Business
‘Emilia Pérez’ Leads the 2025 Oscar Nominations With 13 Nods
The Academy of Motion Picture Arts and Sciences showered little-seen movies rooted in progressive politics with nominations for the 97th Oscars on Thursday.
“Emilia Pérez,” a musical exploration of trans identity, and “The Brutalist,” a three-and-a-half-hour study of immigrant trauma and antisemitism, emerged as films to beat by securing nominations in most of the major categories, including best picture and best director. “Emilia Pérez,” a Netflix entry, received 13 nominations in total, the most of any film.
“The Brutalist,” a low-budget movie from A24 that arrives in theaters nationwide on Friday, received 10 nominations. One blockbuster, “Wicked,” with its messages about the dangers of authoritarianism and the power of resistance, also did well with voters. It garnered 10 nominations, but failed to crack the important directing and screenplay categories.
While the acting races have taken clearer shape over the past month, the best picture contest remains unusually wide open. Unlike last year, when “Oppenheimer” cemented its front-runner status almost immediately and never looked back, multiple films remain in the hunt for Hollywood’s top prize this time around.
The nominees for best picture included “Conclave,” a Vatican thriller that explores identity politics; “The Substance,” a feminist manifesto in the form of a body horror flick; “Nickel Boys,” a historical drama set at a racist reform school in 1960s Florida; “Anora,” a Cinderella story about a sex worker who impulsively marries the hard-partying son of a Russian oligarch; “I’m Still Here,” a Brazilian drama about family life and political oppression; and the Bob Dylan biopic “A Complete Unknown.”
The big-budget studio movies “Wicked” and “Dune: Part Two” filled out the category. The academy expanded the best picture field to 10 in 2022; it previously had a sliding number with as few as five slots. The academy positioned the changes as part of an expanded focus on diversity, equity and inclusion.
Adrien Brody (“The Brutalist”), Timothée Chalamet (“A Complete Unknown”), Colman Domingo (“Sing Sing”) and Ralph Fiennes (“Conclave”) were nominated for best actor, as expected. Sebastian Stan drew the wild-card spot for his performance as an unsavory, early-career Donald Trump in “The Apprentice,” an independent film that nearly did not make it to theaters. (The big studios balked, in part because Trump threatened to sue. He has called the film “garbage.”)
Demi Moore (“The Substance”) has been the favorite to win best actress since she delivered a poignant acceptance speech about Hollywood pigeonholing at the Golden Globes this month. Academy voters waved her through to the nomination stage while also giving best actress nods to Cynthia Erivo (“Wicked”), Mikey Madison (“Anora”), Fernanda Torres (“I’m Still Here”) and Karla Sofía Gascón (“Emilia Pérez”). Gascón became the first openly trans actress to receive an Oscar nomination.
Left out were Angelina Jolie (“Maria”) and Nicole Kidman (“Babygirl”), both of whom were active on the Oscar campaign circuit.
Kieran Culkin, fresh off winning a Golden Globe for his performance in the dramedy “A Real Pain,” received a nomination for best supporting actor. Filling out the category were Yura Borisov (“Anora”), Guy Pearce (“The Brutalist”), Edward Norton (“A Complete Unknown”) and Jeremy Strong (“The Apprentice”).
For supporting actress, Oscar voters handed nominations to the favorites Zoe Saldaña (“Emilia Pérez”) and Ariana Grande (“Wicked”), both of whom played lead roles but decided to run as secondary candidates. Joining them were Isabella Rossellini (“Conclave”), Monica Barbaro (“A Complete Unknown”) and Felicity Jones (“The Brutalist”).
A majority of the acting nominees — 13 out of 20 — were first-time academy honorees, perhaps underscoring the organization’s effort over the past decade to make its voting ranks less dominated by older white men. The academy now has roughly 10,000 voting members, up from about 6,700 in 2017.
