Raphael Stevens

SpaceX is preparing to launch its next private mission from Florida on Aug. 26, and it will be the company’s first attempt at a spacewalk.
The four-person crew is made of billionaire and Shift4 founder Jared Isaacman, his colleague Scott Poteet, and a pair of SpaceX employees, Anna Menon and Sarah Gillis.
The Polaris Dawn mission is the first of three flights Isaacman purchased from SpaceX in 2022 for his human spaceflight effort known as the Polaris Program.

Polaris Dawn commander Jared Isaacman during spacesuit testing.
John Kraus / Polaris Program

SpaceX is preparing to launch its next private mission by the end of the month, featuring the first attempt to have the astronauts step out into space.
The Polaris Dawn mission — the first of three flights billionaire and Shift4 founder Jared Isaacman purchased from SpaceX in 2022 for his human spaceflight effort known as the Polaris Program — is set to launch from Florida in the early hours of Aug. 26.

“We don’t get the freedom of any time of day to launch but I think it’ll work out to [be] pretty close to dawn, which is very appropriate given the mission,” Isaacman told CNBC’s Investing in Space during an interview last month.

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Isaacman will be commanding the mission, as he did while leading the historic Inspiration4 flight in 2021. He’s once again leading a crew of four, with longtime colleague Scott Poteet joining him as the pilot and Anna Menon and Sarah Gillis, a pair of SpaceX employees, serving as the flight’s medical officer and mission specialist, respectively.
The multi-day trip isn’t headed to a destination, but instead will be a free-flying mission tracing orbits that the crew hopes will go far from Earth.
“We’re going to a very high altitude that humans haven’t gone to in 50-plus years,” Isaacman said.

The Polaris Dawn crew, from left: Anna Menon, Scott Poteet, Jared Isaacman, and Sarah Gillis.

But the centerpiece of Polaris Dawn is the planned spacewalk.

Extravehicular activities, or EVAs, have been a regular part of NASA’s astronaut missions for years, such as when the agency needs maintenance done outside the International Space Station. But no private venture has attempted an EVA before.
Isaacman said he understands that going for a spacewalk means he and his crew will “surrounded by death,” a moment for which they’ve been training extensively.
“The only thing that comes close to that is the vacuum chamber, and that’s where you’re pretty much feeling as close as it’s like to be in the vacuum conditions or space. … That definitely gives you the actual sensations of the pressure changes and the temperature changes, as well as just the psychological stressors of being in a very harsh environment,” Isaacman said.

Five day mission plan

The Polaris Dawn mission crew, from left: Medical officer Anna Menon, pilot Scott Poteet, commander Jared Isaacman, and mission specialist Sarah Gillis.
Polaris Program / John Kraus

Isaacman also detailed the day-to-day schedule for Polaris Dawn, which will be in space for up to five days.
Day one is all about looking for a time when there’s minimal risk from micrometeorite orbital debris, which will determine exactly when Polaris Dawn will launch. After reaching an orbit of 190 kilometers by 1,200 kilometers, Isaacman said the crew will do extensive checks of SpaceX’s Dragon capsule Resilience.
“It’s really important to know that the vehicle has no faults before going up to 1,400 kilometers” altitude, Isaacman said.
The spacecraft will also take early passes through the high radiation zone known as the South Atlantic Anomaly.
“You ideally want to take that at the lowest altitude as you can because even down at 200 kilometers, the radiation level there is substantially higher … Our two or three passes at high altitude through the South Atlantic Anomaly will be almost the entirety of the radiation load on the mission and like an equivalency of three months on the International Space Station,” Isaacman said.
Day two will focus on some of the science and research that Polaris Dawn plans to accomplish — which will total about 40 experiments. The crew will also prep for the spacewalk, testing out the EVA suits.
“So we can make sure that … there’s nothing unexpected in microgravity versus what we were able to test on Earth,” Isaacman said.
Day three is the big one: The EVA.

The spacewalk

So who on the crew will perform the spacewalk?
“We’d say all four of us are doing it — there’s no airlock and it’s being vented down to vacuum” inside the spacecraft, Isaacman said.
Two of the crew will journey outside of Dragon: Isaacman and Gillis, while Poteet and Menon stay inside as support.
The EVA is expected to last two hours long from start to finish. Isaacman stressed that the spacewalk “is really a test and development” process.
“We want to learn as much as we can about the suit and the operation as possible, but we only have so much oxygen and nitrogen to work with,” Isaacman said.
Polaris Dawn plans to livestream the spacewalk, and the mission commander emphasized that there are going to be “a lot of cameras” scattered inside and out of the capsule.

Brand new spacesuits

A SpaceX extravehicular activity (EVA) suit during testing on June 24, 2024.
John Kraus / Polaris Program

The crucial piece of equipment intended to make the EVA possible is SpaceX’s spacesuits.
The company has spent the past couple years taking its minimalist-looking, black-and-white IVA suit —meaning intravehicular activity, and worn by astronauts in case of emergencies — and using it to create its EVA suit. Isaacman said the EVA suits are the results of hundreds of hours of testing different materials over years.
“So our primary goal is learn as much as we can about the suit,” Isaacman said.
“Everything is about building the next generation. We’re continuing to iterate on this suit design so that SpaceX can have hundreds or thousands someday for the moon, Mars, working in [low Earth orbit], what have you. Building a new EVA suit is no easy task,” he added.

