Entertainment
Paramount’s Ellison underscores his pledge to make 30 films a year when his company buys Warner Bros.
Paramount Skydance Chairman David Ellison defended his commitment to release 30 movies a year once his media company swallows Warner Bros. Discovery — a goal that some industry observers view as overly ambitious.
During a Monday call with analysts to discuss Paramount’s first-quarter earnings, the tech scion said the target was achievable because his management team would maintain current levels of production. Paramount has doubled its film release capacity to 15 films this year, matching the number of theatrical releases planned by competing Warner Bros.
“The two companies are actually making 30 films to date,” Ellison said. “We really view our pending acquisition of Warner Bros. Discovery as a powerful accelerant to our strategy.”
The company said it was on track to finalize its Warner takeover by the end of September. The $111-billion deal would transform the smaller Paramount into an industry titan with prestigious programming, including Harry Potter, “Game of Thrones,” “Euphoria,” as well as its current slate of Taylor Sheridan-produced franchises, including “Yellowstone” and “Landman.” The combined company also would own dozens of popular TV networks, including CBS, CNN, Comedy Central, Food Network and HGTV.
But the proposed merger would saddle the combined company with $79 billion in debt, stoking fears that Paramount would need to make steep cost cuts to balance such a large debt load. During the quarter, Paramount lined up banks and other institutional investors to provide bridge financing to help pull off the transaction, the company said.
“We’re pleased with the momentum and will continue to take the necessary steps to bring this deal to completion,” Ellison told analysts.
Late last month, Warner Bros. Discovery stockholders overwhelmingly voted in favor of the deal, which will pay $31 a share to Warner investors. The company now must secure regulatory approvals in the U.S. and abroad, and that process is well underway, Paramount said.
Paramount has asked the Federal Communications Commission for permission to exceed a cap on foreign ownership for U.S. media companies. Ellison’s company is expecting $24 billion from three Middle Eastern royal families, who would become part owners of the combined entity. Those total funds will represent about 49% of equity in that new company, exceeding the current foreign ownership cap of 25%.
More than 4,000 filmmakers, actors and industry workers, including Bryan Cranston, Connie Britton, Kristen Stewart, Jonathan Glazer and Jane Fonda, have signed an open letter asking California Atty. Gen. Rob Bonta and other regulators to block the deal, saying it “would reduce the number of major U.S. film studios to just four.”
Late last week, a small group of consumers sued to block Paramount Skydance’s acquisition of Warner Bros. Discovery and unwind Ellison’s Skydance Media’s takeover of Paramount, alleging that both deals reduce marketplace competition.
For the January-March quarter, Paramount’s earnings beat Wall Street’s expectations. Revenue grew 2% to $7.3 billion compared with the first quarter of 2025.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached $1.1 billion, helped in part by growth in its streaming services unit. Paramount+ increased its revenue by 17% to nearly $2 billion, compared with the year earlier period when it generated $1.7 billion. The service added 700,000 subscribers, bringing the total to nearly 80 million.
With Warner’s HBO Max streaming platform, the combined service would boast more than 200 million subscribers.
Paramount reported first-quarter net earnings of $168 million, or 15 cents per share, compared with $152 million in 2025, which occurred before Skydance acquired the media company in August.
Executives pointed to “Scream 7,” a late February release that has topped $200 million in global ticket sales, as a success story. Studio revenue grew 11% to $1.28 billion for the quarter.
Television networks revenue declined 6% to $3.7 billion as Paramount’s cable channels continue to contend with the loss of cable cord-cutters, which reduces the company’s collections from pay-TV providers. Nonetheless, Paramount pointed to the strength of Sheridan’s “Landman,” starring Billy Bob Thornton, Ali Larter, Sam Elliott and Demi Moore, and the strength of the CBS television network, which currently has 13 of the broadcast industry’s top 20 prime-time shows, including “60 Minutes,” “Marshals,” and “Tracker.”
