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Disney plans to bring “Jimmy Kimmel Live!” back to air on ABC’s broadcast network beginning on Tuesday, the company said in a statement.
The network had pulled the show days after the host made comments linking the alleged killer of conservative activist Charlie Kirk to President Donald Trump’s MAGA movement.
The late night host will address the matter during his show set to be taped on Tuesday, according to a person familiar with the matter, who spoke on the condition of anonymity to discuss internal matters.

Disney plans to bring “Jimmy Kimmel Live!” back to air on ABC’s broadcast network beginning on Tuesday, the company said in a statement.
The decision was announced nearly a week after ABC said it was suspending the late night show indefinitely. The network had pulled the show days after the host made comments linking the alleged killer of conservative activist Charlie Kirk to President Donald Trump’s MAGA movement.

“Last Wednesday, we made the decision to suspend production on the show to avoid further inflaming a tense situation at an emotional moment for our country. It is a decision we made because we felt some of the comments were ill-timed and thus insensitive,” Disney said in a statement Monday. “We have spent the last days having thoughtful conversations with Jimmy, and after those conversations, we reached the decision to return the show on Tuesday.”
The late night host will address the matter during his show set to be taped on Tuesday, according to a person familiar with the matter, who spoke on the condition of anonymity to discuss internal matters.
Following days of discussions, Disney CEO Bob Iger and Dana Walden, co-chair of Disney Entertainment, made the decision to return the show to air, the person said. The two executives informed Kimmel on Monday, the person added.
Local station owners learned of the show’s return on Monday when Disney made the public announcement, according to two people familiar with the matter.

Jimmy Kimmel at the Disney Advertising Upfront on Tuesday, May 13, 2025.
Michael Le Brecht | Disney General Entertainment Content | Getty Images

Broadcast pushback

“Jimmy Kimmel Live!” was suspended after Nexstar Media Group, which owns more than 200 broadcast TV stations across the U.S., announced its stations affiliated with ABC would preempt Kimmel’s show. Sinclair, another large broadcast TV station owner, similarly threatened to preempt the program.

Sinclair said in a release last week that it would not lift the suspension on “Jimmy Kimmel Live!” until it had formal discussions with ABC “regarding the network’s commitment to professionalism and accountability.”
As of Monday evening, a Sinclair representative said the company still planned to preempt the broadcast.
“Beginning Tuesday night, Sinclair will be preempting Jimmy Kimmel Live! across our ABC affiliate stations and replacing it with news programming,” according to a statement from Sinclair. “Discussions with ABC are ongoing as we evaluate the show’s potential return.”
Sinclair owns and operates nearly 40 ABC-affiliate stations across the U.S.,  including one in Washington, D.C., according to its website.
A Nexstar representative didn’t comment on the matter.
Kimmel said during his monologue last Monday that the “MAGA gang” was “desperately trying to characterize this kid who murdered Charlie Kirk as anything other than one of them and doing everything they can to score political points from it.”
“In between the finger-pointing there was grieving. On Friday the White House flew the flags at half-staff, which got some criticism, but on a human level you can see how hard the president is taking this,” he continued, teeing up a clip of Trump on the White House lawn in which the president fields a question on Kirk but swiftly pivots to talking about construction.
Immediately following ABC’s suspension of the show, everyone from entertainers to politicians weighed in on whether Kimmel should return to air, and whether the incident should affect station owners’ broadcast licenses.
Federal Communications Commission Chair Brendan Carr had suggested ABC’s broadcast license was at risk in light of Kimmel’s comments, telling CNBC last week, “we’re not done yet” with changes to the media landscape.
Trump suggested the federal government might revoke broadcast station licenses for the networks that are “against” him.
The FCC didn’t immediately respond to a request for comment Monday.
Networks like ABC are part of a system that requires them to obtain over-the-air spectrum licenses from the federal government in order to broadcast across local stations. Since the networks are free to air over public spectrum — meaning anyone with an antenna can watch them — they must by law operate in “the public interest.”
Both Nexstar and Sinclair are currently looking to do deals that would require regulatory approval.
Nexstar recently announced a proposed $6.2 billion deal to merge with fellow broadcast station owner Tegna, a deal that would upend longstanding regulations for the industry on how many stations a parent company can own.
And Sinclair said in August it’s exploring merger options for its broadcast business, though it has yet to reach an agreement.