In the director category, the academy nominated the favorites Sean Baker (“Anora”), Brady Corbet (“The Brutalist”) and Jacques Audiard (“Emilia Pérez”). Rounding out the category were James Mangold (“A Complete Unknown”) and the French filmmaker Coralie Fargeat (“The Substance”). Prominent omissions included Edward Berger (“Conclave”) and Jon M. Chu (“Wicked”).
Fargeat becomes the 10th woman to be nominated in the best director category in the academy’s 97-year history. Only three have won: Jane Campion (“The Power of the Dog”) in 2022, Chloé Zhao (“Nomadland”) in 2021 and Kathryn Bigelow (“The Hurt Locker”) in 2009.
The nominees for original screenplay included the favorites “Anora,” “The Brutalist” and “A Real Pain.” The remaining two slots went to “The Substance” and “September 5.”
Adapted screenplay nods went to “Conclave,” “Emilia Pérez ,” “A Complete Unknown,” “Nickel Boys” and “Sing Sing.”
Netflix is having a banner week, announcing on Tuesday that it crossed 300 million subscribers and then walking away Thursday morning with 16 nominations, beating all of the big studios. (Universal had 25 in total, but 12 of those came from its semiautonomous Focus Features art film division.)
Thirteen nods for “Emilia Pérez” alone makes the irreverent musical Netflix’s most-nominated film ever. (“Emilia Pérez,” which is presented in Spanish, also became the most-nominated non-English-language film in Oscar history. The previous record-holders were “Roma” and “Crouching Tiger, Hidden Dragon” with 10 each.)
“Emilia Pérez” was an acquisition for Netflix out of last year’s Cannes Film Festival and has been on an awards tear ever since, even though it has not attracted a wide audience. Previously, Netflix’s most-nominated film was 2018’s “Roma,” which garnered 10 nominations.
The streaming giant has amassed 23 trophies since 2016, when it landed its first with the documentary short “The White Helmets.” It has also scored two best director wins: Campion for “The Power of the Dog” and Alfonso Cuarón for “Roma.” It has yet to land the coveted best picture prize.
The nominations were announced at the academy’s Beverly Hills, Calif., headquarters in an early-morning ceremony hosted by Bowen Yang and Rachel Sennott. The ceremony will be held on March 2.
In their quest to find a host who will generate buzz but not blow up in their faces, Academy Awards organizers traded a current late-night comedian (Jimmy Kimmel) for a former one: Conan O’Brien. Since he has never hosted the Oscars before, O’Brien will presumably bring a freshness to the show, which can come off as old-fashioned at best and out-of-touch at worst. At the same time, he is a safe choice — a seasoned pro whose comedic style has been honed over decades and who has successfully hosted other award shows, including the Emmys.
The recent wildfires in Los Angeles County, which have destroyed at least 10,000 homes, had prompted the academy to delay the nominations announcement. Amid the devastation, questions about the ceremony have circulated in Hollywood. Should it be turned into a fund-raising telethon? Or scrapped altogether?
Academy officials rejected both of those notions, saying in a letter to members on Wednesday that “honoring the unifying spirit and creative synergy of moviemaking” remained their primary focus for the ceremony. Still, the show will “acknowledge those who fought so bravely against the wildfires.” Perhaps to add a sense of solemnity, the show will also “move away from live performances” of nominated songs.
A toned-down Oscars would mark a reversal from recent years, when the academy sought to dial up the razzle-dazzle as part of a frantic effort to attract more viewers. ABC’s telecast of the most recent ceremony attracted about 20 million viewers, a four-year high. Double that number tuned in as recently as 2014, however.
To make the Oscars more relevant to young people, the academy agreed in December to stream the ceremony online (on Hulu) for the first time. ABC, which like Hulu is owned by Disney, remains the academy’s broadcast partner.
