Warner Bros. Discovery shares spiked more than 30% after reports that Paramount Skydance is preparing a majority-cash takeover bid backed by Larry and David Ellison. The deal would fold WBD’s studios, HBO, DC, and streaming business into Paramount Skydance’s assets, which already include CBS, Paramount Pictures, and Paramount+. A merger would unite some of the world’s most valuable IP, creating a rival to Disney and Netflix. Investors cheered the news, lifting both companies’ stocks, though regulators are expected to scrutinize the transaction. If approved, the deal could reshape Hollywood’s power structure amid linear TV’s decline and streaming’s consolidation race.

The news: Paramount outlined the future of its cable and studio assets on Wednesday a week after completing its merger with Skydance Media. Paramount president Jeff Shell characterized the company’s vision for its cable networks, including MTV, BET, and Nickelodeon, not as shrinking linear assets, but as “brands that we have to redefine.” Our take: Paramount’s emphasis on growing its traditional media businesses signals a bet that legacy channels can drive meaningful revenues when accounting for shifting viewing habits and pursuing higher-volume content pipelines.

The news: Skydance Media’s $8 billion Paramount acquisition has been approved by the FCC, capping months of stalled negotiations and political controversy. The FCC approved the acquisition, which includes Paramount Pictures, CBS, and Nickelodeon, in a 2-1 vote. Our take: While the Paramount-Skydance merger could raise questions around editorial perception and brand safety, it offers a rare opportunity to reset a legacy media giant and reposition it for mass reach.

Our analysts took a look at the first half of this eventful year and provided their own very specific—albeit unlikely—predictions at what could happen in the second half of the year and beyond.

Hasbro and Mattel are optimistic about the future: The resiliency of the toy category coupled with strong IP properties should keep both companies in the green, even in the event of a recession.

TV ad spending takes a hit as marketers adjust their budgets amid a recession.

This report looks at how digital technology fits into the daily lives of US kids—digital natives who, compared with teens and young adults, aren’t really all that digital.

More people are leaving pay TV for digital alternatives, as TV networks increase their subscription costs and end promotional prices.

US digital video ad spending is on track to exceed our previous forecasts, while TV also got a bump thanks to increased political spending in H2 2018.