Raphael Stevens

Universal’s “Wicked” is drumming up buzz ahead of its Nov. 22 release with hundreds of merchandise offerings from dozens of retail partners.
These pink-and-green collaborations cross the spectrum from apparel, accessories, footwear, beauty and costumes all the way to home decor, toys and even one-of-a-kind cars.
The partnerships are part of Universal’s marketing strategy for the film and could bring a welcome boost to the retail industry just in time for the crucial holiday period.

Cynthia Erivo and Ariana Grande star as Elphaba and Glinda in Universal’s “Wicked.”

“Barbie” painted the town pink in 2023, and now “Wicked” is upping the ante by adding a splash of green.
Universal’s theatrical retelling of the famed Broadway musical is creating buzz ahead of its Nov. 22 release with hundreds of merchandise offerings from dozens of retail partners. The green-and-pink barrage is part of Universal’s marketing strategy for the film and could bring a welcome boost to the retail industry just in time for the crucial holiday period.

These “Wicked” collaborations cross the spectrum from apparel, accessories, footwear, beauty and costumes all the way to home decor, toys and even one-of-a-kind cars.
The collections range in price points as well, offering consumers affordable and luxury options to show off their love of all things “Wicked.”

Target and Walmart have a slew of products on shelves, with whole sections of the store dedicated to themed shirts, sweaters and footwear, as well as dolls, plush figures, books and nail polish.

Lego and Mattel have brick sets and Barbies tied to the film; Starbucks has a collection of new tumblers and mugs, plus limited-time drinks inspired by main characters Glinda and Elphaba; and Betty Crocker has “mix to reveal” cake mixes that turn pink or green when wet ingredients are added.

Toyota’s Lexus is even releasing two one-of-a-kind versions of its 2024 Lexus TX that have “Wicked”-themed wraps.

The Broadway show on which the film is based is one of the most popular and highest-grossing musicals of all time and already has an established and rabid fanbase.
Just at the Gershwin Theater in New York City, more than 14.5 million people have bought tickets to see the show since it launched in 2003, generating more than $1.67 billion in ticket sales, according to Broadway World. Those figures don’t include traveling national shows or international residencies.
These fans are hungry for merchandise that celebrates and enhances their fandom and they are willing to pay for it, according to Mintel’s 2024 “U.S. Superfans and Enthusiasts Consumer Report.”
The report found that nearly half of “superfans,” the most enthusiastic and devoted fans, have spent money on official fandom events or merchandise in the past year. The report, which surveyed 2,000 adults in the U.S., also determined that fandom collaborations and partnered releases are most successful among niche super-fandoms.
And that’s a good thing for the retail space, which saw the consumer confidence index fall 7 points in September, the largest drop in more than three years, only to soar up 11% in October, the biggest single-month acceleration since March 2021.
Retailers that have partnered with Universal are expected to see a boost from sales of “Wicked” merchandise, which could help them stand out from other companies during the next few months.
What could also drive demand is the fact that these merchandise collaborations are limited-time only. Once the stock is gone, it’s not likely to be replenished. So, even the most price-conscious consumers may be willing to spend in order to get these products before they vanish from shelves.
Movie theaters, too, are offering up themed popcorn buckets, drink specials and other merchandise for moviegoers who head out to cinemas to see the film. These retail opportunities could help boost the “Wicked” box office.
At present, box-office analysts have a wide-ranging read on what “Wicked” could do during its domestic opening weekend. On the conservative end is an $85 million haul, predicted by leading entertainment and technology research firm NRG. Meanwhile, others speculate that the first film in a planned duology could top $100 million and capture as much as $150 million during its first three days in theaters.
The divergence of expectations comes as Hollywood has struggled to market and make a profit on movie musicals in recent years. Adaptations such as “In the Heights,” “Dear Evan Hanson” and “Mean Girls,” all based on Broadway shows, failed to drum up significant box-office revenue during their runs.
However, other fan-favorite intellectual property-driven titles — including “Dune: Part Two,” “Deadpool & Wolverine” and “Inside Out 2” — have overperformed estimates. With “Wicked” already being a household name but existing in the musical space, box-office analysts are finding it tricky to predict where it will land. More

Major League Baseball and the Atlanta Braves have objected to Diamond Sports Group’s current restructuring plan, according to a Friday bankruptcy court filing.
The Braves and MLB said that they have “grave concerns” with Diamond’s future viability as the plan currently stands.
They said their concern stems from a lack of information about the restructuring proposal for the country’s largest owner of regional sports networks.

