Raphael Stevens

The Federal Communications Commission has informed Comcast it is opening an investigation into the company’s diversity, equity and inclusion practices.
The inquiry will look into the businesses of both Comcast and its media arm NBCUniversal.
The letter comes three weeks after President Donald Trump signed an executive order that calls for ending DEI hiring programs and initiatives.

U.S. President-elect Donald Trump speaks to Brendan Carr, his intended pick for Chairman of the Federal Communications Commission, as he attends a viewing of the launch of the sixth test flight of the SpaceX Starship rocket on November 19, 2024 in Brownsville, Texas. 
Brandon Bell | Getty Images

The Federal Communications Commission has alerted Comcast Corp. that it will begin an investigation into the diversity, equity and inclusion efforts at the media giant.
The FCC, the agency that regulates the media and telecommunications industry, said in a letter dated Tuesday that it would open the inquiry into both Comcast — which provides broadband, mobile and cable TV services under the Xfinity brand — and NBCUniversal, the media arm that encompasses the company’s broadcast and cable TV networks, streaming app Peacock, and Universal film studio and amusement parks.

The letter comes three weeks after President Donald Trump signed an executive order looking to end DEI practices at U.S. corporations. The order calls for each federal agency to “identify up to nine potential civil compliance investigations” among publicly traded companies, as well as nonprofits and other institutions.
FCC Chairman Brendan Carr, a Republican who was recently appointed by Trump, said he was starting his investigation with Comcast and NBCUniversal because they “cover a range of sectors regulated by the FCC.”
“We have received an inquiry from the Federal Communications Commission and will be cooperating with the FCC to answer their questions,” a Comcast spokesperson said in a statement Wednesday. “For decades, our company has been built on a foundation of integrity and respect for all of our employees and customers.” 
Carr said in the letter sent to Comcast that he was “concerned that Comcast and NBCUniversal may be promoting invidious forms of DEI in a manner that does not comply with FCC regulations.”
The letter goes on to say that “Comcast states on its website that promoting DEI is ‘a core value of our business’ and public reports state that Comcast has an entire ‘DEI infrastructure’ that includes annual ‘DEI day[s],’ ‘DEI training for company leaders,’ and similar initiatives.” The letter says NBCUniversal has similar initiatives, “including executives specifically dedicated to promoting DEI across the TV and programming side of the business.”

Fellow media giant Disney is changing its DEI programs, which includes updating performance factors and rebranding initiatives and employee resource groups, among other things, the company confirmed Wednesday.
Public broadcaster PBS is shutting down its DEI office. A PBS representative confirmed that those employees were leaving the company, noting it was to stay in compliance with Trump’s executive order.
“We will continue to adhere to our mission and values. PBS will continue to reflect all of America and remain a welcoming place for everyone,” the broadcaster said in a statement.
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.
— CNBC’s Sarah Whitten contributed to this article. More

Olipop raised $50 million in a Series C funding round that valued the prebiotic soda brand at $1.85 billion as it competes with rivals such as Poppi.
Olipop is the top nonalcoholic brand in the U.S., both by dollar sales and unit growth, the company said, citing data from Circana/SPINS.
The drink brand is now profitable and saw annual sales of more than $400 million last year.

Super Bowl ad of Poppi.
Source: Poppi

Prebiotic soda brand Olipop said Wednesday that it was valued at $1.85 billion in its latest funding round, which raised $50 million for the company.
Founded in 2018, Olipop has helped fuel the growth of the prebiotic soda category, along with rival Poppi, which highlighted its drinks with a Super Bowl ad on Sunday. Both have attracted consumers with their claims that their drinks help with “gut health,” one of the latest wellness trends taking over food and beverage aisles.

Olipop’s Series C funding round was led by J.P. Morgan Private Capital’s Growth Equity Partners. The company plans to use the money it raised to add to its product lineup, expand its marketing and distribute its sodas more widely.
Today, Olipop is the top nonalcoholic beverage brand in the U.S., both by dollar sales and unit growth, the company said, citing data from Circana/SPINS. Roughly half its growth comes from legacy soda drinkers, while the other half comes from consumers entering the carbonated soft drink category. One in four Gen Z consumers drinks Olipop, according to the company.
In early 2024, Olipop reached profitability, the company said. Its annual sales surpassed $400 million last year, doubling the year prior. In 2023, Olipop founder and CEO Ben Goodwin told CNBC that soda giants PepsiCo and Coca-Cola had already come knocking about a potential sale.
For its part, rival Poppi, which was founded 10 years ago, has raised $39.3 million as of 2023 at an undisclosed valuation, according to Pitchbook data. Poppi’s annual sales reportedly crossed $100 million in 2023. Its appearance during the Super Bowl was the second straight year that it paid for an ad during the big game.
Poppi has also faced some backlash for its health claims. The company is currently in talks to settle a lawsuit that argued Poppi’s drinks are not as healthy as the company claims, according to court filings.

