Raphael Stevens

Diamond Sports reached a deal to see its regional sports networks return to Comcast’s cable TV customers on Aug. 1.
Diamond’s Bally Sports networks went dark for Comcast cable customers in early May.
The deal paves the way for Diamond Sports to present a reorganization plan and potentially exit bankruptcy protection.

A Bally Sports display is shown in the eighth inning of the game between the MLB’s Houston Astros and Minnesota Twins at Target Field in Minneapolis, Minnesota, on April 9, 2023.
David Berding | Getty Images Sport | Getty Images

Bally Sports regional channels are returning to Comcast cable TV customers.
Diamond Sports — the owner of Bally Sports-branded regional sports networks — reached a deal with Comcast on Monday that will see its networks go live for cable customers on Aug. 1.

The networks, which air regular season local games for Major League Baseball, the National Basketball Association and National Hockey League teams in various markets, had gone dark for Comcast cable customers on May 1 at the start of MLB regular season. Fans of 11 MLB teams, including the Detroit Tigers and Minnesota Twins, were affected.
The deal paves the way for Diamond Sports’ survival after filing for bankruptcy last March. It has been working on securing contracts with various pay TV providers such as Comcast.
“Entering a new carriage agreement with Comcast, our third largest distributor, is a critical step forward in our restructuring effort, and we are pleased that fans will again be able to access broadcasts of their local teams through Xfinity,” said Diamond CEO David Preschlack in a news release.
Diamond has also reached carriage deals with Charter Communications, DirecTV and Fubo.
“With certainty on our distribution, we are focused on finalizing an agreement with the NHL and resolving our ongoing negotiations with the NBA. We are mindful that time is of the essence with basketball and hockey seasons fast approaching, and once agreements with our team and league partners are complete, we intend to move expeditiously to present a plan of reorganization to the Court,” Preschlack said in the release.

The leagues have recently voiced concerns over Diamond Sports’ future in court hearings, questioning whether the company could put together a viable business plan ahead of the upcoming NBA and NHL seasons this fall.
Diamond had been scheduled to seek court approval on Monday for its reorganization plan in the U.S. Bankruptcy Court for the Southern District of Texas, but postponed the hearing as it sought to reach an agreement with Comcast.
The company has said it intends to emerge from bankruptcy protection under the ownership of its creditors.
The negotiations between Diamond and Comcast broke down in May following a dispute over terms, namely how quickly the cable provider could shift the sports networks into a tiered model, meaning customers would have to opt into the packages that include the channels at a higher rate rather than having them included in broader cable packages.
The deal reached on Monday allows for Comcast to offer Diamond Sports networks on such tiers outside of the broader cable package, according to people familiar with the matter, who asked to remain anonymous to discuss specifics of the deal.
Pay TV companies such as Comcast have been bleeding customers in recent years as customers opt for cheaper streaming options. Comcast said last week it lost 419,000 domestic cable customers during the second quarter and now has roughly 13.2 million subscribers in total.
Once a lucrative business, regional sports networks have been particularly squeezed by customers leaving the cable bundle.
Disclosure: Comcast is the parent company of NBCUniversal and CNBC.

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Another consumer has sued AT&T, alleging that a retail store employee stole nude images off of her phone when she was upgrading her device.
The case mirrors at least six others brought against the wireless provider in the past for similar allegations.
These sorts of lawsuits typically get dismissed, but after a recent court ruling against T-Mobile, phone companies may face more liability when their employees steal sensitive customer data.

Wireless providers including T-Mobile, AT&T and Verizon have faced a string of lawsuits in recent years from women who allege retail employees stole intimate images or videos from their phones while helping them with in-store data transfers.
The cases are routinely dismissed when the companies argue they weren’t aware of the staffer’s actions and aren’t liable because the employees were acting outside the scope of their duties. But that could soon change after a recent court ruling, legal experts told CNBC.

