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Mike Leigh is bringing love and care to the Golden Globes’ comedy race.

Bleecker Street will submit “Tender Loving Care,” Leigh’s likely final film, in the musical or comedy categories at the upcoming 84th Golden Globes, Variety has learned exclusively.

Marion Bailey will compete for best actress in a musical or comedy, where she is expected to face contenders including Julianne Moore (“The Debut”), Inde Navarrette (“Obsession”) and Olivia Wilde (“The Invite”). Kate O’Flynn, Alice Bailey Johnson and Paul Jesson will compete in the supporting acting races, which the Globes do not divide by genre. The submissions mirror the studio’s overall acting strategy heading into the Oscar campaign.

The news comes a week after Focus Features submitted “Obsession,” Curry Barker’s horror breakout, as a comedy — a classification that prompted plenty of head-scratching among awards pundits and moviegoers on social media. Leigh’s film, however, seems like a more natural fit. It can be argued that Leigh has never really made comedies or dramas; rather, he makes films about life, which tends to be both at once.

“Tender Loving Care” follows Amy (O’Flynn), a London social worker who moves in with her friend and colleague Rosie (Johnson) after a breakup. Meanwhile, Amy’s parents, Birdie (Bailey) and Geoff (Jesson), navigate the indignities of getting older. Drunken singalongs and kitchen dancing sit alongside hospital visits, with the laughs often arriving with a wince attached.

The last time the Golden Globes classified a Mike Leigh film as a comedy, Sally Hawkins walked away with the best actress prize. That was 18 years ago, for “Happy-Go-Lucky,” with a 21-year-old O’Flynn in a small role that marked her first screen job. Coming off her Emmy win for supporting comedy actress in Apple TV’s “Widow’s Bay,” O’Flynn’s momentum is building. She won the Silver Shell for best leading performance at the San Sebastian Film Festival in September, where the film also took the Golden Shell and the best screenplay prize.

For Bailey, the Globes push represents long-overdue recognition for the veteran performer. Leigh’s real-life partner and a longtime member of his acting company, she previously played Sophia Booth, J.M.W. Turner’s Margate landlady and companion, in his 2014 film “Mr. Turner.” In “Tender Loving Care,” she acts opposite her real-life daughter, Johnson, who plays Amy’s best friend.

Leigh’s films have earned six Golden Globe nominations across three titles throughout his career, with two of his leading ladies taking home trophies. “Secrets & Lies” scored three nominations, including best motion picture (drama) and supporting actress for Marianne Jean-Baptiste, while Brenda Blethyn won best actress in a drama. Imelda Staunton also earned a nomination in the same category for her critically acclaimed titular role in “Vera Drake.” Then came “Happy-Go-Lucky,” which landed a best motion picture (musical or comedy) nom alongside Hawkins, who won best actress. The film, and Hawkins’ performance, failed to translate into an Oscar nom.

Shockingly, Leigh himself has never been nominated at the Globes for either directing or screenwriting, despite garnering seven Oscar noms throughout his career. “Topsy-Turvy,” “Another Year,” “Mr. Turner” and “Hard Truths” all came up empty.

After a 50-year career, Bleecker Street is hoping to get Leigh the recognition he deserves. The company will release “Tender Loving Care” in theaters Dec. 4. The 84th Golden Globe nominations will be announced Monday, Dec. 7, and the ceremony, hosted by Nikki Glaser, is set for Sunday, Jan. 10.

Best Picture (Drama)
“Dune: Part Three” (Warner Bros.)
“Fjord” (Neon)
“I Play Rocky” (Amazon MGM Studios)
“La Bola Negra” (Netflix)
“The Odyssey” (Universal Pictures)
“Wildwood” (Laika)

Best Picture (Comedy or Musical)
“The Debut” (A24)
“The Invite” (A24)
“Michael” (Lionsgate)
“Project Hail Mary” (Amazon MGM Studios)
“Tender Loving Care” (Bleecker Street)
“Wild Horse Nine” (Searchlight Pictures)

Actor (Drama)
Matt Damon, “The Odyssey” (Universal Pictures)
Pedro Pascal, “Behemoth!” (Searchlight Pictures)
Robert Pattinson, “Primetime” (A24)
Andrew Scott, “Elsinore” (Focus Features)
Sebastian Stan, “Fjord” (Neon)
John Turturro, “The Only Living Pickpocket in New York” (Sony Pictures Classics)

