decline

Tax incentives for film and television productions have not been enough to counter a still-sluggish environment for filming in the greater Los Angeles region, according to a new report.

For the three-month period that ended June 30, there were a total of 4,711 shoot days in the greater L.A. area, a nearly 13% decline from the same time last year, according to second-quarter data from FilmLA, a nonprofit that tracks local filming.

Compared to the five-year average, that second-quarter figure is a drop of about 36%.

Feature film shoots were down 20% in the second quarter compared to last year, while TV production decreased by 30%.

Incentivized productions are, however, making up a growing number of shoot days. For instance, 33% of the 443 total shoot days for feature films in the second quarter came from productions that received a tax credit. For the TV category, roughly 28% of the 1,607 shoot days last quarter were for projects that benefited from the tax incentive, particularly for dramas and comedies.

“While there is still much work to do, FilmLA’s quarterly report is proof that incentives are working: local incentivized productions are on the rise,” said L.A. Mayor Karen Bass in a statement.

Shoot days for TV dramas were down 6.4% to 732 days this past quarter, with just over 38% of those days coming from incentivized projects. TV comedy production saw a 43% decline to 57 days, with 21 of them coming from projects that received a tax credit. FilmLA noted that many local comedy productions are based on stage and not accounted for in the latest research.

“Because scripted television production supports more industry jobs than any other production category, helping to attract these types of productions is an important step towards bringing filming back to the region, restoring jobs and strengthening our local production economy,” said FilmLA Chief Executive Denise Gutches in a statement.

But any boost from the incentives was offset by serious declines for productions that are not eligible for the state’s film and TV tax credit program.

Shoot days for reality TV, for instance, were down 40% to 676 days compared to the second quarter of 2025. While large-scale competition shows are eligible for the state’s tax credit, such as Jimmy Kimmel’s “Schooled!” science experiment series for kids, other kinds of popular reality TV shows cannot apply for production incentives.

Filming for commercials in the second quarter was down nearly 22% from last year to 543 days. That total marked a 46% decline compared to the five-year average.

In a bright spot, FilmLA’s “other” category, which captures shoot days for student productions, still photography, documentaries and music videos, climbed 10% in the second quarter to 2,118 days.

That boost came largely from online content shoots, which rose by 47%. Filming for short films and documentaries were also higher in the second quarter, though those two segments had much smaller numbers of shoot days, FilmLA said.

June 16 (UPI) — Oil prices have fallen to their lowest levels since the start of the Iran war with Brent crude oil declining to less than $80 per barrel on Tuesday.

Brent crude oil, the international benchmark, traded for $79.96 on Tuesday morning. It is the first time since the war started that it has traded below $80 per barrel. It has since inched above the $80 mark to about $80.19.

The price of West Texas Intermediate, the U.S. benchmark, has dipped by about 3.8% on Tuesday to $77.71 per barrel.

Tuesday marks the second consecutive day of descending oil prices spurred along by Sunday’s announcement that the United States and Iran have come to terms on a peace agreement. Prior to the announcement, oil prices had risen by about 14% since the start of the war.

Iran closed the Strait of Hormuz after the United States and Israel launched attacks on Feb. 28. The United States later instituted a naval blockade on the strait, stopping any vessels using Iranian ports.

The terms of the peace deal have not been made public. The United States and Iran have electronically signed a preliminary agreement and are expected to officially sign off on the peace deal on Friday.

While oil prices have fallen significantly, gas prices have moved more slowly, dropping by three cents on Tuesday. The national average for a gallon of regular-grade gas is $4.04, AAA reports. Gas prices remain elevated by about 36% since the start of the war.

President Donald Trump said Sunday that the traffic on the Strait of Hormuz would resume immediately. However, it may still take weeks for operators on the strait to actually allow tankers to pass through.

About 20% of the Middle East oil trade uses the Strait of Hormuz.

CANNES, France — Greeting from the Croisette, where the 79th Cannes Film Festival is underway — and where the Envelope has its inaugural Cannes issue.