The company told analysts it would achieve $30 billion in revenue for the full year and $3.8 billion in adjusted EBITDA. Paramount said it would also make $2.5 billion in cost-cuts by the end of this year and reduce expenses by $3 billion in 2027.
Paramount said it ended the quarter with $1.9 billion in cash and cash equivalents. It also was carrying $15.5 billion in debt. The company had to draw $2.15 billion from its revolving credit facility to pay Netflix a $2.8-billion termination fee that Warner Bros. Discovery had agreed to pay under a previous deal to sell the company to Netflix.
Paramount released its earnings after Monday’s trading day. Its shares closed at $11.13, basically unchanged.
Entertainment
‘Toy Story 5’ goes to infinity and beyond at the box office
“Toy Story 5,” the latest installment to one of Disney Pixar’s longest-running franchises, topped the box office this weekend.
The tech-fueled tale, led by fan favorite characters Woody, Buzz Lightyear and Jessie, earned $160 million for its opening weekend at the domestic box office and a global total of $312 million, according to Rentrak Data. The animated feature now holds the biggest box office opening of the year, further signaling what could be a massive summer for theaters.
Steven Spielberg’s “Disclosure Day” came in second at the box office with a domestic haul of $17 million. “Obession,” “Backrooms” and “Scary Movie” rounded out the top five.
“Toy Story 5” features the original cast, including Tom Hanks as Woody, Tim Allen as Buzz Lightyear and Joan Cusack as Jessie. The story follows the beloved band of toys as they grapple with the introduction of technology into their home, with a tablet named Lilypad. The production budget for “Toy Story 5” is about $150 million to $200 million, and a crew of about 300 people worked on the film at Pixar’s Emeryville, Calif., headquarters.
“Tech versus toys is a very easy concept for families and parents to grasp. Every family goes through that to some degree,” said Andrew Cripps, head of theatrical distribution for Walt Disney Studios.
With the successes of “Inside Out 2” and “Zootopia 2,” sequels have proved to be dependable releases for Disney and Pixar in recent years. But “Toy Story” has been a steadfast juggernaut for the entertainment giant. This new release marks a new debut weekend record for the 31-year-long franchise, beating the nearly $121-million opening of 2019’s “Toy Story 4.” The original opened with $29 million in 1995, 1999’s “Toy Story 2” hit $57 million, and the third installment from 2010 received $110 million.
“The franchise is just so big,” Cripps added. “It’s in the theme parks. The consumer products keep it alive. It’s been 31 years with five movies, so it’s not like it’s overstayed its welcome. They’re very good at Pixar. They tell a story when they have a story worthwhile telling, and it feels like this one was worthwhile.”
Across the franchise’s lifetime, “Toy Story” has grossed more than $3 billion worldwide. The new movie also landed the second-highest animated opening weekend of all-time, behind only “Incredibles 2,” which earned $182 million.
Building off the surprise successes of budget horror films like “Obsession” and “Backrooms,” “Toy Story 5” brings yet another major boost to this year’s box office. Domestic ticket sales are up over last year, and Roth Capital Partners forecasts the second quarter will climb 6.5% to $2.8 billion.
With this uptick, there’s a chance the box office could climb back to pre-pandemic numbers. The 2026 box office is tracking 1.1% behind the summer of 2019 and 16% ahead of last year, according to Paul Dergarabedian, head of marketplace trends at Rentrak data.
“The industry’s on a roll,” Dergarabedian said. “There’s some unpredictable things that have happened so far this year, with the holdover strength of ‘Project Hail Mary,’ ‘Michael’ and ‘The Devil Wears Prada 2.’ Their worldwide grosses are incredibly impressive. It’s a phenomenon.”
“Toy Story 5” is just the first of several theatrical tentpoles hitting the big screen later this summer. Rentrak predicts this could be another $4-billion summer season domestically, following in the steps of the 2023 “Barbenheimer” summer.