Now, the companies — not just the store workers — could face liability in future litigation, which could lead them to address the hiring, training and data safety practices that victims argue led to the violations, the experts said.
The latest lawsuit against AT&T was filed Monday in California state court. A woman identified as Jane Doe alleged that an employee at a Los Angeles store stole her nude images and distributed them in February after she upgraded her iPhone and he helped her with transferring her data.
That case, filed by attorneys from the C.A. Goldberg law firm, now has a better chance of surviving and making it to trial after an April court ruling against T-Mobile involving a similar incident in Washington that was brought by the same law firm. Judge Stanley Bastian, the judge overseeing the T-Mobile case, ruled it could move forward after the company sought to have the lawsuit dismissed. 
T-Mobile, like other phone carriers, had argued it wasn’t aware of the employee’s actions and said he was acting outside the scope of his duties. But the judge decided the company could potentially be liable and ruled the case should proceed.
The ruling, described by the law firm as a “landmark” decision, is the first of its kind against a wireless carrier accused of negligence for hiring employees alleged to have stolen sensitive customer data, the firm said. It could affect the fate of future cases, including the lawsuit filed against AT&T on Monday, legal experts said.

“That decision sets important precedent and we intend to continue to try to hold phone companies accountable for situations like this where their employees violate customer privacy during phone trade-ins or other transactions at the stores,” said Laura Hecht-Felella from C.A. Goldberg, one of the lead attorneys behind both the T-Mobile and the new AT&T case. “There’s a lot of different ways in which they can try to prevent this from happening and it’s clear whatever they’re currently doing is not adequate.”
Carrie Goldberg, the firm’s founder, added that the “hope really is not to attract more cases” but to encourage the companies to have better safeguards in place. 
“That’s what litigation does. It says you can be held responsible for your negligence,” said Goldberg. “And presumably that will induce the phone companies to innovate on their safety and privacy protections for consumers at their stores.” 
In response, an AT&T spokesperson condemned the incident.
“We were appalled to learn of the behavior allegedly exhibited by an employee of a third-party retailer,” the spokesperson told CNBC. “We hold the vendors who work on our behalf to high standards and we do not tolerate the behavior alleged here. The vendor has assured us the employee allegedly involved no longer works for them, and they were working to resolve this matter with the customer.”
T-Mobile declined to comment.

Mounting allegations

In the case against AT&T, the woman filed a police report, which remains under investigation, according to the lawsuit.
At least six other similar accusations have been levied against AT&T in the past either in civil lawsuits or police reports, according to the complaint. The dispositions of those cases are unclear. The cases mirror at least a dozen more alleged to have happened at other providers, such as T-Mobile and Verizon, according to news reports. 

Juyochi | Istock | Getty Images

Goldberg says she suspects the cases that have been made public are “just the tip of the iceberg,” and there are likely more that customers never detected. 
“We suspect that the phenomenon of theft at cellular phone stores is bigger than we can comprehend,” said Goldberg. 
“As a society, we trust these cellular providers with all of our most private information,” said Goldberg. “And really there’s no limit to what their employees can steal off of our phones and then share with the world.”
She added that her firm has received “case after case after case” where customers allege phone store employees stole their data. Goldberg said the issue cuts across companies, making it an “industry-wide” concern. 
Andrew Stengel, a New York attorney who specializes in cases involving the nonconsensual disclosure of intimate images, better known as revenge porn, reviewed the T-Mobile Washington decision for CNBC. He said future cases, such as the AT&T lawsuit, now have a better chance of surviving motions to dismiss and progressing because the attorneys will be able to point to that precedent in their arguments. 
“It should make judges think twice or three times before they dismiss a claim,” said Stengel, who has brought a similar case against T-Mobile in the past but isn’t involved in the current litigation. “It should be able to give judges not only pause, but ammunition to agree.” 
If lawsuits against wireless carriers related to the theft of intimate images are allowed to proceed, they move into discovery, which Stengel likened to the “crown jewels” of a legal case. 
During discovery, defendants are required to turn over documents that are relevant to the case, which could reveal damning and implicating information. 
“There could be information that the cellphone companies would be required to disclose that will increase liability in the future,” said Stengel. “If I were their attorney, I’d be very concerned about that.”
Stengel cautioned that while the Washington decision may be “exciting,” it’s not binding and judges in other jurisdictions can choose to ignore it. 
Still, Goldberg expects the decision to be “influential.” She said it could impel phone companies to finally make changes to prevent these sorts of abuses. 
“We think that the cellular providers are going to be a lot less arrogant about what they can get away with,” said Goldberg. “If you’re a company that is consistently hiring rando pervs that steal consumers’ most private, intimate pictures, then, it’s the company’s fault.” 