Actor (Comedy or Musical)
Tom Cruise, “Digger” (Warner Bros.)
Ryan Gosling, “Project Hail Mary” (Amazon MGM Studios)
Jaafar Jackson, “Michael” (Lionsgate)
John Malkovich, “Wild Horse Nine” (Searchlight Pictures)
Brad Pitt, “The Further Mis-Adventures of Cliff Booth” (Netflix)
Seth Rogen, “The Invite” (A24)

Actress (Drama)
Emily Blunt, “Disclosure Day” (Universal Pictures)
Rosalind Eleazar, “Misty Green” (A24)
Sandra Hüller, “Fatherland” (Mubi)
Sandra Hüller, “Rose” (Mubi)
Renate Reinsve, “Fjord” (Neon)
Léa Seydoux, “Gentle Monster” (Netflix)

Actress (Comedy or Musical)
Marion Bailey, “Tender Loving Care” (Bleecker Street)
Julianne Moore, “The Debut” (A24)
Inde Navarrette, “Obsession” (Focus Features)
Meryl Streep, “The Devil Wears Prada 2” (20th Century Studios)
Olivia Wilde, “The Invite” (A24)
Zendaya, “The Drama” (A24)

Supporting Actor
Colman Domingo, “Michael” (Lionsgate)
Andrew Garfield, “Artificial” (Neon)
Guitarricadelafuente, “La Bola Negra” (Netflix)
Paul Giamatti, “The Debut” (A24)
John Leguizamo, “The Odyssey” (Universal Pictures)
Sam Rockwell, “Wild Horse Nine” (Searchlight Pictures)

Supporting Actress
Gemma Chan, “Josephine” (Sumerian Pictures)
Penélope Cruz, “The Invite” (A24)
Anne Hathaway, “The Odyssey” (Universal Pictures)
Scarlett Johansson, “Paper Tiger” (Neon)
Samantha Morton, “The Odyssey” (Universal Pictures)
Kate O’Flynn, “Tender Loving Care” (Bleecker Street)

Director
Javier Ambrossi and Javier Calvo, “La Bola Negra” (Netflix)
Jesse Eisenberg, “The Debut” (A24)
Martin McDonagh, “Wild Horse Nine” (Searchlight Pictures)
Christopher Nolan, “The Odyssey” (Universal Pictures)
Denis Villeneuve, “Dune: Part Three” (Warner Bros.)
Olivia Wilde, “The Invite” (A24)

Screenplay
“The Debut” (A24) — Jesse Eisenberg
“Dune: Part Three” (Warner Bros.) — Brian K. Vaughan, Denis Villeneuve
“The Invite” (A24) — Rashida Jones and Will McCormack
“Fjord” (Neon) — Cristian Mungiu
“The Odyssey” (Universal Pictures) — Christopher Nolan
“Wild Horse Nine” (Searchlight Pictures) — Martin McDonagh

Original Score
“Behemoth!” (Searchlight Pictures) — James Newton Howard, Alan Silvestri, Brandon Roberts, Michael Abels, Emily Bear, Lukas Frank, Michael Giacchino, Henry Jackman, Nami Melumad
“The Debut” (A24) — Emile Mosseri
“Dune: Part Three” (Warner Bros.) — Hans Zimmer
“La Bola Negra” (Netflix) — Raül Refree
“The Odyssey” (Universal Pictures) — Ludwig Göransson
“Project Hail Mary” (Amazon MGM Studios) — Daniel Pemberton

Original Song
“The Debut” (A24) — “This City May Have Chewed Me Up (But It Hasn’t Spit Me Out)” (Jesse Eisenberg)
“The Devil Wears Prada 2″ (20th Century Studios) — “Shape of a Woman” (Lady Gaga)
“La Bola Negra” (Netflix) — “La Nieve” (Guitarricadelafuente and Raül Refree)
“The Odyssey” (Universal Pictures) — “When I’m Home” (James Blake and Travis Scott)
“Primetime” (A24) — “On Video” (Phoebe Bridgers)
“Toy Story 5” (Pixar) — “I Knew It, I Knew You” (Taylor Swift)

