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The box office is finally back. The next merger could undo it

Samantha Masunaga, Los Angeles Times on

Published in Entertainment News

LOS ANGELES — “Spider-Man: Brand New Day” opened to $360 million in the U.S. and Canada this weekend, pushing out 2019’s “Avengers: Endgame” to claim the biggest domestic debut in history.

“Records are made to be broken,” Sony Motion Picture Group Chairman Tom Rothman said in a statement Monday. “But we will take great pride in this one, for as long as we hold it.”

Internationally, the web-slinger picked up an additional $572 million for a worldwide total of $932 million. The film, which stars Tom Holland and Zendaya, was produced by Sony-owned Columbia Pictures, Marvel Studios and Pascal Pictures on a production budget of about $225 million.

By Monday morning, nearly everyone in the exhibition business was cheering.

The chief executives of AMC Entertainment Holdings, Regal and Cinemark Holdings all put out statements about record revenue at their chains, plus deep demand for merchandise, food and drinks. Cinema United trade group chief executive Michael O’Leary applauded the “great slate of films” that have populated theaters this year.

There’s a lot to be excited about here. Expectations for the film were high, but breaking a pre-pandemic record — previously held by an “Avengers” movie, no less — is a big deal.

“The buildup to what ‘Endgame’ was at $357 million just seemed out of reach,” Jeff Bock, senior box office analyst at entertainment data firm Exhibitor Relations, told me on Monday, referring to the previous domestic debut record. “It’s pretty gratifying to see that characters and emotions still matter in filmmaking. This movie was just really about relationships.”

That emotional core was a major focus for the filmmakers. When I spoke with producer Amy Pascal in the lead-up to the opening, she said there was no topping the multiverse storyline of 2021‘s “Spider-Man: No Way Home,” which featured the return of Tobey Maguire and Andrew Garfield. Instead, the filmmakers chose to go smaller, focusing on the internal conflict and loneliness of Holland’s Peter Parker after a spell forces his friends to forget him.

Spider-Man has always been one of the most popular superheroes. But not every Spidey film has had this level of box office success. What “Brand New Day” shows is that a strong story matters more to audiences than the name of the superhero alone — an important distinction as the genre has weathered an uneven track record in recent years. Just this summer, we saw stumbles from Amazon MGM Studios’ “Masters of the Universe” and Warner Bros. Pictures and DC Studios’ “Supergirl.”

The next test arrives in December with Walt Disney Co. and Marvel Studios’ “Avengers: Doomsday,” which “Brand New Day” teases in a post-credits scene, as well as throughout the film. “As audiences saw, it sets up exciting things to come,” Marvel Studios President and “Spider-Man” producer Kevin Feige said in a Sunday statement.

The recovery, by the numbers

Domestic box office revenue for the weekend totaled $436.5 million, according to data from Rentrak. Spider-Man accounted for 82% of it, but Christopher Nolan’s “The Odyssey” also hauled in $51 million in its third weekend, on its way to worldwide revenue of more than $912 million.

Together, the pair have combined for a unique, and telling, one-two punch. It’s the same phenomenon that drove moviegoers to A24’s “Backrooms” and Focus Features’ “Obsession.” Originality in storytelling really does matter, despite the plethora of reboots and sequels. And when moviegoers have more choices, they’re coming back, again and again, analysts say.

 

“These two films in particular have really turned moviegoing itself into the event,” Bock said. “The audience isn’t rejecting theatrical movies. They’re rejecting films that don’t feel essential.”

Domestic summer box office revenue to date now stands at nearly $3.6 billion, up 16.7% compared to 2025 and — importantly — only 0.7% behind the same period in 2019. Year-to-date revenue is about $6.2 billion, a 15.4% improvement from last year, though it still lags 2019 by 11.6%.

And with another blockbuster to come in December — Warner Bros. and Legendary Entertainment’s “Dune: Part Three” — analysts now predict 2026 domestic revenue is on track to reach $10 billion, a milestone that hasn’t happened since before the pandemic.

What could undo it

Here’s the catch. A major part of that recovery rests on volume: more titles, more genres, more reasons to leave the house on a given weekend. Which is exactly what a federal judge in Oakland is weighing right now.

Paramount Skydance’s nearly $111 billion acquisition of Warner Bros. Discovery has cleared the Justice Department, the European Commission and regulators in more than a dozen other countries. What it has not cleared is a coalition of 12 state attorneys general, led by California’s Rob Bonta, who sued July 13 to block the deal under the Clayton Antitrust Act.

On Friday, the parties each proposed their preferred dates for an antitrust trial over which U.S. District Judge Araceli Martínez-Olguín will preside as Paramount argues for its merger to proceed and the state attorneys general argue against it. The judge has said the states had presented compelling evidence the combined company would hold a substantial share of the wide-release theatrical distribution market — enough, she said, to presume the deal likely violates antitrust law. The Writers Guild of America has joined the states’ lawsuit.

Paramount has said the merger will benefit consumers, workers and the entertainment industry, and that the states’ claims of anticompetitive effects “are without any basis in modern market realities.”

Hollywood has seen this movie before. The last unaccounted-for variable from the pre-pandemic era is Disney’s 2019 acquisition of the entertainment assets of 21st Century Fox, which combined two studios and led to fewer theatrical releases.

Paramount Skydance chief executive David Ellison has promised the combined company will release a minimum of 30 films a year. Many in Hollywood have their doubts.

“If they’re able to execute on that promise of 30 titles a year, I think we’re going to accelerate even further,” said Daniel Loria, a senior vice president at The Box Office Co. “We’re on a great trajectory. But there are serious questions that remain on their capacity to do so, and what the impact of another slowdown in releases from a major studio would bring.”

Paramount has said it won’t close the deal before June 2027 unless the litigation resolves sooner, and is pushing for a November trial; the states want April 2027. Either way, the industry just posted its biggest opening weekend ever while the question of how many movies get made is sitting in a courtroom in Northern California.


©2026 Los Angeles Times. Visit at latimes.com. Distributed by Tribune Content Agency, LLC.

 

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