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After a challenging second quarter, McDonald’s executives are looking ahead to how they can recapture consumers with value offerings as they push for an extension of the current $5 value meal platform.
The company reported results that missed analysts’ estimates Monday on the top and bottom lines, and same-store sales declined in all segments, including its key U.S. market, falling 0.7%.
“We continue to lose traffic share of low-income consumers,” the company’s U.S. president Joe Erlinger wrote to the U.S. system, in a memo obtained by CNBC. 

A McDonald’s fast-food restaurant in Manhattan, New York, on July 6, 2024.
Beata Zawrzel | Nurphoto | Getty Images

After a challenging second quarter, McDonald’s executives told restaurant operators and analysts they are refocusing on how to recapture consumers with deals as they pushed for an extension of the its $5 value meal platform.
In a memo to the U.S. system obtained by CNBC on Monday, the company’s U.S. president Joe Erlinger said McDonald’s struggled to sell diners on affordability, adding that he expects “industry and competitive challenges” to continue throughout the year. Erlinger encouraged operators to look ahead to building momentum for next year, adding that “channeling a long-term mindset is crucial” to the company’s success. 

“Reversing the narrative and re-establishing our position as the leader on value and affordability is possible, but it cannot be done overnight,” he wrote. “It will happen through sustained and coordinated actions that show the customer we’re on their side.”
The company reported results that missed analysts’ estimates Monday on the top and bottom lines. Same-store sales declined in all segments, including its key U.S. market, where they fell 0.7%. The company had forecast the challenges last quarter, and the stock rose Monday on the results.
Erlinger also acknowledged areas where the company was “falling short” in the U.S. this quarter. He noted that same-store guest counts were negative for the fourth straight quarter, and declines in the number of items per transaction hit check averages.
“We continue to lose traffic share of low-income consumers,” he wrote. But he added that trial rates for the value meal launch were highest among low-income consumers, and sentiment around McDonald’s value has started to improve.
The company will extend its $5 value meal beyond its initial four-week window in most of its U.S. markets as the fast-food giant says the offer is driving traffic back to restaurants. In a memo to the U.S. system obtained by CNBC last week, executives wrote that nearly every business unit, encompassing 93% of its restaurants, voted to extend the promotion past its original end date late this month. The memo said the majority of locations will extend through August, or plan to vote on whether to do so.

Erlinger seemingly alluded to upcoming decisions around extensions and future value offerings in Monday’s memo. On the call, executives said franchisees in the U.S. are in a strong financial position to invest in the value offering and they are working with owners now to assess its overall profitability.
In the memo, Erlinger wrote, “Value and affordability have been part of our DNA since we first opened our doors, but we have an affordability gap to close and we must continue to take actions that show our customers we are listening. … We have a solid plan for the second half of the year, but there are several important decisions coming up that will set us up to compete and build greater momentum these final five months and into 2025.”
McDonald’s did not immediately respond to CNBC’s request for comment.

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“Deadpool & Wolverine” hauled in $211 million during its domestic debut, the highest debut of 2024 and of an R-rated film ever.
It’s a promising development for the Disney-owned Marvel Studios, which has struggled to maintain box office momentum in the wake of 2019’s historic “Avengers: Endgame.”
President of Marvel Studios Kevin Feige has hired Joe and Anthony Russo, who helmed “Avengers: Infinity War” and “Avengers: Endgame” to direct the next two Avengers films.
Robert Downey Jr. is also returning. This time as Doctor Doom.

Robert Downey Jr. speaks onstage during the Marvel Studios Panel in Hall H at SDCC in San Diego, California on July 27, 2024.
Jesse Grant | Getty Images Entertainment | Getty Images

Editor’s note: This article contains spoilers for “Deadpool & Wolverine.”
Marvel is on the rebound.

