Entertainment

Firy announced on Monday that it completed the sale of its 10.5% stake in Exit Games back to the company for $55M in cash. The deal closed on October 2, with Firy receiving the full proceeds and adding the cash to its balance sheet. Firy originally invested $50M in July 2021, making the sale a roughly 1.1x return on its investment. The company said the cash provides flexibility to pursue other opportunities, while noting its realized return was about 22 times the average five-year distribution multiple for 2021-vintage U.S. venture funds.

Disney has reached a wide-ranging new content licensing agreement with Netflix, bringing a collection of movies and TV shows, including existing "Ice Age" films and the "Percy Jackson and the Olympians" series, to its rival streaming platform. The deal is set to bring a slate of Disney+ originals, Pixar movies, and 20th Century Studios titles to Netflix viewers globally, with title availability and launch timelines varying depending on the markets, according to a statement from the companies. Under the agreement, the first two seasons of the Disney+ original series "Percy Jackson and the Olympians" will be streaming on Netflix from Oct. 4 for three months as part of a promotional campaign ahead of its Season 3 premiere on Disney+ on Nov. 20. All five "Ice Age" films will also be available on Netflix worldwide beginning Oct. 4 in a separate promotional campaign ahead of the theatrical release of the franchise's sixth movie, "Ice Age: Boiling Point," on Feb. 5. Additionally, select Disney-branded films from Walt Disney Animation Studios and Pixar, including Oscar-winner "Soul," "Elio," and "Raya and the Last Dragon," will also be available for streaming on Netflix globally early next year.

The combined company formed by the $110 billion merger of Paramount and Warner Bros. will be named Skydance, Paramount CEO David Ellison announced. Ellison said the name was chosen to preserve the distinct identities and legacies of both Paramount and Warner Bros. while giving the combined company an identity of its own. Skydance is the production company Ellison founded in 2006 and merged with Paramount in 2025. On Wednesday, Paramount named Mattel CEO Ynon Kreiz as co-CEO of the new company alongside Ellison, and Bloomberg reported the merger is expected to be finalized next week. The press release announcing Kreiz said the combined company will be guided by four strategic priorities: winning in content, becoming the most technologically capable media company, maximizing operational efficiencies, and earning trust.

The combined company formed by the merger of Paramount and Warner Bros. will be named Skydance, Skydance chief executive David Ellison said in a post on X. Ellison said the new name was chosen to preserve the identities and legacies of both studios while giving the combined company its own corporate identity. "Both have distinct identities, extraordinary legacies, and brands that have resonated with audiences for generations," Ellison said. "We never wanted a new corporate identity to diminish, alter, or overshadow either one." He said Paramount and Warner Bros. have together shaped more than a century of entertainment and culture, and that the combined company would seek to build on the strengths of both studios, with Skydance focusing on "bold, quality storytelling" as a "creative-first home" for filmmaking and other content. The combined company intends to give Paramount and Warner Bros. the opportunity to expand their audiences globally while benefiting from Skydance's scale and capabilities, Ellison added.

iQIYI announced that cumulative revenue-sharing for its AIGC film series The Ferry Man has surpassed RMB 8 million, or US$1.2 million, as of September 23, as the third instalment, The Ferry Man: The Dream of the Princess, debuts on October 1 on iQIYI and iQIYI International. Produced by iQIYI and GHY Culture & Media, the series' first two titles, The Ferry Man: Butterfly Dream and The Ferry Man: The Dream of the Celestial Maiden, were released simultaneously on August 22 and recovered their full production costs within the first week, surpassing RMB 8 million in cumulative box office within the first month. Producer Zhichao LI said the first two films moved from project initiation to launch in less than four months, with AI improving efficiency during preparation and production while script development and post-production stayed largely consistent with traditional workflows. The series builds lasting digital asset value through AIGC, with the three lead actors licensing their likenesses and providing their own voiceovers, and standardized reusable digital character, scene and prop assets that let the third film maintain visual consistency while cutting production costs. The release follows iQIYI's earlier long-form AIGC effort, Mystic Tales - The Spider Lady's Vendetta, which the company describes as China's first AIGC internet feature film released under an Internet Drama and Film Distribution License.

Netflix is ramping up live programming, video podcasts and cloud gaming as new content pillars, alongside a sizeable share repurchase plan and a potential acquisition of Warner Bros. The company operates as a global entertainment platform in the US and worldwide, built around on demand films, series and related media that compete directly with other large streaming and traditional entertainment groups. Management is exploring a potential acquisition of Warner Bros., which would bring a large film and TV library under Netflix control. The pivot into live content, podcasts, gaming and a possible Warner Bros. deal is only one piece of the Netflix puzzle. The key checks for investors are engagement and cash generation, with Q3 and Q4 2026 updates around viewing time, ad tier traction and any quantified returns from live programming or games, together with the pace and size of future share repurchases, showing whether these new pillars are affecting the overall earnings profile.