Business
Startup Varda Space Industries snags former Mattel plant in El Segundo
In an expansion of its business of processing pharmaceuticals in Earth’s orbit, Varda Space Industries is renting a large El Segundo plant where toy manufacturer Mattel used to design Hot Wheels and Barbie dolls.
The plant in El Segundo’s aerospace corridor will be an extension of Varda Space Industries’ headquarters in a much smaller building on nearby Aviation Boulevard.
Varda will occupy a 205,443-square-foot industrial and office campus at 2031 E. Mariposa Ave., which will give it additional capacity to manufacture spacecraft at scale, the company said.
Originally built in the 1940s as an aircraft facility, the complex has a history as part of aerospace and defense industries that have long shaped the South Bay and is near a host of major defense and space contractors. It is also close to Los Angeles Air Force Base, headquarters to the Space Systems Command.
Workers test AstroForge’s Odin asteroid probe, which was lost in space after launch this year.
(Varda Space Industries)
Varda is one of a new generation of aerospace startups that have flourished in Southern California and the South Bay over the last several years, particularly in El Segundo, often with ties to SpaceX.
Elon Musk’s company, founded in 2002 in El Segundo, has revolutionized the industry with reusable rockets that have radically lowered the cost of lifting payloads into space. Though it has moved its headquarters to Texas, SpaceX retains large-scale operations in Hawthorne.
Varda co-founder and Chief Executive Will Bruey is a former SpaceX avionics engineer, and the company’s spacecraft are launched on SpaceX’s workhorse Falcon 9 rockets from Vandenberg Space Force Base in Santa Barbara County.
Varda makes automated labs that look like cylindrical desktop speakers, which it sends into orbit in capsules and satellite platforms it also builds. There, in microgravity, the miniature labs grow molecular crystals that are purer than those produced in Earth’s gravity for use in pharmaceuticals.
It has contracts with drug companies and also the military, which tests technology at hypersonic speeds as the capsules return to Earth.
Its fifth capsule was launched in November and returned to Earth in late January; its next mission is set in the coming weeks. Varda has more than 10 missions scheduled on Falcon 9s through 2028.
For the last several decades, the Mariposa Avenue property served as the research and development center for Mattel Toys. El Segundo has also long been a center for the toy industry as companies like to set up shop in the shadow of Mattel.
The Mattel facility “has always been an exceptional property with a legacy tied to aerospace innovation, and leasing to Varda Space Industries feels like a natural continuation of that story,” said Michael Woods, a partner at GPI Cos., which owns the property.
“We are proud to support a company that is genuinely pushing the boundaries of what’s possible, and are excited to watch Varda grow and thrive here in El Segundo,” Woods said.
As one of the country’s most active hubs of aerospace and defense innovation, El Segundo has seen its industrial property vacancy fall to 3.4% on demand from space companies, government contractors and technology startups, real estate brokerage CBRE said.
Successful startups often have to leave the neighborhood when they want to expand, real estate broker Bob Haley of CBRE said. The 9-acre Mattel facility was big enough to keep Varda in the city.
Last year, Varda subleased about 55,000 square feet of lab space from alternative protein company Beyond Meat at 888 Douglas St. in El Segundo, which it started moving into in June.
Varda will get the keys to its new building in December and spend four to eight months building production and assembly facilities as it ramps up operations. By the end of next year, it expects to have constructed 10 more spacecraft.
In the future, Varda could consolidate offices there, given its size. Currently, though, the plan is to retain all properties, creating a campus of three buildings within a mile of one another that are served by the company’s transportation services, Chief Operating Officer Jonathan Barr said.
“We already have Varda-branded shuttles running up and down Aviation Boulevard,” he said.
Business
How Iran War Is Threatening Global Oil and Gas Supplies
Ships near the Strait of Hormuz before and after attacks began
Every day, around 80 oil and gas tankers typically pass through the Strait of Hormuz, the narrow waterway off Iran’s southern coast that carries a fifth of the world’s oil and a significant amount of natural gas.