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ESPN personality Stephen A. Smith told CNBC Sport that he is not interested in campaigning but would be interested in being president.
The “First Take” host said he thinks he would do well in a presidential debate.
In a recent poll, 2% of voters said they would vote for Smith.

Outspoken ESPN personality Stephen A. Smith is not ruling out a presidential run in his future.
In an interview with CNBC Sport, Smith said, “I wouldn’t mind being in office.”

Yet, the popular television host said it is the campaigning and being a politician that turns him off.
“I’m not one of those dudes that’s great at shaking hands and kissing babies, per se, and currying favor with politicians and donors. I’m not a beggar. That’s not who I am,” Smith told CNBC Sport.
However, the 57-year-old Bronx native said he believes if he could bypass the campaigning, he would excel on television in a presidential debate.
“If you tell me that I could catapult to the White House, and I could be in a position to affect millions upon millions of lives, not just in America, but the world over, yeah, that’s something that I would entertain,” he said.
The “First Take” host has said that he voted for Democratic nominee Kamala Harris in the 2024 election, telling Bill Maher he feels like a “damn fool” now for doing so.
In a recent poll by McLaughlin & Associates, 2% of voters said they would vote for Smith in the 2028 presidential election. More

CVS Health CEO David Joyner defended controversial pharmacy middlemen, who are widely accused of inflating prescription medication prices, and instead accused manufacturers of “monopolistic” practices that keep drug costs high in the U.S. 
Joyner, who stepped into the role in October, spent much of his opening remarks on the company’s fourth-quarter earnings call discussing so-called pharmacy benefit managers, or PBMs. 
It comes at a time when lawmakers on both sides of the aisle and President Donald Trump have signaled interest in cracking down on PBMs. 

David Joyner, a longtime CVS executive, speaks during a Senate Health, Education, Labor and Pensions Committee hearing in Washington, D.C., on May 10, 2023.
Al Drago | Bloomberg | Getty Images

CVS Health CEO David Joyner on Wednesday defended controversial pharmacy middlemen like his company’s Caremark unit, which are widely accused of inflating prescription medication prices, and instead accused manufacturers of “monopolistic tendencies” that keep drug costs high in the U.S. 
Joyner, who stepped into the role in October, spent much of his opening remarks on the company’s fourth-quarter earnings call discussing so-called pharmacy benefit managers, or PBMs. It was atypical for CVS’ quarterly call to begin that way, but comes at a time when lawmakers on both sides of the aisle and President Donald Trump have signaled interest in cracking down on PBMs. 

CVS owns Caremark, one of the nation’s three largest PBMs that collectively administer roughly 80% of prescriptions in the U.S.
Those middlemen negotiate rebates with drug manufacturers on behalf of insurers, create lists of medications known as formularies that are covered by insurance and reimburse pharmacies for prescriptions. But lawmakers and drugmakers alike argue that PBMs overcharge the plans they negotiate rebates for, underpay pharmacies and fail to pass on savings from those discounts to patients.
Joyner acknowledged that rising health-care costs in the U.S. are pressuring patients, employers and the federal government. He blamed factors such as increased patient utilization of services, rising health-care provider costs, labor shortages and “dramatic price hikes” for branded drugs. 
But he said PBMs like Caremark are “one of the most powerful forces helping to offset rising health care costs,” claiming that they are the only part of the drug supply chain solely focused on lowering costs. 
“Our work is a critical counterbalance to the monopolistic tendencies of drug manufacturers,” Joyner said. “This is why PBMs are needed and why manufacturers fight so hard to limit our capabilities.” 

He alleged that branded manufacturers added $21 billion in annual gross drug spending in the first three weeks of January through their price hikes, but did not cite where the figure is from. 
Joyner added that multiple economists have estimated that PBMs generate net value for the U.S. health-care system, more than $100 billion a year.
“No one has demonstrated more success than the PBMs of driving down drug prices,” he said.
However, the pharmaceutical industry and lawmakers argue that PBMs and insurers pocket those savings from negotiated rebates and discounts rather than passing them to patients.
In a statement on Wednesday, PhRMA, the nation’s largest lobbying group for the pharmaceutical industry said PBMs are “under intense, well-deserved scrutiny.” 
“Bipartisan state attorneys general, policymakers in both Congress and state legislatures and the FTC are all investigating these health care conglomerates,” a PhRMA spokesperson said. “They’ve all come to the same conclusion: PBMs are driving up costs and reducing access at the expense of patients, employers, and our health care system.” More