It's a Friday in summer and just as we're expecting a lazy end to the week, we of course get hit with some M&A news.

First up is word that Skydance Media CEO David Ellison is in "early discussion" to acquire investigative media outfit The Free Press. Keep in mind that Ellison is still waiting on approval for that other deal, his pending merger with Paramount. 

A few hours later, we learned that Legendary Entertainment, the studio behind "Dune" and "Godzilla vs. Kong," is interested in buying Lionsgate Studios, home to "John Wick."

Am I the only one who thinks John Wick vs. Godzilla would make a gazillion bucks?

Speaking of genre films, be sure to check out our historic look at "Superman" and "Fantastic Four" and why they mean so much to DC and Marvel. 

Roger Cheng
Managing Editor of Business and PRO
roger.cheng@thewrap.com

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MERGER FRIDAY?

Typically, big merger deals are announced on Monday. And while today's M&A chatter is more rumor and early talks than official announcements, it's fascinating to see two of them drop so close to each other.

It goes to show you that dealmaking does not take a summer break. 

MUST READ

Brian Lowry taps into the gold mine of geekdom that is his encyclopedic mind to lay out the history of how superhero films got where they are -- all the way from the very beginning. 

Examining that legacy is the key to understanding why Marvel and DC have so much invested in "The Fantastic Four: First Steps" and "Superman," and why this summer is such a critical moment for superhero films in general. 

CATCH UP

Soaring: "Superman" is off to a great start with $22.5 million in preview screenings, the most of any film this year

Steve Pond's Emmy Watch: Here are our predictions for the 2025 nominations

Public TV: President Donald Trump threatened to withdraw support from Republicans who don't vote to defund NPR and PBS

BIZ CORNER

George Lucas will make his first-ever Comic-Con appearance in the famed Hall H venue

"Practical Magic 2" casts Lee Pace and Maisee Williams, with Dianne Wiest and Stockard Channing returning

CBS schedule shakeup: "Watson" moves to the Fall while "CIA" gets pushed to midseason

DATA POINT

Parrot Analytics charts the U.S. demand and social buzz for hit "F1: The Movie" and stacks it up against other Apple TV+ projects

IN OTHER NEWS...

The Atlantic on why "Love Island USA" is a hit: there's no romance, and Gen Z loves it (The Atlantic)

In an example of extreme frankness, Intel CEO Lip-Bu Tan said he doesn't consider the company a top 10 chip maker and is too far behind to catch up in AI (The Oregonian)

Elon Musk's xAI is seeking a valuation of $200 billion in the next round of fundraising (Financial Times)

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This report provides a high-level analysis of daily developments within the entertainment sector. It compiles crucial data points and insights from industry leaders, highlighting key trends and shifts in business strategies.