Animated Feature
“Hoppers” (Pixar)
“Iron Boy” (Sony Pictures Classics)
“Ray Gunn” (Netflix)
“Tangles” (Independent Film Company)
“Toy Story 5″ (Pixar)
“Wildwood” (Laika)

International Feature
“Fjord” from Romania (Neon)
“Godzilla Minus Zero” from Japan (GKids)
“La Bola Negra” from Spain (Netflix)
“Minotaur” from France (Mubi)
“Possible Love” from South Korea (Netflix)
“Woman Unknown” from Denmark (U.S. Distributor TBD)

Box Office and Cinematic Achievement
“The Devil Wears Prada 2” (20th Century Studios)
“Michael” (Lionsgate)
“Mr. Irrelevant” (Paramount Pictures)
“Obsession” (Focus Features)
“The Odyssey” (Universal Pictures)
“Project Hail Mary” (Amazon MGM Studios)
“Spider-Man: Brand New Day” (Sony Pictures)
“Toy Story 5” (Pixar)

Variety parent company Penske Media Corporation owns Golden Globes producer Dick Clark Prods. in a joint venture with Eldridge.

David Ellison moved mountains and fought off many detractors in his quest to acquire Warner Bros. Discovery. Now, as the transition is set to formally close on Oct. 6, the high-wire act is about to begin.

The enlarged entity, to be known as Skydance, will carry a nearly unprecedented level of debt for a large media M&A transaction — a nearly $80 billion chunk — and that leverage will weigh on virtually every decision the company makes over the next three years. By comparison, when Discovery bought WarnerMedia from AT&T, it assumed $43 billion of AT&T’s debt, leaving the new WBD with about $53 billion in gross debt as of June 2022.

Skydance has a tight runway through the end of 2029 to significantly pare down the long-term debt on the company’s books. If Skydance doesn’t hit some very specific targets laid out in its agreements with lenders for reducing its overall leverage ratio, Larry Ellison, the software billionaire and the father of the Skydance CEO, will be on the hook to make up the difference out of his personal wealth.

Analysts from three major credit ratings agencies — Moody’s Ratings, S&P Global Ratings and Fitch Solutions’ CreditSights — say the company is walking a tightrope of having to manage a difficult post-deal integration process at a time when the entertainment landscape continues to evolve in unpredictable ways. Skydance is counting on a of things to right for its key units — from Paramount Pictures and Warner Bros. to HBO Max and Paramount+ to CNN and CBS — while it also faces competitive pressure to invest big in content and improved technology for the aging infrastructure at the legacy Paramount and Warner Bros. in particular.

RELATED CONTENT: Skydance takes over Warner Bros. Discovery: Everything You Need to Know

Barring a box office miracle or windfall of streaming subscribers in the coming months, Skydance is projected to operate for all of 2027 with negative cash flow — which will make it harder to be opportunistic in the marketplace. It’s not an impossible feat. But it will require enormous discipline across the organization to focus on priorities and most important, new pipelines for profit.

“They need to move as quickly as possible to get this leverage down,” says Jawad Hussain, managing director at S&P Global Ratings. “While 2027 is not going to have any cash flow, if [Skydance] does this quickly enough, then by 2028 you’re starting to make money and you can then start paying down your debt. And then in ’29 it can get better. That’s the time frame that they have to do it in.”

The company has committed to achieving $6 billion operational savings over three years. That process will be hard on the organization as much of it will come from staff cuts to address overlapping operations and redeployment of resources.

“Until you own the asset, you can’t necessarily fully know what you need to do,” Hussain says. “We’re hoping to see a nice layout of the strategy and the sequencing and timelines around that. I would say post-Q3 into the end of the year, and then early next year when they report Q4, we’re hoping to see a nice layout of the strategy and the timelines around that.”

Robert Fishman, senior analyst for MoffettNathanson Research, also sees Skydance leaders operating in a tough environment of balancing the need to grow the streaming engines — HBO Max and Paramount+ — without starving the linear channels that still generate the majority of the company’s cash flow.

“The company is going to be forced into choosing where to invest their dollars, led by streaming,” Fishman says. “And they need to make sure that the cash flows they’re shifting toward are not going to be to the detriment of the overall company’s cash flows.”