Political pressure

Kimmel’s suspension drew comparisons to CBS’s cancellation of “The Late Show With Stephen Colbert” in July and raised questions about the protection of free speech in a Trump-era broadcast environment.
Trump’s scrutiny of media companies has intensified during his second term marked by high-profile defamation lawsuits, the defunding of public broadcasters and regulatory interference from the FCC. He’s particularly singled out ABC and NBC for what he called “unfair coverage of Republicans and/or Conservatives.”
Current and former late show hosts rallied behind Kimmel after his suspension and said the president’s influence amounted to censorship. Former Disney CEO Michael Eisner blasted the FCC’s “intimidation” of ABC.
A letter organized by the American Civil Liberties Union, signed by more than 400 people including Hollywood stars and artists, backed Kimmel, saying his suspension marked a “dark moment for freedom of speech in our nation.”
Meanwhile, Republican Sen. Ted Cruz of Texas criticized the FCC’s Carr for his comments related to the suspension of Kimmel.
And on Monday, New York City mayoral candidate Zohran Mamdani withdrew from an upcoming town hall on an ABC affiliate in protest of the network’s suspension of Kimmel.
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant would become the new parent company of CNBC upon Comcast’s planned spinoff of Versant. More

The Trump administration drew an unproven link between autism and pregnant women’s use of acetaminophen, the active ingredient in one of the world’s most common over-the-counter pain relievers, Kenvue’s Tylenol.
Officials warned pregnant women against using acetaminophen early on unless they have a fever, and touted a lesser-known drug, leucovorin, as a potential treatment for symptoms of autism.
The bulk of scientific literature suggests no causal link between autism and exposure to acetaminophen in the womb, and Tylenol is widely considered the safest treatment for pain and fever during pregnancy.

In this photo illustration, Tylenol caplets are displayed on Sept. 22, 2025 in San Anselmo, California.
Justin Sullivan | Getty Images

The Trump administration on Monday drew an unproven link between autism and pregnant women’s use of acetaminophen, the active ingredient in one of the world’s most common over-the-counter pain relievers, Kenvue’s Tylenol.
President Donald Trump said the Food and Drug Administration will issue a physician’s notice about the risk of patients using acetaminophen during pregnancy unless they have a fever. The agency will also start the process of changing the safety label for acetaminophen on Tylenol and similar products.

The moves clash with a bulk of scientific literature suggesting no causal link between autism and exposure to acetaminophen in the womb. 
Many over-the-counter drugs contain acetaminophen, but Tylenol is widely considered the safest treatment to take during pregnancy to relieve pain and fever, as long as patients use the recommended dose. 
“Taking Tylenol is not good,” Trump said during a press conference on Monday. “They are strongly recommending that women limit Tylenol use during pregnancy unless medically necessary. That’s for instance, in cases of extremely high fever, that you feel you can’t tough it out, you can’t do it.”
The Health and Human Services Department will encourage clinicians to “exercise their best judgment” around the use of acetaminophen during pregnancy by “prescribing the lowest effective dose with the shortest necessary duration and only when treatment is required,” the department’s Secretary Robert F. Kennedy Jr. said during the press briefing.
HHS will launch a nationwide campaign to inform patients about the alleged risk, Kennedy said.

In a statement Monday, Kenvue said it believes in “independent, sound science” that shows taking acetaminophen does not cause autism, and “we strongly disagree with any suggestion otherwise and are deeply concerned with the health risk this poses for expecting mothers.” Without the drug as an option, women may have to experience conditions like fever that are potentially harmful to both them and their babies, or use riskier alternatives, Kenvue said.
Untreated fever and pain during pregnancy can carry risks for both mother and infant, such as miscarriage, birth defects and high blood pressure, according to the Society for Maternal-Fetal Medicine.

FDA Commissioner Marty Makary suggested that treating a fever “can prolong the duration of illness in a young kid,” citing a study from Johns Hopkins, without further details.
“Maybe that’s because a fever is a body’s natural way of ridding an infection,” Makary said.
Trump, several times during the briefing, said “there’s no downside” to not taking Tylenol during pregnancy or in a baby’s early life.

