Business

Disney’s ESPN and Penn Entertainment are bringing their sports betting partnership to a close years earlier than planned.
The companies had partnered in 2023 to rebrand and relaunch Penn’s sportsbook as ESPN Bet, marking the first time ESPN’s brand was on a sports-betting platform.
Penn had the right to the ESPN trademark in exchange for $150 million per year in cash payments to ESPN and warrants to purchase common stock of PENN. The deal terminates Dec. 1 and payments will end in the fourth quarter.

The ESPN Bet logo on a laptop arranged in New York, US, on Thursday, Feb. 22, 2024. 
Gabby Jones | Bloomberg | Getty Images

Disney’s ESPN and Penn Entertainment are terminating their sports betting partnership, bringing an end to the ESPN Bet brand on Penn’s sportsbook years earlier than planned.
The partnership, which came together in 2023, allowed for ESPN to rebrand and relaunch Penn’s sportsbook — then known as Barstool Sportsbook — as ESPN Bet. The agreement had a 10-year term.

On Thursday, Penn and ESPN announced they have mutually agreed to wind down the partnership early. The sportsbook will be rebranded again as theScore Bet.
“When we first announced our partnership with ESPN, both sides made it clear that we expected to compete for a podium position in the space,” said Penn CEO Jay Snowden in a news release.
“Although we made significant progress in improving our product offering and building a cohesive ecosystem with ESPN, we have mutually and amicably agreed to wind down our collaboration,” he said.
The 10-year partnership allowed for either ESPN or Penn to end the agreement after the third year “if specific market share performance thresholds were not met,” according to the release. Still, the announcement Thursday brings the deal to a close after just over two years.
ESPN Chariman Jimmy Pitaro said in the release that the company is “now pursuing other media and marketing opportunities within this space.”

ESPN had inked the deal with Penn after spending some time looking for a gambling partner. Disney had made clear in the past it would never take bets directly, making a partnership the only viable path for ESPN to get into the booming online sports gambling industry.
Sports betting has become an integral part of ESPN’s direct-to-consumer streaming platform.
The ESPN Bet brand is expected to wind down by Dec. 1, according to the release.
Under the original deal, ESPN agreed to provide Penn with the exclusive right to its brand for the sportsbook, as well as media and marketing services. In exchange, Penn agreed to pay ESPN $1.5 billion in cash over the 10-year perio, and also granted ESPN about $500 million of warrants to buy roughly 31.8 million Penn common shares that would vest over the same period.
On Thursday the companies said Penn’s $150 million in yearly cash payments will cease in the fourth quarter, as would the warrants to buy Penn’s common stock. More

Peloton is recalling 833,000 of its original Bike+ model, every unit it ever sold, after receiving reports that the seat post broke and detached during use, leading to two injuries.
The CPSC said consumers should immediately stop using the bikes, adding that Peloton is offering a free seat post that can be self-installed at home.
This is the second time Peloton has had to do a recall because of issues with its seat post.

Peloton stationary bikes for sale at the company’s showroom in Dedham, Massachusetts, U.S., on Wednesday, Feb. 3, 2021.
Adam Glanzman | Bloomberg | Getty Images

Peloton is recalling its original Bike+ after receiving reports that the seat post broke and detached from the equipment during use, leading to two injuries, the Consumer Product Safety Commission said in a news release Thursday. 
The recall impacts 833,000 units, touching every original Bike+ the company has ever sold. The bikes were sold between January 2020 and April 2025 but Peloton stopped manufacturing them in 2022. 

The recall comes after Peloton received two reports of injuries “due to a fall” after the post broke off, the CPSC said in its release. It received three reports in total about the issue.  
The CPSC said consumers should immediately stop using the bikes and contact Peloton for a free repair. The company is offering a free seat post that users can install at home, the agency said. 
In a statement Thursday, Peloton said, “The integrity of our products and our Members’ well-being are our top priorities.” The company encouraged users to request the new part “as soon as possible.”
The notice Thursday marks the second time Peloton has had to recall one of its bike models due to issues with the seat post. 
In May 2023, the company recalled every base Bike model that it ever sold, totaling 2.2 million units, after receiving 35 reports of the seat post breaking and detaching during use. The issue led to 13 injuries, including a fractured wrist, lacerations and bruises.