The transaction that saw the smaller Paramount Skydance take over the larger WBD was enabled through Byzantine financing structures and a consortium of debt partners that include Middle East sovereign wealth funds.

The debt piled on to the new company’s balance sheet has sparked intense scrutiny in business and geopolitical circles, although Skydance has consistently assured leaders and Wall Street that the foreign entities will have no governance role or operational influence on the company.

For media biz analysts, the big question that is unanswerable in the short term is how David Ellison and his newly recruited co-CEO Ynon Kreiz can make the merger math work. In the view of S&P Global’s Hussain and others, the Skydance deal is putting together two media giants that were already struggling to generate consistent profit and cash flows given all the outside pressures in the marketplace.

“Paramount itself was generating a little bit of cash flow. Warner Bros. was generating some cash flow — but they both had their issues,” Hussain observes. “So this has been the big issue for a lot of these legacy media companies. We already saw this with Discovery and Warner Bros. merging [in 2022]. We saw this with Viacom and CBS merging [in 2019] They’ve had a go at it. So the question is: why is this time going to be different?”

Jason Cuomo, senior VP in the corporate finance group for Moody’s Ratings, believes it will take time before investors can really measure the potential of the company. In that sense, the backstop of Larry Ellison’s extraordinary resources is seen by many as the only way that the deal could be completed given how much is at risk. Moody’s has rated Skydance’s debt overall at Ba3, which is one notch below investment grade. That investment rating means the company pays higher interest rates in most cases for the credit facilities and short-term borrowings that are a normal course of business for large enterprises.

“It’s a massive company that is going through a multiyear restructuring. That’s going to mean a lot of disruption and a lot of change at the highest levels,” says Cuomo.

“A key support for the credit profile is the controlling shareholder’s [the Ellison family] commitment to backstop the company’s target leverage at the end of 2028 and 2029. If that commitment wasn’t there, our view of this credit profile and the risk would be greater. It effectively will reconcile the divide between what the company hopes to achieve in two to three years and what the commitment is. They’re committed to close that gap. That is one of the material risks that exist.”

S&P Global and CreditSights give Skydance slightly higher ratings that push them over the edge into investment grade territory that was essential for a company shouldering so much debt. S&P Global and others calculate Skydance in 2026 and 2027 as having a debt-to-earnings ratio of 7. The goal is to chop that down to 3 or less by 2029.

Hunter Martin, senior analyst for telecom, media and cable for CreditSights, says the Street will be watching the company’s financial performance closely. But he echoes Cuomo’s view that it will be impossible to tell after just a few quarters. Martin says he’ll keep a close watch on the near-term fate of the linear channels. As those channels go, so goes the company’s biggest source of cash flow.

“There’s two big things that are important that we can look at right now: what is happening when it comes to traditional TV networks businesses: CNN, TNT, TBS, the Discovery channels, Nickelodeon, CBS. “They’re in secular decline, but they contribute like 70 plus % of the profits and almost all the free cash flow,” Martin says. “They’ve already been cutting costs, so we want to see how that develops because this is the big profit driver and the big cash generator of the combined business.”

Martin adds that despite the turmoil around the deal making process, both Paramount and Warner Bros. come into the deal with operational success stories to tout.

“Both of these businesses have shown pretty good momentum in recent quarters,” Martin says. “So what we want to see there if they can maintain or improve that momentum after combining.”

Hussain says he’ll watch how the company handles its tech-stack needs in merging Paramount, HBO Max and Pluto TV FAST channel service. All of the legacy studios have struggled to deliver great digital user experiences a la Netflix. Skydance has a shot to stand tall if it can catch up with Netflix and Disney+ in algorithm and design. Given the Ellison family’s roots in technology (Larry Ellison is co-founder of Oracle), there may be resources available that will turbocharge the inevitable combination of the company’s streaming platforms into a single vertical powered by the same tech engines.

“The legacy media companies were always at a disadvantage because they didn’t necessarily have the tech backgrounds to figure out the tech part,” Hussain says. “Content is obviously very important. But your ability to distribute and have a good platform is important as well. Netflix has demonstrated that. And you see with YouTube and others how their platforms themselves are also very important in making the customer experience better and all of that stuff. So now you’re bringing in someone who has a far more tech background.”