TruGolf Holdings announced the first installation of its indoor range platform, TruGolf Range, featuring its new TruGolf AI Coach experience at Lucid Golf in New Albany, Indiana. TruGolf Range allows up to five players to practice simultaneously on a single cinematic screen, with each hitting bay providing slow-motion replay of club and ball interaction, ball flight data and integrated AI analysis of swing tendencies. The Lucid Golf installation will include TruGolf AI Coach, which analyzes player shot data and tendencies to provide insights, instruction and drills. TruGolf Range also features structured training workflows, skills challenges and games, and is designed for deployments ranging from compact installations to multi-bay environments for clinics, competitions and group events. TruGolf, which trades on the Nasdaq under the ticker TRUG, has been building indoor golf solutions since 1983.

Disney has partnered with Indonesia's Vidio on a subscription bundle called the Vidio Ultimate Disney+ All Screen Bundle. The bundle gives subscribers access to Disney's TV shows and movies along with Vidio's rights to the English Premier League, the UEFA Champions League, and BRI Super League. The two companies are also creating a funnel for the bundle within Vidio's standalone subscription, featuring samples of popular Disney programming with regional content to entice Vidio subscribers to upgrade to the Disney+/Vidio bundle, and are developing a reciprocal arrangement to give Disney+ subscribers access to certain Vidio originals and Indonesian soap operas. The collaboration is part of Disney's effort to expand its output of international production with a goal of 60 to 70 international original series over the next three years, triple Disney's current level of international content. Vidio CEO Sutanto Hartono said the bundle makes it easier than ever for Indonesian audiences to enjoy the best of local stories, global entertainment, and world-class sports.

Major Cineplex Group, or MAJOR, has announced a partnership with ACU PAY, a digital payment service provider, to expand payment options for movie tickets through the ACU VISA CARD and ACU PAY E-Wallet, reinforcing its image as Thailand's first cashless cinema, offering cashless service since 2021. Narut Jiansanong, Deputy Chief Executive Officer for Advertising Media at Major Cineplex Group Public Company Limited, said the transition to a fully cashless cinema, covering mobile banking, QR payment, e-wallets, as well as credit and debit cards, has received a good response, especially from Gen Z. Ms. Yang Yuanyuan (Caro), President, and Naranong Sasiphongphan, Director and CEO of ACU Pay (Thailand) Co., Ltd., said the ACU VISA CARD is officially available starting today. The two companies are also running the ACU PAY Watch n Chill: Discount 100 THB campaign, offering a 100-baht discount per seat on movie tickets for 3,000 privileges, limited to one privilege per seat, from October 1, 2026 to July 31, 2027 at all Major Cineplex Group cinemas nationwide. Customers must claim the privilege through the ACU PAY E-Wallet app, receive a 100-baht discount code as a QR code, then scan it to buy tickets at E-Ticket kiosks or through the Major app and pay via the ACU PAY E-Wallet app to receive the discount.

Major Cineplex Group Public Company Limited, or MAJOR, has announced a partnership with ACU PAY, a digital payment service provider, to elevate its cashless cinema experience by adding the option to pay for movie tickets through ACU VISA CARD and the ACU PAY E-Wallet. The two parties are also running the "ACU PAY Watch n Chill: Discount 100 THB" campaign, offering a 100 baht discount per seat on movie tickets for 3,000 redemptions, from 1 October 2026 to 31 July 2027, at all Major Cineplex Group cinemas nationwide. Customers who pay via the ACU PAY E-Wallet will receive the discount, limited to one redemption per seat, with the discount code delivered as a QR Code through the ACU PAY E-Wallet application for use at E-Ticket kiosks at the cinema or through the Major application. Narut Jiansanong, Senior Executive Vice President of Advertising Media at Major Cineplex Group Public Company Limited, said the company aims to develop the movie-watching experience in line with changing consumer behaviour. MAJOR began moving toward the cashless cinema model in 2021 and has now expanded its cashless payment systems to cover mobile banking, QR payment, e-wallets, as well as credit and debit cards. Ms. Yang Yuanyuan (Caro), President, and Rongnarong Sasiphongphan, Director and Chief Executive Officer of ACU Pay (Thailand) Company Limited, said the partnership connects the strengths of ACU PAY's digital payment platform with MAJOR's entertainment experience, and that ACU VISA CARD is now officially available.