A Major League Baseball logo at Angel Stadium in Anaheim, California, May 22, 2022.
Ronald Martinez | Getty Images

Major League Baseball and the Atlanta Braves have raised issues with the reorganization plan and future viability of Diamond Sports Group, the country’s largest owner of regional sports networks, according to a Friday bankruptcy court filing.
The Braves and MLB said in the objection that they have “grave concerns” with the current plan, as “there is a substantial likelihood that [Diamond Sports] will find themselves once again in financial distress and/or bankruptcy court in the near future.”

The filing noted that both MLB and the Braves have a vested interest in Diamond Sports succeeding with a reorganization plan, but they are not convinced that the one currently proposed is viable.
A representative for Diamond didn’t immediately comment on the filing. The company has until Wednesday to respond to the objection. Meanwhile, Diamond will seek approval of its reorganization plan from a U.S. bankruptcy judge on Thursday.
MLB and the Braves’ concern stems from a lack of information about the restructuring proposal, which consists of 20 documents for a total of 181 pages, according to the filing. Diamond attorneys have said in court there are limitations to what they can provide in part because of the confidentiality agreements with the company’s distribution partners, such as pay TV operators.
In addition, both the league and Braves have also requested more clarity on what Diamond’s proposed commercial partnership with Amazon will look like. Diamond attorneys have previously said in court that discussions with Amazon are still ongoing.
MLB and the Braves are also concerned about confusion over Diamond Sports’ direct-to-consumer plan, a strategy that has only become more important as more customers exit from traditional cable bundles.

This is not the first time MLB has wanted more information on Diamond’s financial plans. In October, an MLB attorney said in a court hearing that the league wanted additional information on the language used in a recent naming rights agreement deal Diamond struck with FanDuel for the regional sports networks, formerly known as Bally Sports, that Diamond owns.
The Braves are part of publicly traded company Atlanta Braves Holdings after being split off from John Malone’s Liberty Media in 2023. Malone is still a shareholder in the new company in addition to being chairman of Liberty Media.
Diamond Sports had previously said it will retain its contract with the Braves as part of its bankruptcy plan, while attempting to renegotiate its contracts with 11 other MLB teams it has deals with, or drop them.
The Friday objection does not mean that the Braves have turned away from Diamond for their regional media rights.
As of Thursday, the St. Louis Cardinals and Diamond agreed to terms for their local rights, and in an October court hearing, attorneys said that Diamond was nearing an agreement for the Miami Marlins.
On Friday, the Cincinnati Reds said they would exit their regional sport network owned by Diamond, according to a court filing.
Three of the 11 teams that Diamond was attempting to rework contracts with have since turned to MLB to produce their local games. More

The Philadelphia Phillies recently raised close to $500 million in capital from three new investors, according to two people familiar with the deal.
The transaction values the Major League Baseball team and its 25% stake in regional sports network NBC Sports Philadelphia at about $3 billion, the people said.
It is not known what the Phillies will use the proceeds from the capital raise for, but there has been some speculation that the team could go after free agent Juan Soto.

Philadelphia Phillies managing partner and principal owner John Middleton signs autographs prior to the 2024 London Series game between the New York Mets and the Philadelphia Phillies at London Stadium in London on June 9, 2024.
Daniel Shirey | Major League Baseball | Getty Images

The Philadelphia Phillies recently raised close to $500 million in capital from three new investors in a transaction that values the Major League Baseball team and its 25% stake in regional sports network NBC Sports Philadelphia at about $3 billion, according to two people familiar with the deal.
As part of the transaction, two existing owners, managing partner John Middleton and Stanley Middleman, also invested more money in the Phillies, bringing the total capital infusion to close to $600 million, according to the people.