FDA clears lesser-known drug

Also on Monday, the FDA approved a lesser-known drug, leucovorin, as a treatment for autism, Centers for Medicare & Medicaid Services Administrator Dr. Mehmet Oz said during the briefing.
The agency is specifically updating leucovorin’s label for cerebral folate deficiency, which HHS said has been associated with autism. The change will allow children with autism to be treated with the drug, with continued use if kids show language, social or adaptive gains, according to an HHS release.
But HHS said leucovorin is not a cure for autism and may only lead to improvements in speech-related deficits for a subset of children with the disorder. State Medicaid programs will be able to cover the drug for autism after the label update. The NIH will also start trials to confirm the effects of leucovorin on the disorder, including studies into the medicine’s safety.
While promising, it is important to note that leucovorin is not a cure for ASD and may only lead to improvements in speech-related deficits for a subset of children with ASD. Furthermore, this treatment must be administered under close medical supervision and in conjunction with other non-pharmacological approaches for children with ASD (e.g., behavioral therapy). 
Leucovorin is a form of folate, a B vitamin, that is typically prescribed to counteract some medications’ side effects, including chemotherapy, and to treat vitamin B9 deficiency. Some early placebo-controlled clinical trials have shown that oral leucovorin, also known as folinic acid, has the potential to improve symptoms in children with autism spectrum disorder.
The Food and Drug Administration early Monday published a notice saying it is approving a version of leucovorin that was previously made by GSK, the Wall Street Journal reported. But as of Monday afternoon, the Federal Register’s website said it has received an “agency letter” asking to withdraw the notice.
In a statement, a GSK spokesperson said it does not intend to market leucovorin. The company marketed the drug from 1983 to 1999 under the name Wellcovorin, but the product was withdrawn from the market and has since been available as a generic drug. The spokesperson said label changes made to Wellcovorin will help allow generics already on the market to add this new approval for autism to their labeling.
Acetaminophen is the latest widely used and accepted treatment that Robert F. Kennedy Jr. has undermined at the helm of the Health and Human Services department, which oversees federal health agencies that regulate drugs and other therapies. Kennedy has also taken steps to change vaccine policy in the U.S., and has amplified false claims about safe and effective shots that use mRNA technology.
Kennedy has made autism a key focus of HHS, pledging in April that the agency will “know what has caused the autism epidemic” by September and eliminate exposures. He also said that month that the agency has launched a “massive testing and research effort” involving hundreds of scientists worldwide that will determine the cause.
Much of the scientific community agrees that autism results from a complex mix of genetic and environmental factors, making it unlikely that rising rates of the disorder are due to a single cause.
Kennedy said HHS expects several announcements over the coming years that inform parents about the underlying cause of autism and “potential paths for prevention and reversal.” He acknowledged that autism is a complex disorder caused by a combination of factors and said HHS is continuing to investigate other factors, such as vaccines.
“One area that we are closely examining … some 40% to 70% of mothers with autism believes that her child was injured by a vaccine,” Kennedy said. “President Trump believes that we should be listening to these mothers instead of gaslighting like prior administrations.”
Extensive research has debunked longstanding concerns that vaccines are linked to autism, a claim that Kennedy and other immunization critics have pushed for several years.

Research on acetaminophen use and autism

The Washington Post on Friday reported that Trump administration officials have been reviewing previous research that suggests a link between the use of acetaminophen during pregnancy and an increased risk of autism. The Post said that includes an August review by Mount Sinai and Harvard researchers on 46 earlier studies that suggest a link between prenatal exposure to the drug and increased risks of neurodevelopmental disorders, such as autism or attention deficit hyperactivity disorder, or ADHD. 
The review found the association is strongest when acetaminophen is taken for four weeks or longer, Dr. Andrea Baccarelli, one of its authors and dean of the faculty at the Harvard T.H. Chan School of Public Health, said in a statement. The review was funded by a grant from the National Institutes of Health.
“This biological evidence lends support to the possibility of a causal relationship between prenatal acetaminophen exposure and neurodevelopmental disorders, including autism,” Baccarelli said, adding that further research is needed to “confirm the association and determine causality.”
He said based on existing evidence, he believes that “caution about acetaminophen use during pregnancy—especially heavy or prolonged use—is warranted.” But Baccarelli said acetaminophen remains a critical tool for pregnant women and their physicians, as the drug is the only approved medication for pain and fever relief during pregnancy.
He said he and his colleagues recommend a “balanced approach based on the precautionary principle:” patients who need fever or pain reduction during pregnancy should take the lowest effective dose of the drug for the shortest possible duration, after consulting their physician about their individual risks and benefits of doing so. Baccarelli said he discussed that recommendation and the review’s findings with NIH Director Jay Bhattacharya and Kennedy in recent weeks.
The findings of the studies reviewed by the researchers are at odds with other robust studies, including one published last year in the Journal of the American Medical Association that found acetaminophen use during pregnancy was not linked to autism, ADHD or intellectual disability. Researchers analyzed health records of 2.5 million children in Sweden.
When researchers looked at the general population initially, there was a very small increased risk of the disorder in children whose mothers took the drug while pregnant. But researchers found no link after comparing siblings within the same family: one exposed to acetaminophen during pregnancy, and the other not.
As of Monday before the announcement, the FDA website said the agency had not found “clear evidence” that appropriate use of acetaminophen during pregnancy causes “adverse pregnancy, birth, neurobehavioral, or developmental outcomes.” The American College of Obstetricians and Gynecologists maintains that acetaminophen is safe during pregnancy when taken as directed and after consulting a health-care provider. 
Some parents have brought lawsuits claiming that they gave birth to children with autism after using the painkiller.
But a federal judge in Manhattan ruled in 2023 that some of those lawsuits lacked scientific evidence and later ended the litigation in 2024.
— CNBC’s Angelica Peebles contributed to this report More