A US federal court on the 30th issued an order approving the completion of US media giant Paramount's acquisition of Warner Bros., moving forward a deal that had been stalled for months. US District Judge Martinez-Orguin approved a settlement reached on September 21 with 12 states led by California. Under the settlement, the combined company must release at least 30 films in US theaters each year for five years and add 300 million dollars a year to its US production spending; if it fails to meet the release threshold, it could be forced to sell the distributor Miramax. The two companies also settled an antitrust lawsuit brought by the Writers Guild of America, agreeing to pay 17.5 million dollars into the union's health fund and to maintain union member employment levels at CBS News for five years. Paramount announced that Ynon Kreiz, CEO of US toy giant Mattel, will serve as co-CEO to lead the combined company; Kreiz will join on the 5th and become co-CEO alongside Chairman and CEO David Ellison when the acquisition closes, overseeing day-to-day operations and integration. The two companies said the acquisition is expected to be completed on the 6th.

Paramount Skydance and Warner Bros. Discovery said on Wednesday, Sept. 30, that they expect their merger to be completed on Oct. 6, combining the entertainment and streaming businesses of the two U.S. media companies. The merger agreement announced in February calls for Warner Bros. Discovery shareholders to receive $31 per share in cash, and if the deal closes after Sept. 30, shareholders will receive an additional $0.00277778 per share for each day of delay until the transaction is completed. If the deal closes on Oct. 6 as scheduled, Warner Bros. Discovery shareholders will receive a total of $31.01666668 per share. Both companies also said the closing remains subject to customary conditions. After the merger, Warner Bros. Discovery's businesses, which include HBO Max, Warner Bros., CNN and Discovery, will be combined with Paramount Skydance's assets, which include Paramount Pictures, CBS, Nickelodeon, Paramount+ and Pluto TV. The transaction marks a major consolidation in the global media industry as companies seek greater scale in the film, television and streaming sectors.

Paramount Skydance and Warner Bros. Discovery said on Wednesday they expect their merger to close on Oct. 6, bringing the two U.S. media companies closer to combining their entertainment and streaming businesses. The companies said the closing remains subject to customary conditions. The merger agreement, announced in February, provides for WBD shareholders to receive $31 in cash per share, with an additional payment of $0.00277778 for each calendar day after Sept. 30 until the deal closes. If the transaction closes on Oct. 6 as expected, WBD shareholders will receive $31.01666668 per share, the companies said. The deal would combine WBD's portfolio, which includes HBO Max, Warner Bros., CNN and Discovery, with Paramount's assets including Paramount Pictures, CBS, Nickelodeon, Paramount+ and Pluto TV, marking a major consolidation in the global media industry as companies seek greater scale in film, television and streaming.

AMC Entertainment Holdings, Inc. completed a $3.97 billion refinancing package in late September 2026, issuing US$2.00 billion of 8.875% first-lien notes due 2031, arranging new first- and second-lien term loans totaling US$1.97 billion, and launching a tender offer for its existing 7.500% senior secured notes due 2029. The debt overhaul, which the company says is aimed at simplifying near-term maturities, does not remove the near-term risk posed by high interest costs and balance sheet strain. Separately, AMC amended its charter to declassify its board and remove limits on board size, a governance change that alters how quickly directors can be refreshed and held accountable as the company executes its turnaround. AMC also filed a US$71.75 million shelf registration for 25,000,000 Class A shares tied to an employee stock plan, underscoring its reliance on capital markets and an effort to align workforce incentives with long-term goals. The company's narrative projects $6.3 billion in revenue and $4.9 million in earnings by 2029, requiring 6.2% yearly revenue growth and an earnings increase of about $559 million from -$554.1 million today, while the most cautious analysts assume only 4.7 percent annual revenue growth and no profits within three years.

A federal judge in Oakland has approved a settlement allowing Paramount Skydance Chief Executive David Ellison to finalize his $111-billion acquisition of Warner Bros. Discovery, a deal that could close by early next month. The five-year consent decree requires the combined Paramount-Warner Bros. to release 30 films in theaters each year, commit an additional $1.5 billion to domestic film production and set aside $47.5 million for workers who may be adversely affected by the merger. It also creates a five-member panel to monitor editorial independence at CBS News and CNN, though critics note the Ellisons control the board appointments, and bars Paramount from selling or closing its Melrose Avenue campus in Hollywood or the larger Warner Bros. lot in Burbank, which must be operated in a manner consistent with past practices for at least five years. An independent monitor is expected to oversee implementation, and Paramount will face restrictions on how it wields clout in negotiations over distribution of its basic cable TV channels. The merger has been unpopular in Hollywood, with opponents accusing California Atty. Gen. Rob Bonta, who led negotiations with Paramount, of caving to political pressure from Gov. Gavin Newsom and Los Angeles Mayor Karen Bass, who publicly urged him to abandon his court fight in favor of settlement talks.