On Nov. 1, Middleton announced new investors, including Mitchell Morgan and Guntram Weissenberger Jr., would be joining the Phillies. The size of the investment and the third investor were not disclosed.
Given that limited-partner stakes typically go for about 20% less than control stakes because LPs have no say in how the team is run, the $3 billion valuation equates to roughly a $3.7 billion control valuation.
That is an impressive number considering the Baltimore Orioles were sold for $1.73 billion earlier this year and the most ever paid for a baseball team was the $2.42 billion that Steve Cohen paid for the New York Mets in 2020.
A little more than a year ago, Middleman purchased a 16.25% stake in the Phillies at a grossed up valuation of $2.8 billion.
Based on revenue multiples, a $3.7 billion control valuation for the Phillies would be eight times 2023 revenue, compared with multiples of 5.3 for the Orioles and 6.7 for the Mets, according to historic revenue calculations.

The Philadelphia Phillies celebrate after defeating the New York Mets 12-2 in a game at Citi Field in New York City on Sept. 20, 2024.
Dustin Satloff | Getty Images

The Phillies have one of the best local television deals in baseball. In 2014, the team inked a deal with NBC Sports Philadelphia that guaranteed the team an average of $100 million a year in rights fees over 25 years, plus a 25% stake in the regional sports network.
However, cord-cutting has resulted in tougher economics for regional sports networks, the most egregious example being Diamond Sports Group, which filed for Chapter 11 bankruptcy protection in March 2023. As pay-TV revenues fall, some baseball teams could see a reduction in their television revenue.
The Phillies’ exposure to that risk is lower, since Comcast owns 75% of the regional sports network.
It is not known what the Phillies will use the proceeds from the capital raise for, but there has been some speculation that the team could go after free agent Juan Soto.
Nabbing Soto, who could get between $50 million and $70 million a year, would likely land the team a huge luxury tax bill. Last season, the Phillies, who are led by superstar Bryce Harper, had a payroll of $262 million, the fourth-highest in baseball, according to Cot’s Baseball Contracts. The team is on the hook for a luxury tax, formerly known as the competitive balance tax, of $10 million, according to Spotrac.
The Phillies have a payroll of $240 million heading into the 2025 season, according to Cot’s. The MLB luxury tax limit is set at $241 million.
Prior to this capital raise, the Middleton family owned 48.75% of the Phillies, the Buck family owned 32.5% and the Middleman family owned 16.25%, according to a person familiar with the team’s ownership. Pat Gillick owned 1.5%, and David Montgomery owned 1%, the person said.
It is not clear what the precise ownership interests are after the capital raise.
A spokesperson for MLB did not respond to CNBC’s request for comment. A spokesperson for the Phillies declined to comment, as did a spokesperson for Galatioto Sports Partners, the advisory firm that represented the Phillies on the capital raise.
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC. More

Toyota Motor said Friday that California-led electric vehicle mandates starting next year are “impossible” to meet.
The regulations call for 35% of 2026 model-year vehicles, which will begin to be introduced next year, to be zero-emission vehicles.
J.D. Power reports no states are in accordance with the EV mandate as of this year.
Only California, Colorado and Washington have seen at least 20% of retail sales being EV or PHEVs this year.

A sign is displayed outside a Toyota Motor Corp. dealership on Jan. 30, 2024 in Tokyo, Japan.
Tomohiro Ohsumi | Getty Images News | Getty Images

DETROIT — Toyota Motor sounded the alarm Friday that California-led electric vehicle mandates that are set to start next year are “impossible” to meet and, if they’re not changed, will lead to less customer choice in several states.
Current requirements under the California Air Resources Board’s “Advanced Clean Cars II” regulations call for 35% of 2026 model-year vehicles, which will begin to be introduced next year, to be zero-emission vehicles, or ZEV. Battery-electric, fuel cell and, to an extent, plug-in hybrid electric vehicles qualify as zero emission under the regulations.

“I have not seen a forecast by anyone … government or private, anywhere that has told us that that number is achievable. At this point, it looks impossible,” Jack Hollis, chief operating officer of Toyota Motor North America, said during a virtual media roundtable Friday. “Demand isn’t there. It’s going to limit a customer’s choice of the vehicles they want.”
The California Air Resources Board reports 12 states and Washington, D.C., have adopted the rules. Roughly half of them did so starting with the 2027 model year. The EV mandates are part of CARB’s Advanced Clean Cars regulations that require 100% of new vehicle sales in the state of California to be zero-emission models by 2035.