Nike’s activewear line with Kim Kardashian’s Skims is set to launch on Friday with three core collections that will be updated seasonally.
The companies had planned to launch the partnership, called NikeSKIMS, in the spring, but they pushed it back due to internal production delays.
The sneaker giant’s collaboration with the buzzy shapewear company is part of its strategy to win over more female shoppers.

Nike’s activewear line with Skims.
Courtesy: Nike SKIMS

Nike’s highly anticipated activewear line with Kim Kardashian’s intimates brand Skims is set to launch this week after it was pushed back due to production delays, the companies announced Monday. 
The partnership, dubbed NikeSKIMS, is a key part of the sneaker company’s strategy to win over more female shoppers and take back market share from brands like Lululemon, Vuori and Alo Yoga, which cater more closely to women. 

The new line will launch on Friday with three core collections – Matte, Shine and Airy – that will be updated seasonally. It will include around 40 new styles and pieces that can be worn in and outside of the gym. 
Beyond the core apparel line, NikeSKIMS will also debut a handful of seasonal collections – including a vintage line and layering pieces that can be used to create an activewear look. 
After the companies announced the partnership in February, they were set to launch an initial collection in the spring, with a global rollout planned for 2026. But they pushed it back in early June due to internal production delays that weren’t related to a supplier or shipping issue. 
NikeSKIMS is marketing the new line alongside a slew of top female athletes, including former tennis star Serena Williams, track and field Olympian Sha’Carri Richardson, gymnast Jordan Chiles and snowboarder Chloe Kim. 
The launch will help Nike move toward a number of goals it set under new CEO Elliott Hill. The assortment’s dual focus on performance and lifestyle will allow Nike to capture both female athletes and regular shoppers who are spending on activewear at competitors. The new styles include Nike’s drying technology, making them suitable for intense exercise, but also knit pieces and layers that can be incorporated into everyday outfits.

Under Nike’s former CEO John Donahoe, the company focused on its lifestyle side of the business – shoes and apparel that weren’t just for exercising – which helped it grow its annual sales to north of $50 billion. However, that heavy focus on lifestyle led some of Nike’s core athlete customers to shop elsewhere over criticisms it lost sight of innovation.
Hill, who took over as Nike’s top executive in October, is working to bring sports and athletes back into the center of Nike’s strategy. The partnership with Skims helps the company reach athletes but also has a lifestyle bent, which expands its total addressable market. 
In turn, Skims, which was last valued at $4 billion, will get access to Nike’s manufacturing and development capabilities and gains the opportunity for more growth. While buzzy and well known because of its connection to Kardashian, the brand is still relatively small compared to competitors. 
“NikeSKIMS is more than a collaboration — it’s a new brand redefining activewear,” Skims CEO Jens Grede said in a news release. “With this launch, we are establishing a platform to grow NikeSKIMS, reach consumers worldwide, and set a new benchmark for how activewear is experienced across retail, digital, and cultural touch points.”
Nike President Amy Montagne added the partnership is part of a “broader commitment” to women. More

Michelob Ultra is now the top-selling beer in the U.S., beating out Modelo Especial.
Two years ago, Modelo unseated Bud Light after the Anheuser-Busch beer held the top spot for more than two decades.
Modelo brewer Constellation has reported weaker demand from Hispanic consumers, a key segment of its customer base.