Polaris Dawn medical specialist Anna Menon during spacesuit testing.
John Kraus / Polaris Program

Polaris Dawn aims to push the boundaries of private spaceflight and, like his first trip to orbit, Isaacman hopes the mission inspires.
“This is the inspiration side of it … anything that’s different than what we’ve seen over the last 20 or 30 years is what gets people excited, thinking: ‘Well if this is what I’m seeing today, I wonder what tomorrow’s gonna look like or a year after.”
Read Isaacman’s Q&A with CNBC’s Investing in Space newsletter here. More

A more health-conscious younger consumer and an aging older demographic are contributing to a growing interest in nonalcoholic drinks, according to Nielsen IQ, and to the rise of a niche subset called “functional beverages.” 
Functional beverages are nonalcoholic drinks that go beyond basic hydration or the nostalgic taste factor for alcohol that non-alcoholic beer and mocktails often target.
Many are marketed as having specific health and cognitive benefits, and some include substances such as THC for their mood-altering properties.
Although interest is surging, the legality behind the drinks remains undefined and at times reliant on legal loopholes.

Mimi Lam, co-founder and chief executive officer of Superette, arranges cannabis-infused beverages at the Superette Sip ‘N’ Smoke cannabis dispensary in Toronto, Ontario, Canada, on Monday, Oct. 25, 2021. 
Della Robbins | Bloomberg | Getty Images

More Americans are looking for alcohol alternatives, and beverage makers that tout the health benefits of their drinks are trying to capitalize on that.
More than 40% of Americans say they are trying to drink less alcohol in 2024, a jump from 34% a year prior, according to recent figures from data insights company NCSolutions. The number goes up to 61% for Generation Z, compared with the 40% of that age group who said they planned to drink less in 2023. 

As younger consumers grow more health conscious and generations that typically drink more get older, interest in nonalcoholic drinks has climbed, according to Sherry Frey, a wellness expert at Nielsen IQ. That has helped fuel the rise of so-called functional beverages.
Functional beverages are drinks that aim to go beyond hydration or the nostalgic taste for alcohol that nonalcoholic beer and mocktails often target. Many include adaptogens, herbs that are marketed as having specific health and cognitive benefits, while others include substances such as THC, the psychoactive ingredient in cannabis, for their mood-altering properties.
The drinks surged in popularity after the pandemic, crowding grocery store aisles and then appearing on restaurant and bar menus. 
The phenomenon is worldwide. The global functional beverages market is expected to reach $249.5 billion by 2026, according to 2022 research by Euromonitor.
Functional beverages retail sales in the U.S. topped $9 billion in the 52 weeks ending March 30, according to the latest data from NielsenIQ, almost 10% of total beverages. The numbers exclude cannabis drinks.

“People want to have an experience, and once brands are able to create sustainable, consistent, effective, comparable experiences, I think the majority of the market share is going to move away from [alcohol] alternatives to functional [alcohol] alternatives,” Aaron Nosbisch, founder of cannabis and adaptogenic drinks company Brez, told CNBC.
But the growth of functional beverages doesn’t signal the end of alcohol consumption. Around 80% of those who buy nonalcoholic beverages also buy drinks that contain alcohol, according to consulting firm BCG, based on research from NielsenIQ.
“Yes, there’s some cannibalization of existing beer, wine and spirits products” but not a total replacement of them, Nic Zhou, BCG managing director and partner, told CNBC.
“People are drinking [functional beverages] because they want more choices,” Zhou said. “They want to be able to socialize and look cool, feel part of the group, but not necessarily have to consume alcohol.”

Younger consumers drive the trend

Younger consumers are fueling functional drinks. Alcoholic beverage penetration among Gen Z consumers over 21 was the lowest among all generations, according to the latest data from Numerator. 
But Zhou said it’s too early to tell whether the trend will last, or if it’s a product of coming of age during the pandemic, when there were fewer opportunities to socialize in a group setting with alcohol.
Frey added that interest from older generations shouldn’t be discounted. 
“We all focus on the younger generation always,” Frey said. ” But when you think about how much [baby boomers] are worth in terms of their spend and the fact that they are reducing alcohol and looking for other alternatives, I think it’s a really important element as well.”
Jake Bullock, founder and CEO of cannabis drink company Cann, said consumers now have more health and wellness information available than ever on devices such as Apple Watches or iPhones. He said he believes the data is “encouraging people to consider the harms of alcohol in a way that we never would have 20 years ago.”

