Fox News once devoted its 7 p.m. and 11 p.m. time slots to relatively straightforward newscasts. Now those hours are filled by opinion shows led by hosts who denounce Democrats and defend the worldview of former President Donald J. Trump.
For seven years, Juan Williams was the lone liberal voice on “The Five,” the network’s popular afternoon chat show. On Wednesday, he announced that he was leaving the program, after months of harsh on-air blowback from his conservative co-hosts. Many Fox News viewers cheered his exit on social media.
Donna Brazile, the former Democratic Party chairwoman, was hired by Fox News with great fanfare in 2019 as a dissenting voice for its political coverage. She criticized Mr. Trump and spoke passionately about the Black Lives Matter movement, which other hosts on the network often demonized. Ms. Brazile has now left Fox News; last week, she quietly started a new job at ABC.
Onscreen and off, in ways subtle and overt, Fox News has adapted to the post-Trump era by moving in a single direction: Trumpward.
amounted to an existential moment for a cable channel that is home to Trump cheerleaders like Sean Hannity and Laura Ingraham: the 2020 election.
Fox News’s ratings fell sharply after the network made an early call on election night that Joseph R. Biden Jr., the Democratic presidential nominee, would carry Arizona and later declared him the winner, even as Mr. Trump advanced lies about fraud. With viewers in revolt, the network moved out dissenting voices and put a new emphasis on hard-line right-wing commentary.
the network fired its veteran politics editor, Chris Stirewalt, who had been an onscreen face of the early call in Arizona for Mr. Biden. This month, it brought on a new editor in the Washington bureau: Kerri Kupec, a former spokeswoman for Mr. Trump’s attorney general William P. Barr. She had no journalistic experience.
opinion shows at 7 and 11 — with segments that lament “cancel culture” and attack Mr. Biden — are attracting bigger audiences than the newscasts they replaced. And the niche right-wing network Newsmax has failed to sustain its postelection audience gains.
In some ways, the Murdochs are making a rational business decision by following the conservatives who have made up the heart of the Fox News audience; recent surveys show that more than three-quarters of Republicans want Mr. Trump to run in 2024.
But under Roger Ailes, the network’s founder, who shaped its look and feel, Fox News elevated liberal foils like Alan Colmes, a Democrat who shared equal billing in prime time with Mr. Hannity until the end of 2008, and moderates like Mr. Williams.
“Roger’s view was you had to have some unpredictability and you had to challenge the audience; you couldn’t just be reading Republican talking points every night,” said Susan R. Estrich, a Democratic lawyer and former commentator on Fox News who negotiated Mr. Ailes’s exit from the network amid his sexual misconduct scandal.
Today in Business
Ms. Estrich recalled that Mr. Ailes had defended Megyn Kelly, the former Fox News host, when Mr. Trump, then a presidential candidate, attacked her in misogynist terms. Now, she said, “instead of trying to broaden their audience, Fox News is narrowing it and digging in.”
Rick Santorum, after he was criticized for remarks about Native Americans.
Ms. Brazile said she had left Fox News of her own accord.
“Fox never censored my views in any way,” she wrote in an email. “Everyone treated me courteously as a colleague.” Ms. Brazile added: “I believe it’s important for all media to expose their audiences to both progressive and conservative viewpoints. With the election and President Biden’s first 100 days behind us, I’ve accomplished what I wanted at Fox News.”
an outcry from the Anti-Defamation League.
A pro-Trump drift at Fox News is not new: George Will, a traditional conservative who opposed Mr. Trump’s candidacy, lost his contributor contract in 2017. Shepard Smith, a news anchor who was tough on Mr. Trump, left in 2019.
Some Fox News journalists, though, say privately that they are increasingly concerned with the network’s direction. Kristin Fisher, one of the network’s rising stars in Washington and a White House correspondent, left Fox News last month despite the network’s effort to keep her. She had faced criticism from viewers in November after a segment in which she aggressively debunked lies about election fraud advanced by Mr. Trump’s lawyers.
The longtime Washington bureau chief, Bill Sammon, resigned in January after internal criticism over his handling of election coverage, around the time that Mr. Stirewalt was fired. (Mr. Stirewalt was let go along with roughly 20 digital journalists at Fox News, which the network attributed to a realignment of “business and reporting structure to meet the demands of this new era.”)
