“Dune” Sweeps Up Box Office

Warner Bros. might have a new franchise on their hands in “Dune”, which has swept up the competition at the box office and on streaming. 🎬

According to estimates from Comscore Inc., “Dune” generated $40.1 million in North American ticket sales in its debut weekend. This weekend, it made another $15.5 million — which might sound paltry, but it’s still above all other films in theatres by a meaningful margin.

“Dune” has made $58 million domestically, making it one of the biggest premieres of the pandemic-era. It’s nearing $300 million in worldwide gross.

What makes these figures even more impressive is that “Dune” launched simultaneously for free on streaming platform HBO Max. Day-and-date premieres are hard, because they tend to sap box office revenues.

Samba TV, a selected smart TV content recognition tech, said that 1.9 million households watched “Dune” (out of the 28 million it tracks) on HBO Max during its opening weekend. According to Reelgood, a streaming guide, the film had the highest engagement of any day-and-date movie premiere in 2021.

An analysis by Observer further substantiates the success of Warner Bros latest and greatest film, directed by Denis Villeneuve (Arrival, Blade Runner 2049.) However, an even more upbeat indicator is that “Dune: Part 2” has been greenlit by the studio. It’s definitely not going to be a day-and-date premiere, though. 😊

WarnerMedia is in the process of merging with Discovery Inc. (and spun off into a separate entity.) Until then, WarnerMedia lives under $T, which is down 14.2% YTD.

DWAC Bounces Back (Again)

We mentioned last week that investors were preparing for a politically driven 2024, and boy, that accelerated quickly. 😜

Trump-linked stocks Digital World Acquisition Corp, Phunware, and Rumble jumped sharply today after Ron DeSantis canceled his presidential run.

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What’s With All The Accounting Issues?

Accounting is the practice of using numbers to tell the story of a company’s past, present, and future. For an investor, these numbers and stories are the foundation of all decisions, so it’s imperative that they’re done correctly. And generally, they are.

But lately, there’s been an uptick in the number of accounting mishaps making their way into the financial markets. Today we got a few more instances of this problem, so let’s take a look. 📝

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Adobe Leads Day Of Breakups

Most of today’s stories were related to hookups in the market, but we also need to touch on some major breakups. 💔

The first and most prevalent news story was that Adobe and Figma have called off their $20 billion acquisition. The two companies have faced intense scrutiny from European regulators, today saying, “There is no clear path to receive necessary regulatory approvals from the European Commission and the U.K. Competition and Markets Authority.”

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Biotech Buyout Spree Continues

It may be the last week of the year, but many companies are rushing to get deals done before year-end. Two significant transactions in the biotech space were announced today, so let’s dive in. 👇

The first deal involves RayzeBio, which raised $358 million via an initial public offering (IPO) just three months ago. However, its time as a public company is being cut short by Bristol Myers Squibb, which is acquiring the radiopharmaceutical therapeutics company for $62.50 per share in cash. 💰

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