CuriosityStream Inc. announced the launch of its flagship streaming service, Curiosity Stream, as a subscription on Prime Video in Canada. The Canadian launch brings Curiosity Stream's subscription presence on Prime Video to five major English-speaking markets: the United States, the United Kingdom, Canada, Australia and New Zealand, while the service is also distributed as a subscription through Prime Video in Germany, India, the Netherlands, Sweden and Finland. Amazon customers across Canada can subscribe to Curiosity Stream directly through Prime Video for $7.99/month CAD after a 7-day free trial, with no additional app to download. Jay Sodha, Curiosity's VP of Partnerships and Business Development, called Canada an important market and said the launch represents a significant milestone in the company's longstanding and growing relationship with Prime Video. The launch advances Curiosity's strategy of meeting audiences on the platforms they already use, alongside a flexible range of products tailored to individual markets that spans premium subscription services, linear channels, free ad-supported streaming channels and direct content licensing.

Deutsche Bank upgraded Netflix to Buy from Hold while cutting its price target to $95 from $100. Even after the reduction, the new target implies roughly 37% upside from Netflix's latest price. The bank also lowered its operating income and free cash flow estimates following Netflix's second-quarter results. Still, Deutsche Bank sees enough longer-term opportunity to turn more positive on the stock, pointing to international growth and potential upside from artificial intelligence. The call comes after Netflix shares have faced renewed questions over growth and competition in streaming, with HSBC recently warning that the company is losing viewing share to YouTube.

Universal Music Group has appointed Libby Bush to the newly created role of President, Global Brands and Commercial Partnerships, effective in November. Bush joins UMG from Creative Artists Agency, where she served as Global Head of Entertainment Partnerships and was a member of the Agency Board, and she will be based in Los Angeles, reporting to UMG Chief Operating Officer Boyd Muir. In the new role, she will lead a global function uniting UMG's brands, media, and commercial partnership businesses, including Universal Music Group for Brands, or UMGB. Before CAA, Bush founded the entertainment partnerships agency Tandem Entertainment, which CAA acquired in 2020, and she previously led global brand partnerships at Marvel Entertainment and held roles at ABC Entertainment, the WNBA's Los Angeles Sparks and the National Basketball Association. UMG said the appointment is the latest in a series of moves to strengthen its central operations under Muir, following the appointments of Tseyin Foo as President, Global Supply Chain, and Hannah Poferl as Chief Data Officer.

Avex Inc. has increased its ownership of S10 Entertainment to 85%, acquiring the stake from Brandon Silverstein and his partners under an agreement to reach 100% ownership over time. Silverstein continues as CEO of S10 and Avex Music Group, and as a board member and equity partner in Avex Music Group, while taking on a broader role shaping Avex Group's global music strategy across recorded music, publishing, live entertainment, touring and investments. The deal follows Avex's March 2025 acquisition of the S10 Music Publishing catalog, which at the time reported more than 22 global No. 1 hits and 50 billion streams worldwide, with a repertoire including songs recorded by Justin Bieber, Drake, Tate McRae, Doja Cat, Post Malone and Rihanna. Since Silverstein became CEO in 2025, Avex Music Group has announced a global publishing administration partnership with Bruno Mars and launched an initial $100 million publishing acquisition initiative. Avex Inc. drove nearly $1 Billion in revenue in its last fiscal year, and financial terms of the transaction were not disclosed.