Mr. Sammon has effectively been replaced by Doug Rohrbeck, a producer with extensive news experience on Bret Baier’s newscast and Chris Wallace’s Sunday show. Still, some Fox journalists were surprised when the network hired Ms. Kupec, the former Barr spokeswoman, to work under Mr. Rohrbeck. (In 2019, CNN hired Sarah Isgur, the spokeswoman for former Attorney General Jeff Sessions, as a political editor. After protests from staff, she was shifted to an on-air role and later left the network.)
Fox News International, a streaming service available in 37 countries in Asia and Europe.
Despite continuing criticism from liberals, Fox News remains a financial juggernaut for the Murdoch empire; it is expected to earn record advertising revenues this year, the network said.
Even as its programming decisions seem aimed at attracting Trump supporters, Fox News does face one roadblock: Mr. Trump. The former president has maintained his stinging criticism of Fox News, which, he has claimed, betrayed him by calling the election for Mr. Biden.
On Friday, after criticism from Paul Ryan, the former House speaker, Mr. Trump wrote that “Fox totally lost its way and became a much different place” after the Murdochs appointed Mr. Ryan to the Fox Corporation board.
WARSAW — Since his teenage years as a rebellious high school student in Belarus and continuing into his 20s while in exile abroad, Roman Protasevich faced so many threats from the country’s security apparatus — of violent beatings, jail, punishment against family members — that “we all sort of got used to them,” a fellow exiled dissident recalled.
So, despite his being branded a terrorist by Belarus late last year — a capital offense — Mr. Protasevich was not particularly worried when he set off for Greece from Lithuania, where he had been living, earlier this month to attend a conference and take a short vacation with his Russian girlfriend, Sofia Sapega.
But that sense of security was shattered on Sunday when they were snatched by Belarus security officials on the tarmac at Minsk National Airport after a MiG-29 fighter jet was scrambled to intercept his commercial flight home to Lithuania from Greece. Mr. Protasevich, 26, now faces the vengeance of President Aleksandr G. Lukashenko, the 66-year-old Belarusian leader from whom he once received a scholarship for gifted students but has since defied with unflinching zeal.
In a short video released on Monday by the authorities in Belarus, Mr. Protasevich confessed — under duress, his friends say — to taking part in the organization of “mass unrest” last year in Minsk, the Belarus capital. That is the government’s term for weeks of huge street protests after Mr. Lukashenko, in power since 1994, declared a landslide re-election victory in an August election widely dismissed as brazenly rigged.
Nexta, the opposition news organization where Mr. Protasevich established himself as one of Mr. Lukashenko’s most effective and unbending critics.
“By his character Roman has always been very resolute,” Mr. Putsila said. “He refused to live in fear.”
Since Mr. Lukashenko took power in Belarus in 1994, however, that has been a very perilous proposition.
Mr. Protasevich has been resisting his country’s tyranny since he was 16, when he first witnessed what he described as the “disgusting” brutality of Mr. Lukashenko’s rule. That began a personal journey that would turn a gifted student at a science high school in Minsk into an avowed enemy of a government that Secretary of State Condoleezza Rice in 2005 called “the last remaining true dictatorship in the heart of Europe.”
video posted on YouTube . “Just as an example: Five huge OMON riot police officers beat women. A mother with her child was thrown into a police van. It was disgusting. After that everything changed fundamentally.”
A letter from the security services to his high school followed. He was expelled and home educated for six months, as no other school would take him, his mother said.
The family eventually negotiated a deal with the Ministry of Education. Mr. Protasevich could attend school, though only an ordinary one, not the elite lyceum he had been enrolled in before, but only if his mother resigned from her teaching job at the army academy.
“Imagine being a 16-year-old and being expelled from school,” Ms. Protasevich said. “It was this incident, this injustice, this insult,” that drove him into the political opposition, she said. “That is how he began his activism as a 16-year-old.”
Mr. Protasevich studied journalism at Belarusian State University but again ran into trouble with the authorities. Unable to finish his degree, he worked as a freelance reporter for a variety of opposition-leaning publications. Frequently detained and jailed for short periods, he decided to move to Poland, working for 10 months in Warsaw with Mr. Putsila and others on the Nexta team disseminating videos, leaked documents and news reports critical of Mr. Lukashenko.