Warner Bros.’ DC Studios has “Supergirl” landing later this month. Universal Pictures and Illumination’s “Minions & Monsters,” Disney’s live-action “Moana,” Christopher Nolan’s “The Odyssey” and Sony Pictures’ “Spider-Man: Brand New Day” are all lined up for releases in July.
Times staff writer Samantha Masunaga contributed to this report.
Movie Reviews
‘Bob and David Climb Machu Picchu’ Tribeca 2026 Review: A Travelogue of Old Friends, Older Knees, and Same Absurd Timing
The first thing we see in “Bob and David Climb Machu Picchu” is Bob Odenkirk and David Cross facing each other inside a tent, freezing, exhausted, and quiet in the way only old friends can be quiet. They don’t need to say the obvious. Even without a single word spoken, we can see their faces already asking it: what on earth did we get ourselves into?
That’s a good way into this tender documentary, because Michael LaHaie‘s film isn’t just about two famous comedians going on a difficult hike. The hike actually is the excuse, and a pretty good one at that. What we’re really watching is the kind of friendship that survives time, distance, professional detours, old irritations, and the body’s increasingly rude reminders that “getting older” isn’t just a phrase people say on birthdays.
Focus on the Journey, Not the Punchline
The premise is simple. Cross wants to climb Machu Picchu. Odenkirk says yes, partly because he’s game and partly because a recent heart attack has made the bucket list feel less hypothetical. So off they go to Peru, where the Andean scenery is gorgeous, the trail is punishing, and the two men remain funny enough to make shortness of breath sound like a sketch premise.
There’s a long tradition of famous people traveling somewhere beautiful, physically exerting themselves, and landing on gentle reflections about life. Some versions have done it better, slicker, or with more formal ambition. Michael Winterbottom‘s “Trip” films (starring Rob Brydon and Steve Coogan) turned meals and impressions into a running autopsy of male ego and middle age. Meanwhile, the Ewan McGregor–Charley Boorman series “Long Way Round” found camaraderie and self-discovery on the road. Even the lesser celebrity travelogues tend to lean on the same basic appeal: put recognizable people somewhere unfamiliar, wait for the guards to drop, and hope that scenery plus discomfort produces something honest.
“Bob and David Climb Machu Picchu” doesn’t pretend to reinvent that setup. It’s too ragged for that, and sometimes too casual. But that looseness is also part of its charm. LaHaie doesn’t over-direct the trip into importance. He lets Odenkirk and Cross walk, complain, riff, reminisce, eat, sweat, and occasionally look around long enough to remember they’re doing something ridiculous and beautiful at the same time.
The comedy isn’t always polished, which is probably for the best. Some bits land because they’re sharply timed; others work because they’re stupid in the way a joke between friends is allowed to be stupid. A scene in which they sit at a small table in a Peruvian town square and wait to be recognized is funny not only because of the awkwardness, but because it gently punctures their celebrity. When recognition comes, it mostly belongs to Odenkirk’s “Breaking Bad” and “Better Call Saul” fame, which Cross absorbs with the wounded dignity of a man who’s spent decades being very funny and still has to watch his friend get all the Saul Goodman heat.
Old Friends and Older Knees
I have a tightly knit group of male friends who, for reasons both sentimental and mildly embarrassing, call ourselves The Roadtrippers. Every so often, we get together for dinner, a short drive, or—just recently—a trip over a thousand miles away from home to feel like a small act of devotion. Nobody says it that way, of course. Men rarely do. We just show up every time, eat too much, talk nonsense, geek about random things, and pretend the friendship maintains itself. Watching Bob and David wheeze their way through a bucket-list hike, I kept thinking about that unspoken vow.
Keep going. Keep checking in. And keep making memories before the body starts filing formal complaints.
That’s why the film becomes more affecting than its goofy surface suggests. Odenkirk and Cross aren’t selling us a grand thesis about male friendship; they’re simply showing one. Their bond has the friction of people who know each other too well and the ease of people who don’t have to explain the rhythm anymore. They can insult each other, admire each other, poke at old career disappointments, then pivot into absurdity before anything gets too damp with feeling.
