As of this weekend, "Supergirl" has earned $58.5 million in North America and $42 million internationally, for a worldwide total of $100.5 million. [1] Warner Bros. and DC Studios spent $170 million to make the film and approximately $120 million to market it — a combined investment of $290 million against a worldwide gross that, after studio splits with theaters, will not approach the break-even number. Sources close to the film told Variety that it would need to gross $300 million to break even. [1] The running loss is projected at $100 million to $120 million.

This paper reported Monday on how "Supergirl's" $8.6 million second weekend, representing a 77 percent drop, read as a DC Studios governance receipt. Today's story is the ledger update: the $100 million loss figure is now the established trade number, and the Paramount-Warner merger meant to resolve DC Studios' ownership and leadership questions has not closed.

The EU Competition Commission extended its review of the Paramount-Warner deal to July 22. The UK Competition and Markets Authority extended its review to August 7. Both extensions are routine procedural steps, not blocking findings — but they mean DC Studios enters the second half of 2026 without the governance restructuring the merger was supposed to provide, and without a slate mechanism that addresses the $290 million lesson "Supergirl" just deposited into the record. [2]

The film's performance is not the only DC story. "Superman," which launched last summer under James Gunn's directorial and executive supervision, opened to $125 million and earned $618 million globally. "Supergirl" shot without Gunn's direct involvement and was slated before the governance structure he and Peter Safran were supposed to implement was in place. The $518 million gap between "Superman" and "Supergirl's" global trajectory is the argument about what the merger was supposed to fix. [1]

Whether DC announces slate changes, executive adjustments, or any formal guidance revision before the merger closes remains the open question. The balance sheet, for now, is answering on its own.

-- CAMILLE BEAUMONT, Los Angeles