AstraZeneca agreed to make a $2 billion strategic equity investment in Summit Therapeutics, sending the biopharmaceutical company's shares up 17.1% in premarket trading. The investment supports a collaboration combining Summit's flagship bispecific antibody, ivonescimab, with AstraZeneca's oncology pipeline, and AstraZeneca will acquire convertible preferred shares at a price equivalent to $18.36 per common share, a 10% premium to Summit's five-day volume-weighted average price. Fair Isaac tumbled 15% after the Federal Housing Finance Agency announced changes to mortgage pricing that will introduce competition to FICO's longstanding role in the mortgage credit-scoring market; FHFA Director Bill Pulte said Fannie Mae and Freddie Mac will consolidate their separate pricing matrices into a single unified grid that will incorporate VantageScore alongside the traditional FICO Classic score. CarMax rose 3.7% after reporting fiscal second-quarter earnings of $1.16 per share, beating analyst expectations of 68 cents, with revenue of $7.88 billion topping forecasts of about $7.06 billion. AAR Corp. surged 6.9% after announcing an agreement to acquire a 65% controlling interest in MRO Holdings at an implied enterprise value of $4 billion, alongside adjusted diluted EPS of $1.49 and revenue of $918 million that beat expectations. Netflix rose 1.4% after Deutsche Bank upgraded the streaming giant to Buy from Hold with a $95 price target, while AbCellera Biologics gained 2.1% on a JPMorgan Overweight initiation with a $17 price target and Q32 Bio rose 9.4% ahead of a key clinical data presentation at the European Academy of Dermatology and Venereology Congress in Vienna beginning Sept. 30.

A federal judge on September 1, 2026 declined to allow an early appeal of the ruling that Spotify Premium qualifies as a music-and-audiobook bundle, leaving a favorable decision intact for Spotify USA Inc., the U.S. subsidiary of Spotify Technology S.A. The remaining dispute concerns the bill: the Mechanical Licensing Collective alleges that subscription revenue is being allocated and reported incorrectly, and that the price of Audiobooks Access overstates the value of Premium's audiobook component, reducing the revenue share attributed to music. The September 1 order also struck the subsidiary's defense that MLC had unfairly singled it out for enforcement. Spotify Technology S.A. disclosed approximately €473 million of potential liability for March 1, 2024 through June 30, 2026 if MLC ultimately succeeds completely in challenging Premium's classification as a bundle, though that estimate concerns the original bundling challenge and the remaining calculation claims require separate quantification. The January 2025 ruling recognized that the 15 hours of monthly audiobook listening included in the plans at issue had more than token value, and Spotify reported 300 million Premium subscribers, up 9% year over year, and revenue of €4.8 billion, up 14%, in second-quarter results announced August 4.

PlayStudios announced a 1-for-10 reverse stock split of its Class A and Class B common shares, approved at its 2026 annual meeting to regain compliance with Nasdaq's $1.00 minimum bid price rule, alongside a $3.0 million share repurchase. The company said its Class A common stock is scheduled to begin trading on a split-adjusted basis on The Nasdaq Capital Market on October 1, 2026. PlayStudios also reported that it bought back approximately 4.3 million Class A shares for $3.0 million, or roughly $0.71 per share, in open-market transactions during the third quarter of 2026 through September 24. Shares of the digital casino game platform jumped 3.1% in the after-market session on the news before cooling to $0.47, down 1.1% from the previous close. The stock is down 28.6% since the start of the year and trades 51.5% below its 52-week high of $0.97 from October 2025.

Spotify Technology S.A. announced a partnership with Genius on September 11 to stream the company's video series directly on the platform. Spotify users can now stream full video episodes of Genius' live performance franchise Open Mic, while Verified, Genius' artist-led lyric breakdown series, will add a deep backlog of older episodes alongside new releases. Since launching in 2016, both franchises have amassed over 3.7 billion combined views. The move comes after Spotify reported €4.8 billion in total revenue in Q2 2026, up 14% year-over-year, with 300 million Premium Subscribers, up 9%, 777 million total Monthly Active Users, a record 33.4% Gross Margin and €655 million in operating income. Spotify aims to deepen user engagement and expand its multimedia footprint, though the ultimate return depends on monetizing video impressions through advertising without slowing user growth.

Sphere Entertainment's The Wizard of Oz has generated more than $500 million in ticket sales since opening in Las Vegas last year, giving the company a fresh sign of strong demand for its flagship attraction. More than 4 million tickets have been sold since the show debuted on August 28, 2025, Sphere said on Friday, and the company introduced new 4D effects including animatronic Winged Monkeys, themed scents, scented apples, fireworks, and Glinda Glitter. The milestone comes as investors debate whether demand for the show can remain strong into the final quarter of the year, with BTIG saying its data showed attendance and average ticket prices fell in the third quarter while October pricing trends have been mixed. The brokerage expects both measures to improve in the fourth quarter, which is seasonally stronger for Sphere, though analyst Tyler DiMatteo wrote that the key question is the convexity of the move between the two. DiMatteo called the Wizard of Oz business objectively a success over its first full year, while noting investors remain divided over near-term trends, with bears focused on ticketing data and a possible brief content air pocket and bulls looking to growth in sponsorships and potential new Sphere venues and content. BTIG maintained its Buy rating and $190 price target, implying about 34.6% upside from the stock's last close.