Top Gun: The long-awaited sequel is an important box office hit

5/31/22 8:00PM

No points for second place‍**‍**

Top Gun: Maverick has taken off at theatres, raking in $156m in the US over the extended Memorial Day weekend. That haul not only breaks the previous record for the holiday from 2007, but it also marks Tom Cruise's own personal record for a box office weekend debut — which is good going for an actor that is sixth on the all-time list of highest grossing actors.

With sky-high ratings — 8.7 / 10 on IMDB and 96% fresh on Rotten Tomatoes — the coming weeks are likely to see Top Gun: Maverick go on to become one of the biggest box office hits of the year. That's important because Top Gun is pretty much the first non-superhero movie to be a really big hit since the pandemic.

As we highlighted two weeks ago, the superhero genre (in particular Marvel), has kept the box office in business over the last two years, leaving many to wonder whether non-superhero movies could thrive at the box office post-pandemic. Last weekend proves they can — even if Doctor Strange in the Multiverse of Madness, which is hardly a flagship character of the MCU, brought in some 73% more than Top Gun: Maverick managed on its first day.

‍The nostalgia factor

‍What's particularly exciting is that the equally quotable sequel to Top Gun proved to be a draw for the generation who were teenagers when the first movie came out. Indeed more than half of the attendees (55%) were over 35. Back in 1986, the original movie reportedly led to a 500% increase in applications to become naval aviators — maybe the same people can apply again.

Max Knoblauch6h

Delta to increase bag fees by $10 on domestic flights this week, following JetBlue and United, as jet fuel surges

As the price of jet fuel surges amid the war in Iran, Delta Air Lines on Tuesday announced that it will hike its checked bag fees by $10 beginning this week.

Checking one bag on a domestic Delta flight will now cost $45, up from $35. A second bag will cost $55, up from $45, and a third will cost $200, up from $150. In a statement to Sherwood News, Delta issued the following announcement:

“For tickets purchased on or after April 8, Delta will increase fees for first and second checked bags by $10 and for a third checked bag by $50 on domestic and select short-haul international routes. These updates are part of Delta’s ongoing review of pricing across its business and reflect the impact of evolving global conditions and industry dynamics. Delta SkyMiles Medallion Members; customers traveling in First Class, Delta Premium Select and Delta One; active-duty military customers; and those with eligible co-branded Delta SkyMiles American Express Cards will continue to receive their allotment of complimentary checked bags.”

The move follows similar hikes by JetBlue and United Airlines last week. More are likely to come: when one major airline adjusts its fees, others tend to follow quickly behind. Delta last raised its bag fees in 2024, along with other major airlines.

Jet fuel prices were $4.69 a gallon on Monday, per the Argus US Jet Fuel Index. That’s up from the low $2 range for much of January.

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Paramount reportedly receives $24 billion from Gulf funds to back its Warner Bros. takeover

Three Middle East sovereign wealth funds have agreed to back Paramount’s takeover of Warner Bros. Discovery to the tune of roughly $24 billion, according to Wall Street Journal reporting.

The company’s triumph over Netflix in the bidding war came thanks in part to financial backing from Oracle cofounder Larry Ellison, billionaire father of Paramount CEO David Ellison.

Saudi Arabia’s PIF, which last year led the $55 billion deal to take Electronic Arts private, will provide about $10 billion in the deal. The Qatar Investment Authority and Abu Dhabi’s L’imad Holding Co. is also involved.

According to the WSJ, the funds will not receive voting rights in the combined Paramount-Warner company. Those working on the deal don’t expect the Gulf funds’ involvement to spark any additional regulatory reviews.

Exclusive | Gulf Funds Agree to Back Paramount’s $81 Billion Takeover of Warner

The company’s triumph over Netflix in the bidding war came thanks in part to financial backing from Oracle cofounder Larry Ellison, billionaire father of Paramount CEO David Ellison.

Hyunsoo Rim

appy birthday

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Apple is turning 50 today and it doesn’t look a thing like its younger self

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The entrance of Allbirds seen from Hayes St. in San Francisco, Calif.

Allbirds, the once buzzy multibillion-dollar sneaker startup, is selling up for $39 million

That’s less than 1% of its peak market cap about four years ago.

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JetBlue is raising its bag fees as fuel costs squeeze airlines

JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.

Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.

JetBlue Airways raises bag fees as fuel prices soar