Consumers are looking for health benefits 

Consumer health and wellness concerns spiked during the pandemic, and the trend has not gone away, Frey said. She added Nielsen IQ’s research, done every six months, finds health and wellness is a top priority for consumers. But the concerns have evolved from wanting to cure specific ailments to aiming to increase general well-being in order to live longer and better, according to Nielsen data.
Frey said the shift has piqued interest in functional beverages. Drinks that promote higher energy levels, better digestive and brain health and mood-enhancing benefits are among the most popular. 
Three-quarters of respondents to a 2023 survey by Datassential said they believed functional foods and beverages would help them live longer and be healthier without having to radically change their diet. 
“Consumers are looking for products that do more than one thing for them. So if you can achieve a great taste, but also some functional benefit, you’re adding more value,” Jordan Bass, CEO and founder of adaptogenic beer alternative brand Hop Wtr, told CNBC.
Hop Wtr was co-founded by Nick Taranto, an ex-Marine turned competitive athlete, and Bass, who said he was training for a triathlon at the time. The duo loved “to crack open a cold beer” but wanted a nonalcoholic alternative that would relax them without the health drawbacks of alcohol, Bass said.
Hop Wtr was initially marketed as a beer alternative due to its hoppy flavor. But Bass said the company’s marketing shifted after it saw data showing wide consumer interest in functional beverages.
The drink includes several adaptogens and nootropics. Adaptogens are herbs such as ashwagandha that advocates claim help the body’s response to stress, anxiety and fatigue. Nootropics are popular substances such as L-theanine and caffeine that are claimed to improve mood and provide focus and energy.
“Adaptogens and functionals are marketing terms that were invented that mean drugs for sober people,” joked bartender Elliott Edge.
Edge is a bartender and manager at Hekate, a witchcraft-themed sober bar in the East Village neighborhood of New York City. Hekate was the first sober bar in the city when it opened in January 2022.
Owner Abby Ehmann initially thought she would have to make everything from scratch, but said she was pleasantly surprised to find that over time, new alcohol-alternative products started popping up “like every week.”
The bar stays busy — especially during Sober October and Dry January, when, Edge says, “If you smile in here, your cheeks will touch someone else’s.” Customers range from 80-year-old locals to New York University undergraduates, and not all of them are sober, Edge added.
Alcohol is the original functional drink. People use it to change their mood or act as a social lubricant, and centuries ago they drank it for supposed health benefits, from aiding digestion to warding off the plague. But as more consumers worry about negative health effects of alcohol, Edge has found that people are open to trying many alternatives.
“People are curious. It seems like they are tired of relying exclusively on something like alcohol for the moods and feelings they want, which are calmness but also sociability,” Edge said.
Functional drinks serve as not only a potentially healthier substitute for alcohol but also for sodas, as consumers grow more wary of sugar.
But like the health benefit claims made about vitamins and supplements, a lot of the claims by beverage makers are not subject to FDA review. 
“It’s certainly not a straightforward space where you can take everything at face value,” Zhou said.
This uncertainty is already leading to legal trouble. Poppi, a functional soda touting digestive benefits, is now facing a lawsuit challenging its claims of prebiotic benefits.
In a statement to CNBC, a Poppi spokesperson said the company stands behind the product.
“We believe the lawsuit is baseless and we will vigorously defend against these allegations,” Poppi told CNBC.

The rise of cannabis drinks

A problem with most nonalcoholic beer and spirits is that you get the taste but “none of the fun,” Brez founder Nosbisch said. People who want to be healthier and eliminate hangovers don’t necessarily want to give up the “social buzz” of alcohol.
“So I think a lot of our success is coming from people actually looking for a true alcohol alternative: something that doesn’t just taste like alcohol but actually gives them a kick,” Nosbisch said.
Cann’s Bullock agreed, saying that the company’s biggest customer group is “the healthy hedonists.” 
“These are the people that are closing down the dance floor but then also at their morning workout class,” Bullock told CNBC.
Gen Z is also leading the trend in THC-infused beverage adoption, according to another survey from Numerator.
Cannabis drinks provide a way to consume THC and CBD in microdoses, similar to how consumers regularly drink alcohol or coffee. That allows the drinker to pace themselves, with effects that kick in and wear off more quickly than with edibles.
This makes the experience more appealing to non-cannabis users, companies say. Eighty percent of Brez customers are non-cannabis users who are looking for a true alcohol alternative, Nosbisch said, adding that he thinks the real business opportunity is in gaining market share from alcohol. 
“We sit at the intersection of sober curiosity and cannabis curiosity,” Bullock said.
Cann launched in 2019 in cannabis dispensaries. But as legalization spreads, it now sells to more than 3,000 points of distribution including liquor stores and convenience stores, on top of the 60% of its sales that comes direct to the consumer via its website. The company has seen 60% growth year over year and has sold more than 9 million cans since its launch, a number it expects to match this year alone.
Zhou said the buy-in from big beverage manufacturers will determine whether consumer behavior will shift for good. And that will depend on the extent of cannabis legalization.
Cannabis market revenue is forecast to reach $42.98 billion in 2024. Growth potential is increasing as President Joe Biden’s administration moves to ease federal restrictions on marijuana and reclassify it to be placed alongside drugs such as Tylenol with codeine, and testosterone. 
Marijuana is still illegal at the federal level, so the cannabis drinks use THC derived from hemp. While there are limits on the amount of THC in hemp pre-harvest, there aren’t any for the products made from the plant.
That’s only one of the safety questions the functional beverage industry will have to figure out as it grows.
“If we’re going to introduce all these functional alternatives, then how do we ensure safety in that process, and that’s what’s going to unfold in this next chapter,” Nosbisch said. More

United Auto Workers President Shawn Fain ratcheted up criticism of Stellantis CEO Carlos Tavares in a video Friday afternoon.
Fain accused the chief executive of price gouging consumers and failing to uphold parts of the union’s labor contract with the automaker.
The comments are the latest in an ongoing back-and-forth between Fain and Tavares following contentious collective bargaining talks last year.

