybe we can bet against PE when they venture into filmed entertainment. I’ve also noted that studio lots seemed to be a bubble back in 2022. Sure enough… Yikes! That sure sounds like some private equity guys lost some money. The only caveat being that holding a lot of land in Los Angeles is always valuable. But that wasn’t the pitch and likely real estate investment companies overpaid for said land. I mean, Goldman Sachs had to repossess it after all. (Technically, I’m not sure these buyers were traditional private equity, but PE was buying LA studio lots earlier this decade.) All to say: I call out bubbles when I see them, and they often pop. Anywho, my most famous bubble call was the “streaming bubble”, specifically that the major streamers were making too many shows and films. And that it could all come crashing down. Notably, I made this call before the strikes of 2023, but those strikes potentially accelerated the popping. And now it has indeed popped. One of my most popular articles of last year made that exact case. A year later, it’s time to update that analysis. The bottom line is that the streaming contraction continues. Credit where credit is due, Luminate—an analytics company whose data I use weekly in my streaming ratings report—called this out in a recent report I saw highlighted in both Bloomberg and The Hollywood Reporter. But I’m adding my data to their look, including streaming films and kids TV shows. I’ll also provide some other data that all tells the same picture. Let’s dive in! Subscribe The Number of Streaming TV Shows, Films and Specials Is Declining AGAIN in 2026 Let’s get right to the data, starting with my dataset. Specifically, each week I track every “notable” title to come out on streaming. I try to grab every title on every major streamer, meaning if it’s a first run or original or exclusive, I track it. This helps me call out the “dogs not barking” and the misses/flops each week. So that will be our first series of charts, my weekly collection data. Let’s start with the raw TV show, film and special data, by week. Note: As the years have gone by, I have actually added more sources (going from just one source to five sources) to find new titles, meaning that this data collection is, likely, more accurate now than in the past. Which means my team and I are more likely to have undercounted titles in the past rather than today. I like to cut the data several different ways. Here’s that same look, by quarter, to more sharply show the trends: And here’s the data just looking at the first half of each year. That’s the same data, just cut three different ways with three different time periods. Note that films, TV shows, and specials are all down by 25%, 42% and 17%, respectively, from 2022. The good news is that the number of films and specials actually increased year-over-year from 2025 to 2026, but not enough to offset the 25% decline in TV shows. Now, I also look at kids shows, and here they are pulled out on their own: And here’s that by quarter: This really seems to be a notable area of pullback by the streamers. Kids shows are down 80% from 2022. This reflects some formerly Disney+ shows going to cable TV first, but also pullbacks from HBO Max, Prime Video and Netflix. I also categorize the TV shows by English language and non-English language, and that also reveals a lot of where the drop comes from: And here is by the half-year: In this look, the good news is the drop for English language shows seems to have stabilized in the last year. But the bad news is the long term decline from the 2022 peak. Other Data So I wasn’t the only person to notice this decline in the number of shows. I have a few other data sources for this, though most only go through the end of 2025. As I said, Luminate beat me to the punch, so let’s look at their data. We’re just getting started with this issue, but the rest is for paid subscribers of the Entertainment Strategy Guy, so if you’d like to find out… What TV loss streaming didn’t make up for... How Netflix has changed their programming slate over time… Ten more images charting the decline of production... What type of films aren’t being made anymore... The good news (for movie theaters)… And more... ...please subscribe! We can only keep doing this great work with your support.
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Ranking Members Markey, Velázquez Push to Roll Back Trump Administration’s Discriminatory SBA Lending Policy that Blocks Immigrant Entrepreneurs from Pursuing the American Dream