At the time, the company said the recall led to higher than expected membership churn, as between 15,000 and 20,000 people paused their monthly subscriptions while waiting for the seat post to be replaced. Replacing the parts cost at least $40 million during its fiscal 2023 fourth quarter, the company said at the time. 
The recall Thursday, the fifth since Peloton’s founding, comes as CEO Peter Stern looks to get the fitness company back to growth and move past the many issues it has faced since its founding. 
Changing consumer dynamics have plagued the company since the end of the Covid-19 pandemic, but so have its recalls, including one for its Tread+ treadmill in 2021 after a child was killed. 
Just over a month ago, Peloton relaunched its product assortment, raised prices and unveiled new features ahead of the crucial holiday shopping season. 
The current quarter is Peloton’s biggest for hardware sales. 
The company is expected to report first quarter fiscal 2026 earnings after the bell on Thursday. More

2025 has been a subdued year for deal-making by investment firms of the ultra rich.
The last quarter of the year is off to a lackluster start, with direct investments by family offices falling 63% in October on an annual basis, according to Fintrx.
While family offices are making fewer bets, their appetite for large rounds hasn’t budged as they seek bigger returns and to tap into the AI boom.

Gemini Co-founders Tyler Winklevoss and Cameron Winklevoss attend the company’s IPO at the Nasdaq MarketSite in New York City, U.S., Sept. 12, 2025.
Jeenah Moon | Reuters

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.
Investment firms of ultra-rich families have scaled back their deal-making throughout 2025, and the last quarter of the year is not off to a promising start. In October, family offices made 51 direct investments, down 63% on an annual basis, according to data provided exclusively to CNBC by private wealth platform Fintrx.

However, family offices are still backing massive fundraises for artificial intelligence companies.
Last month, Tyler and Cameron Winklevoss’ namesake investment firm joined a $1.4 billion Series E round for Crusoe, boosting the data center developer’s valuation to $10 billion. Hillspire, the family office of ex-Google CEO Eric Schmidt, participated in a $2 billion Series B round for Reflection, the open-source AI model lab now valued at $8 billion.

Family office investors were also involved in earlier headline-making rounds, such as Commonwealth Fusion’s $863 million Series B2 fundraising. Hillspire, Laurene Powell Jobs’ Emerson Collective and Stanley Druckenmiller’s firm, Duquesne Family Office, joined the power plant developer’s round, which was announced in August.
While family offices are placing fewer bets, they haven’t soured on large rounds, according to a recent report by PwC.
In the first half of 2025, family offices made 23% fewer deals, but their value only fell by 18% on an annual basis, per PwC. The proportion of family office deals in excess of $100 million held steady at 15% and those over $500 million only edged down by 1 percentage point to 3%.

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Supersized rounds for AI firms have helped to prop up deal values. In the first half of this year, family offices made nearly the same number of investments in AI and machine learning compared with the same period in 2023, but deal value nearly tripled to $123.3 billion, per PwC.
But even before the AI wave, family offices were shifting their preference to larger deals, according to the consultancy. Over the past decade, the proportion of investments below $25 million has shrunk from 70% to 59%. Deals between $25 million and $100 million now make up 26%, up 6 percentage points from 2015, and the share of deals worth more than $100 million has increased from 9% to 15%.
The consultancy’s report credited the trend to family offices seeking bigger returns and their “rising ambitions as major players in the global deals landscape.” More

Eli Lilly said it will start late-stage trials on its experimental amylin obesity drug next month after it showed encouraging results in a mid-stage study.
The highest dose of the weekly injection, called eloralintide, helped patients with obesity or who are overweight lose 20.1% of their body weight on average at 48 weeks.
The results support the pharmaceutical giant’s efforts to bring next-generation treatments to the blockbuster weight loss drug market, and solidify its dominance in the space. 

Eli Lilly Biotechnology Center is shown in San Diego, California, March 1, 2023.
Mike Blake | Reuters

Eli Lilly on Thursday said it will start late-stage trials on its experimental amylin obesity drug next month after it showed encouraging results in a mid-stage study.
The highest dose of the weekly injection, called eloralintide, helped patients with obesity or who are overweight lose 20.1% of their body weight on average at 48 weeks. The results support the pharmaceutical giant’s efforts to bring next-generation treatments to the blockbuster weight loss drug market, and solidify its dominance in the segment. 