MoffettNathanson’s Fishman says the company’s content spending priorities in the first year will also be telling. After Skydance bought Paramount in August 2025, it’s first splashy news announcement was a seven-year commitment to UFC rights at an eyepopping $7.7 billion price tag.

“One of the biggest things that we’re watching for is the direction of the combined content spending going forward, and where they’re going to look to take some efficiencies,” Fishman says. “And whether sports is going to take an increasing share of that, given upcoming [NFL rights] negotiations, and where streaming fits into [Skydance’s] overall budget as they reallocate resources away from linear.”

Martin notes that the speed bump Skydance hit in the approval process — the antitrust lawsuit filed by 12 states — cost them probably another $500 million in higher interest fees on short-term debt as rates have inched up.

“They’re not going to have like any extra cash flow to pay down debt [in 2027] because all these synergies will take some time to realize,” Martin says. “A lot of cost to achieve these synergies that are front-weighted. You have to do redundancies, and you have to pay people [severance fees],” he says. “If you have to do the technological investment to move over to a new platform, you might have to get out of old real estate leases to move everyone to one headquarters. Those are headwinds initially.”

Martin and other analysts reinforce that Skydance has a juggle a number of spinning plates in real time — against hard deadlines backed by hard numbers.

“The market knows that basically, they need to deliver on these cost synergies. And they need to grow their profits to reduce debt load and improve their credit metrics,” he says.

A coalition of Hollywood unions issued a report on Monday warning that the U.S. has lost significant market share in film and TV production over the last 25 years.

The report found that studios spent 74% of their film production budgets in the U.S. 25 years ago, but that the figure has since declined to 42%. On the TV side, the figure has fallen from 94% to 64%.

The unions — including IATSE, the Directors Guild of America and SAG-AFTRA — published the report as Congress is considering whether to offer a 20%-30% production incentive to revive the domestic film and TV industry. Supporters have argued that the U.S. needs to counter generous incentives offered by Canada, the U.K., and other countries, and that state-based subsidies are inadequate.

Members of Congress have focused on the sharp downturn in domestic production jobs since the end of Peak TV in 2022. But the union report, prepared by EY, takes a longer-term view, showing that the globalization of production has been underway since the turn of the millennium.

The report acknowledges that production has grown considerably over that period — so the U.S. is taking a smaller piece of a much larger pie.

The study looks only at films with budgets of $5 million or more, in 2025 dollars, and TV episodes costing at least $1 million, for those 40 minutes or shorter, and at least $1.7 million for episodes longer than 40 minutes.

In film, the report found that overall production spending by major studios rose from $3 billion to $7 billion annually in the last 25 years. And in TV, spending exploded from $933 million to $8.4 billion over the same span. The report acknowledges that the TV landscape has changed so dramatically over the past two decades that it is hard to draw clear comparisons.

“The rise of streaming fundamentally altered production scale, budgets, season lengths, and release models, creating discontinuities in what constitutes a comparable television series across periods,” the authors wrote.

The report is also limited in that it does not attempt to explain why production has shifted overseas — only to quantify the shift.

The report finds that big-budget films account for much of the exodus. For the 25 most expensive films, the U.S. market share declined from 74% to 34% over the 25-year span. Those 25 films represented a quarter of all films produced by the major studios, but half of the crew and two-thirds of the budgets.

“This highlights that production budgets are heavily concentrated within a small subset of films,” the report notes. “Patterns observed within this group generally reflect the broader analysis trends, albeit with a somewhat larger decline.”

The report argues that if U.S. market share had held constant over the last 25 years, an additional $4 billion would be spent each year on TV and film production in the U.S.

The Motion Picture Association issued its own report last month, arguing that a federal incentive would generate an additional $22 billion in annual domestic production spending by 2035. The MPA report did not attempt to measure the historical trend in market share, but did warn that market share will decline in the future if Congress does not act.

The unions are set to hold a rally with Sen. Adam Schiff and many Democratic members of the California Congressional delegation on Tuesday in Glendale. Schiff and others last month introduced a federal credit that would combine with state-based subsidies to create the world’s most generous incentive regime.

With support from President Trump, who came out in favor of the idea in August, backers are hoping to pass the incentive into law by the end of the year.