UAW President Shawn Fain chairs the 2023 Special Elections Collective Bargaining Convention in Detroit, Michigan, U.S., March 27, 2023. 
Rebecca Cook | Reuters

DETROIT – United Auto Workers President Shawn Fain ratcheted up criticism of Stellantis CEO Carlos Tavares in a video Friday afternoon, accusing the chief executive of price gouging consumers and failing to uphold parts of the union’s labor contract with the automaker.
The comments are the latest in an ongoing back-and-forth between the CEO and union leader following contentious collective bargaining talks last year between the UAW and Detroit automakers, including Stellantis.

“Something is rotten at Stellantis,” Fain said to begin the 2:30-minute video posted Friday. “Sales are down, profits are down, and CEO pay is way, way up. The problem isn’t the market at GM and Ford, auto sales are up, and the problem isn’t the auto workers. The problem is this man, Carlos Tavares.”
Spokespeople for the union and automaker did not immediately respond for comment regarding the accusations or video.
Several of the criticisms, including those around job cuts and Tarvares’ pay, aren’t new. But Fain’s comments Friday took the claims a step further, accusing Tavares of price gouging consumers in the name of profits. He also alleges that Stellantis is not honoring parts of the company’s worker contract, citing specifically that Stellantis is halting plans to reopen an assembly plat in Illinois.
“Fact, for years, Stellantis has sold fewer cars, but made more in profits. What does that tell you? They’re price gouging. Now they’ve gone too far, and they’re tanking their own sales,” Fain said. “Fact, Stellantis CEO Carlos Tavares is trying to go back on commitments the company made in our last contract, including putting the brakes on reopening the Belvedere Assembly.”
Tavares recently criticized the UAW-Stellantis workforce, noting quality problems at a truck plant in metro Detroit producing the Ram 1500 pickup truck. The company also has announced thousands of layoffs at U.S. plants amid declining sales and product changes.

“The direct run rate of some of our plans starting with SHAP, Sterling Heights, is not good,” Tavares told reporters July 25 while discussing ongoing issues with the company. “That is something that we need to fix with our plant management team as well with our people.”

Stellantis CEO Carlos Tavares speaks to media on June 13, 2024 following the company’s investor day at its North American headquarters in Auburn Hills, Mich.
Michael Wayland / CNBC

Tavares has been on a cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France’s PSA Groupe in January 2021. It’s part of his “Dare Forward 2030” plan to increase profits and double revenue to 300 billion euros ($325 billion) by 2030.
The cost-saving measures have included reshaping the company’s supply chain and operations as well as headcount reductions for both salaried and hourly workers.
Stellantis has reduced headcount by 15.5%, or roughly 47,500 employees, between December 2019 and the end of 2023, including a 14.5% reduction in North America, according to public filings. That doesn’t include further headcount reductions and layoffs this year.
Several executives previously described the cuts to CNBC as grueling to the point of excessiveness. Tavares last month pushed back on the idea that the company’s cost-cutting efforts have led to its current problems. More

A U.S. judge on Friday temporarily blocked sports streaming service Venu from launch ahead of the NFL season.
The joint venture was created by Warner Bros. Discovery, Fox and Disney’s ESPN.
It was set to cost $42.99 a month.
Internet TV bundle provider Fubo filed a lawsuit claiming the venture was anticompetitive and would upend its business.

A detail view of a broadcast camera is seen with the NFL crest and ESPN Monday Night Football logo on it during a game between the Chicago Bears and the Minnesota Vikings at Soldier Field in Chicago on Dec. 20, 2021.
Icon Sportswire | Icon Sportswire | Getty Images

A U.S. judge temporarily blocked media companies Disney, Warner Bros. Discovery and Fox from launching their sports streaming service, Venu, according to court filings.
The temporary injunction, granted in response to a lawsuit brought by Fubo TV, comes just weeks ahead of the start of the National Football League season. The companies had planned to launch their service by that date.

Fubo, an internet TV bundle akin to the traditional pay TV package, alleged in its lawsuit that Venu was anticompetitive and would upend its business. Fubo’s stock gained 16% Friday on the news of the injunction.
“Today’s ruling is a victory not only for Fubo but also for consumers. This decision will help ensure that consumers have access to a more competitive marketplace with multiple sports streaming options,” said Fubo CEO David Gandler in a press release after the court decision.
Warner Bros. Discovery, Fox and Disney’s ESPN announced the formation of the joint venture streaming service in February. Soon after, Fubo filed an antitrust lawsuit against the venture.
On Friday, Fubo said it intends to move forward with its antitrust lawsuit against the companies for their anticompetitive practices. In recent months, lawmakers, including Sen. Elizabeth Warren, D-Mass.; Sen. Bernie Sanders, I-Vt.; and Rep. Joaquin Castro, D-Texas, sent a letter pushing to scrutinize Venu.
“We respectfully disagree with the court’s ruling and are appealing it,” Warner Bros. Discovery, Fox and Disney’s ESPN said in a joint statement on Friday.