Bicameral resolution would rescind Trump administration policy banning green card holders from accessing SBA loans Resolution Text (PDF) | One-Pager (PDF) (Washington, July 23) – Ranking Member Edward J. Markey (D-Mass.) and House Small Business Committee Ranking Member Nydia M. Velázquez (D-NY-7) today introduced a Congressional Review Act (CRA) resolution to rescind the Trump administration’s policy that bans green card holders from accessing essential Small Business Administration (SBA) loans to start and grow their businesses and invest in Main Streets nationwide. Trump’s SBA restrictions buck decades of precedent, attacking immigrant small business owners who are lawfully in the U.S. with no justification. The Trump administration’s green card holder ban is the most recent escalation of SBA’s draconian citizenship restrictions that are killing jobs and putting the American Dream further out of reach for entrepreneurs. In Fiscal Year 2025, the SBA made an estimated $5.7 billion in loans to green card holders, which supported more than 80,000 American jobs. Ranking Member Markey’s introduction of the CRA resolution follows his introduction of the Investing in the American Dream Act alongside Ranking Member Velázquez earlier this year. The Investing in the American Dream Act would roll back the SBA’s draconian lending restrictions and restore previous SBA lending policies for immigrant entrepreneurs lawfully in the U.S., including green card holders, refugees, and asylees. More than 100 organizations have called for the passage of the legislation and over 60 Massachusetts state legislators have raised concerns about the impact of the citizenship restrictions in their local communities. “Once again, Donald Trump is shutting hardworking immigrants out of the American Dream with his discriminatory and dangerous policies, fear tactics, and violent rhetoric. The anti-small business lending requirements implemented by Trump’s SBA won’t Make America Great Again—they are Making America Hate Again,” said Ranking Member Markey. “I am fighting every single day to roll back Trump’s brazen attempt to steal the American Dream from entrepreneurs in Massachusetts and across the country who enrich our communities, strengthen our Main Streets, and create jobs in the United States.” “Starting and owning your own business is one of the pillars of the American Dream. Under the Trump Administration, the SBA has sought to deny immigrant small business owners and entrepreneurs that dream by preventing them from accessing the capital they need to grow and scale their businesses. Not only is this policy cruel, but it is also self-defeating and holds our country back economically. As Ranking Member of the House Small Business Committee, I will do everything in my power to reverse this terrible policy,” said Ranking Member Velázquez. Massachusetts state legislators applauded Ranking Member Markey’s actions and emphasized the critical contributions of green card holders to Bay State communities and the Commonwealth’s economy. "Green card holders are our neighbors, workers, entrepreneurs, and taxpayers,” said Massachusetts State Senator Adam Gómez (D-Springfield), Senate Chair of the Joint Committee on Community Development and Small Businesses. “They open restaurants, launch small businesses, create jobs, and contribute every day to the economic strength of Massachusetts. Denying lawful permanent residents access to SBA loan programs doesn't make our economy stronger—it makes it harder for small businesses to succeed. I support this resolution because opportunity should never be limited by unnecessary barriers that prevent hardworking people from investing in their communities and pursuing the American dream." “Senator Markey’s CRA Resolution provides a valuable moment for our federal leaders to show their commitment to small businesses and the American Dream,” said Massachusetts State Representative Andy X. Vargas (D-Haverhill), House Chair of the Joint Committee on Community Development and Small Businesses. “The SBA’s recent policy restricting lawful residents from accessing the popular 7(a) and 504 programs has shut out some of the most entrepreneurial and hard-working members of our community from much-need capital. In Massachusetts, these programs have invested millions of dollars into small businesses owned by green card holders, supporting thousands of jobs. This should not be a partisan issue. People who worked hard, have legal status, and contribute so much to their communities via employment and economic impact don’t deserve to be in the crosshairs for political purposes. The Senator’s resolution is a step forward in restoring access to the American Dream that small business owners across the country deserve.” Several small business advocates and stakeholders voiced their support for Ranking Member Markey’s efforts to roll back Trump SBA’s discriminatory lending rules. “Immigrant-owned businesses are the foundation of the American economy. They power our