Packages of Michelob Ultra are displayed at a BevMo store on December 16, 2024 in Larkspur, California.
Justin Sullivan | Getty Images

Michelob Ultra has overtaken Constellation Brands’ Modelo Especial as the best-selling beer in the United States.
Michelob Ultra claimed the top spot as the best-selling beer in retail channels in the 52 weeks ended Sept. 14, parent company Anheuser-Busch announced Monday, citing data from Circana. The light lager is also the top seller in bars and restaurants, according to Nielsen IQ data for the 52 weeks ended July 12.

For brewer AB InBev, Michelob Ultra’s triumph reverses the company’s struggles from two years ago. Modelo Especial unseated Bud Light in the wake of conservative backlash over the flagship beer’s partnership with transgender social media influencer Dylan Mulvaney. Bud Light had previously held the title as the top-selling beer in the U.S. for more than two decades.
Modelo’s declining popularity comes as Constellation faces key challenges to its business, including tariffs on aluminum and Mexican imports and weaker demand from Hispanic consumers.
Historically, Hispanic beer drinkers have accounted for roughly half of Constellation’s customer base, although growing demand from non-Hispanic consumers helped fuel Modelo’s rise. Executives have said that President Donald Trump’s immigration policies and related job losses have weighed on Hispanic consumers’ spending.
Earlier this month, Constellation cut its forecast for the fiscal year, citing a “challenging” economy. The company expects net beer sales will fall 2% to 4% due to lower volumes and additional tariff impacts. It previously anticipated sales would range from flat to up 3%.
So far this year, AB InBev’s stock has climbed more than 16%, while shares of Constellation have tumbled 39%. More

Spirit Airlines is planning to furlough about 1,800 flight attendants, about a third of the work group, to cut costs in its second bankruptcy in a year.
Spirit’s CEO last week warned staff about upcoming job cuts as the airline shrinks its schedule to reduce costs.
The airline is also seeking $100 million in savings from its pilots.

A Spirit Airlines aircraft undergoes operations in preparation for departure at the Austin-Bergstrom International Airport in Austin, Texas, on Feb. 12, 2024.
Brandon Bell | Getty Images

Spirit Airlines is planning to furlough about 1,800 flight attendants, roughly a third of its cabin crew members, to cut costs as the budget airline struggles in its second bankruptcy in less than a year.
“As we work to return Spirit to profitability, we face difficult decisions about our network, our fleet, and ultimately our workforce,” John Bendoraitis, Spirit’s chief operating officer, wrote in a memo sent to flight attendants on Monday, which was reviewed by CNBC.

CNBC reported last week that CEO Dave Davis had warned staff about job cuts as Spirit looks to shrink its fleet in an effort to stabilize its business.

Read more CNBC airline news

Some 800 Spirit flight attendants have already been out on voluntary leaves of absence, which has helped the airline avoid involuntary furloughs, Bendoraitis said.
“However, there is a limit to how many people can volunteer for these types of leave, and we have reached that mark,” he said.
The airline will first offer voluntary furloughs, so the final number of cabin crew members who will be affected wasn’t immediately clear. Flight attendants can apply for voluntary furlough leaves of six or 12 months and will retain medical benefits, their union, the Association of Flight Attendants-CWA, said in a note to members on Monaday that was also reviewed by CNBC.
AFA said it is working with union chapters at other airlines to help affected flight attendants get “preferential interviews” with other carriers. Involuntary furloughs will take effect on Dec. 1, AFA said.

Spirit didn’t immediately comment on the furloughs.
Spirit has also furloughed hundreds of pilots, and executives told the airline’s pilots’ union that it is seeking $100 million in cost cuts from its aviators.
Bendoraitis told the union, the Air Line Pilots Association, last week that that management is “available to continue to negotiate every day thereafter to reach a consensual agreement” by Oct. 1. Under the bankruptcy process, however, the airline could find relief outside of the pilots’ labor contract. More

Pfizer said it would acquire weight loss biotech Metsera in a deal valued at up to $7.3 billion, including future payments, as it scrambles to win a slice in the booming obesity drug market. 
The move comes after a string of setbacks for Pfizer on the obesity front, including a decision to scrap its own lead obesity pill in April due to safety concerns.
Metsera, founded in 2022, brings a pipeline of both oral and injectable treatments with different targets that the company had picked up through its own licensing and acquisition deals.