“We believe that Fubo’s arguments are wrong on the facts and the law, and that Fubo has failed to prove it is legally entitled to a preliminary injunction. Venu Sports is a pro-competitive option that aims to enhance consumer choice by reaching a segment of viewers who currently are not served by existing subscription options.”
Earlier this month, Venu announced pricing of $42.99 per month.
The service would offer the complete suite of live sports rights owned by the parent companies, which includes the National Basketball Association, National Hockey League, Major League Baseball, college football and basketball, among others. Venu subscribers would also have access to 14 traditional TV sports networks of its parent companies, including ESPN, ABC, Fox, TNT and TBS, as well as the streaming service ESPN+.
The expensive price point is common when it comes to streaming live sports so it doesn’t shake up any carriage agreements with traditional pay TV distributors.
In court documents, U.S. Judge Margaret Garnett noted that the three companies control about 54% of all U.S. sports rights, and at least 60% of all nationally broadcast U.S. sports rights.
“There is significant evidence in the record that the true figures may be even larger,” Garnett said in court papers.
“This means that alone, Disney, Fox, and [Warner Bros. Discovery] are each significant players in live sports licensing, who otherwise compete against each other both to secure sports telecast rights and to attract viewers to their live sports programming. But together, they are dominant,” Garnett said in her decision.
Outside of these companies, Paramount Global’s CBS and Comcast’s NBC are the other largest holders of U.S. sports rights. Streaming services, such as Amazon’s Prime Video, have also begun offering live sports exclusively.
Traditional pay TV distributors have been losing customers at a fast clip as they opt for streaming services and out of the notoriously expensive bundle. Meanwhile, companies such as Fubo — a streaming option of the bundle — have seen their prices rise due to the high programming costs related to the networks they carry.

An advertisement for Venu Sports, the sports streaming venture by Disney, Warner Bros. Discovery and Fox, hangs at the Fanatics Fest event in New York City on Aug. 16, 2024.
Jessica Golden | CNBC

The marketing around Venu so far had been that it would target sports fans outside of the traditional pay TV bundle.
But Fubo’s lawsuit alleged that the sports streaming service violates antitrust law, and is the latest example of anticompetitive behavior from the three media companies.
A multiday hearing took place in the last week, in which representatives for Fubo, as well as satellite TV bundle providers DirecTV and EchoStar’s Dish — which also offer competing internet TV bundles and supported Fubo in the suit — argued the streaming bundle would be detrimental to their businesses.
During the hearing, an attorney for Warner Bros. Discovery told the judge an injunction would “terminate” Venu, Front Office Sports reported.
“This ruling is a major victory for consumers and competition in the video marketplace,” Jeff Blum, executive vice president of external and government affairs at EchoStar, said in a statement.
“We are pleased with the court decision and believe that it appropriately recognizes the potential harms of allowing major programmers to license their content to an affiliated distributor on more favorable terms than they license their content to third parties,” DirecTV said in a statement Friday.
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.

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“Deadpool & Wolverine” has become the highest-grossing R-rated title of all time, surpassing Warner Bros.’ “Joker.”
With $516.8 million in domestic ticket sales and $568.8 million from international audiences, “Deadpool & Wolverine” has exceeded $1.085 billion globally.
The feat not only showcases the Marvel Cinematic Universe’s durability at the box office after a series of recent misfires, but it also suggests that Marvel Studios can delve into darker content in the future without alienating moviegoers.

Hugh Jackman and Ryan Reynolds star in Marvel’s “Deadpool & Wolverine.”

The trio of Ryan Reynolds, Hugh Jackman and Shawn Levy has captured lightning in a bottle with “Deadpool & Wolverine.”
As of Thursday, the Disney and Marvel film is the highest-grossing R-rated title of all time, surpassing Warner Bros.’ “Joker.”

With $516.8 million in domestic ticket sales and $568.8 million from international audiences, “Deadpool & Wolverine” has exceeded $1.085 billion globally. Of note, a sequel to “Joker” arrives in theaters this October.
The feat not only showcases the Marvel Cinematic Universe’s durability at the box office after a series of recent misfires, but it also suggests that Marvel Studios can delve into darker content in the future without alienating moviegoers.
“The success of their first R-rated film opens up a lot of opportunities for Disney and Marvel,” said Shawn Robbins, founder and owner of Box Office Theory. “It’s important to remember that the rating was organic and necessary for the characters. That’s helped audiences and fans respond so favorably. They knew going in that this wouldn’t be a watered-down translation of a formula which has already proven itself.”
The previous Deadpool films were produced through 20th Century Fox and held R-ratings as well. When the Merc with a Mouth transitioned to Disney’s ownership in 2019, it was unclear if the company would embrace his fourth wall-breaking crudeness or leave him on the shelf while producing other Marvel projects.
So when Marvel head Kevin Feige revealed in 2021 that a third Deadpool feature would retain its R-rating, there was a collective sigh of relief from the MCU fan community. Additionally, Marvel gave Reynolds and Levy leeway to poke fun at company executives, the franchise as a whole and even use the iconic “Frozen” line, “Do you want to build a snowman?” to make a drug reference.