The data bolsters Eli Lilly’s chances of bringing a strong competitor to the red-hot amylin space, in particular. Many industry analysts view so-called amylin analogs as the next wave of obesity treatments that could serve as an alternative or complementary option to existing injections targeting gut hormone GLP-1. 
Several large drugmakers such as Roche and AbbVie have shelled out billions to buy or license experimental amylin treatments, and Novo Nordisk is developing its own drugs. Novo Nordisk — Eli Lilly’s chief rival in the obesity market — and Pfizer are also in the midst of a heated takeover war over Metsera, whose pipeline includes a potential once-monthly amylin drug. 
Amylin analogs mimic a hormone co-secreted with insulin in the pancreas to suppress appetite and reduce food intake. Amylin treatments have a similar effect to GLP-1s like Lilly’s Zepbound and Mounjaro, but some analysts and researchers say it could be easier for patients to tolerate and help them preserve lean muscle mass. 
The lowest dose of Eli Lilly’s injection helped people lose 9.5% of their weight at 48 weeks, compared to 0.4% among those who received a placebo. Patients who used a two-step dose escalation – starting at a 6 milligram dose and increasing to a 9 milligram dose – lost 19.9% of their weight at 48 weeks. People who used a three-step dose escalation that started at 3 milligrams lost 16.4% of their weight.
The most common side effects of the injection were mild to moderate gastrointestinal symptoms and fatigue, which were observed more frequently in patients who took higher doses of the drug, according to Eli Lilly. Patients in groups that gradually increased doses of the drug saw lower side effects. 
The company has yet to release detailed data on side effect rates and how many patients discontinued the treatment during the trial. Eli Lilly will present the data at the ObesityWeek scientific conference in Atlanta on Thursday. More

The National Women’s Soccer League has created a high-profile advisory board featuring athletes and cultural figures to help guide the future of women’s professional soccer.
The board, composed of up to two delegates from each club, will focus on growth areas such as marketing, branding, fan engagement, and player initiatives, beginning in 2026.
Members will also act as mentors and brand connectors, appearing in league campaigns and leveraging their influence to attract partnerships and expand the NWSL’s cultural footprint.

KANSAS CITY, MISSOURI – NOVEMBER 02: Nichelle Prince #8 of Kansas City Current celebrates with teammates after scoring the team’s second goal during the NWSL match between Kansas City Current and San Diego Wave at CPKC Stadium on November 02, 2025 in Kansas City, Missouri. (Photo by Amy Kontras/NWSL via Getty Images)
Amy Kontras | Nwsl | Getty Images

National Women’s Soccer League Commissioner Jessica Berman is tapping into star power to guide the league’s growth.
The NWSL announced on Thursday it’s formed a star-studded advisory board that will meet twice a year to focus on key areas of opportunity related to marketing, branding, fan growth and player initiatives. The group will begin meeting next year.

Since Berman took the helm in 2022, professional women’s soccer has seen rapid growth. The 14 clubs active during the 2025 season are worth nearly $2 billon combined, according to Forbes. Expansion teams in Boston and Denver will begin play in 2026 and weren’t included in the rankings.
However, the league is looking to its next steps to after the 2025 season saw a 5% decline in game attendance, according to Sports Business Journal.
The advisory board will consist of up to two delegates from each club, including investors, cultural leaders and sports legends.
The group includes names like former New York Giants quarterback Eli Manning, a part owner of the league’s Gotham FC; NBA legends Magic Johnson and Grant Hill, part owners of the Washington Spirit and Orlando Pride, respectively; and baseball great Ken Griffey Jr., an investor in Seattle Reign FC.
The WNBA’s Sabrina Ionescu (representing the Bay FC ownership group) and former soccer stars Alex Morgan (San Diego Wave FC), Brandi Chastain (Bay FC) and Julie Foudy (Angel City FC) will also join the group.

“When we looked across our clubs’ investor base, we realized how fortunate we are to have such an extraordinary group of cultural icons, athletes, and leaders who believe – and have invested – in the power and potential of this league,” said Berman, a 2024 CNBC Changemaker, in a statement.
Manning said in a statement he was “honored to be part of this Advisory Board and to help continue building a league that inspires communities, empowers women, and sets the standard for excellence on and off the field.”

