Happy July 4th, a little early today because I’ll be watching fireworks from the Dodgers game. I’m answering mailbag questions today, so thanks to the dozens of readers who sent queries. I couldn’t answer them all, but I’ll try to at least email everyone back.

Also, if you missed my podcast this week, Bloomberg’s Lucas Shaw and I gave out some mid-year awards like Head-Scratcher Deal of the First Half and Biggest Publicist Fail (so many contenders!). I also spoke with an extremely candid Jason Blum about Hollywood’s evolving economic models. And on Friday, CAA oral history author James Andrew Miller helped me break down the ICM purchase, and whether Bryan Lourd and Chris Silbermann can co-exist.

Discussed in this issue: Tom Cruise, Randall Emmett, Reed Hastings, Kareem Daniel, Bryce Dallas Howard, Kelly Bush Novak, Jay Penske, Boaty Boatright, and the $5,000 Star Wars cocktail...

P.S. As a reminder, you're receiving the free version of What I’m Hearing at . For full access to Puck, and to each of my colleagues, you can subscribe here.

In a word: Yes. Co-C.E.O. Reed Hastings basically admitted the end-of-year 2022 goal puts Netflix on a crazy timeline, telling employees in a recent note that “it’s fast and ambitious and it will require some trade-offs.” Most analysts think the ad tier will launch only in selected foreign markets at first, but given the company’s deflated stock price and subscriber plateau, plus the competitive ad tiers at other streamers, Hastings clearly feels the situation is urgent. People I talk to in and around Netflix say this ad urgency is tied to the coming crackdown on password-sharing. Netflix could no longer ignore the free-riding, but the leadership has no idea how the policing will play with customers, and how many freebies can be converted to upcharges or separate memberships. So Netflix really wants to have that lower-priced, ad-driven tier ready to go as a lure to keep those cash-strapped college kids and cheap-ass ex-boyfriends in the Netflix family...