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To kick off this newsletter, I sent out a message declaring that movies were “undeniably back.” Within days, it seemed that the sky was falling again. Two venerable studios, Paramount and Warner Bros. Discovery, officially merged on October 6, further consolidating power in Hollywood into just a few conglomerates. The new entity has been dubbed Skydance, the name of the original production company that CEO David Ellison founded in 2006. Not much has outwardly changed thus far, new moniker aside. But internally, Ellison has already made at least one concerning decision. Once the deal closed, two key leaders at Warner Bros., the bolder and more risk-taking of the two studios, were immediately shown the door: Michael De Luca and Pam Abdy, the co-chairs of Warner Bros. Motion Picture Group. Their departure suggested what many industry analysts had feared: that their new boss was no longer a fan of taking big, bold risks.
After all, the news that De Luca and Abdy were exiting the company—to be replaced by Paramount’s current team, which will oversee what has been referred to as the “Paramount Warner Bros. Motion Picture unit” (try saying that three times fast)—arrived right before a historically bad weekend for the studio. The Tom Cruise project Digger opened on October 2 to only $8 million domestically, on a budget that reportedly climbed as high as $180 million; that’s an especially anemic number given Cruise’s involvement as both star and co-producer. Digger now stands as Warner Bros.’ final release before it joined Skydance, and the movie’s catastrophic box-office performance is the latest in a series of tough beats for the company this year. Given the film’s wild ambition, its failure will also be a fitting coda for an era that was very up-and-down financially—but often creatively thrilling.
De Luca and Abdy took over Warner Bros. Pictures in 2022, bringing with them a strategic reset. They were both well-regarded names in the world of awards-friendly indie cinema, shaking up a studio that was bouncing back from a theatrical strategy unpopular with the industry: putting blockbusters on HBO Max the day they were released. De Luca was a storied executive whose career included green-lighting boundary-pushing projects by Paul Thomas Anderson and David Fincher and earning Best Picture Oscar nominations for such movies as The Social Network and Moneyball. Abdy started out her career at Danny Devito’s hyper-cool Jersey Films and worked on The Revenant and The Big Short, among other awards-season hits, as president of the production outfit New Regency.
Together, they presided over a splashy period at Warner Bros. in which they focused on recruiting big stars and major auteurs while they also shed the remains of the prior leadership’s flailing, expensive approach to the DC Comics franchise. But their results were inconsistent: In 2023, the giant success of Barbie in the summer and Wonka at Christmastime buoyed the studio. The following year, Furiosa: A Mad Max Saga and Joker: Folie à Deux were such expensive flops that industry experts began predicting De Luca and Abdy would soon lose their jobs.
Instead, last year, the duo spearheaded a cinematic slate that will likely be spoken about in hushed tones in Hollywood C-suites for generations. A Minecraft Movie took advantage of its kid-friendly IP to make nearly $1 billion worldwide, despite being barely coherent. The relaunch of the DC cinematic universe went splendidly with Superman, directed by the new DC Studios co-chair, James Gunn. The silly sequels Final Destination Bloodlines and The Conjuring: Last Rites punched above their weight commercially. Zach Cregger’s Weapons was not just a horror hit but also a critical favorite that won major awards. Ryan Coogler’s Sinners, whose high budget met prerelease skepticism from box-office analysts, was a cultural sensation and a financial boon. And Anderson’s blockbuster, One Battle After Another, earned just enough money to justify its scale before taking the Oscar for Best Picture.
In basically each of these cases, De Luca and Abdy’s calculation of betting on creators who had an established track record and pairing them with reliable stars worked. Meanwhile, safe comic-book and video-game adaptations helped shore up any business concerns. This year, however, the same approach has resulted in a lot of swings and misses. Collaborations between acclaimed directors and performers, such as Maggie Gyllenhaal and Jessie Buckley’s The Bride!, failed to make back their budget; Supergirl and Practical Magic 2 were box-office disappointments, in part because of poor reviews. Warner Bros. couldn’t even claim the surprise success of Coyote vs. Acme, a Looney Tunes movie that it sold to the indie distributor Ketchup Entertainment after deciding in 2023 not to release it; it became a sleeper family hit this summer.