HARRISON, NEW JERSEY – SEPTEMBER 16: NJ/NY Gotham FC minority owner Eli Manning looks on before a match between NJ/NY Gotham FC and Washington Spirit at Red Bull Arena on September 16, 2023 in Harrison, New Jersey. (Photo by Tim Nwachukwu/Getty Images)
Tim Nwachukwu | Getty Images Sport | Getty Images

The NWSL said the group will appear in league campaigns and content collaborations through interviews and social media.
The advisory board members will also partner with current players to offer career advice and mentorship opportunities and serve as “connectors” by opening the door for brand partnerships, investor interest and cultural integration.

SAN DIEGO, CALIFORNIA – SEPTEMBER 07: Alex Morgan speaks during the ceremony to retire her Number 13 jersey following NWSL match between San Diego Wave and Houston Dash at Snapdragon Stadium on September 07, 2025 in San Diego, California. (Photo by Kevork Djansezian/Getty Images)
Kevork Djansezian | Getty Images Sport | Getty Images

“What makes this Advisory Board so special is that it brings together people who share our belief in what women’s soccer can be — not just as a sport, but as a movement. I’m proud to be part of helping shape the next chapter for the league, the players, and the fans who make it all possible,” Morgan said in a statement.

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Lucid Group missed Wall Street’s quarterly expectations for a second consecutive quarter.
The EV manufacturer continues to address problems with the launch of its new flagship Gravity SUV.
Lucid also said it has agreed to increase a term loan credit facility from $750 million to roughly $2 billion from Saudi Arabia’s Public Investment Fund – its largest shareholder.

Brand new Lucid electric cars sit parked in front of a Lucid Studio showroom in San Francisco on May 24, 2024.
Justin Sullivan | Getty Images

DETROIT – Lucid Group missed Wall Street’s expectations for a second consecutive quarter as the all-electric vehicle maker continues to address problems with the launch of its new flagship Gravity SUV.
The company, for a second consecutive quarter, also cut the high end of its annual production guidance to around 18,000 vehicles from a previous forecast of between 18,000 and 20,000 units. Its original target for this year was 20,000 units. It also reduced the low end target of its capital expenditures by $100 million to between $1 billion and $1.2 billion.

Here’s how the company performed in the third quarter, compared with average estimates compiled by LSEG:

Loss per share: $2.65 adjusted vs. a loss of $2.27 expected
Revenue: $336.6 million vs. $379.1 million expected

Lucid reported a net loss for the quarter of $978.4 million, or $3.31 per share, compared with a net loss of $992.5 million, or $4.09 per share, in the same period last year. Adjusting for one-time items including restructuring, the company lost $2.65 a share.
The company’s adjusted earnings before interest, taxes, depreciation and amortization was a loss of $717.7 million vs. an expected loss of $597.4 million, according to estimates compiled by StreetAccount. That loss widened year-over-over by 17%. Its quarterly revenue increased roughly 68% from $200 million a year earlier. 
Its quarterly revenue increased roughly 68% from $200 million a year earlier.
In addition to releasing its third-quarter results, Lucid said it has agreed to increase a delayed draw term loan credit facility from $750 million to roughly $2 billion from Saudi Arabia’s Public Investment Fund, the company’s largest shareholder.

The company reported total liquidity of $5.5 billion to end the quarter, including the undrawn credit line. Its cash and cash equivalents were roughly flat from the end of last year at $1.6 billion, with a total financial runway into the first half of 2027, the company said.
Lucid also said it continues to evaluate finance and liquidity options outside of the PIF as it launches its Gravity SUV and develops an upcoming midsize vehicle, which isn’t expected to start production until at least late next year.

