Studio Signal — Monday, July 13, 2026

Show Notes

State attorneys general threaten to block the massive Paramount and Warner Bros Discovery merger led by David Ellison, prompting rumors of a headquarters exit from California. Additionally, Netflix greenlights a two million dollar Monopoly reality competition and the entertainment industry mourns the passing of legendary actor Sam Neill.

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State attorneys general are lining up to block David Ellison's massive Warner Bros Discovery merger. Netflix is putting two million dollars on the line to turn Monopoly into its next reality juggernaut. And the industry says goodbye to a true legend as Sam Neill passes away at seventy-eight. --- Good morning, everyone. I am Kai Rivers, and you are listening to Studio Signal, your daily M-and-E briefing from the team at Harkins Capital. Let us dive into Monday's biggest developments. According to CNBC, multiple state attorneys general are expected to file lawsuits challenging the hundred-and-ten-billion-dollar mega-merger between David Ellison's Paramount and Warner Bros Discovery . Over the weekend, we talked about Oregon dropping its civil investigative demand, which felt like a clear regulatory win. But today, the headwinds are back in full force. The Wrap notes that Ellison's advisers are already discussing relocating their headquarters entirely out of California if the state decides to sue to block the deal . For executives tracking this, it is a glaring reminder that federal approval is no longer the only boss you have to fight. State-level antitrust scrutiny is becoming the ultimate wildcard in media consolidation. California is highly sensitive to local job losses right now, especially following the recent industry strikes and the general contraction in physical production. But if Ellison has to threaten a cross-state relocation just to get his merger across the finish line, expect other studios to seriously re-evaluate their geographic footprints. The days of rubber-stamping major M and A in Los Angeles are officially over. Shifting over to the streaming wars, Netflix is officially passing go on a massive reality competition series based on the board game Monopoly. Deadline reports that the streamer has greenlit the show from Studio Lambert. That is the exact same production company behind the smash-hit unscripted series Squid Game The Challenge. They are kicking off casting right now with a massive two-million-dollar prize pool on the line. Unscripted programming is the ultimate cheat code for streaming margins, but you still need a massive hook to cut through the noise. By tapping into globally recognized Hasbro IP, Netflix gets instant brand awareness without having to pay premium scripted talent or fund a hundred-million-dollar CGI budget. We saw Mattel dominate the cultural conversation with Barbie, and now Hasbro is pushing hard into the reality space. Board games are basically the new comic books when it comes to mineable IP, and this move proves streamers are willing to write very big checks for unscripted formats if it guarantees a built-in global audience. Down in Texas, the Fort Worth Film Commission is making a highly strategic play for independent creators. According to Cartoon Brew, they are offering a Premiere Package that gives independent short filmmakers from around the world a completely free Oscar-qualifying theatrical run, along with travel support. Qualifying for the Academy Awards is notoriously expensive for independent shorts. Usually, a filmmaker has to rent out a theater in New York or Los Angeles for a week out of their own pocket just to meet the eligibility requirements. By subsidizing this pipeline, Fort Worth is essentially buying industry goodwill and positioning itself as a serious creative hub outside the traditional coastal bubbles. It is a brilliant, low-cost marketing strategy to attract emerging talent before they get locked into massive studio deals. Finally today, we have to acknowledge a massive loss for the global entertainment community. The family of Sam Neill announced his sudden passing at the age of seventy-eight. Deadline and multiple other outlets have been flooded with tributes from Laura Dern, Nicole Kidman, Steven Spielberg, and even world leaders honoring his legacy. He had previously battled blood cancer but was reportedly cancer-free at the time of his passing. When you look at the business of global cinema, very few actors can anchor a multi-billion-dollar tentpole franchise like Jurassic Park while simultaneously delivering Oscar-caliber performances in arthouse films like The Piano. He was a foundational pillar of the global box office throughout the nineties and two-thousands, and he brought an undeniable, quiet gravitas to every single project he touched. The industry truly lost a giant today. Let us check the pulse of the markets before we wrap up. The broader market had a slightly rough start to the week, with the S and P 500 slipping about a third of a percent as investors grapple with some macroeconomic anxiety and a slight rotation out of big tech. But interestingly, the media and entertainment sector completely decoupled from that broader macro trend today. M-and-E names are actually outperforming the broader market by nearly a point and a half, with the sector averaging a gain of just over one percent. Why the sudden divergence? We are seeing a major rotation into streaming and legacy media as investors bet heavily on this ongoing wave of industry consolidation. Streaming names were unanimously green today, averaging a jump of over one and a half percent. Fubo TV led the entire sector, rocketing up more than eleven percent. Liberty Media also had a stellar day, climbing over four percent, while The Trade Desk and Starz both gained roughly four and three and a half percent, respectively. Even with the regulatory drama surrounding the Warner Bros Discovery deal we discussed earlier, Paramount still managed to climb almost two and a half percent. Netflix and Comcast also rode the wave, both ticking up over two percent. Ultimately, Wall Street is looking at the M-and-E sector right now and deciding that the potential for mega-mergers and stabilized streaming profitability outweighs the broader economic headwinds. If you want this level of M-and-E intel at your fingertips every day, head over to studiosignal-dot-app. That is all for today's briefing. I am Kai Rivers. Rest up, and I will be back tomorrow.