After its worst performance of all-time at the box office last November, the studio is back on top with “Deadpool & Wolverine.” The 34th entrant in the Marvel Cinematic Universe hauled in $211 million during its domestic debut, the highest debut of 2024 and of an R-rated film ever.
It’s also the highest-opening MCU film since 2021’s “Spider-Man: No Way Home.”
It’s a promising development for the Disney-owned Marvel Studios, which has struggled to maintain box office momentum in the wake of 2019’s historic “Avengers: Endgame.” A push for quantity of theatrical titles and streaming series led to a decline in quality, and audiences balked.
“Welcome to the MCU,” Reynold’s Deadpool says to Hugh Jackman’s Wolverine in the film, which arrived in theaters over the weekend. “You’re joining at a bit of a low point.”
That low point is 2023’s “The Marvels,” which generated the lowest domestic opening ($46.1 million) and lowest global box office haul (under $200 million) for the MCU ever.

At the same time Marvel Studios was still reeling from pandemic-related production shutdowns and dual Hollywood labor strikes. Then, its heir apparent Jonathan Majors was convicted of misdemeanor assault and harassment, leading to his firing and questions about the future of the villainous Kang.
However, with the recent success of “Deadpool & Wolverine” and several strategic hires, Marvel looks to be on its way to righting the ship. And that’s good news for a studio that has generated more than $30 billion in box office since 2008. The MCU is the highest-grossing film franchise of all time and one of the most consistent ticket sales drivers in cinematic history.

Marvel-ous weekend

Kevin Feige, president of Marvel Studios, has brought back Joe and Anthony Russo — the writing and directing duo behind “Captain America: The Winter Soldier,” “Captain America: Civil War,” “Avengers: Infinity War” and “Avengers: Endgame” — and tapped Iron Man himself, Robert Downey Jr., to take on the role of Doctor Doom.
As part of the studio’s San Diego Comic Con presentation on Saturday, Feige announced that the Russo brothers would helm “Avengers: Doomsday” (previously titled “Avengers: Kang Dynasty) and “Avengers: Secret Wars,” due out in 2026 and 2027, respectively.
“Deadpool & Wolverine” is the only MCU film release of 2024, but 2025 will see “Captain America: Brave New World,” “Thunderbolts*,” “The Fantastic 4: First Steps” and “Blade.”

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

Where Deadpool and Wolverine fit into Marvel’s upcoming slate is unknown — both characters survive the latest installment and remain in Deadpool’s universe, separate from the rest of the MCU. “Deadpool & Wolverine” seemingly hints that Jackman will return as Wolverine in future films.
“Fox killed him. Disney brought him back,” Deadpool tells the audience in his typical, fourth-wall breaking fashion. “They’re gonna make him do this until he’s 90.”
Many speculate the duo will return for “Secret Wars,” a comic book story arc first seen in the 1980s and later revisited in 2015. The storyline involves the collision of alternative universes, their destruction and pieces of those universes being knit back together into something called “Battleworld.” It is also where Marvel could incorporate the X-Men.
How the MCU will handle “Secret Wars” is firmly under wraps, but the Russo brothers teased Downey’s Doctor Doom will play a big part in its events. At the very least, fans of the franchise now have a better sense of the direction for the franchise.
“Like Robert said, ‘New mask, same task,” Anthony Russo said during Saturday’s San Diego Comic Con panel, echoing Downey’s words. “And the task for all of us, including everybody in this room, together, is for us to help create the greatest possible experience that we can all have together in a movie theater.” More

McDonald’s executives acknowledged during an earnings call Monday that diners consider the company’s prices too high, and said they are taking a “forensic approach” to evaluating prices.
Amid a broader consumer pullback and increasing prices, fast-food chains have had a difficult time drawing in lower-income diners.
The company’s recent $5 value meal offering was initially successful in bringing lower-income diners back to stores but has yet to translate into higher sales, company executives said.

A McDonald’s Big Mac in Bangkok, Thailand, on June 8, 2024.
Lauren Decicca | Getty Images

McDonald’s executives acknowledged Monday that diners consider the company’s prices too high as lower-income consumers balk after years of high inflation.
During the company’s second-quarter earnings call Monday, executives said they are taking a “forensic approach” to evaluating prices and trying to create value. The company posted worse-than expected second-quarter earnings as same-store sales declined across every division.

