The Biggest Winners and Losers of 2026 So Far

Summary of The Biggest Winners and Losers of 2026 So Far

by The Ringer

43m•July 7, 2026
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Overview of The Town’s Mid-Year Hollywood Winners and Losers

Matt Belloni and Lucas Shaw use the halfway point of 2026 to assess who has gained or lost the most business momentum in Hollywood so far. Their big-picture read: the industry is showing signs of recovery — deal volume is up, box office is improving, and live sports are delivering — but major structural problems remain, including layoffs, weak streaming engagement, and continued box-office volatility.

The conversation is especially focused on how studios, streamers, and media executives are adapting to a more fragile entertainment landscape.

Key Industry Takeaways

Hollywood is recovering, but not fully healthy

  • Entertainment/media deal volume hit $112 billion, the highest at this point in the year since 2021.
  • The domestic box office is up about 15% year over year and could post its first $10 billion domestic year since 2019.
  • World Cup viewership is setting records in the U.S.
  • But the industry still faces:
    • continued job losses
    • inconsistent box office performance
    • Netflix engagement concerns
    • repeated disappointments from franchise films

Netflix is still the central pressure point

A major thread of the episode is that Netflix’s business model may need to evolve. Belloni and Shaw argue the company:

  • is seeing weaker retention between seasons
  • may no longer be well-served by the old “replace cable” ambition
  • could benefit from more aggressive moves into:
    • a free tier
    • more ads
    • live sports
    • podcasts
    • potentially bigger strategic partnerships or acquisitions

Theatrical strategy still matters

The episode repeatedly emphasizes that theatrical releases remain a crucial proof point for IP-building, even for streamers like Netflix. A strong theatrical launch can create real cultural value and longer-term franchise potential.

Biggest Winners

Ben Affleck and Netflix’s AI deal

  • Belloni calls Ben Affleck a major winner for selling his company to Netflix for over $100 million.
  • The deal also became a relatively low-drama AI partnership because Affleck’s involvement gave it credibility.
  • The hosts frame it as something between a meaningful strategic move and a very expensive press release.

Graham King and Michael

  • King is credited as a huge winner for shepherding the Michael Jackson biopic through major production problems.
  • Despite controversy, rewrites, legal issues, and a troubled path to release, the film became a massive commercial success.
  • The hosts credit King with pushing the project toward a highly commercial, fan-friendly approach that paid off.

Greta Gerwig

  • Gerwig is seen as a major winner for getting Netflix to commit to a large-scale theatrical release for Narnia.
  • The episode treats this as proof of her unusual leverage as a filmmaker and as evidence that Netflix recognizes the value of theatrical eventization for major IP.
  • Her success is also connected to the broader point that Netflix needs “big splashy moments” to build franchises.

Greg Hessinger / the AMPTP

  • Shaw highlights the studio labor negotiator as a quiet winner.
  • He managed to get four-year deals with the major guilds and avoid another damaging strike.
  • Both sides got something they wanted, but the industry benefited from labor stability.

Ryan Gosling

  • Gosling is described as a major star winner thanks to Project Hail Mary.
  • The film is framed as a true Gosling-led hit, not just an IP-dependent or ensemble success.
  • The hosts see it as a rare case where his star power directly drove a major box office outcome.

Focus Features / Peter Kujawski

  • Horror breakout Obsession is described as a huge win for Focus Features.
  • It becomes the company’s biggest movie ever, making its leadership a winner too.
  • The film’s success reinforces the strength of original horror in 2026.

Sports media winners

  • The World Cup is making winners out of:
    • Fox Sports
    • Telemundo
    • Peacock
    • and generally anyone tied to the tournament’s distribution
  • Jim Dolan is also mentioned as catching a rare win with the Knicks/Sports-related momentum.

Biggest Losers

Ted Sarandos and Greg Peters / Netflix

  • The biggest business loser of the year so far is Netflix’s co-CEO duo.
  • Their stock is down about 20% this year and 40% since the Warner Bros. pursuit.
  • The deeper issue is engagement: some shows are suffering huge drop-offs from season 1 to season 2.
  • The hosts suggest Netflix may need to rethink its long-term model rather than make small content tweaks.

James Gunn and Peter Safran / DC Studios

  • Supergirl is presented as a major flop and a blow to DC’s reboot strategy.
  • The movie’s weak performance raises doubts about the leadership’s ability to execute a new DC era.
  • The hosts suggest this makes the studio’s future more uncertain, especially if ownership/strategic pressure increases.

Kathleen Kennedy / Lucasfilm

  • The Mandalorian and Grogu is framed as a disappointing Star Wars theatrical reset.
  • Belloni argues the movie confirms a broader problem: Star Wars has become too reliant on TV-to-film translation and too cautious creatively.
  • The episode treats this as a parting indictment of Kennedy’s leadership.

Brendan Carr

  • The FCC chairman is cast as a loser because his influence seems weaker than it did earlier in the year.
  • Disney and other media companies are pushing back more forcefully now.
  • The hosts see a political and regulatory environment that is less favorable to Carr’s pressure tactics.

Brian Roberts / Comcast

  • Roberts is described as losing the status of singular media mogul as Comcast continues to fragment into separate businesses.
  • The company is increasingly a story about assets being bought, sold, or spun off rather than one unified entertainment empire.
  • Shaw and Belloni see this as the end of an era in media conglomerate power.

Bill Ackman

  • Ackman is mentioned as a loser for loudly pushing change at Universal Music Group without getting the kind of outcome he wanted.
  • He made noise, but the hosts see little real payoff.

Other Notable Callouts

Adam Aron’s social-media behavior

  • The hosts joke about AMC CEO Adam Aron posting about Taylor Swift’s wedding and then deleting his LinkedIn.
  • He’s treated as an amusing but slightly embarrassing figure in the industry’s gossip ecosystem.

Other losers mentioned briefly

  • Alex Cooper: podcast-related reporting and business issues make her a soft loser.
  • Maggie Gyllenhaal: The Bride is cited as a weaker outcome.
  • Jonah Hill: his movie being pushed out is another minor loss.
  • Casey Wasserman: ongoing fallout from old Jeffrey Epstein-related emails continues to hurt him and may affect the sale of his company.

Bottom Line

The episode’s main message is that 2026 has been a year of partial recovery mixed with major strategic uncertainty. The winners are mostly the people who:

  • delivered theatrical hits
  • avoided labor conflict
  • adapted to changing distribution models

The losers are the executives and companies still tied to old assumptions about:

  • streaming growth
  • franchise safety
  • media conglomerate power
  • and passive audience loyalty

Netflix, in particular, is positioned as the company everyone is watching to see whether it will make a bigger strategic pivot in the second half of the year.