That tenderness hit home with me because I know, in my own way, what it means to keep choosing the same friends across time.
More Tribeca Coverage: ‘That Friend’ is a Chaotic Buddy Comedy About the Friend You Can’t Quite Outgrow

‘Bob and David Climb Machu Picchu’, and the Joke Between the Breaths
The film works best when comedy opens into reflection without announcing the shift. Odenkirk’s heart attack isn’t treated as the dramatic centerpiece, but it’s always somewhere nearby, especially when the climb starts to feel less like a lark and more like a dare issued to mortality. Cross comes across as both instigator and witness: the friend who proposed the insane thing and now has to keep walking beside the man who agreed to it.
LaHaie keeps the film moving at an amiable pace, and the editing understands that the best travel moments aren’t always the scenic payoffs. They’re the half-formed jokes, the bad meals, the language gaps, the tired silences, and the private laughter that would sound idiotic if explained to anyone else. Yo La Tengo’s music adds to that easygoing mood without trying to turn the hike into a spiritual awakening with better footwear. That both Odenkirk and Cross starred in the band’s music video for the 1997 song “Sugarcube” is extra nostalgic.
Michael LaHaie’s funny, ragged, unexpectedly tender documentary follows Bob Odenkirk and David Cross up a mountain and into a reflection on friendship, mortality, and staying in sync.
The documentary, of course, has limits. It’s slim, and some of the career material plays more like an affectionate scrapbook than a deeper reckoning. Fans of “Mr. Show” may want more, while newcomers may only get a partial sense of why this partnership mattered so much to a particular corner of American comedy. A few stretches also have the relaxed shapelessness of a vacation video, though admittedly one starring two extremely funny men with better cameras and worse altitude tolerance.
But I didn’t mind the looseness much, because the pleasure is in the company. Odenkirk and Cross are still magnificently in sync, even when they’re wheezing, bickering, or making the kind of joke that exists mainly because the other person is there to receive it. “Bob and David Climb Machu Picchu” is simple, funny, occasionally moving, and blessedly unpretentious. It understands that some friendships don’t need a dramatic breakthrough. Sometimes they just need a trail, a tent, a stupid bit that runs too long, and enough breath left to laugh before the next climb.

Michael LaHaie’s “Bob and David Climb Machu Picchu” had its world premiere at this year’s Tribeca Festival in the Spotlight Documentary category. The festival took place on June 3-14, 2026. Follow us for more coverage.
Entertainment
A fake mountain and real magic transform Paris’ oldest bridge
PARIS — There’s a present-day answer to the question that was posed in verse by the French medieval poet and street brawler François Villon: “Where are the snows of yesteryear?”
They’re right here, in high summer, on Paris’ oldest bridge, the Pont Neuf, where an enormous art installation, a trompe l’oeil inflatable snow-clad mountain range, has arisen over the river Seine.
Using about 200,000 square feet of printed fabric, Paris-born street artist JR has created “La Caverne du Pont Neuf.” It’s his version of and homage to the innovative work of groundbreaking environmental artists Christo and Jeanne-Claude.
They’re the fabled duo who first wrapped the arches of this same bridge in straw-colored fabric in 1985. Over the years, they also surrounded 11 islands in Florida’s Biscayne Bay with flamingo-pink cloth, hung saffron-colored fabric “gates” in New York’s Central Park, installed a “running fence” of billowing white material across nearly 25 miles of Sonoma and Marin counties and, in 1991, planted 3,100 yellow umbrellas, blooming like 20-foot-tall poppies, through the Tejon Pass north of L.A.
I interviewed Christo in 2011, and he was eloquent about how his and his wife’s work alters perceptions of nature, and about the deliberately transient character of the art itself. JR, an acolyte of their work, told me in an email that “an ephemeral artwork forces you to come now, and usually to come with other people. The visit becomes a shared moment … and this moment becomes a memory.”