On Monday, just two oil and gas tankers appear to have crossed the strait, according to a New York Times analysis of shipping activity from Kpler, an industry data firm. Since then, one tanker passed through.
“It’s a de facto closure,” said Dan Pickering, chief investment officer of Pickering Energy Partners, a Houston financial services firm. “You’ve got a significant number of vessels on either side of the strait but no one is willing to go through.”
Tankers have been staying away from Hormuz since the U.S.-Israeli attacks on Iran that began on Saturday. A prolonged conflict could ripple broadly across the global economy, threatening the energy supplies of countries halfway around the world and stoking inflation.
International oil prices have climbed 12 percent since the fighting began, trading Tuesday around $81 a barrel, and natural gas prices have surged in Europe and in Asia.
A senior Iranian military official threatened on Monday to “set on fire” any ships traveling through the Strait of Hormuz. Vessels in the region have already come under attack. Several oil and gas facilities have also been struck or affected by nearby shelling, though the damage did not initially appear to be catastrophic.
Where ships and energy facilities have been damaged
A fire broke out Tuesday at a major energy hub in Fujairah, United Arab Emirates, from the falling debris of a downed drone, the authorities said. On Monday, Qatar halted production of liquefied natural gas, or fuel that has been cooled so that it can be transported on ships, after attacks on its facilities.
The sharp reduction in tanker traffic is reducing the supply of oil and gas to world markets, pushing up prices for both commodities. And the longer that ships stay away from the Strait of Hormuz, the less oil and gas get out to the world, which could raise prices even more.
Shipping companies have paused their tankers to protect their crew and cargo, and because insurance companies are charging significantly more to cover vessels in the conflict area.
On Tuesday, President Trump said that “if necessary,” the U.S. Navy would begin escorting tankers through the strait. He also said a U.S. government agency would begin offering “political risk insurance” to shipping lines in the area.
In addition to tankers, other large vessels regularly go through the strait, including car carriers and container ships. In normal conditions, nearly 160 make the trip each day.
Some ships in the region turn off the devices that broadcast their positions, while others transmit false locations — making it hard to give a full picture of the traffic in the strait.
The Shiva is a small oil tanker that has repeatedly faked its location, according to TankerTrackers.com, which tracks global oil shipments. It is suspected of carrying sanctioned Iranian oil, according to Kpler. The Shiva was one of the two tankers that crossed the strait on Monday.
The oil and gas that typically move through the strait come from big producing countries like Saudi Arabia, Iraq, Iran and United Arab Emirates, and are exported around the world.
Where tankers moving through the Strait have traveled
In 2024, more than 80 percent of the oil and gas transported through the Strait of Hormuz went to Asia. China, India, Japan and South Korea were the top importers, according to the U.S. Energy Information Administration.
Countries have energy stockpiles that could last them into the coming months, but a continued shutdown of the strait could damage their economies.
Several big disruptions have roiled supply chains in recent years, but the tanker standstill in the Strait of Hormuz could have an outsize impact.
Business
Paramount credit downgraded to ‘junk’ status over debt worries
Paramount Skydance’s jubilation over its come-from-behind victory to claim Warner Bros. Discovery has entered a new phase:
Call it the deal-debt hangover.
Two major ratings agencies have raised concerns about Paramount’s credit because of the enormous debt the David Ellison-led company will have to shoulder — at least $79 billion — once it absorbs the larger Warner Bros. Discovery, bringing CNN, HBO, TBS and Cartoon Network into the Paramount fold.
Fitch Ratings said Monday that it placed Paramount on its “negative” ratings watch, and downgraded its credit to BB+ from BBB-, which puts the company’s credit into “junk” territory. Fitch said it took action due to “uncertainty” surrounding Paramount’s $110-billion deal for Warner Bros. Discovery, which the boards of both companies approved on Friday.
S&P Global Ratings took similar action.