J.D. Power said no states are in accordance with the EV mandate as of this year. Only California (27%), Colorado (22%) and Washington (20%) have seen at least 20% of retail sales being EVs or PHEVs this year. Other states such as New York (12%), New Mexico (5%) and Rhode Island (9%) are far from compliant.
The national average of EV/PHEV adoption for retail sales is only 9% through October, J.D. Power said Friday.
Hollis said if the mandates are unchanged, it will lead to “unnatural acts” in the automotive industry that have already begun at some automakers, where companies are supplying states which have agreed to the rules with a disproportionate amount of electrified models.

“It’s going to distort the industry. It’s going to distort the business. Why? Because it’s unnatural to what the current demand in the marketplace is,” Hollis, a longtime automotive executive, said.
Several automotive insiders previously told CNBC that the EV mandate issue needed to be addressed regardless of who won election this year.

The California Air Resources Board did not immediately respond to a request for comment.
In President-elect Donald Trump’s first term in office, a legal battle ensued to revoke states’ ability to set their own emissions standards. Several officials expect Trump to renew that push once he’s back in the White House.
Hollis said that he “hopes it doesn’t come to that” this time around, and that the states, federal government and auto industry can come to a resolution. He also said Toyota would prefer one national standard — a sentiment many automakers previously shared.
“We would always want a 50-state rule, because that way we can treat all customers, all dealers, equally, fairly, whatever that might be,” Hollis said. “Our hope would be is that California and [the Environmental Protection Agency] would match up, and it would be reduced down to something that is achievable. Even if it’s a push, even if it’s a reach, but at this point, it’s an impossible stage.”

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Rivian Automotive missed Wall Street’s third-quarter expectations, including a massive difference in revenue of $116 million.
The automaker’s net loss narrowed year over year to $1.1 billion compared with $1.37 billion during the third quarter of 2023.
The stock closed Thursday at $10.05, up 3.5%

Rivian Automotive lowered its earnings forecast for the year after missing Wall Street’s third-quarter expectations, including a significant miss in revenue.
Here is how the company performed in the quarter, compared with average estimates compiled by LSEG:

Loss per share: 99 cents adjusted vs. a loss of 92 cents expected
Revenue: $874 million vs. $990 million expected

Rivian said it now expects adjusted earnings before interest, taxes, depreciation and amortization of between a loss of $2.83 billion and a loss of $2.88 billion. That compares to a previous guidance of a roughly $2.7 billion loss.
But Rivian reconfirmed plans Thursday to achieve a “modest positive gross profit” during the fourth quarter of this year, which is being closely monitored by Wall Street.
“Our core focus is on driving toward profitability,” Rivian CEO RJ Scaringe told CNBC’s Phil LeBeau on Thursday. “Looking at Q4, we continue to guide toward gross margin.”
The company reported a negative gross profit of $392 million for the third quarter compared with a loss of $477 million a year earlier.

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Shares of electric vehicle companies Rivian, Lucid and Tesla in 2024.

Shares of Rivian during after-hours trading Thursday were up roughly 2% after initially declining. The stock closed Thursday at $10.05, up 3.5%

RBC Capital Markets analyst Tom Narayan said the company maintaining the gross profit target should benefit the stock: “Many analysts we spoke to into the print thought the company might withdraw this target. On that basis, we could see shares trade higher,” he said in an investor note Thursday.
The automaker’s net loss narrowed year over year to $1.1 billion compared to $1.37 billion during the third quarter of 2023. Its revenue, including $8 million in sales of regulatory credits, dropped 34.6% compared to a year ago amid supplier disruptions that affected the company’s production.
“This has been a tough quarter for us,” Scaringe told investors Thursday about the supplier issues. “We’re seeing this as a short-term issue.”
Rivian last month lowered its annual production forecast from 57,000 units to between 47,000 and 49,000 units due to the disruption. It reconfirmed that range Thursday.
The supplier disruptions have occurred as the automaker attempts to launch its second-generation “R1” vehicles. The 2025 model-year redesigns included significant changes to the vehicle’s internal parts.
Separate from third-quarter results, Rivian on Thursday announced an “important strategic partnership” with LG Energy Solution to supply U.S. manufactured battery cells for the company’s upcoming R2 vehicles in 2026.

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