Raphael Stevens

Disney and Warner Bros. Discovery are teaming up to bundle their streaming services.
The offering is reminiscent of the traditional cable TV bundle and the latest partnership between the two media giants in recent months.
Pricing has yet to be disclosed. The bundle will be available this summer.

In this photo illustration the Disney+ logo seen displayed on a smartphone screen.
SOPA Images | LightRocket | Getty Images

The bundle is back.
Disney and Warner Bros. Discovery are planning to offer their streaming services — Disney+, Hulu and Max — in a bundle mirroring the traditional cable TV package, the companies said Wednesday.

The latest iteration of the bundle, which will be available this summer, will be offered on both the ad-supported and commercial-free tiers. Pricing has yet to be disclosed, but the option will be offered at a discount, according to a person familiar with the matter.
Disney will essentially act as the distributor in this case, collecting subscription fees from subscribers and paying out Warner Bros. Discovery a percentage, the person added.
This mashup of Max, Disney+ and Hulu will give streaming subscribers access to a wide breadth of content from broadcast networks ABC and Fox, as well as cable networks including TNT, TBS, CNN, Discovery Channel, Food Network, Disney Channel and more. Fox, which doesn’t have its own entertainment streaming subscription service, licenses its content on Hulu.
The offering, which is reminiscent of the cable TV bundle that has been upended in recent years and continues to bleed customers at a fast clip, is the latest partnership between the two media giants in recent months.
Warner Bros. Discovery and Disney’s ESPN, along with Fox Corp., have also joined forces to offer a sports-streaming service, which is expected to launch this fall.

Earlier on Wednesday, Fox CEO Lachlan Murdoch said on an earnings call he thought the sports-streaming venture would likely be bundled with other entertainment streaming services.
Disney has been offering its streaming services — Disney+, Hulu and ESPN+ — as a bundle for some time. ESPN+ will still coexist with the sports-streaming venture, but is not included in the Warner Bros. Discovery and Disney bundle. Hulu content has also been recently integrated into the Disney+ platform, though the two still require separate subscriptions.
Max costs $9.99 a month with ads, or $15.99 without. Disney+’s basic tier with ads costs $7.99 per month — or bundled with Hulu, $9.99 a month — while its premium plan is $13.99 per month, or $19.99 with Hulu. Meanwhile, Hulu on its own costs $7.99 with ads, or $17.99 ad-free.

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Two New Yorkers were charged with possessing more than $1 million in stolen goods and reselling them through their business in Midtown Manhattan, New York authorities said.
About $212,000 of the merchandise was stolen from Macy’s, while the remaining came from CVS, Rite Aid, Walgreens-owned Duane Reade and other retailers, according to Manhattan District Attorney Alvin Bragg.
The charges come as retailers such as Target and Ulta increasingly cite theft as a growing problem at their stores.

The Macy’s logo is seen at its store in Herald Square in New York City on Jan. 19, 2024.
Michael M. Santiago | Getty Images

A New York beauty store just blocks away from the Empire State Building resold more than $1 million worth of goods that’ had been stolen from Macy’s and a slew of other retailers, authorities said Wednesday.
Two New Yorkers were charged with possessing more than $1 million in stolen goods and reselling them through their business, Rehana’s Cosmetics, a perfume and cosmetics store in Midtown Manhattan, the borough’s district attorney Alvin Bragg said at a press conference.

About $212,000 of the merchandise was stolen from Macy’s, while the remaining came from CVS, Rite Aid, Walgreens and Walgreens-owned Duane Reade, Ulta, Victoria’s Secret, Bath & Body Works and the NHL Shop, Bragg said.
“Through our investigation, we found that Rehana’s Cosmetics was well-known to shoplifters, who would willingly bring them stolen items,” Bragg said. “We allege that created a motive for shoplifters to steal, and thus that the defendants, we allege, were drivers of crime.”

Manhattan District Attorney Alvin Bragg announced an indictment relating to more than $1 million in stolen goods as part of a retail theft fencing operation.
Courtesy: Manhattan District Attorney’s Office

Rehana’s Cosmetics, Bragg alleged, claimed to be a “beauty and perfume store,” but was instead found to have hundreds of boxes filled with products not typically found at such stores, including designer purses, over-the-counter medications, kitchenware and more. He said the defendants obtained the stolen items from shoplifters for the purpose of reselling.
“The root cause we allege here is greed,” Bragg said. “They were doing this to make money. This is the motive that is old as time.”
The charges come as retailers such as Target and Ulta increasingly cite theft as a growing problem at their stores. In March, a monthslong CNBC investigation showed how police broke up an organized retail crime ring that stole millions in cosmetics from Ulta stores and resold them on Amazon.