To finance the Warner takeover, Ellison’s billionaire father, Larry Ellison, has agreed to guarantee the $45.7 billion in equity needed. Bank of America, Citibank and Apollo Global have agreed to provide Paramount with more than $54 billion in debt financing.
“Potential credit risks include the prospective debt-funded structure, Fitch’s expectation of materially elevated leverage and limited visibility on post-transaction financial policy and capital structure,” Fitch said.
Late last week, Paramount sent $2.8 billion to Netflix as a “termination fee” to officially end the streaming giant’s pursuit of Warner Bros. That payment paved the way for Warner and Paramount’s board to enter into the new merger agreement.
Paramount hopes the merger will be wrapped up by the end of September. It needs the approval of Warner Bros. Discovery shareholders and regulators, including the European Union.
Paramount executives acknowledged this week the new company would emerge with $79 billion in debt — a considerably higher total than what Warner Bros. Discovery had following its spinoff from AT&T. That 2022 transaction left Warner Bros. Discovery with nearly $55 billion of debt, a burden that led to endless waves of cost-cutting, including thousands of layoffs and dozens of canceled projects.
Warner still has $33.5 billion in debt, a lingering legacy that will be passed on to Paramount.
Paramount plans to restructure about $15 billion in Warner Bros. Discovery’s existing debt.
Paramount CEO David Ellison at a 2024 movie premiere for a Netflix show.
(Evan Agostini / Invision / AP)
Paramount told Wall Street it would find more than $6 billion in cost cuts or “synergies” within three years — a number that has weighed heavily on entertainment industry workers, particularly in Los Angeles.
Hollywood already is reeling from previous mergers in addition to a sharp pullback in film and television production locally as filmmakers chase tax credits offered overseas and in other states, including New York and New Jersey.
Some entertainment executives, including Netflix Co-Chief Executive Ted Sarandos, have speculated that Paramount will need to find more than $10 billion in cost cuts to make the math work. More recently, Sarandos went higher, telling Bloomberg News that Paramount may need $16 billion in cuts.
Cognizant of widespread fears about additional layoffs, Paramount Chief Operating Officer Andrew Gordon took steps this week to try to tamp down such concerns.
Gordon is a former Goldman Sachs banker and a former executive with RedBird Capital Partners, an investor in Paramount and the proposed Warner Bros. deal. He joined Paramount last August as part of the Ellison takeover.
During a conference call Monday with analysts, Gordon said Paramount would look beyond the workforce for cuts because the company wants to maintain its film and TV production levels.
Paramount plans to look for cost savings by consolidating the “technology stacks and cloud providers” for its streaming services, including Paramount+ and HBO Max, Gordon said. The company also would search for reductions in corporate overhead, marketing expenses, procurement, business services and “optimizing the combined real estate footprint.”
It’s unclear whether Paramount would sell the historic Melrose Avenue lot or simply centralize the sprawling operations onto the Warner Bros. and Paramount lots in Burbank and Hollywood.
Workers are scattered throughout the region.
HBO, owned by Warner Bros. Discovery, maintains its West Coast headquarters in Culver City; CBS television stations operate from CBS’ former lot off Radford Avenue in Studio City; and CBS Entertainment and Paramount cable channels executive teams are located in a high-rise off Gower Street and Sunset Boulevard, blocks from the Paramount movie studio lot.
“The combination of PSKY and WBD could create a materially stronger business than either individual entity,” Standard & Poor’s said in its note to investors. “However, this transaction presents unique challenges because it would involve the combination of three companies, with the smallest, Skydance, being the controlling entity.”
David Ellison’s production firm, Skydance Media, was the entity that bought Paramount, creating Paramount Skydance.
Ellison has not announced what the combined company will be called.
Paramount shares closed down more than 6% Tuesday to $12.45.
Warner Bros. Discovery fell 1% to $28.20. Netflix added less than 1% to close at $97.70.
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