Convinced that his work would have more impact if he were inside Belarus, Mr. Protasevich returned in 2019 to Minsk. But the political climate had only darkened there as Mr. Lukashenko geared up for a presidential election in 2020.
denounced as trumped up drug charges as he was trying to cross the border into Poland.
interview last year. “No one else is left. The opposition leaders are in prison.” Mr. Putsila said that Mr. Protasevich never advocated violence, only peaceful protests.
Svetlana Tikhanovskaya, the principal opposition candidate in the August election who had been forced to flee. With Mr. Lukashenko’s other main rivals in detention, Ms. Tikhanovskaya had become the main voice of the Belarus opposition.
In November, prosecutors in Belarus formally charged Mr. Protasevich under a law that bans the organization of protests that violate “social order.” The security services also put him on a list of accused terrorists.
Nashe Nive, a Belarusian news site.
Mr. Putsila said he was stunned that Mr. Lukashenko would force a commercial airliner to land just to arrest a youthful critic but, with the benefit of hindsight, thinks the operation should not have come as a big surprise. The autocrat, he said, wanted to show that “we will reach you not only in Belarus but wherever you are. He has always tried to terrify.”
A measure of that was that when the plane was forced to land in Minsk on Sunday, Belarus security agents arrested not only Mr. Protasevich but Ms. Sapega, 23. Ms. Sapega, a law student at the European Humanities University in Vilnius, in Lithuania’s capital, appeared to have been arrested over her association. She was not known to be a target in her own right. Her lawyer said Wednesday she would be jailed for at least two months and face a criminal trial.
Mr. Putsila noted that Nexta had received so many threatening letters and abusive phone calls that Polish police officers stand permanent guard on the stairwell leading to the office.
“The Lukashenko regime considers Roman one of its main enemies,” he said. “Maybe it is right.”
Another colleague, Ekaterina Yerusalimskaya, told the Tut.by news service that she and Mr. Protasevich once noticed a mysterious man tailing them in Poland, and reported it to the police. Still, Mr. Protasevich remained nonchalant. “He calmed himself by saying nobody would touch us, otherwise it would be an international scandal,” Ms. Yerusalimskaya said.
Mr. Protasevich’s mother said she worried about his safety but, breaking down in tears as she contemplated her son’s fate after his arrest in Minsk, added: “We believe justice will prevail. We believe all this terror will pass. We believe political prisoners will be freed. And we are very proud of our son.”
Ivan Nechepurenko contributed reporting from Moscow.
The transportation secretary said Monday that the safety of flights operated by U.S. airlines over Belarus should be reviewed after the Eastern European country forced a commercial flight to land in order to seize a dissident on board.
“That’s exactly what needs to be assessed right now,” the secretary, Pete Buttigieg, told CNN. “We, in terms of the international bodies we’re part of and as an administration with the F.A.A., are looking at that because the main reason my department exists is safety.”
The comments came after the authoritarian leader of Belarus dispatched a fighter jet on Sunday to intercept a Ryanair plane carrying the journalist Roman Protasevich. The plane was forced to land in Minsk, the Belarusian capital, where Mr. Protasevich was arrested.
The secretary of state, Antony J. Blinken, condemned the forced diversion, saying it was a “shocking act” that “endangered the lives of more than 120 passengers, including U.S. citizens.” And Michael O’Leary, the chief executive of Ryanair, an Irish-based low-cost carrier, called the operation a “state -sponsored hijacking.”
called the re-routing to Minsk “utterly unacceptable,” adding that “any violation of international air transport rules must bear consequences.”
Though not a major European hub, Minsk is served by multiple international airlines, including Lufthansa, KLM, Turkish Airlines and Air France. Delta Air Lines and United Airlines offer flights to Minsk through their partnerships with those European airlines as well as through Belavia, the Belarusian national carrier.
Belarus sits between Poland and Russia and also has borders with Ukraine, Lithuania and Latvia, putting it in the path of some flights to and from major European airports.
Rick Santorum, the former Pennsylvania senator and Republican presidential candidate, has been dropped from his role as a CNN political commentator amid controversy over recent remarks that seemed to erase the role of Native Americans in U.S. history.
Matt Dornic, head of strategic communications at CNN, confirmed on Saturday that the network had “parted ways” with the former senator.
Mr. Santorum could not immediately be reached for comment on Saturday afternoon.