Maybe Digger flopping was the final straw for Ellison. Or maybe the Skydance CEO was always intent on keeping his own team in charge. Paramount has adopted a more populist, risk-averse strategy since Ellison took over that studio in 2025. This year’s schedule included crowd-pleasing horror films and a Jackass clip-show-style sequel, although none was particularly successful with theatergoers; a new live-action Street Fighter and the latest edition in the Angry Birds franchise are on the way. Indeed, it even has a Tom Cruise movie on the slate for 2028—but rather than being an auteurist effort like Digger, it’s a sequel to the 1990 NASCAR drama Days of Thunder that I’d argue nobody was really asking for.
Skydance seems to be planning to keep Paramount and Warner Bros. separate, the industry reporter Matthew Belloni suggested in a Puck column last week. Ellison has also promised that Skydance will keep up a furious pace of releases, perhaps in recognition of Hollywood’s agita when Netflix almost got its hands on Warner Bros. during the merger drama; the concern was that films released as part of “Netflix Warner Bros.” would not be shown in cinemas at all. But the departure of De Luca and Abdy certainly suggests that any weirder Hail Mary passes will be few and far between. Sure, they haven’t all worked—but a hit like Sinners doesn’t happen without a couple of other tough throws that fail to connect.
Meanwhile, some viewers are seemingly already reclaiming Digger as a cult classic; maybe that’s just quick-turn nostalgia for a moment in Hollywood that appears to be further slipping away. Or perhaps it’s a sign that some portion of the audience will always be clamoring for audacious work—the kind that is and will still be made by studios of all sizes. Just maybe not by Warner Bros., going forward.
An Essay I Enjoyed
The Most Cursed Team in American Sports
By Kaitlyn Tiffany
The mythical story of the Buffalo Bills could be told like this: Their fans are crazy and live in the snow. They shovel this snow out of their stadium to help their godforsaken football team, which, until recently, was most famous for losing the Super Bowl four times in a row in the early 1990s. According to one theory, those failures fed into Timothy McVeigh’s derangement before he planned and executed the Oklahoma City bombing. The franchise was an utter disaster, for the most part, until the 2018 arrival of an otherworldly quarterback named Josh Allen, who has exhibited many heroics. But he has yet to bring his team to the Super Bowl.
Coming Attractions
A gorgeous new release this week is William and David Greaves’s Once Upon a Time in Harlem. The project restores old, unreleased footage shot by William, which his son, David, helped assemble and spruce up for a new generation to understand. William Greaves, who died in 2014, was a former actor who, dispirited by the opportunities afforded him in postwar Hollywood, became a challenging, acclaimed filmmaker. His body of work is well worth a deep dive, particularly the avant-garde documentary Symbiopsychotaxiplasm: Take One, which is itself about the reality-warping process of making documentaries. Once Upon a Time in Harlem, however, was left unfinished for decades.
The documentary captures a party the elder Greaves threw in August 1972, bringing together every living member of the Harlem Renaissance he could find to Duke Ellington’s townhouse. He let the cameras roll as the group chatted, caroused, and unfurled memories of that flourishing era for Black art. David, then age 26, helped his father with the filming; more than 50 years later, he went through 60,000 feet of footage to pick out the best moments. The result is a rather stunning look back at an event filled with people who were already looking back; it’s a beautiful echo of an echo. Once Upon a Time in Harlem is debuting in select cinemas, but it’s a must-see—and will hopefully expand soon.
What Else I’m Watching
- Chris Rock’s Misty Green received a mixed reception at this fall’s festivals, but it’s somewhat redeemed by Rosalind Eleazar’s lead performance. She plays a fading actress striving for a role while her personal life disintegrates around her, and her masterful on-screen sloppiness helps explain away some of the dodgier plot twists. I’ve always found Rock’s directorial career frustrating; although he has good taste and influences (this film has major Safdie-brothers energy), he always falls a little short of what he’s imitating.
- Criterion’s humongous Stanley Kubrick box set will finally be on shelves Tuesday, and it’s an unsurprisingly impressive package from those doyens of physical media. All 13 of his features have received sparkly restorations, and the collection also includes his daughter Vivian’s documentary Making The Shining, which offers a glimpse into the much-mythologized auteur’s process. The rare international version of The Shining, which is far shorter than the U.S. theatrical cut, is one of the best Easter eggs on offer.
- Another movie that had long been thought lost is the director’s cut of Ken Russell’s intense psychological horror The Devils, which was censored and outright banned in many countries on its 1971 release. The original version was officially unavailable for years, but a 4K restoration of it is now touring theaters. A 17th-century-set dramatization of witch-hunting within the French Catholic church, The Devils is genuinely shocking—especially given the era of its release—but should be required viewing for genre completionists.