neighborhoods, provide essential services, and employ our loved ones. Yet, systemic hurdles like the Small Business Administration’s citizenship restrictions unfairly block their path to prosperity," said Elizabeth Sweet, Executive Director of the Massachusetts Immigrant and Refugee Advocacy (MIRA) Coalition. "We applaud Senator Markey’s continued leadership and look forward to a future where immigrant entrepreneurs can share their ingenuity without arbitrary restrictions that hold us all back.” “Independent restaurants have always been built by people willing to work hard, take risks, and invest in their communities. When lawfully authorized entrepreneurs lose access to the financing they need to start or grow a business, we all lose. These are the businesses creating jobs, filling storefronts, and strengthening our neighborhoods. Access to capital should help good businesses succeed, and that’s exactly what restoring these SBA loan programs would do,” said Jen Ziskin, Executive Director of Massachusetts Restaurants United. “At the Latino Economic Development Corporation, we see firsthand that access to capital transforms lives, creates jobs, and strengthens neighborhoods. Many of the entrepreneurs we serve are lawful permanent residents who have invested their savings, opened businesses, and employ local residents. Restricting access to SBA financing doesn’t just impact business owners, it limits economic opportunity for entire communities. Main Street succeeds when every qualified entrepreneur has a fair chance to grow,” said Andrew Melendez, CEO and Founder of the Latino Economic Development Corporation. "Immigrants and immigrant-owned businesses are the heart and soul of small business communities in cities and towns throughout the Commonwealth, and across America. Limiting access to these SBA loans not only sends the wrong message about immigration, it will have significant negative economic impact on our small business ecosystem,” said Keith Mahoney, Vice President of Public Affairs at the Boston Foundation. “The SBA’s recent policy changes that prevent Legal Permanent Residents, and other non-citizens from participating in any of the SBA’s valuable programs are changes that are unwelcome, immoral, and antithetical to our purpose, our mission, and our vision for Massachusetts communities and businesses. Immigrant entrepreneurs and others have expressed concern that Common Capital will ‘report them to ICE,’ so loan demand has decreased. There is no valid reason for excluding Legal Permanent Residents and other noncitizens who are lawfully present in the U.S. from accessing the SBA’s programs. Immigrant entrepreneurs start businesses, they create jobs, they support their families and their communities. Our government should be in the business of encouraging their full participation in our economy,” said Raymond Lanza-Weil, President of Common Capital. "ECCHO-Latino now represents over 400 educators and 300 microbusinesses across Massachusetts, where immigrants make up 60% of the childcare workforce. When a green card holder is ready to grow her business—from expanding her home child care to opening a center—she shouldn't be turned away by local banks simply because of federal citizenship rules. Blocking access to SBA loans kills opportunity and deepens our state's childcare crisis. ECCHO-Latino strongly supports Senator Markey and Representative Velázquez in passing this resolution to put Main Street first," said Harold Antonio Blanco, Co-Founder & Executive Director of ECCHO-Latino Inc. "This is exactly how political ideology ruins an economy. Washington has taken lawful, tax-paying entrepreneurs who live in our communities, invest in America, and hire American workers, and declared their businesses ineligible for critical financing simply because a green card holder owns even a fraction of the company. Using policies ostensibly aimed at illegal immigration to punish lawful permanent residents is nothing short of ideological overreach and economic self-sabotage. The SBA exists to help viable small businesses grow, rather than imposing nativist tests that ignore an entrepreneur’s credit history, business plan, or ability to create jobs. When the federal government closes the door on qualified entrepreneurs, they’re also closing the door on American entrepreneurship and on American workers, while handing future companies, jobs, innovation, and investment to our competitors. America should be competing to attract people who want to invest and build here, not creating arbitrary barriers that drive their talent and capital elsewhere,” said Javier Palomarez, President and CEO of the United States Hispanic Business Council (USHBC). "The U.S. Small Business Administration's decision to prohibit legal permanent residents, including green card holders, from accessing SBA-backed loans has the potential for disastrous consequences that could reverberate throughout America's economy for years to come. After all, immigrants are twice as likely to start small businesses as U.S.