Mr. Santorum’s departure from CNN came after comments he made about Native Americans at a Young America’s Foundation event last month.
“We birthed a nation from nothing — I mean, there was nothing here,” Mr. Santorum said at the event. “I mean, yes, we have Native Americans, but candidly, there isn’t much Native American culture in American culture.”
Fawn R. Sharp, president of the National Congress of American Indians.
“It wasn’t a matter of if, but when,” Ms. Sharp said on Twitter on Saturday after Mr. Santorum’s departure from CNN was announced. “Justice is served.”
Deals are rarely smooth, and an anomaly with Discovery’s share price dovetailed with the negotiations. Discovery’s stock began to inexplicably rocket in February and March to $75 from $45 because of a convoluted trading scandal involving Archegos, a little-known private investment firm that bet big on Discovery and other companies via derivatives using billions in borrowed money.
With banks forced to buy shares to hedge their spiraling exposure to Archegos, Discovery’s market value jumped nearly 60 percent, for no obvious reason to outsiders. But by May, the stock had returned to where it was during Mr. Zaslav’s initial approach, and the two sides ultimately forged a deal that gave 71 percent of the new company to AT&T shareholders and 29 percent to Discovery.
Now, the trick was closing it before word could leak out.
One awkward conversation awaiting Mr. Stankey was with Jason Kilar, the former chief of Hulu tapped by AT&T, with great fanfare, just a year earlier to lead WarnerMedia. To mark the occasion of his first anniversary on the job, Mr. Kilar had agreed — with AT&T’s blessing — to be profiled by The Wall Street Journal. He invited a reporter in late April to interview him on the Warner Bros. lot in Burbank, Calif., unaware that across the country, his colleagues were feverishly working to close the deal.
At some point during the week of May 3, Mr. Stankey dropped the bomb: He informed Mr. Kilar that the company would soon change hands, and it was unclear what Mr. Kilar’s role might be. The 2,600-word Journal profile of Mr. Kilar, which included a quote from Mr. Stankey, was published on May 14, three days before the deal was announced.
Usually a cheerful presence on Twitter, Mr. Kilar didn’t bother sharing the article with his 37,000 followers. By the weekend, Mr. Kilar had retained the entertainment power lawyer Allen Grubman to start negotiating his exit.
A little after 7 a.m. on Sunday, Mr. Zaslav boarded a corporate jet at a small airport on the East End of Long Island, not far from his home, to head to AT&T’s Dallas headquarters to put the finishing touches on the deal. But just over an hour into the flight, word got out through Bloomberg’s black-and-orange terminal screens: “AT&T is in talks to combine content assets with Discovery.”
manufacturing activity in the United States and Europe showed a rapid pickup, as did retail sales data from Britain.
The Stoxx Europe 600 rose 0.6 percent led by gains in consumer companies. One of the biggest gainers was Richemont, the Swiss luxury goods company that owns brands including Cartier and Montblanc. Richemont shares rose after the company reported its full-year results with strong growth in sales in Asia especially for its jewelry and watch brands.
Oil prices rose. Futures of West Texas Intermediate, the U.S. crude benchmark, rose 1.4 percent to $63.48 a barrel.
Retail sales in Britain surged in April as nonessential stores were allowed to reopen. The volume of sales increased 9.2 percent from the previous month, the Office for National Statistics said on Friday. It was more than double the forecast by economists surveyed by Bloomberg. Shopping for clothes stores led the resurgence.
Across the eurozone, activity in the services sector jumped in May. The Purchasing Managers’ Index climbed to 55.1 points from 50.5 in April, IHS Markit said on Friday. A reading above 50 signals expansion. The index for manufacturing was little changed from the previous month at 62.8.
“Growth would have been even stronger had it not been for record supply chain delays and difficulties restarting businesses quickly enough to meet demand, especially in terms of rehiring,” Chris Williamson, chief business economist at IHS Markit, wrote in the report.
IHS’s measure for U.S. manufacturers and service providers climbed to a record. The Purchasing Managers Index for the country rose to 68.1, from 63.5 a month earlier. “Business confidence across the private sector improved in May,” IHS reported.
There are many ways to measure how much the economy has reopened after pandemic lockdowns. One offbeat way is to compare the share prices of Clorox to Dave & Buster’s.