An autonomous robotaxi from Uber’s partnership with Lucid and autonomous vehicle startup, Nuro.
Courtesy: Nick Twork | Lucid

Regarding Gravity, Lucid interim CEO Marc Winterhoff said the company “remains intensely focused on ramping up production and addressing the significant supply chain disruptions impacting the entire industry.”
During the company’s last quarterly results in August, Winterhoff admitted there were problems with Gravity, saying the company planned to significantly increase production during the second half of the year.
Winterhoff told investors Wednesday that the company continues to believe it can achieve a significant increase in Gravity deliveries during the fourth quarter, despite the supply chain issues and an industrywide slowdown in EV demand.
Lucid CFO Taoufiq Boussaid said Gravity production increased quarter-to-quarter but remains at an unmeaningful level.
The earnings results come roughly a month after Lucid reported third-quarter vehicle deliveries of 4,078 units, which increased from a year earlier but also fell slightly short of Wall Street expectations.
Lucid has made several partnership announcements this year. In July, it signed a $300 million deal with Uber that included the ride-hailing platform acquiring and deploying more than 20,000 Lucid Gravity SUVs over the next six years that will be equipped with autonomous vehicle technology from startup Nuro. More recently, it announced an expanded partnership with Nvidia for autonomous vehicle technologies.
Lucid’s results are in stark contrast to fellow pure EV company Rivian Automotive, which on Tuesday reported third-quarter earnings and revenue that topped Wall Street expectations and drove the stock price up during intraday trading Wednesday.
Shares of Rivian — following near-record gains Wednesday — are up roughly 16% in 2025, while Lucid remains off more than 40%, including a 1-for-10 reverse stock split this summer. More

Despite what Alex Karp, the boss of Palantir, says, investors are hardly “batshit crazy” to bet against his company. The seller of whizzy analytics tools has a market value of nearly $450bn, equivalent to 137 times its sales over the past 12 months and 624 times its net profit. Nvidia, the most valuable company in the world and a fellow beneficiary of the artificial-intelligence (AI) boom, is worth a comparatively meagre 28 times its sales and 54 times its net profit. More

Prices on Amazon, Walmart and Target have all increased this year as retailers grapple with higher costs due to tariffs.
Amazon prices rose more those at Walmart and Target across several shopping categories, according to an analysis of online pricing data by research firm DataWeave.
Because third-party sellers are more vulnerable to tariffs, marketplace vendors often have no choice but to pass higher costs onto the shopper.

The Amazon Prime logo on a package in Manhattan, New York City, on Sept. 16, 2023.
Michael Kappeler | Picture Alliance | Getty Images

Tariffs imposed by the Trump administration have given the country’s retailers another cost to manage during a period of persistent inflation.
While many are navigating the change with limited price increases, marketplace giant Amazon is hiking more than others.

Price increases are common for retailers trying to blunt higher costs from tariffs. Companies including Walmart and Target have said they are employing a portfolio approach to pricing following the tariff hikes, meaning they have raised prices on some items but not others.
But the companies rarely detail how much they’re increasing prices or on what items. 
Amazon prices have risen 12.8% this year on average as of the end of September, according to an analysis of online pricing data from third-party research firm DataWeave. Prices at Target were up 5.5% since the start of the year, and prices at Walmart were 5.3% higher, according to the analysis.

DataWeave reviewed roughly 16,000 items each on Amazon’s, Walmart’s and Target’s websites to conduct its analysis. The firm says it continuously collects publicly available data and captures live product and pricing information. Its data spans categories, locations and time periods, according to DataWeave’s methodology.
While each of the three retailers increased prices throughout the year, the sharpest increase came from Amazon between January and February, when prices on the surveyed SKUs — a retail industry term meaning stock keeping units — rose 3.7%, according to DataWeave’s analysis.

That jump actually came ahead of the majority of President Donald Trump’s tariffs, announced in April, and could be the result of price normalization and a pullback in discounts after the 2024 holiday selling season, DataWeave found. However, Target and Walmart increased prices by an average of 0.97% and 0.85%, respectively, during the same time frame.
DataWeave’s pricing analysis compares each retailer to its own prices over time and not to competitors — and to be sure, lower initial prices could show a higher percentage increase — but there is a common trend.
“Together, these trends show a clear hierarchy: Prices rose fastest where consumers shop by choice, not necessity, and most cautiously where they shop by need,” Karthik Bettadapura, co-founder and CEO of DataWeave, said in a statement.
Apparel prices, for example, rose 11.5% on average between January and the end of September at Amazon, Target and Walmart. Indoor and outdoor home goods prices climbed an average of 10.8% across the three retailers. Prices for pet goods and consumable products increased by an average of 6.1%, and health and beauty items saw prices jump 7% on average. Prices for hardlines, a category that tends to include goods like electronics, furniture and appliances, rose 8.3%.