In a city celebrated for artworks that have survived for centuries, this installation was very nearly too transient. A kooky hailstorm in late May, a heat wave in June, followed by ruthlessly ripping winds, delayed the opening by days. At last, beginning one midnight, the air pumps began and the work arose like a limestone-colored soufflé. It will be open around the clock until June 28.
Plus ça change, plus c’est la même chose. Back in 1985, Christo’s engineer on the Pont Neuf project, Ted Dougherty, pointed out that above 25 mph, “wind is not our friend.”
The piece works from two vantage points: from afar — visible from a lot of central Paris — and also from inside it, in the “cave” part. Pedestrians crossing the bridge pass through a fabricated interior, a cavern-like space printed in 3D realism and enhanced with a specially designed scent to evoke the dank, earthy aroma of humankind’s early habitations.
JR and Thomas Bangalter in “La Caverne du Pont Neuf” in Paris.
(Tara-Jay Bangalter)
JR intended it to be both. “From the start I designed two works in one. There is the silhouette — what you catch from the quais, from the bridges, from a boat on the Seine or simply walking past on your way somewhere else. That image belongs to everyone, including the people who never chose to look at art that day.”
And then, he said, “there is the inside, which is slower and more intimate, almost in the dark, hard to photograph.” That aspect is “a journey to cross the bridge, to go from darkness to light.”
When Christo and Jeanne-Claude wrapped the arches of the Pont Neuf more than 40 years ago, it took years of planning and permits to make it happen. “La Caverne du Pont Neuf” was a breeze by comparison.
JR, whose other vast outdoor works have delivered double-takes of humans’ scale and their architecture, told me that cities have come to understand “that public art brings people together and that the image travels around the world. Once Christo showed it could be done safely and beautifully, the conversation changed. It was much easier for me to have my project accepted, thanks to them. They also proved the economic positive impact to the cities they worked in. I believe there should be more large-scale, ambitious public art projects.”
It’s one thing to conceive of such a project and another altogether to make it happen — so much technology, compared to, say, mixing paints and choosing a paintbrush. But the science that “La Caverne” required “is the art, not an obstacle to it,” JR said.
“Trompe l’oeil turns adults back into children,” JR said.
(Elea Jeanne Schmitter)
All the canvas, the engineering, the meticulous assembly, the permits — “none of that is preparation for the work, it is the work. Christo taught me this. The process is visible, and even more after the storm we experienced a couple of days before opening to the public. Nature always reminds you who is in charge. When the wind tore the canvas before we opened, we took it down, re-sewed it, reinforced it,” all in full public view.
“Where I stay careful is in not letting the technology become the subject. The augmented reality by Snap’s AR Studio adds to the project, doesn’t take you away from it.”
That air should be JR’s vital collaborator — no complex and costly scaffolding for these magic mountains — is nothing new in Paris.
The first free flight of humans above the earth, on Nov. 21, 1783, sent aloft two men in a hot-air balloon crafted by the Montgolfier brothers from silk fancifully painted in blue and gold with figures of the zodiac. It wafted across Paris for about 25 minutes at about 3,000 feet. Ephemeral, yes — and unforgettable.
Artists and couturiers are fond of the whimsy of trompe l’oeil, the trick of the eye, the illusion of reality. I am a sucker for it, for fashion like that of clothing designer Elsa Schiaparelli. JR has used it often, as a massive-scale magical deception to make the Louvre Pyramid “disappear” into the old Louvre, and opening up an imaginary subterranean world below the Eiffel Tower.
“Trompe l’oeil turns adults back into children,” he told me. “You know it isn’t real, you know that ‘La Caverne du Pont-Neuf’ is not made of rock, that this is printed canvas. And yet your eye wants to believe it, and for a moment you let yourself. That gap between knowing and believing is where the play happens, and people love being inside that gap.”
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