Thomas Fuller | SOPA Images | Lightrocket | Getty Images

Pfizer on Monday said it would buy weight loss drugmaker Metsera in an up to $7.3 billion deal, including future payments, as it scrambles to win a slice in the booming obesity drug market. 
Pfizer said it will pay an initial $47.50 a share in cash for Metsera, a nearly 43% premium to the biotech company’s Friday’s closing price of $33.32. That gives the deal an enterprise value of $4.9 billion. 

The pact also includes a contingent value right worth up to $22.50 a share based on potential clinical and regulatory achievements for Metsera’s medicines, which could bring the total value to $70 a share. 
The deal is expected to close at the end of the year. Shares of Metsera rose more than 60% in premarket trading on Monday, while Pfizer’s stock rose more than 1%. 
The move comes after a string of setbacks for Pfizer in the obseity space. The pharmaceutical giant struggled to develop its own lead obesity drug candidate, danuglipron, before deciding to scrap it entirely in April due to safety concerns. Pfizer also discontinued a different once-daily pill in June 2023 due to elevated liver enzymes in patients who received it. 
Pfizer has earlier-stage obesity drugs in its pipeline that work in different ways, but the company has faced mounting investor pressure to accelerate its push into the market.
The opportunity could be huge. Some analysts expect the weight loss drug space could be worth roughly $100 billion by the 2030s, with room for new rivals to compete with popular injections from Eli Lilly and Novo Nordisk.

Metsera, founded in 2022, brings a pipeline of both oral and injectable treatments with different targets that the company had picked up through its own licensing and acquisition deals. That includes a GLP-1 drug called MET-233i, which helped patients lose up to 8.4% of their weight in 36 days in a small, early-stage trial. Metsera is developing that treatment as a potential once-monthly injectable, meaning that patients can take it less frequently than existing weekly injections.
Metsera’s pipeline also includes a monthly drug targeting a hormone called amylin, along with two oral GLP-1 candidates “expected to begin trials imminently,” Pfizer said in a release. 
“The proposed acquisition of Metsera aligns with our focus on directing our investments to the most impactful opportunities and propels Pfizer into this key therapeutic area,” Pfizer CEO Albert Bourla said in a statement. “We are excited to apply our deep cardiometabolic experience and manufacturing and commercial infrastructure to accelerate a portfolio that includes potential best-in-class injectables.”
In a note on Monday, Leerink Partners analyst David Risinger said the firm estimates Metsera’s obesity candidates have the potential to generate more than $5 billion in combined peak annual sales. In a separate note on Monday, JPMorgan analyst Chris Schott said Metsera’s experimental drugs “should accelerate” Pfizer’s entry into the market. 
The New York-based Metsera went public this year in one of the biggest biotech listings of 2025. It is among several companies racing to develop next-generation obesity treatments following the success of weekly injections such as Eli Lilly’s obesity drug Zepbound and Novo Nordisk’s rival Wegovy.  More

Build-A-Bear Workshop has reported record revenue and growth in the past year, even amid economic uncertainty from tariffs and recession fears.
CEO Sharon Price John told CNBC she attributes the company’s success to its ability to effectively plan for all scenarios.
Experts said the brand’s nostalgia and diversification strategies also play a part in its growth.

A Build-A-Bear Workshop in Herald Square, New York on Sept. 16, 2025.
Laya Neelakandan | CNBC

For 26-year-old Cammie Craycroft’s friends, the perfect birthday activity this summer was a group trip to Build-A-Bear Workshop.
Craycroft said she and her friends grew up going to the retailer, which is known for its experiential shopping product where customers can choose their stuffed animal and then pick its outfits, accessories and more.

“Build-A-Bear means a lot to me. I had so many birthday parties at Build-A-Bear,” Craycroft told CNBC. “It really is a nostalgic place, and I have so many happy memories there.”
The company has recently been targeting adults like Craycroft as it diversifies its portfolio and leans into the nostalgia of the brand. Despite macroeconomic headwinds, the company posted record-breaking revenue in the first half of fiscal 2025, reaching $252.6 million, an increase of nearly 12% from the year-ago period.
And in its second-quarter earnings report at the end of August, the retailer raised its outlook after the success of its tariff mitigation strategies — namely, increasing its inventory in the first quarter while operating under the assumption that tariffs would raise prices.
Build-A-Bear’s stock is up roughly 60% year-to-date and is fast approaching a $1 billion market cap, even as other retailers struggle to recover losses from tariffs.