“We recognize that in several large markets, including the U.S., we have an opportunity to improve our value execution. Consumers still recognize us as the value leader versus our key competitors but it’s clear that our value leadership gap has recently shrunk. We are working to fix that with pace,” McDonald’s CEO Chris Kempczinski said on the company’s earnings call.
Kempczinski said price increases have made consumers reconsider buying habits.
As consumers pull back spending amid increasing prices, fast-food chains have had a difficult time drawing in lower-income diners. More than 60% of respondents to a recent LendingTree survey said they have cut back their fast-food spending because it is too expensive.
McDonald’s executives on the earnings call said lower-income diners have not been moving from the chain to other fast-food restaurants, but instead have been eating out less frequently across most of the company’s markets globally. The company saw consumers pull back in not just the U.S. but globally, particularly families in European markets.
“At the end of the day, we expect customers will continue to feel the pinch of the economy and a higher cost of living for at least the next several quarters in this very competitive landscape,” McDonald’s U.S. President Joe Erlinger said. “So we believe it is critical for us to consider these factors in order to grow market share, and return to sustainable guest count-led growth for the brand.”

McDonald’s last week decided to extend its $5 value meal offering past its initial four-week window, saying it brought customers back to its restaurants. Ninety-three percent of company franchisees committed to extending the offer further into the summer.
June 25, the launch day of McDonald’s $5 meal, drew 8% more visits than the average Tuesday in 2024 so far and the pattern repeated in the following days as the chain exceeded year-to-date daily visit averages, according to a report from Placer.ai.
Erlinger said the number of $5 meal deals sold topped expectations. The rates were highest among lower-income consumers, and the deal improved brand perceptions around value affordability. The offer also began to increase guest count growth, but it has not yet translated into sales increases, company executives said on the call.
The $5 value meal was rolled out only days before the second quarter ended.
“For 70 years we’ve led on value because it’s what the brand stands for and frankly … we have an underlying competitive advantage that we can buy at a lower price than anybody else in our industry,” Kempczinski said. “The point is, we know how to do this. We wrote the playbook on value and we are working with our franchisees to make the necessary adjustments.”
— CNBC’s Amelia Lucas and Kate Rogers contributed reporting.

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U.S. airlines are cutting their growth plans for the second half of the year.
Over the last week, airlines shaved a point of capacity off their growth plans for the fourth quarter, according to Deutsche Bank.
Money-losing low-cost airlines are under increasing pressure to cut growth plans and cull unprofitable routes.

Airplanes from United and JetBlue and Delta populate the taxiway at Laguardia Airport in the Queens borough of New York City. 
Bruce Bennett | Getty Images

U.S. airlines are reducing their capacity through the end of the year in a bid to cool an oversupplied domestic market that has led to lower fares and reduced profits despite strong summer travel demand. For passengers, that could mean higher fares are on the way.
Over the last week, U.S. airlines had “one of the industry’s largest week-over-week capacity reductions,” shaving almost 1% off of their capacity planned for the fourth quarter, Deutsche Bank said in a note Sunday. Airlines now expect to grow flying about 4% year over year during the final three months of the year.

“Despite the sizeable overall reduction, we expect to see further cuts in the weeks ahead as carriers are expected to continue to refine their schedules,” Deutsche Bank airline analyst Michael Linenberg wrote in the note.
U.S. airline executives have noted strong demand but a domestic market that’s awash in flights, forcing them to dial back growth plans, which could drive up fares. The latest U.S. inflation report earlier this month showed airfare in June fell 5.1% from a year earlier and 5.7% from May.
Reducing capacity could drive up fares for consumers and boost airlines’ bottom lines, if travel demand holds up. Getting fares in the market that are profitable to airlines but palatable to consumers is crucial for the industry as consumers have pulled back on spending in other areas.

Stock chart icon

The NYSE Arca Airline Index’s performance compared with the S&P 500.

Third-quarter outlooks from Delta and United earlier this month disappointed investors, but their CEOs said they expected capacity pullbacks across the U.S. industry to materialize in August, helping results. Southwest Airlines forecast a potential drop in third-quarter unit revenue, a measure of how much money an airline brings in for the amount it’s flying. The airline said last week it will finally ditch its iconic open-seating model and introduce extra-legroom seats to drive up revenue.
American Airlines on Thursday reported a 46% decline in its second-quarter profit and said it plans to dial back its capacity growth in the coming months, expanding less than 1% in September over last year.