While Bragg was unable to give a specific number when asked how many stores are believed to be engaging in similar operations, he noted that there have been “far too many assaults” on employees at stores that have experienced theft.
“By using a multi-pronged prosecution strategy, we can make a lasting dent in retail theft that will keep our store employees safe, cut off the incentives to steal and resell stolen goods and allow our retail sector to thrive,” he said.
In a statement to CNBC, a Macy’s spokesperson said, “We appreciate the work of law enforcement and the Manhattan District Attorney’s Office and defer any comments about the case to them.”
A spokesperson for CVS said the drugstore is “grateful” for the work of the Manhattan District Attorney’s office.

Manhattan District Attorney Alvin Bragg announced an indictment relating to more than $1 million in stolen goods as part of a retail theft fencing operation.
Courtesy: Manhattan District Attorney’s Office

“Our partnerships with law enforcement are integral to our efforts to prevent organized retail crime (ORC) rings from stealing and then selling stolen goods online. We look forward to continuing our strong partnership with the DA’s Office as we work to combat ORC across New York City,” the spokesperson said.
A Walgreens spokesperson told CNBC earlier this year that the chain is taking steps to “safely deter theft” and “deliver the best patient and customer experience.”
The other retailers alleged to have stolen goods included in the bust did not immediately respond to CNBC’s request for comment.

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Applebee’s and IHOP have been losing low-income customers, but parent company Dine Brands is hoping its deals can help the chains compete with fast food.
Dine reported disappointing first-quarter earnings and revenue, yet reiterated its full-year forecast.
Dine Brands CEO John Peyton told CNBC that full-service restaurants, fast-food chains and even eating at home are competing for diners’ dollars.

Scott Mlyn | CNBC

Applebee’s and IHOP owner Dine Brands thinks its deals can lure away fast-food customers who have grown frustrated with menu prices.
As consumers pull back their restaurant spending, Applebee’s and IHOP are fighting against a larger group of rivals than usual for a smaller pool of customers. Dine Brands CEO John Peyton said full-service restaurants, fast-food chains and even eating at home are all competing for diners’ dollars.

To rise above the competition, Applebee’s has been leaning into value with a slate of promotions that includes the return of Dollaritas, which makes Peyton confident that it can beat out the fast-food chains vying for its customers.
“The Whole Lotta Burger for $9.99 — if you can have our burger for $10, which is great quality, abundant and eat in our restaurant, in our experience, why would you eat a $10 burger out of a paper bag in your car?” he told CNBC.
Low-income consumers visited less frequently and spent more carefully when they did eat out in the first quarter, according to Peyton. Consumers with incomes under $50,000 account for about 40% to 50% of Dine’s customers, he said.
Dine Brands reported first-quarter earnings that fell short of Wall Street’s estimates, and both Applebee’s and IHOP’s same-store sales shrank more than expected. Still, Dine reiterated its full-year outlook and said sales have improved sequentially. Shares of the company closed roughly flat.
But it’s too soon to tell if Dine will succeed in winning over diners — and investors. The company will need to improve its same-store sales significantly to meet the full-year outlook it reiterated this quarter, Raymond James analyst Brian Vaccaro wrote in a research note on Wednesday. Dine is projecting same-store sales growth will range from flat to 2% this year; in the first quarter, they fell 4.6% at Applebee’s and 1.7% at IHOP.

Applebee’s isn’t the only casual dining chain aiming at McDonald’s and the rest of the fast-food category. Chili’s, which is owned by Brinker International, recently rolled out an ad campaign that calls out the Big Mac and other fast-food burgers for their prices.
And McDonald’s is certainly feeling the heat. CEO Chris Kempczinski told analysts on the company’s latest earnings call that “everybody’s out there with a value message,” which is why the chain is looking to create a nationwide value menu.
Besides leaning into deals, Applebee’s might also get an edge on the competition from a triad of recent pop-culture moments: a pivotal cameo in the tennis drama film “Challengers,” an Applebee’s-motivated meltdown on “Survivor” and a shoutout from football legend Peyton Manning during Netflix’s roast of his former rival Tom Brady.
Not since Beyonce name-dropped Red Lobster on her hit song “Formation” has a casual-dining chain felt so relevant in pop culture.
“It’s top of mind for so many people, and it’s because they’ve grown up with Applebee’s,” Peyton said.

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For the first time since 2009, the summer box office doesn’t have a Marvel film to kick off the key movie season.
Instead, Universal’s “The Fall Guy” stumbled to $28 million during the first weekend in May.
That doesn’t bode well for the summer box office, which was already set to decline from last year’s $4.1 billion haul after dual Hollywood labor strikes halted production and clogged the pipeline of new film releases.

Ryan Gosling stars in Universal’s “The Fall Guy.”