-born individuals. Congress must overturn rules requiring the SBA to block legal permanent residents from accessing lending resources because so many of the entrepreneurs who drive job creation in this country were born outside the United States," said John Arensemeyer, Founder and CEO of Small Business Majority. “NCRC supports the Congressional Review Act resolution to overturn SBA’s citizenship restrictions that bar green-card holders from receiving the 7(a) and 504 loans. When qualified entrepreneurs are denied access to SBA loans, all of Main Street gets hurt. Communities lose jobs. Neighborhoods lose services. Local economies lose the opportunity to build wealth and shrink disparities,” said Jesse Van Tol, President & CEO of the National Community Reinvestment Coalition (NCRC). “We cannot afford to have the American Dream out of reach for hard-working, immigrant small business owners.” “Asian Americans and Asian immigrants have been integral in building local economies. They create businesses, jobs, and opportunities in communities across the country that benefit everyone. Lawful permanent residents pay taxes, invest in their communities, and strengthen Main Street, yet the SBA's discriminatory citizenship restrictions unfairly deny them access to the same tools that help small businesses grow and succeed. We applaud congressional leaders for advancing this resolution to overturn the latest restrictions on SBA lending for green card holders, and we urge lawmakers to also pass the Investing in the American Dream Act to fully restore access to SBA loan programs for all eligible people in the United States. Ensuring that immigrant-owned small businesses have a fair opportunity to access capital is essential to building a stronger, more inclusive economy that works for all,” said Joanna Derman, Director of Anti-Profiling, Civil Rights and National Security at Asian Americans Advancing Justice (AAJC). "Immigrant-owned businesses often turn to SBA 7(a) and 504 loans because they face higher denial rates from traditional lenders,” said Imani Augustus, Director of the Center for Entrepreneurial Opportunity. "These programs provide the capital they need to expand operations, hire workers, and invest in their businesses. Reversing the ban on lawful permanent residents is a critical first step toward ensuring these financing tools are accessible to everyone strengthening their communities through entrepreneurship. We applaud this action and urge Congress to fully restore access by passing the Investing in the American Dream Act.” "Last year, nearly 5,700 SBA loans worth $5.7 billion went to businesses owned by green card holders, supporting more than 80,000 jobs. These are entrepreneurs who have put down roots here, hired their neighbors, and invested in the communities they call home. Barring them from capital doesn't protect Main Street—it starves it. What should matter is the strength of a business and its potential to grow, not the immigration status of its owner. This resolution doesn’t eliminate all the citizenship restrictions in SBA’s policy change, but it’s a step toward restoring a commonsense principle that stood for more than 30 years," said Howard Wial, Director of Research at ICIC. "I'm encouraged to see Congress moving to reopen access to capital for green card holders, a key tool for small business survival. Green card holders accounted for an estimated 5,700 SBA loans in Fiscal Year 2025, worth $5.7 billion and supporting more than 80,000 jobs across the country. That capital is often what keeps a business operating through its toughest stretches when cash flow gets tight. When qualified entrepreneurs lose access to that capital over their immigration status rather than their ability to repay a loan, it's the local economy that pays the price,” said Small Business for America's Future Co-Chair Shaundell Newsome, Founder of Sumnu Marketing. “Small businesses are the backbone of the American economy, and entrepreneurs —including green card holders — take risks every day to build businesses, create jobs, and strengthen communities. SBA loan programs should be administered with clear, consistent standards that safeguard public resources while ensuring these programs remain focused on supporting eligible entrepreneurs and job creators. This resolution responds to the opportunity to support all entrepreneurs and preserve the integrity of federally supported lending programs. We applaud the introduction of this resolution and remain committed to