At Amazon, however, prices for those same categories rose more on average than at Target or Walmart.
Apparel prices increased 14.2%, indoor and outdoor home goods prices rose 15.3%, pets and consumables prices rose 11.3%, health and beauty prices rose 13.2%, and hardlines category prices rose 11.9%.

Guru Hariharan, founder and CEO of AI-driven e-commerce data platform CommerceIQ, told CNBC he’s not surprised to see larger price increases on the marketplace leader.
“Third-party sellers are far more exposed to tariff-driven cost increases,” Hariharan said. “They don’t have the scale, inventory flexibility or private-label leverage that large retailers like Walmart or Target can use to offset costs.”
As a result, marketplace sellers often have no choice but to pass higher costs onto the shopper, he said.
While Target and Walmart also have online marketplaces, third-party sales make up a much smaller percentage of their revenue than Amazon’s, according to executives and earnings reports.
Many economists say the full impact of tariffs has yet to be felt throughout the economy as retailers work through inventory that came into the country at lower tariff levels.
“If we consider Amazon as the bellwether for U.S. commodity goods pricing, this trend is obviously expected to have a significant impact to the holiday season and economy in Q4,” Hariharan said.
Amazon’s shoppers don’t appear to be fazed by the pricing. The company said its online store sales grew 10% in the third quarter compared to the same period last year. Third-party seller services — the revenue Amazon collects on third-party sales, including commission, fulfillment, shipping and advertising fees — increased 12% over that same time.
During the company’s third-quarter earnings call, Amazon CEO Andy Jassy said, “We remain committed to staying sharp on price and meeting or beating prices of other major retailers.”
The company’s Chief Financial Officer Brian Olsavsky added, “Our sharp pricing, broad selection and fast delivery speeds continue to resonate with customers.”
In response to the DataWeave price analysis, an Amazon spokesperson told CNBC, “Across the selection of any large retailer, you can cherry pick products where prices have increased—if that’s what you’re looking for—and it’s just as easy to find products, in equally large volumes, that have decreased or stayed the same in price during the same time period.
“The reality is that we offer competitive, low prices for Amazon customers and, based on our comprehensive analysis of millions of popular products customers are purchasing, we have not seen increases in price outside of normal fluctuations,” the spokesperson said. “We continue to meet or beat prices versus other retailers across the vast selection of products in our store, and that’s why customers trust Amazon as a destination for low prices and why we continue to earn more sales from customers.”
Investors and shoppers will get their latest insights into how the largest U.S. retailers are handling pricing when Target and Walmart report their third-quarter results in mid-November.
Target has said on several occasions this year it would raise prices “as a last resort” as it combats rising costs. A company spokesperson, in response to the DataWeave findings, pointed CNBC to the example of holding prices on back-to-school items like crayons, notebooks and folders steady from 2024 to 2025.
Walmart told CNBC, “We will do everything we can to keep prices as low as possible for as long as possible.” The company noted it has permanently lowered prices on 2,000 items since February – as opposed to its temporary cuts known as Rollbacks.
In early September, Walmart CEO Doug McMillon said tariffs have created cost hikes for the company.
“We’ve seen a steady march up, kind of a gradual increase as it relates to our cost levels in general merchandise, which has created the single-digit inflation that we find ourselves dealing with now,” McMillon said at the Goldman Sachs global retailing conference.
The Federal Reserve estimates tariffs are contributing five-tenths or six-tenths to the core personal consumption expenditures price index, the central bank’s preferred measure of inflation, Fed Chairman Jerome Powell said last week. Excluding tariffs, Powell said core PCE could be in the 2.3% to 2.4% range, rather than the 2.9% that was recorded in August.
The widely watched consumer price index, a broader measure of inflation, showed a 3% increase year over year for September. Direct CPI comparisons for the categories in DataWeave’s study are difficult to pinpoint, but prices for household furnishings rose 3.7% from January through September of this year. Personal care items increased 3.5% over the same period, and apparel prices were up 2.1%, according to CPI data.
— CNBC’s Nick Wells and Jodi Gralnick contributed to this report.
Editor’s note: This article has been updated to include Amazon’s full statement to CNBC in response to the DataWeave findings. More