Good morning! Melania Trump is MIA, where the new Pope stands, and CAA’s Maha Dakhil is optimistic about this summer’s box office.
– Summer Smash. News that President Donald Trump wants to put a 100% tariff on films made outside of the U.S. couldn’t come at a worse time for Hollywood, as the movie industry is already trying to climb out from underneath an unprecedented streak of bad luck. Covid-19 shut down theaters and production, strikes prolonged the recovery, and then Hollywood was caught, quite literally, in the middle of the Los Angeles fires earlier this year. At the same time, viewers became increasingly accustomed to watching films from the comfort of their homes, where they can add subtitles and pause to use the bathroom as needed. Despite all the headwinds, one top industry player remains optimistic about what’s to come.
Over the past few weeks, something feels like it’s shifting in Hollywood’s favor, says Maha Dakhil, managing director and co-head of Creative Artists Agency’s international film group who represents A-listers like Tom Cruise. The recent success of films like Ryan Coogler’s Sinners, an R-rated horror film that has become a movie-going event, has reinvigorated the industry, she says. So far, Sinners has grossed nearly $245 worldwide, making it one of the most successful original scripts in years, and it is set to be re-released on IMax screens due to overwhelming demand. Much of the success is being attributed to word-of-mouth from other theater-goers, a major coup.
And then there’s the runaway success of A Minecraft Movie, which is nearing a $1 billion box office, and early success for Disney’s Thunderbolts. Where industry analysts expected the release of Thunderbolts, a Marvel movie, to steal audiences away from Sinners, both continue to perform well.
“The result with Sinners I think gains a different level of inspiration that is uplifting, and inspires artists and studios and advocates and producers alike to not just keep going, but to go with gusto,” Dakhil says. “It’s just good for all of us. It’s good for the business.”
With all of that momentum building, the fledgling summer season—historically Hollywood’s most profitable box office period—looks even more promising, with those in the industry hopeful 2025 will be the year ticket sales rebound to pre-Covid levels. Final Destination: Bloodlines is part of a popular international franchise that is tracking well ahead of its release next week, and the Cruise-starring Mission Impossible: The Final Reckoning—which Dakhil is, understandably, particularly excited about—is tracking for a franchise-best opening. When Mission Impossible is coupled with the release of Disney’s Lilo & Stitch live action, Hollywood could see an extremely lucrative Memorial Day haul.
Past the summer, Dakhil says more deals are being executed and more excitement is building about what’s to come. Despite the many headwinds the industry has faced over the past few years—and no matter how many times onlookers say movies are dead—it keeps roaring back.
“You can lean into all the reasons the movie business is over or dying, and then you’re just part of fulfilling that prophecy,” she says. “Our plan to move forward is to move forward.”
Alicia Adamczyk
alicia.adamczyk@fortune.com
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ALSO IN THE HEADLINES
- Melania MIA. Melania Trump has only spent 14 days in the White House since inauguration. Meanwhile, President Donald Trump has taken on some traditional first lady tasks, like hosting and decorating. New York Times
- Conclave closed. Cardinal Robert Prevost was named the new Pope of the Catholic Church on Thursday and the first American pope in history. Prevost is considered socially progressive but more conservative than the late Pope Francis on Church practices, like the possibility of ordaining women. CBS
- Election reflection. Former President Joe Biden told The View on Thursday that he “wasn’t surprised” but was “very disappointed” that Kamala Harris lost the 2024 Presidential election. Biden partly blamed a “successful and a consistent campaign undercutting the notion that a woman couldn’t lead the country” on her loss. AP
- James on trial. Federal prosecutors have reportedly begun an investigation into Letitia James, the New York Attorney General that the Trump administration believes falsified official paperwork in 2023. James and her office notably sued Trump in a civil trial in 2023 that fined him more than $450 million for inflating the net worth of his properties. Guardian
MOVERS AND SHAKERS
Fortune 500 Power Moves
Jones Lang LaSalle (No. 193) named Karen Brennan as CEO, effective July 1. Brennan previously served as CFO. Kelly Howe, currently the CFO for the company’s Leasing Advisory business, will succeed Brennan as the company’s new CFO.
Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition.
Sollis Health named Melanie Goldey to its board of directors. She currently serves as the CEO of Tally Health.
ON MY RADAR
Bella Ramsey says ‘It’s important’ to keep gendered awards for Best Actor and Actress: ‘Recognition for women in the industry’ must be ‘preserved’ Variety
The best player in the WNBA now has her own shoe. Why did it take so long? New York Times
Bebe Rexha says she experienced pregnancy loss The Cut
PARTING WORDS
“If you’re not used to fighting, and losing battles, then don’t become a lawyer.”
— Justice Sonia Sotomayor on how the legal profession should toughen up