For the first time since 2009, the box office doesn’t have a Marvel film to kick off the summer movie season — and it shows.
Since the 2008 release of “Iron Man,” Marvel Cinematic Universe films have consistently launched this highly lucrative moviegoing season, with only two films generating less than $100 million openings in that time (not including pandemic years).

This year, the headline film for the first summer weekend was Universal’s “The Fall Guy.” And despite strong marketing efforts and solid reviews, it failed to drum up ticket sales during its opening last weekend. The film tallied less than $28 million during its domestic debut.
“‘The Fall Guy’ had quality co-stars in Ryan Gosling and Emily Blunt, but the lack of a known franchise brand and a niche storyline made it too narrow to attract a mass summer-like audience,” Eric Handler, managing director at Roth MKM, wrote in a note to investors Monday.
That stumble doesn’t bode well for the summer box office, which was already set to decline from last year’s $4.1 billion haul after dual Hollywood labor strikes halted production and clogged the pipeline of new film releases.
The result could send the 2024 summer box office down as much as $800 million compared to 2023, according to Comscore’s Paul Dergarabedian, and have ripple effects for the whole year. After all, the key summer period, which runs from the first weekend in May through Labor Day, typically accounts for 40% of the total annual domestic box office.
A limited and unsteady stream of new films means moviegoers haven’t been exposed to film trailers and poster promotions at their local cinemas and may not be aware of what features are headed to the big screen. Additionally, this summer’s movie slate is not as strong as prior years, with fewer blockbusters and major franchise films.

There’s only one superhero film slated for the summer — “Deadpool and Wolverine,” the first R-rated Disney Marvel flick — and it doesn’t arrive until late July.
At present, analysts believe the summer movie season will exceed $3 billion in ticket sales, but just barely. Before Covid, the summer box office consistently topped more than $4 billion. The last time ticket sales were as low as $3 billion during this season was in 2000, according to data from Comscore.
“Even with the inevitable year-over-year revenue downturn, the summer of ’24 should be judged more by the quality and value of the moviegoing experience than the quantity of box office cash in the drawer,” said Dergarabedian.

A lackluster summer

So far this quarter, the box office is tracking down 48% year-over-year, Handler noted. While he expects the May slate to help strengthen ticket sales, the box office “will need to see some big splashes” to “reclaim some lost ground.”
“Right now, cinema operators are in need of a significant content infusion,” Handler wrote. “Not only is the volume of content down in 2Q, but it also lacks sizzle.”

The biggest summer movie releases

May 9 — “Kingdom of the Planet of the Apes”May 17 — “IF”May 17 — “The Strangers: Chapter 1″May 24 — “Furiosa: A Mad Max Story”May 24 — “The Garfield Movie”
June 7 — “Bad Boys: Ride or Die”June 14 — “Inside Out 2″June 21 — “The Bikeriders”June 28 — “A Quiet Place: Day One”
July 3 — “Despicable Me 4″July 19 — “Twisters”July 26 — “Deadpool and Wolverine”
August 9 — “Borderlands”August 16 — “Alien: Romulus”August 23 — “The Crow”

For the rest of May, Disney’s “Kingdom of the Planet of the Apes” is currently tracking for a domestic opening weekend of between $55 million and $60 million. Paramount’s “IF” is looking at around $40 million. And Warner Bros.’ “Furiosa” is expected to hit between $40 million and $50 million.
However, those forecasts pale in comparison to major releases during the same month last year. Universal’s “Fast X” tallied $67 million during its opening, and Disney’s live-action “The Little Mermaid” opened to $96 million.
It’s yet to be seen if this summer will have any breakout hits, like Angel’s “Sound of Freedom” last year, that could bolster the overall box office.

A strong finish

What the summer 2024 slate has going for it is more family-friendly fare. A slew of animated features from established franchises should draw out parents and kids during school vacation.
Currently, Universal’s “Kung Fu Panda 4” is the second-highest grossing film domestically for 2024, with $188.4 million in ticket sales. Warner Bros. and Legendary Entertainment’s “Dune: Part Two” is the highest-grossing domestic release so far this year with $281.3 million.
And there’s some heavy-hitters coming during the last stretch of the year.
“Beetlejuice Beetlejuice” arrives in early September, “Joker: Folie a Deux” hits in October alongside “Venom: The Last Dance,” and November sees “Gladiator II,” “Moana 2” and “Wicked.” Additionally, December will have “Kraven the Hunter,” “Sonic the Hedgehog 3” and “Mufasa: The Lion King.”
Notably, the first “Joker” tallied $335 million domestically in 2019, both “Venom” films generated $213 million apiece, 2016’s Moana took in $248.7 million and the two previous “Sonic” movies scored $146 million and $190 million during their runs in theaters.
“Ultimately the race is won at the multiplex and not on a spreadsheet,” said Dergarabedian.
Disclosure: Comcast is the parent company of NBCUniversal and CNBC. More