Nick Mazing, the director of research at the data provider Sentieo, came up with this metric to gauge shifts in postpandemic activity. The higher Clorox’s share price rises relative to Dave & Buster’s, the more people appear to be staying home and disinfecting everything than going out to crowded bars.
By this measure, the DealBook newsletter reports, conditions have nearly returned to prepandemic levels — indeed, Dave & Buster’s recently lifted its sales forecast, as nearly all of its beer-and-arcade bars have reopened.
Two more ratios that Mr. Mazing suggest comparing are Netflix versus Live Nation and Peloton versus Planet Fitness.
The first is also nearly back to where it was before the pandemic: Live Nation is preparing for a packed concert schedule, selling tickets to people who may have already binge-watched all of “Below Deck.”
The second, however, suggests that people aren’t as eager to get back to huffing and puffing at the gym as they are content to exercise at home. As restrictions lift and people feel safer in crowds, drinking and dancing appear to be higher priorities.
The government’s $788 billion relief effort for small businesses ravaged by the coronavirus pandemic, the Paycheck Protection Program, is ending as it began, with the initiative’s final days mired in chaos and confusion.
Millions of applicants are seeking money from the scant handful of lenders still making the government-backed loans. Hundreds of thousands of people are stuck in limbo, waiting to find out if they will receive their approved loans — some of which have been stalled for months because of errors or glitches. Lenders are overwhelmed, and borrowers are panicking, The New York Times’s Stacy Cowley reports.
The relief program had been scheduled to keep taking applications until May 31. But two weeks ago, its manager, the Small Business Administration, announced that the program’s $292 billion in financing for forgivable loans this year had nearly run out and that it would immediately stop processing most new applications.
Then the government threw another curveball: The Small Business Administration decided that the remaining money, around $9 billion, would be available only through community financial institutions, a small group of specially designated institutions that focus on underserved communities.
The American steel industry is experiencing a comeback that few would have predicted even months ago.
Steel prices are at record highs and demand is surging as businesses step up production amid an easing of pandemic restrictions. Steel makers have consolidated in the past year, allowing them to exert more control over supply. Tariffs on foreign steel imposed by the Trump administration have kept cheaper imports out. And steel companies are hiring again, The New York Times’s Matt Phillips reports.
It’s not clear how long the boom will last. This week, the Biden administration began discussions with European Union trade officials about global steel markets. Some steel workers and executives believe that could lead to an eventual pullback of the Trump-era tariffs, which are widely credited for spurring the turnaround in the steel industry.
Record prices for steel are not going to reverse decades of job losses. Since the early 1960s, employment in the steel industry has fallen more than 75 percent. More than 400,000 jobs disappeared as foreign competition grew and as the industry shifted toward production processes that required fewer workers. But the price surge is delivering some optimism to steel towns across the country, especially after job losses during the pandemic pushed American steel employment to the lowest level on record.
Shareholders of Tribune Publishing, the owner of major metropolitan newspapers like the The Chicago Tribune and The New York Daily News, will vote on Friday on whether to approve the company’s saleto Alden Global Capital, a financial investor with a reputation for slashing costs and cutting jobs. Alden already holds a 32 percent stake in Tribune, so the deal hinges on approval from the shareholders who own the other two-thirds of Tribune’s stock. Dr. Patrick Soon-Shiong, a billionaire medical entrepreneur who owns The Los Angeles Times and other California papers with his wife, Michele B. Chan, has a 24 percent stake in Tribune. Dr. Soon-Shiong has not commented publicly on how he intends to vote.
CNN said on Thursday that its prime-time host Chris Cuomo inappropriately offered public-relations advice to his brother, Gov. Andrew M. Cuomo of New York, after a series of sexual harassment allegations threatened the governor’s political career earlier this year. CNN said Chris Cuomo would refrain from any more similar discussions with the governor’s staff. But the network said it would take no disciplinary action against the anchor, whose program was CNN’s highest-rated show in the first quarter of the year. Chris Cuomo apologized to viewers and his colleagues at the start of Thursday’s show for the calls with the governor’s staff, saying: “It will not happen again. It was a mistake.” But he also defended himself, saying that he “of course” gave advice to his brother and that he was “family first, job second.”
The CNN prime-time host Chris Cuomo offered public-relations advice to his brother, Gov. Andrew M. Cuomo of New York, after a series of sexual harassment allegations threatened the governor’s political career earlier this year, an unusual breach of traditional barriers between lawmakers and journalists.
