The ‘Top Gun’ star’s absence is part of a larger problem for the Oscars—namely, nobody except Fan Bingbing wants to attend these days unless they’re actively flacking a project. But isn’t Cruise supposed to be the industry’s global ambassador?

David Ellison arrived in Hollywood like a wannabe Bond villain: a young, icy-blue-eyed aerobatic pilot, armed with Larry’s billions. More than 15 years later, however, with a nine-figure payday from Top Gun: Maverick, his string of studio and streamer successes could be a harbinger for how Hollywood survives a new era of downsizing and consolidation.