policies that strengthen small businesses, promote economic growth, and maintain confidence in these vital lending programs,” said Carolina Martinez, CEO of CAMEO Network. “National CAPACD wholeheartedly supports the introduction of this resolution aimed at overturning the SBA's misguided policy prohibiting immigrants from accessing the 7(a) and 504 loan programs. As a coalition, we are committed to creating systems, organizations, and societies that are fair and just. We believe we and our economy are stronger when we uplift our rich and diverse communities. Access to capital helps small businesses create jobs, build wealth, and strengthen neighborhoods. Restoring this pathway is an important first step toward ensuring immigrant entrepreneurs can continue to grow their businesses and contribute positively to our economy as a whole. We urge Congress to build on this momentum by passing the Investing in the American Dream Act, which would fully restore fair access to safe and affordable credit and uphold our commitment to a fair economy that works for everyone,” said Seema Agnani, CEO of National CAPACD. Ranking Member Markey is fighting for small business owners and immigrants that rely on SBA loans to start and run their businesses, create jobs, and contribute to their communities. In May, Ranking Member Markey highlighted the significant contributions of immigrant entrepreneurs in Massachusetts and across the country and condemned the Trump administration’s repeated attacks on immigrant communities at a Small Business Committee hearing. MIRA’s Elizabeth Sweet, who participated in Ranking Member Markey’s listening session earlier in May, provided testimony at the hearing. Also in May, Ranking Member Markey hosted a listening session at the Urban College of Boston to hear directly from several Massachusetts immigrant small business owners, lenders, and chambers of commerce how President Trump’s cruel and callous anti-immigrant policies are hurting Main Streets in the Bay State. Earlier in May, Ranking Member Markey hosted a press conference alongside Ranking Member Velázquez, Democratic lawmakers, and stakeholders to condemn the Trump administration’s harmful anti-immigrant lending policies and to introduce the Investing in the American Dream Act. In March, Ranking Member Markey released a comprehensive report detailing the harms to small business owners, workers, and consumers caused by the Trump administration’s ICE raids in communities across the country. In February, Ranking Member Markey introduced the Small Business ICE Disruption Fund Act, which would provide grants to small businesses that have been impacted by the Trump administration’s violent immigration enforcement actions on Main Streets across the United States. Earlier in February, Ranking Member Markey, Ranking Member Velázquez, Congressional Black Caucus Chair Yvette Clarke (D-N.Y.), Congressional Hispanic Caucus Chair Adriano Espaillat (D-N.Y.), and Congressional Asian Pacific American Caucus Chair Grace Meng (D-N.Y.) sent a letter urging the SBA to rescind their lending rule change that bars legal permanent residents from receiving SBA loans. Previously, Ranking Members Markey and Velázquez released a statement condemning the actions of the SBA after it announced that small businesses with legal permanent residents will be barred from receiving SBA loans. In December 2025, Ranking Member Markey and all Democratic members of the Senate Small Business Committee sent a letter to the SBA reiterating concerns with the SBA’s citizenship requirements and highlighting a drop in SBA lending volume. In September 2025, Ranking Member Markey heard directly from SBA lenders about the issues with the citizenship verification requirements. In July 2025, Ranking Members Markey and Velázquez sent a letter to the SBA expressing serious concerns with the agency’s new, draconian citizenship verification requirements that require small businesses seeking SBA loans to be 100% owned by U.S. citizens, nationals, and legal permanent residents. SBA has not responded to the letter. ###
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UFC Freedom 250 Fails to Knock Out The Ratings
