While box office numbers flagged this Memorial Day weekend, airplane passenger numbers took off, with the TSA reporting a record-breaking 2.95M travelers passing through airport security on Friday — the highest number ever on a single day.
That’s up from the previous record of 2.9M, set on the Sunday after last year’s Thanksgiving weekend, and far surpasses passenger counts seen since 2020 as air travel recovered from a pandemic-era slowdown. It seems now, though, that Americans are back to catching flights in full force.
According to TSA data, the average daily passenger throughput for 2024 so far is 2.36M, some 47% more than that seen for 2021, and similar to the average recorded for full-year 2023 (2.35M)… even before we reach the heights of summer holiday season. Indeed, Airlines for America have forecast that 271M passengers will travel on US airlines between June 1 and August 31 this year, up more than 6% from the previous summer.
Hot air
But as airports prepare for their busiest summer yet, the industry is still grappling with a shortage of some 3,000 air traffic controllers across the US, per the FAA, as well as climate complications that could wreak havoc on weather conditions. Indeed, America is gearing up for another scorching summer, which can, in turn, lead to more extreme weather events — with the upcoming Atlantic hurricane season already predicted to be the most aggressive on record.
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Netflix is down amid reports it’s leading the Warner Bros. bidding war as Paramount cries foul
Netflix’s charm offensive appears to be working.
Netflix is reportedly emerging as the leader in the bidding war for Warner Bros. Discovery after second-round bids this week, edging out entertainment juggernaut rivals Comcast and Paramount Skydance.
Investors don’t appear psyched by the streaming leader’s turn of fortune: the stock is down on Thursday morning, a day after closing down nearly 5% following reports that scooping up HBO Max wouldn’t necessarily result in a big market share boost.
Paramount, which has reportedly made five bids for Warner Bros. Discovery, doesn’t love the current state of play, either. The company sent WBD a letter questioning the “fairness and adequacy” of the process, highlighting reports that WBD’s board favors Netflix and is resisting Paramount.
Any offer would be subject to regulatory approval — a fact that may have weighed against Netflix’s offer given that cofounder Reed Hastings’ politics are vocally to the left, very much at odds with the current regulatory regime. Paramount seems confident in its ability to get approval, reportedly boosting its breakup fee to $5 billion should its potential acquisition fall apart in the regulatory process.
Investors don’t appear psyched by the streaming leader’s turn of fortune: the stock is down on Thursday morning, a day after closing down nearly 5% following reports that scooping up HBO Max wouldn’t necessarily result in a big market share boost.
Paramount, which has reportedly made five bids for Warner Bros. Discovery, doesn’t love the current state of play, either. The company sent WBD a letter questioning the “fairness and adequacy” of the process, highlighting reports that WBD’s board favors Netflix and is resisting Paramount.
Any offer would be subject to regulatory approval — a fact that may have weighed against Netflix’s offer given that cofounder Reed Hastings’ politics are vocally to the left, very much at odds with the current regulatory regime. Paramount seems confident in its ability to get approval, reportedly boosting its breakup fee to $5 billion should its potential acquisition fall apart in the regulatory process.
Delta says the government shutdown will cost it $200 million in Q4
The 43-day government shutdown that ended last month will result in a $200 million ding for Delta Air Lines, the airline said in a filing on Wednesday.
That’s about $100,000 per shutdown-related canceled flight. (Delta previously said it canceled more than 2,000 flights due to FAA flight reductions.) When the company reports its fourth-quarter earnings, the shutdown will lop off about $0.25 per share.
Delta initially stayed calm about the shutdown, with CEO Ed Bastian stating in early October that the company was running smoothly and hadn’t seen any impacts at all. One historically long shutdown later, Delta wasn’t able to remain untouched.
The skies have since cleared, though, and Delta’s filing states that booking growth has “returned to initial expectations following a temporary softening in November.”
Delta’s shares were up over 2% as of Wednesday’s market open.
Delta initially stayed calm about the shutdown, with CEO Ed Bastian stating in early October that the company was running smoothly and hadn’t seen any impacts at all. One historically long shutdown later, Delta wasn’t able to remain untouched.
The skies have since cleared, though, and Delta’s filing states that booking growth has “returned to initial expectations following a temporary softening in November.”
Delta’s shares were up over 2% as of Wednesday’s market open.