“Disney will probably be very selective in deciding what future films they’re comfortable with distributing under the more mature rating because they still have to consider their enormous family audience, as does Marvel, but this at least offers a blueprint of how and when it’s appropriate to do so,” Robbins said.
“Deadpool & Wolverine” arrived in theaters late July on the back of a string of hits and misses from one of Disney’s most bulletproof franchises. The last film released by the studio was “The Marvels,” which arrived in November and had the lowest opening and lowest overall box office haul for an MCU film ever.
Now there is renewed confidence in the MCU, especially as Marvel used San Diego Comic-Con and Disney’s biannual D23 Expo to tout its upcoming slate of features and share exclusive footage.
Going forward, the studio appears to be limiting the number of series it is producing for its streaming platform, Disney+, and keeping its focus on the big screen. Previously, Marvel had produced nearly a dozen shows for the streaming platform, flooding the market and estranging some fans.

Upcoming Marvel Cinematic Universe theatrical titles

“Captain America: Brave New World” (2025)
“Thunderbolts*” (2025)
“The Fantastic 4: First Steps” (2025)
“Blade” (2025)
“Avengers: Doomsday” (2026)
“Avengers: Secret Wars” (2027)

Marvel has six theatrical titles coming in the next three years and three television series set for release in 2025 — “Agatha All Along,” “Ironheart” and “Daredevil: Born Again.”
Both Comic Con and D23 audiences cheered the announcements to Marvel’s slate, a sign that interest has not waned for the superhero genre. That is good news for the MCU, which has generated more than $30 billion at the box office since “Iron Man” was released in 2008.

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Broadcast stations owned by Byron Allen have been consistently late in making payments to network owners, angering media allies and creating distance between Allen and his would-be deal partners, CNBC has learned.
The payments to ABC, CBS and NBC total tens of millions of dollars throughout the year, and the extent of the lateness has grown worse over time, according to people familiar with the matter.
Allen’s late payments of tens of millions of dollars stand in stark contrast to his proposed multibillion-dollar bids for media assets.

Byron Allen, founder, chairman, and CEO of Entertainment Studios and Allen Media Group, speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 2, 2022. 
Patrick T. Fallon | Afp | Getty Images

Broadcast stations owned by Byron Allen — the media mogul who has expressed public interest in buying various media assets for billions of dollars — have been consistently late in making payments to network owners, angering media allies and creating distance between Allen and his would-be deal partners, CNBC has learned.
The stations owned by Allen Media Group have been as much as 90 days past due on the payments to networks including ABC, CBS and NBC, according to people familiar with the matter. The payments total tens of millions of dollars throughout the year, and the extent of the lateness has grown worse over time, said the people, who asked not to be named because the financial transactions are private.

Allen Media Group owns broadcast stations in more than 20 markets between ABC, CBS and NBC affiliates, according to the group’s website.
ABC, CBS and NBC have all grown increasingly frustrated after what feels like a perpetual chase for the fees — even after agreeing to payment plans at Allen’s request, the people familiar said. Paying consistently late is uncommon among local broadcasters, which pay hefty sums to the larger network owners to carry the brand and some content, particularly live sports like the NFL and many postseason games across leagues, the people said.
It’s unclear why Allen Media Group has been repeatedly late with payments.
After CNBC reached Allen Media for comment this week, the group made a payment on the outstanding fees, according to people familiar with the matter. The amount of the payment couldn’t immediately be determined.
Networks often collect fees from local affiliates every one to three months, depending on the contract. The funds to pay come in large part from so-called retransmission fees that cable TV operators pay to the stations, which can create a situation where money may need to go out before it comes in. Recently, broadcast station group executives have argued this structure should change as cord cutting accelerates and networks move more of their content over to streaming platforms.

Various divisions of Allen’s company, including stations located across markets in the Midwest, Southeast, West Coast and Hawaii, have also reportedly undergone layoffs in recent months. Another round of job cuts is expected at the end of August, one of the people familiar with the matter said.
Representatives for Allen Media Group declined to address the details of this story but said in a statement: “Mr. Allen started Allen Media Group 31 years ago from his dining room table. Allen Media Group is now one of the largest and fastest growing privately-held media companies in the world and is 100 percent Black-owned.
“Like most media companies and private equity firms, we evaluate many acquisition opportunities. In the last few years, the company has successfully completed well over $1 billion in acquisitions with the continued support of the capital markets. Allen Media Group remains strong, and we continue to prudently manage our partner relationships as we have always done over our 31-year history,” the statement says.
Representatives for ABC, CBS and NBC declined to comment on the matter.