(Welcome to my weekly streaming ratings report, the single best guide to what’s popular in streaming TV and what isn’t. I’m the Entertainment Strategy Guy, a former streaming executive who now analyzes business strategy in the entertainment industry. If you were forwarded this email, please subscribe to get these insights each week.) If UFC fans wanted one image to say, “Hey, Paramount+ is crushing it with their UFC rights deal,” I could provide that image. Here it is: (Reminder: this is my creation of the Nielsen Top 30, since Nielsen doesn’t combine the lists or include sports. I take all three lists and combine them. Some streaming TV shows probably have higher ratings than many of the films on this list.) Look at that! UFC Freedom 250 is number one! It topped the Nielsen “Top 30” list for shows and films that made the top ten the week of 15-June. So if you’re a UFC fan or supporter of Paramount+, that’s the good news for you this week. This program topped the ratings charts for one week. Everything else is bad news, or at least a huge caveat to that story, which I’ll explain today in the first part of this week’s Streaming Ratings Report—for the weeks of 8-June and 15-June—which is a double issue since I’ve been writing on a bunch of topics recently. UFC Freedom 250 is one of the biggest streaming events of the year, and super relevant to Paramount+’s strategy, so it merited its own article. Let’s dive in! (Reminder: The streaming ratings report focuses on the U.S. market and compiles data from Nielsen’s weekly top ten viewership ranks, Luminate’s Top Ten Data, JustWatch and Reelgood interest data, Samba TV household viewership, company datecdotes, Netflix hours viewed data, Google Trends, and IMDb to determine the most popular content. While most data points are current, Nielsen’s data covers the weeks of June 8th to June 21st 2026. You can find a link to my terminology here.) Subscribe Check Out My Interview on UFC 250 at MMA Draw After you read this article, if you want even more thoughts on UFC and Paramount-Skydance/Paramount+, I did a written interview with MMA Draw. They asked me to answer some questions about UFC Freedom 250, and I was happy to chat with them. Find it here: [ The MMA Draw Newsletter Did Paramount really overpay for the UFC? What the data tells us so far If you know the history of American television, you also know that combat sports is often a leading indicator of the future… Read more a day ago · 10 likes · 1 comment · Nate Wilcox and Zach Arnold ](https://www.themmadraw.com/p/did-paramount-really-overpay-for?utm_source=substack&utm_campaign=post_embed&utm_medium=web) I never thought I’d need a combat sports newsletter in my life, but the good folks at MMA Draw publish an excellent one on UFC, MMA, pro wrestling, boxing and more, analyzing both the sports themselves and the politics, economics and antitrust issues that impact them. Check the article and their newsletter out! Paramount+ Has Its Best Sporting Event of All Time…But Was It Worth It? Before we look at the UFC Freedom 250 data in particular, let’s talk about what we can’t say. Namely, let’s start with the lack of comparisons. First off, I’d love to put a chart out comparing this fight to past UFC fights on Paramount+…but we don’t have the data. This is the first time we’ve gotten Nielsen data about a Paramount+ UFC fight. As far as I can tell, Paramount provided data for the first fight, but it was a proprietary datecdote (saying it had “an average minute audience” of 5 million “views”) and then, for two fights, we got the linear viewership numbers when they aired on CBS, but no streaming data. Everything else was crickets. We also can’t compare this fight to other fights/combat sports on streaming, in particular the MMA and boxing, because Netflix also didn’t use Nielsen to track those events, opting for TVision and VideoAmp, respectively. (This isn’t Paramount’s fault, but does still suck.) We also can’t compare to UFC’s fights that used to be on ESPN+, since we don’t have any data for that, plus Disney+ didn’t have marquee fights. The comparisons would not be apples-to-apples. Can we compare to past Pay-Per-View fights? Absolutely not. The comparisons would absolutely NOT be apples-to-apples. That didn’t stop Paramount+, though, who bragged that their UFC events have reached drastically more people than past PPV fights. Duh. Sorry, but I gotta make this point again. A basic tenet of economics is that the cheaper something becomes, the more people consume or buy it. That’s Econ 101. (Sometimes pundits call things “Econ 101” that are actually like Econ 210 or even PhD-level economics, but no, this is really like first or second class basic economics.) Yet I still see one analytics firm consistently say that more people watch films on streaming than PVOD proves streaming which means that the streaming window is more valuable than the PVOD window. No, it’s not! Same thing here. Pay-Per-View events back in the day could be really, really, really expensive! So whole groups of people pitched in to buy them. That increased the perceived value of, say, the Mike Tyson fight. Or a UFC numbered event. So yes, the fact that Paramount+ makes numbered UFC fights essentially “free” if you’re already a Paramount+ member means consumption will go up. Obviously. Same for Netflix and their boxing matches. They’re talking