Stock chart icon

Build-A-Bear Workshop stock

Founded in 1997, the company has been focused on scenario-planning and ensuring its brand stays true to its nostalgic roots while also adapting to the ever-changing macroenvironment, according to CEO Sharon Price John, who took over the company in 2013.

Though the “retail apocalypse” means retailers have seen less foot traffic in malls over the past decade, John said Build-A-Bear has evolved to be “so much more” than just a storefront. The company has diversified its positions beyond malls into cruise ships, amusement parks, hospitality and more.
“It’s a really emotional, memorable experience that creates a tremendous amount of of equity,” John told CNBC. “Those strong feelings that consumers have for brands are very stretchable beyond just that one experience.”
With more than 600 stores across 32 countries, the company has been exploring new options to offer its signature experience in different ways, including expanding with a host of international stores and creating a line of “Mini Beans,” which are smaller, pre-stuffed toys.

Stuffed animals are seen at a Build-A-Bear Workshop in Herald Square, New York on Sept. 16, 2025.
Laya Neelakandan | CNBC

John attributed the company’s success to its forward-looking strategies. Though Build-A-Bear imports a “vast majority” of its products from China and Vietnam, John said the tariff impacts were not as drastic as they could have been because the company planned ahead.
“Success isn’t an accident, and it often takes years of planning to be able to weather difficult situations,” John said.
But the company’s core brand success goes beyond just the keeping the balance sheet clean, she added.
“The other piece is that I think that we’re in the right place at the right time,” John said. “There’s a lot of planning, but sometimes you just happen to be in the right zeitgeist. Gifting is in the zeitgeist, ‘kidulting’ is a part of the zeitgeist, personalization is a part of the zeitgeist, returning to comfort things is a part of the zeitgeist, stuffed animals is in the zeitgeist right now.”
D. A. Davidson analyst Keegan Cox said there are a multitude of reasons that Build-A-Bear has seen growth even as the macroenvironment shows signs of a potential economic slowdown.
One of the factors that’s helping the company, Cox said, is its ability to “discreetly” raise prices of certain items without customers noticing because it’s constantly creating new products to stick with current trends that are priced differently.
“No consumer is really going to be able to tell, because there’s no direct comparable product,” he told CNBC. “I think that’s a good little tariff mitigation strategy that’s kind of just built into their model.”
Cox said the company’s diverse revenue stream, between new products and new demographics, has been significantly helping it to stay afloat and successful. The analyst said he’s seeing “momentum” in the company, especially as it ramps up inventory ahead of the holiday season.

Stuffed animals are seen at a Build-A-Bear Workshop in Herald Square, New York on Sept. 16, 2025.
Laya Neelakandan | CNBC

Its expansion into international stores has been a particularly effective tool, he added.
“In my opinion, those stores just are a super high return on capital, and there’s a large runway for growth there that I think is finally starting to show up in the share price,” Cox said.

Embracing the nostalgia

Craycroft and her friends are a prime example of one of the company’s most effective strategies: marketing to adults who grew up with the iconic brand.
At her best friend’s 26th birthday party, Craycroft said she and her friends all felt like children again – except this time, she came prepared with Pinterest research into the specific aesthetic of teddy bear that would match her room and her lifestyle.
Her golden brown bear, named Bearett, is styled with grey checkered pajamas and bunny-ear slippers.