Allen’s business

Allen’s late payments of tens of millions of dollars stand in stark contrast to his frequent multibillion-dollar bids for media assets. In recent years, his pursuit of deals that haven’t panned out has led investment bankers and financial institutions to lose faith in Allen as a serious buyer for large assets, according to three investment bankers and a person close to the matter.
Allen’s recent M&A interest includes a $30 billion bid for Paramount Global earlier this year, a $10 billion offer for ABC and other Disney networks last year, and a reported $3.5 billion offer for Paramount’s BET Media Group, which he resubmitted in December after the process was ended.
There has also been a recent report that Allen is weighing another bid for Paramount before its “go-shop” period with buyer Skydance expires later this month.
Allen has been vocal about his ambitions to grow his media holdings, defending his track record of failed bids and telling CNBC in January that recent acquisition attempts had fallen through because some owners ultimately decided not to sell.
“We have quite a few banks that support us and stand with us and even private equity firms,” Allen told CNBC in September about the potential deal for ABC and other Disney assets. “I think other assets will start to become available, and I think we will eventually get them.”

Allen Media Group has taken to reposting public media reports on its own website of its interest in bidding on media properties — even for unconfirmed reports of interest, such as a reported $8.5 billion offer for Tegna.
Previously a comedian, Allen founded Entertainment Studios, now known as Allen Media Group, in 1993. In 2019 Allen Media Group Broadcasting was formed, and Allen has been building up his broadcast media empire since with a string of smaller deals.
In addition to The Weather Channel and broadcast TV stations, Allen Media also owns a group of small TV networks like Pets.tv and Comedy.tv, as well as Black news and entertainment network TheGrio.
Most recently, in April, Allen Media paid $380 million to Gray Television for seven stations as part of Gray’s required divestitures for its acquisition of Quincy Media.
Allen’s broadcast stations generate revenue, as most other stations do, through advertising revenue and so-called retransmission fees — payment that stations receive from pay TV operators for the right to carry their feed. Broadcast station groups, however, have also suffered as millions of people have switched from traditional TV to streaming.
A record uptick in political advertising is expected ahead of the presidential election, as some of the largest broadcast station owners like Nexstar Media Group and Sinclair have documented in recent earnings releases.
Disclosure: Comcast’s NBCUniversal is the parent company of CNBC and broadcast network NBC. More

GM’s new all-electric Cadillac concept car is designed to preview how the automaker plans to keep its high-performance V-Series vehicles relevant for EVs.
The vehicle is called “Opulent Velocity,” and Cadillac says it’s a balance of ultra-luxury and performance for the V-Series, which is best known for cars with high-performance engines.
Electric vehicles can offer a solid performance, but automakers still face challenges on how to differentiate the vehicles and create the same excitement that the sound, or “roar,” of a traditional performance vehicle gives.

Cadillac Opulent Velocity concept EV

DETROIT — General Motors on Friday revealed a new all-electric Cadillac concept car designed to preview how the automaker plans to keep its high-performance V-Series vehicles relevant for EVs.
The vehicle is called “Opulent Velocity.” True to the name, Cadillac says it’s a balance of ultra-luxury and performance for the V-Series, which is best known for cars with high-performance engines such as the 6.2-liter V8 Blackwing, rated at more than 600 horsepower and pound feet of torque.

“What we’re really looking to do is achieve kind of the best of both worlds. What is kind of the ultimate hyper-performance machine in the future, coupled with ultimate luxury,” Bryan Nesbitt, Cadillac executive global design director, said during a media briefing.

Cadillac Opulent Velocity concept EV

Electric vehicles can offer a solid performance when it comes to acceleration, such as 0-60 mph times of three seconds or less, but automakers still face challenges on how to differentiate the vehicles and create the same excitement that the sound, or “roar,” of a traditional performance vehicle gives.
Nesbitt and other Cadillac officials stressed that performance for EVs isn’t just about 0-60 mph times. They said it’s about handling, as well as technologies on the vehicle, including interior features such as biometrics and driver-assistance technologies such as GM’s Super Cruise.
“The intent in all of this is to continue to elevate the brand,” Nesbitt said.
Cadillac released few details about the concept vehicle, which automakers routinely use to gauge customer interest or show the future direction of a vehicle or brand. The vehicles are not meant to be sold to consumers.

Cadillac Opulent Velocity concept EV

The concept car is a sleek, future-looking sports car. It features “scissor” doors that rotate vertically at a fixed hinge at the front of the door. It was revealed in connection to Monterey Car Week and the Pebble Beach Concours d’Elegance car show in California.
Much like the bespoke, $300,000 Celestiq car from Cadillac, the concept is meant to move Cadillac more upmarket to compete against the likes of Lamborghini and EV startup Rimac as opposed to traditional competitors such as Ford’s Lincoln brand.
Cadillac’s sales were down 1.7% through the first half of the year compared with the first six months of 2023. All of its vehicles experienced sales declines aside from its all-electric Cadillac Lyriq crossover.

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Private jet flights fell 15% in the first half of the year compared with their peak in 2022.
The industry is grappling with waning demand and a new competitive landscape for high-end travel.
Industry experts say some of the smaller charter operators may soon face tough decisions, as fleets sit idle and demand falls.

A Gulfstream G-IV private jet flies past clouds at sunset on approach to Washington’s Reagan National Airport on June 12, 2024, in Arlington, Virginia.
J. David Ake | Getty Images

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Private jet flights fell 15% in the first half of the year compared with their peak in 2022, as the industry grapples with waning demand and a new competitive landscape for high-end travel.

