Author: Editor

Brendan Carr, commissioner at the Federal Communications Commission (FCC), during a Senate Commerce, Science, and Transportation Committee oversight hearing in Washington, DC, US, on Wednesday, Dec. 17, 2025. Kent Nishimura | Bloomberg | Getty ImagesDisney shot back at the Federal Communications Commission on Thursday as part of an early renewal process for broadcast licenses for eight of the company’s stations. Disney said in filings it was submitting the applications “under protest in response to an unlawful, arbitrary, and unconstitutional order” from the FCC. In late April the FCC said it was launching an early review of the Disney-owned ABC stations…

Citadel CEO Ken Griffin has made his disapproval of New York City Mayor Zohran Mamdani’s pied-à-terre tax known. Now, it looks like he’ll have to pay it.The joint proposal from Mamdani and Gov. Kathy Hochul to tax multimillion-dollar second homes passed on Wednesday, and will be incorporated into the state’s budget.Single-family homes worth $5 million to $15 million will be subjected to a 0.8% surcharge; homes worth between $15 million and $25 million will be taxed an additional 1.05%, and those worth $25 million or more will be taxed an extra 1.3%. The Department of Finance will rely on “assessed…

Substack wants to keep big media companies from outgrowing its platform.The Ankler, one of Substack’s top publications, recently defected, citing the need for more control and flexibility. The Hollywood-focused media company left for Passport, a new platform created by WordPress.com owner Automattic and Stratechery founder Ben Thompson.Other Substack rivals like Beehiiv and Ghost have cropped up, pitching flat fees rather than the commission-based model Substack uses.Speaking to Business Insider on Thursday at Substack’s New York media confab, “The Once and Future Media Forum,” cofounder Hamish McKenzie said The Ankler wanted to do display advertising, which Substack doesn’t offer.He added that…

People load their car after shopping at a Costco Wholesale store on March 21, 2026, in Bayonne, New Jersey. Gary Hershorn | Corbis News | Getty ImagesCostco Wholesale on Thursday said it saw “record-breaking volumes” for gas in its fiscal third quarter amid rising fuel prices.CEO Ron Vachris said the final five weeks of the quarter, which ended May 10, became Costco’s top five volume weeks ever as customers searched for cheaper gas amid the war in the Middle East.”Against the backdrop of ongoing macro uncertainty, our focus is providing quality goods and services at the lowest possible price,” Vachris…

Sales at Gap’s largest brand Old Navy fell short of expectations during its fiscal first quarter, leading the retailer to cut its sales guidance on Thursday.During the quarter, Old Navy’s comparable sales grew 1%, while analysts expected them to grow 3%, according to StreetAccount. As a result, Gap cut its sales outlook and is now expecting companywide sales to grow between 1% and 2%, down from a prior range of between 2% and 3%. Gap’s stock dropped more than 14% in extended trading following the results.In an interview with CNBC, CEO Richard Dickson attributed the sluggish sales to a spring…

American Eagle’s two key brands are moving in different directions.Revenue at the retailer’s namesake banner fell during its fiscal first quarter, even after it ramped up its marketing campaign with actress Sydney Sweeney. Meanwhile, sales at its intimates brand Aerie spiked during the quarter. The trends at the retailer appeared to disappoint Wall Street, as shares tumbled more than 10% in extended trading.In the three months ended May 2, comparable sales at the American Eagle banner fell 2%, far worse than the 3.1% growth that analysts had expected, according to StreetAccount. Meanwhile, comparable sales at Aerie soared 25%, beating expectations…

I can’t completely say that the Labubu trend is over, because I bought a Labubu just last month. Ok, technically it was a “Lafufu” — a fake knockoff version that I got for $15 at a sidewalk stall on Canal Street for my daughter’s birthday.So yes, among kindergarteners, Labubus still hold sway. But among the fashionable young adults who first adopted the fuzzy monster plush? Old news. Rihana and Blackpink’s Lisa kicked off the craze over a year ago when they were spotted with Labrabus as bag charms. The frenzy peaked during the summer of 2025, when surging demand left…

Nick Bilton speaks EPIX “Berlin Station” LA premiere at Milk Studios on Sept. 29, 2016 in Los Angeles, California.Joshua Blanchard | Getty ImagesParamount Skydance’s CBS News has hired Nick Bilton as the new executive producer of “60 Minutes,” ushering in a new era for the No. 1 rated news broadcast for the past 52 years. Bilton replaces Tanya Simon as the show’s executive producer. Simon had spent more than 30 years at “60 Minutes.” In contrast, Bilton has no experience running a TV news show. Bilton is a former New York Times technology columnist and has made several documentaries for…

The long-awaited tax on billionaires’ second homes in New York City is now official.A joint proposal from Gov. Kathy Hochul and Mayor Zohran Mamdani to tax multimillion-dollar second homes has been incorporated into New York’s state budget, which was passed Wednesday, two months after it was initially due. That pied-à-terre tax targets homes worth over $5 million whose owners don’t live in New York City — focusing on the ultrawealthy who own crash pads or vacation homes in the city, but may not pay city or state income taxes.It’s one avenue lawmakers are taking to plug budget shortfalls, and a…

“60 Minutes” has a new top producer.Nick Bilton, a former New York Times and Vanity Fair columnist, author, and documentary producer, is taking the helm of the news show, CBS News announced on Thursday.Bilton is replacing “60 Minutes” veteran, Tanya Simon, who took on the role of interim executive producer a little over a year ago.In a memo sent to staff, which Bilton shared online, he signaled plans to shake up how the storied news-magazine show is run.”I’m here to lead this show, not preserve it under glass,” Bilton wrote. “I have a notebook full of ideas. Some are about…