Build-A-Bear teddy bear
Photo: Cammie Craycroft

“It all just really reminded me of how sweet this is and how it can be something that you can connect with people on,” she said. “But it’s also just fun and silly.”
Craycroft and her friends aren’t the only ones leaning into the brand. After making a TikTok about her adult relationship with the toy company, she said she saw most of her views on the video came from people searching for “Build-A-Bear” on the app.
According to a recent survey conducted by Build-A-Bear, 92% of adults still own their childhood teddy bears, and nearly 100% of the respondents said stuffed animals are for all ages, not just kids.
The nostalgia of Build-A-Bear for its older customers, and those who want to carry it on for the next generation, is a huge factor in continuously driving sales, according to University of Pennsylvania marketing professor Americus Reed.
“If we learn anything from the Cracker Barrel saga,” Reed said, referring to the internet turmoil over the restaurant chain’s attempt at a rebrand, “it is that nostalgia matters, and I think it’s a big part of it.”
In what’s become an “attention deficit” economy, with a plethora of options available to consumers at all times, Reed said Build-A-Bear’s ability to build upon its existing footprint while also innovating its digital and social media presence has helped it to retain its attention among consumers of all ages.
Because of the “ritualistic” experience of buying a stuffed animal at Build-A-Bear, Reed said, the identity of the brand becomes closely intertwined with the customers.
“As you toil with putting something together and personalizing it, you’re essentially creating this extension of yourself, and that’s incredibly powerful,” Reed said. “And then you go home with it, and you can think about it and look at it. That’s really hard to replicate.”
Reed added that Build-A-Bear has become a good case example of how to effectively build a brand that creates deeper relationships with its consumers than others, creating a sense of loyalty.
“The pressure to create something that’s special enough to break through the sort of attention deficit economy is going to be the pressure test of who’s going to be able to be successful in the future,” he said. “They’re going to have the most traction.” More

Seven out of 10 family offices said they have made direct investments in private companies, according to a new survey by Citi Private Bank.
Nearly half of these private investment firms increased their exposure in the past 12 months despite the trade war and market turmoil.
However, family offices are making fewer bets on early-stage firms and startups in favor of secondaries and leveraged buyouts.

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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.
Despite trade war turmoil and recession fears, investment firms of the ultra-wealthy are optimistic about their returns, according to a new survey by Citi Private Bank.

In a poll of 346 family offices, nearly half (45%) of respondents said they anticipated returns of 5% to 10% for the full-year 2025, and more than a third (38%) expected returns to exceed 10%. Only 4% anticipated flat performance or negative returns.
Accordingly, many family offices are making bullish bets, with seven out of 10 saying they had made direct investments in private companies over the past 12 months through mid-July. Of those firms, twice as many (40%) reported increasing or significantly increasing their exposure to direct deals than decreasing it. The respondents hailed from 45 countries and averaged $2.1 billion in net worth.
Hannes Hofmann, who leads Citi’s family office practice, told Inside Wealth that family offices are upping their exposure to risk assets as they are bullish about specific long-term trends — such as the artificial intelligence boom and the related demand for energy and new infrastructure — rather than individual asset classes.
“It’s a stock picker’s market,” he said. “It’s not being long or short sectors or asset classes. It’s having exposure to specific themes, and many of these themes are only implementable in the private market.”
That said, while the vast majority of family offices that make direct deals are either upping their exposure or maintaining it, optimism has dimmed from last year’s survey. A net 15% of respondents were bullish on direct private-equity investments, down from 36% in 2024.

Overall, the percentage of family offices reporting direct deals in the past 12 months fell from 77% to 70%. For North American family offices, which made up 40% of respondents, this share dropped from 86% to 77%.
Family offices also indicated less interest in early stage fundraises and startup or seed funding. Their preference for growth-stage investments held steady, which may be due to less perceived risk, according to the report. The decline was especially sharp for North American family offices, which reported drops of 17% and 11% in Series A or B and seed funding, respectively.

Hofmann said respondent base changes might account for the decline in family offices reporting direct investment activity. He said he has also observed that they’re being more selective, narrowing their sector focus and targeting companies that can draw larger rounds.
Hofmann added that family offices are making opportunistic plays as institutional investors like university endowments and pension funds turn to secondary sales during the exit slowdown. It helps that three-quarters of respondents reported owning controlling stakes in operating businesses.
“When other players have to sell their illiquid assets, family offices can come in and buy them,” he said. “With family offices, you’ve got a group of investors who get a reliable cash flow every year from operating businesses so they can afford to put more money into private equity.”
While interest in secondaries dipped by 2% overall, this was largely driven by a drop in activity by Asia Pacific family offices. North American family offices’ interest in secondaries increased from 19% to 29%, while firms in Latin America reported their interest edged up by a few percentage points.
Eight percent of family offices reported that acquiring a controlling stake in a company was a priority and another 14% said they were considering it.
“I think that’s a significant amount,” he said. “Family offices really believe that owning companies, getting exposure to themes and selecting the right companies are the long-term road to generating additional value.”

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