I’ve been hard at work since before the Oscars assigning and editing stories about the global film industry and this storied event’s role in it, albeit with an L.A. twist. And with this special edition of the newsletter, you too can be a part of the “Entourage,” at least vicariously. Read on for more highlights from the issue, and be sure to check out Amy Nicholson and Joshua Rothkopf’s conversation about the Cannes films they’re most excited to see before you block out your schedule.

Cover: Almodóvar, uncensored

(Shayan Asgharnia / For The Times)

You know you have a juicy interview on your hands when you wake up to it being aggregated by the trades, and I can’t really blame them: Columnist Glenn Whipp’s cover profile of Spanish auteur Pedro Almodóvar, in competition here with his new film “Bitter Christmas,” is chock full of pungent quotations.

At 76, the filmmaker is unafraid to speak his mind, whether it be about the apolitical Oscars or the decline of American democracy. But his metafictional treat, in which an acclaimed filmmaker falls out with an old friend over pilfering real life for inspiration, shows that he’s equally willing to turn that critical lens inward. It’s the film, he says, “where I’ve been cruelest with myself.”

Digital cover: Cannes kid Diego Calva

(Ian Spanier / For The Times)

In one of those serendipitous intersections editors dream off, it’s Almodovar that our digital cover star is most amped to meet during the fortnight: “If Almodóvar shakes my hand, I can die in peace,” Diego Calva tells contributor Carlos Aguilar.

With two films at the festival — Jordan Firstman’s “Club Kid,” playing in Un Certain Regard, and Nicolas Winding Refn’s highly anticipated out-of-competition title “Her Private Hell” — Calva, who appeared earlier this year in “The Night Manager” Season 2, may be hard for Almodóvar to miss. But the actor isn’t letting the auspicious moment go to his head. “My friends don’t care whether I have seven Golden Globes or if I’m not working at all,” he says. “To them, I’m just Diego.”

What’s next for Nollywood

(Photo illustration by Stephanie Jones / For The Times; photos courtesy of Anthill Studios, African International Film Festival)

I admit I didn’t know much about the Nigerian film industry beyond the term “Nollywood” before reading Daron James’ deep dive on how the West African country is charting a new course after its recent streaming boom went bust. Now I’m eager to see if its embrace of theatrical exhibition — including, gasp, building more cinemas — can rub off on its American namesake.

Nollywood may produce “the second most movies globally after India,” as James writes, but “creative hustle… is still as important as ever.”

More coverage of the 2026 Cannes Film Festival

Digital entertainment company BuzzFeed Inc. is selling its majority stake to Los Angeles entertainment mogul Byron Allen for $120 million.

BuzzFeed announced the sale late Monday, saying Allen Family Digital had agreed to pay $3 a piece for 40 million shares, representing a 52% stake in the company.

Allen will pay $20 million in cash upfront with the remaining $100 million due in five years.

As part of the deal, Allen also will take over HuffPost, another internet pioneer, owned by BuzzFeed.

The sale is expected to close later this month. BuzzFeed founder and current chief Jonah Peretti will transition to a new role as president of BuzzFeed AI.

Allen will become chairman and chief executive.

“This investment in our business and Byron’s management roles will provide liquidity and operational focus to BuzzFeed,” Peretti said in a statement.

Once an internet darling valued at $1.5 billion, the 20-year-old site appealed to consumers with its lists, splashy news articles and quizzes, including “Which ‘Schitt’s Creek’ character are you?”

BuzzFeed has been on the ropes, financially, for a number of years. It bought HuffPost in 2021 to bolster its readership and offerings to advertisers. Three years ago, it pulled the plug on its once ubiquitous BuzzFeed News unit.

BuzzFeed reported a $15 million net loss in the first-quarter of the year. The company generated $31.6 million in revenue, a 12.4% decline compared to the year-ago period. Ad revenue fell nearly 20% year-over-year to $17.1 million. However, content revenue grew more than 50% to $7.5 million.