about fights that used to cost consumers, in some cases, $50 in 1996…which is over $100 in today’s dollars. Over 1.6 million people paid that to watch the Tyson-Holyfield fight! Again, streaming is essentially “free”. Or $10 to $20, depending on what streamer we’re talking about and what tier you’re on. No wonder more people are “watching”. (Plus, Nielsen’s out-of-home viewing also helps these numbers.) UFC Freedom 250 Did Well…But I Have A Lot of Worries So what can we compare the fights to? Well, the good news is Nielsen put out that the fight averaged 7.0 million viewers for UFC Freedom 250, which is a solid number for a fight. We also know the length, at roughly 4 and a half hours. (I saw different run times, but this seems to be the consensus considering it started at 8 pm, had a delay and then finished after midnight on the East Coast. If you assume a shorter run time, then yes, the total hours viewed would go down.) That means I have the two numbers needed to add this to my Nielsen database. And then…I can compare this viewership to the NFL: And, uh, not great. But also within striking distance, mainly because the runtime for this event was so long. I’d also add that this event had viewership equal to a regular season NFL game on streaming, but if anything, it was more comparable to an NFL playoff or Super Bowl-esque event. And you can compare viewership to the top football games on broadcast, cable and streaming, and it’s not impressive at all: We can also compare it to other sports that week, including the NBA Finals and start of the World Cup: Again, not great. The NBA generated roughly four times as many average viewers each game for its NBA Finals. The World Cup has similarly big numbers. Also, that’s just a tiny fraction of the 25 most watched sporting events each week. The NBA, NHL and FIFA World Cup had many, many more games racking up hours. We could also compare this to other streaming programs to get an idea of “is this a good investment?” and here is how it ranks compared to other top Paramount+ programs: The worry here? Well, unlike scripted programming, which has rewatchability, older fights/sporting events have very little library value. Very, very few people are rewatching these fights, especially years from now. Paramount has also released datecdotes bragging about their subscriber numbers. Earlier this year, they claimed that the first UFC fight on Paramount+ brought in 1 million subscribers. Then, in their quarterly earnings report, they only ended up with 700K subs. Not great! They claimed they dropped lower-value international subscribers, but that’s why I tend to discount subscriber additions when they’re leaked to the press.1 I expect we may see a bump again for UFC Freedom 250, but I’d caution using subscriber growth so soon after these events to judge the success, since new subs with high churn (see Peacock) aren’t great either. Also, analysts often want to attribute all subscriber growth to their favorite/pet show, and that just doesn’t make sense. The biggest caveat for UFC Freedom 250 and Paramount’s very first UFC marquee event is that these could be high watermarks for the sport. UFC Freedom 250 had an incredible amount of earned media coverage compared to most UFC fights. I mean, it had wall-to-wall national news coverage in the lead up to the event. (The first fight also had a lot of promotion from Paramount since it was first.) Other fights could reach this bar—say the Conor McGregor return to the Octagon—but they’ll be fewer and far between. Was This Deal Worth It? All to ask: is this Paramount deal worth it? In this case, I think the UFC Freedom 250 numbers are more distracting than helpful. This fight did well and compares well to other top sporting events. But we know that the first marquee event was at least a third smaller, if Paramount’s own data is to be believed. And it’s likely the other fights are much, much, much smaller. And then you get to the paycheck that Paramount-Skydance paid. FIFA’s World Cup cost about the same for Fox, but clearly generated multiples more total viewership. (Though it’s only every four years.) The NBA is much more expensive, but until the playoffs, they likely didn’t pay for itself. Even still, Disney, NBCUniversal and Amazon Prime Video likely overpaid. So, in that context, the NBA may be an overpay that makes the UFC look not so bad. But two overpays don’t make an underpay, to paraphrase the old cliché about wrongs and rights. And looking at UFC Freedom 250 as the likely ceiling of MMA on Paramount+, Paramount-Skydance likely paid too much. Share 1 I would love regular reports on subscriber additions by programs, but as is, it’s mostly leaked or rumored in haphazard ways.
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