Despite a short boost from the Summer Olympics, with a record 713 private jet flights to Paris the last week of July, the private jet industry continues to lose altitude this travel season. Private jet charter flights dropped to 610,000 in the first half of the year, down from 645,000 last year and 716,000 in 2022, according to data from Argus International.
The two-year decline highlights the ongoing correction in the world of private aviation, as the surge of new jet card members and charter fliers who started traveling private for the first time during Covid pulls back. Even ultra-wealthy travelers are showing signs of spending fatigue.
“During the peak, everyone was saying, ‘People who fly private for the first time will never go back to commercial,'” said Rob Wiesenthal, CEO of Blade Air Mobility, the air charter and helicopter company. “Well guess what? Many went back. And they’re still going back.”
The industry is still ahead of 2019 levels, and experts say if you take out the aberrational spike in 2021 and 2022, business has been rising along its usual growth path. Yet the boom times of the post-Covid era created a wave of euphoria in the industry, ushering in a burst of IPOs and startups, and a mad scramble for jets and pilots. Now, many say, all that expansion is setting the stage for a shakeout.   

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Wheels Up, which went public in 2021 through a SPAC, saw its stock plummet more than 90% before Delta Air Lines stepped in to help rescue the company with an investment and partnership. Wheels Up has never made a quarterly profit and last week reported a second-quarter net loss of $97 million and a 29% year-over-year decline in members.

The company’s CEO, George Mattson, said Wheels Up is making solid progress and that, “Our work this quarter further solidified our position at the forefront of delivering integrated global aviation solutions that seamlessly combine the previously separate ecosystems of private and commercial travel.”
Jet It, a large U.S. private jet operator, shut down last year after grounding its fleet of Phenom 300s, Gulfstream G150s and HondaJets. VistaJet has faced repeated concerns and media reports about its debt load, though founder and Chairman Thomas Flohr told CNBC in May that “all documents and data was always available to our equity and debt-holders.”
Industry experts say some of the smaller charter operators may soon face tough decisions, as fleets sit idle and demand falls.
“The smaller operators with three, four or five jets, they’re the ones hurting,” said Doug Gollan, founder and editor of Private Jet Card Comparisons.

The recent challenges and fleeting success in private aviation trace back to Covid. In 2020, as airports and airlines shut down, private jets offered an escape and safer way to fly. Wealthy travelers who had rarely, if ever, flown private due to the cost and energy consumption, could now justify isolating at 40,000 feet.
“There was this whole section of the population that could afford to fly private, but they were always reluctant because they didn’t like the optics,” said Jay Duckson, founder and president of consulting firm Central Business Jets. “With Covid, they had a reason to fly private. You had a massive uptick in demand.”
The flood of liquidity from government spending, stimulus, low interest rates and a booming stock market also created record amounts of wealth to pay the soaring costs of flying private. Companies rushed to buy planes, hire pilots and sign up new members. Before 2019, there were only a few months where private jet charters topped 100,000. In 2021, almost every month exceeded 100,000, with July 2021 topping 300,000 flights.
The demand overwhelmed the industry. Private jet passengers who paid six figures for flights started facing delays and cancellations as operators couldn’t buy or lease planes fast enough. Shortages of pilots and parts also grounded fleets.
In 2023, demand started to slide even as more planes and pilots started to come online. Some wealthy fliers felt they could no longer use Covid as an excuse — to themselves or to others — to fly private. For others, the soaring prices of flying private simply got out of hand.
“Prices are about 20% higher than they were in 2019,” Private Jet Card Comparisons’ Gollan said. “A lot of people are saying, ‘I spent $300,000 or $350,000 on flights last year, I’m not going to spend $400,000 or $450,000 this year.’ Even if they have the money, they have a dollar figure in their head they don’t want to go over.”
Along with reducing flights, some fliers simply started flying commercial for easy city-to-city trips, mixing both commercial and private throughout the year. In his latest survey of private jet fliers, Gollan found 87% “switch between airlines and private, depending on where they’re flying.” 
With demand lower, unsold planes are piling up again and prices are softening. The number of used business jets for sale jumped 17% in July compared with a year ago, according to a report from Jefferies. Prices fell 7%, according to the report. While orders for new jets remain strong, the wait times have fallen from as much as three or four years to about two years for many models, according to jet brokers.
Many industry executives welcome the drop in demand, saying the industry is returning to a more balanced equilibrium, with profitable routes, available planes and happier customers.
“The industry is on a more sustainable long-term path,” said Travis Kuhn, senior vice president of software at Argus. “It’s not a bad thing that it’s cooled down a bit.”
Gollan said that while some of occasional fliers may have drifted out of private aviation, the “heavy users” are still flying. His survey showed that 95% of those surveyed who started flying private during Covid are still flying privately, with 77% in a membership, jet card or fractional program.
Industry giant NetJets, owned by Berkshire Hathaway, has also benefited, as more people switched from charter to fractional ownership due to better reliability and quality. The number of fractional flights actually increased 12% in the first half of 2024, to 308,000, according to Argus.
“Some of these new fliers looked around and assessed the market, and they like the fractional model,” Kuhn said. “It’s a set number of hours and a bigger fleet.”

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Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032. More