BuzzFeed soon will make another round of significant cost cuts prior to Allen’s takeover, Peretti said in the statement. He added that BuzzFeed Studios and Tasty will spin off to form a new independent entity.

The deal comes at a busy time for Allen, a former stand-up comedian who is taking over CBS’ late night block later this month, replacing “The Late Show with Stephen Colbert,” which is being canceled by CBS and its owner Paramount Skydance.

Earlier this month, Allen sold television stations in nearly a dozen markets owned by the Allen Media Group to Atlanta-based Gray Media Inc. for about $170 million.

Allen still owns 13 network-affiliate stations in nearly a dozen markets, including the Weather Channel‘s linear and digital outlets, including PETS.TV and COMEDY.TV.

“Our vision is to build on the iconic foundation of BuzzFeed and HuffPost by expanding into free-streaming video, audio and user-generated content,” Allen said. “BuzzFeed is officially chasing YouTube to become another premiere free video streaming service.”

Warner Bros. Discovery’s impending sale has rattled Hollywood — and the company’s balance sheet as the auction’s high costs increasingly come into focus.

The New York-based media company released its first-quarter earnings Wednesday, which included a $2.9 billion loss. That amount includes $1.3 billion in restructuring expenses, including updated valuations for Warner’s declining linear cable television networks.

Contributing to the net loss was the $2.8 billion termination fee paid to Netflix in late February when the streaming giant bowed out of the bidding for Warner. The auction winner, Paramount Skydance, covered the payment to Netflix but Warner still must carry the obligation on its balance sheet in case the Paramount takeover falls apart. Should that happen, Warner would have to reimburse Paramount.

Warner also spent another $100 million to run the auction and prepare for the upcoming transaction, according to its regulatory filing.

“As we prepare for our next chapter, our focus remains on executing our key strategic priorities: scaling HBO Max globally, returning our Studios to industry leadership, and optimizing our Global Linear Networks,” Warner Bros. Discovery leaders said Wednesday in a letter to shareholders.

Warner generated $8.9 billion in revenue, a 3% decline from the same quarter one year ago, excluding the effect of foreign exchange rate fluctuations.

Its streaming services, including HBO Max, notched milestones in the quarter and 9% revenue growth to $2.9 billion. The company launched HBO Max in Germany, Italy, Britain and Ireland during the quarter.

Advertising revenue for streaming was up 20% compared to the first quarter of 2025.

The streaming unit posted a 17% increase to $438 million in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA).

Warner’s studios, primarily its TV business, had a strong quarter.

Studios revenue rose 31% to $3.1 billion, compared to the prior year quarter.

Television revenue soared 58% (excluding exchange rate fluctuations) due to increased program licensing fees to support the launch of HBO Max in international markets. Those launches also propelled the movie studio, which saw revenue increase 21%.

Video games revenue declined 30% because of lower library revenues.

Adjusted EBITDA for the studios grew $516 million (158%) to $775 million compared to the prior year quarter.

The company’s vast linear television networks saw revenue fall 9% to $4.4 billion compared to the prior year period.

TV distribution revenue tumbled 8% largely due to a 10% decrease in domestic linear pay TV subscribers.

The company also felt the loss of its NBA contract for its TNT channel, which NBC picked up. Advertising revenue fell 12%. “The absence of the NBA negatively impacted the year-over-year growth rate,” Warner said.

As the costs of the merger with Paramount come into clearer focus, the opposition has grown louder.

More than 4,000 artists and entertainment industry workers, including Bryan Cranston, Noah Wyle, Kristen Stewart and Jane Fonda, have signed an open letter warning about the dangers of the merger with Paramount. “This transaction would further consolidate an already concentrated media landscape, reducing competition at a moment when our industries — and the audiences we serve — can least afford it,” according to the letter.

“The result will be fewer opportunities for creators, fewer jobs across the production ecosystem, higher costs, and less choice for audiences in the United States and around the world.”

Adjusted EBITDA for the television networks fell 10% to $1.6 billion, compared to the prior year quarter.

Warner ended the quarter with $3.3 billion in cash on hand and $33.4 billion of gross debt.