“That excess capacity led to a higher level of discounting activity in the quarter than we had anticipated,” CEO Robert Isom said on an earnings call last week. Overall, American plans to grow 3.5% in the second half of the year after expanding about 8% in the first six months of the year.

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Low-cost and discount airlines have been more aggressive in cutting unprofitable routes and scaling back capacity. Those carriers plan to contract 2.2% in the fourth quarter from the same period of 2023, Deutsche Bank said.
JetBlue Airways, for example, has culled money-losing routes this year and deployed aircraft to more popular city pairs. The carrier is scheduled to report results before the market opens on Tuesday.
Spirit Airlines, meanwhile, warned of a wider-than-expected loss for the second quarter after nonticket revenue, which accounts for fees like checked bags and seating assignments, came in lighter than expected.

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Family offices are increasingly offering lucrative shares of equity and deal profits to staff amid a growing battle for talent, according to a top family office attorney.  
Family offices are surging in size and number, and competing more directly with private equity firms and venture funds for top staff.
There are three common ways single-family offices are paying staff with deal and equity plans.

Thomas Barwick | Digitalvision | 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.
Family offices are increasingly offering lucrative shares of equity and deal profits to staff amid a growing battle for talent, according to a top family office attorney.  

As family offices surge in size and number, and compete more directly with private equity firms and venture funds for top staff, they’re sweetening their compensation plans. Along with salaries and bonuses, many are now offering equity stakes and various forms of profit-sharing to give employees more upside and incentives.
Patrick McCurry, partner at McDermott Will & Emery LLP based in Chicago, who works with single-family offices, said family offices have to adapt to a more competitive hiring landscape.
“There is a war for talent,” McCurry said. “Family offices are competing for talent against each other, and against traditional private equity, hedge funds and venture capital.”
Family offices, the private investment arms of single families, are also shifting to profit shares as a way to better align the incentives of the staff with the family.
“It helps get everyone rowing in the same direction,” McCurry said.

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In an article in the latest UBS Family Office Quarterly, McCurry said there are three common ways single-family offices are paying staff with deal and equity plans.
1. Profits interest
A profits interest gives an employee a share of upside in a deal or basket of deals. So if the family office buys a private company for $10 million and sells it for $15 million, the employee may get a share (say 5% or 6%) of the $5 million profit, or profit above a target or “hurdle.” If there is no profit, the employee gets no share. “Basically they don’t participate unless there is growth,” McCurry said.
They also save on taxes. Since the profit is a capital gain, the employee typically pays the long-term capital gains rate — which tops out at 20% — rather than the ordinary income rate, which can reach 37%.
2. Co-invest
A co-investment allows an employee or group to put their own money in an investment, effectively investing in a deal alongside the family. Often the family will lend a portion of the money to the employee for the investment, known as a leveraged co-investment. So an employee may put $100,000 into an investment, borrow another $200,000 from the family, and get a $300,000 stake.
If the deals make no profit, the employee loses their investment and potentially has to repay part of the loan. Family office owners like co-investments since it encourages employees to make less risky deals. They often pair co-investments with profit shares to create both upside and potential downside to staff.
“With co-invests you get a downside so you could get fewer ‘moonshot’ deals that would be high risk,” McCurry said.
3. Phantom equity
If a family office is too complicated, with dozens of trusts, partnerships and funds that make it hard to issue profit shares or co-investments, they can sometimes offer phantom equity — notional shares of a basket of assets or fund or company that track performance without actual ownership.  
Phantom equity can be like a 401(k) plan that’s deferred tax free. But eventually it’s usually taxed at ordinary income rates, so it can be less attractive to the employee.
“It’s not as common, but it’s mainly used for simplicity,” McCurry said.
Because they serve a single family, family offices have more flexibility than many companies when it comes to designing pay plans. Yet McCurry said family offices that want to compete for talent need to start offering more forms of equity.
“There is a crowd effect,” he said. “The more family offices start offering it, the more employees expect it. You don’t want to be the outlier when everyone across the street is offering it.”
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