CNN said on Thursday that the conversations were “inappropriate” and that Chris Cuomo would refrain from any more similar discussions with the governor’s staff. But the network said it would take no disciplinary action against the anchor, whose program was CNN’s highest-rated show in the first quarter of the year.
The episode has — once again — raised questions about Chris Cuomo’s ability to host a flagship cable news program while his brother is a key figure in several major political stories. Besides the harassment allegations from several women who worked on his staff, Governor Cuomo has faced criticism for obscuring the number of coronavirus deaths in New York State nursing homes. Last year, before the scandals became news, Governor Cuomo commanded a national audience with his daily briefings on the pandemic.
Governor Cuomo’s office said on Thursday that Chris Cuomo had joined several strategy calls with the governor and some of his top advisers, confirming an earlier report by The Washington Post. Earlier this year, CNN barred Chris Cuomo from participating in its news coverage of the harassment allegations lodged against his brother, who has denied any wrongdoing.
he helped write speeches for Joseph R. Biden Jr., who was then a candidate for president.
Several of Fox News’s opinion hosts actively advised President Trump during his administration; Sean Hannity even appeared with Mr. Trump at a boisterous campaign rally. But CNN’s leadership often criticized Fox News for those blurred lines, with Jeff Zucker, the CNN president, describing the Rupert Murdoch-owned Fox as “state-run TV.”
After Chris Cuomo joined CNN in 2013, he mostly refrained from interviewing his brother on television. (One early exception led to some backlash.) That changed last year, after Governor Cuomo’s coronavirus updates became a national phenomenon. The brothers engaged in extended prime-time interviews about the emotional burdens of the pandemic. Viewers were riveted, especially after Chris Cuomo tested positive for the coronavirus and began speaking with his brother from isolation in a basement.
CNN leaned into the moment. “You get trust from authenticity and relatability and vulnerability,” Mr. Zucker told The New York Times last year. “That’s what the brothers Cuomo are giving us right now.”
who received special access to government-run coronavirus testing facilities, including a police escort for samples so that they could be quickly processed.
At the time, a CNN spokesman defended the host, arguing that Mr. Cuomo was sick with the virus and “turned to anyone he could for advice and assistance, as any human being would.”
The chief executive of Domino’s Pizza has complained that the company can’t hire enough drivers. Lyft and Uber claim to have a similar problem. A McDonald’s franchise in Florida offered $50 to anybody willing to show up for an interview. And some fast-food outlets have hung signs in their windows saying, “No one wants to work anymore.”
The idea that the United States suffers from a labor shortage is fast becoming conventional wisdom. But before you accept the idea, it’s worth taking a few minutes to think it through.
Once you do, you may realize that the labor shortage is more myth than reality.
Let’s start with some basic economics. The U.S. is a capitalist country, and one of the beauties of capitalism is its mechanism for dealing with shortages. In a communist system, people must wait in long lines when there is more demand than supply for an item. That’s an actual shortage. In a capitalist economy, however, there is a ready solution.
The company or person providing the item raises its price. Doing so causes other providers to see an opportunity for profit and enter the market, increasing supply. To take a hypothetical example, a shortage of baguettes in a town will lead to higher prices, which will in turn cause more local bakeries to begin making their own baguettes (and also cause some families to choose other forms of starch). Suddenly, the baguette shortage is no more.
solve the problem by offering to pay a higher price for that labor — also known as higher wages. More workers will then enter the labor market. Suddenly, the labor shortage will be no more.
a lot of evidence to suggest that the U.S. economy does not suffer from that problem.
If anything, wages today are historically low. They have been growing slowly for decades for every income group other than the affluent. As a share of gross domestic product, worker compensation is lower than at any point in the second half of the 20th century. Two main causes are corporate consolidation and shrinking labor unions, which together have given employers more workplace power and employees less of it.
has declined in recent decades. The country now has the equivalent of a large group of bakeries that are not making baguettes but would do so if it were more lucrative — a pool of would-be workers, sitting on the sidelines of the labor market.
Corporate profits, on the other hand, have been rising rapidly and now make up a larger share of G.D.P. than in previous decades. As a result, most companies can afford to respond to a growing economy by raising wages and continuing to make profits, albeit perhaps not the unusually generous profits they have been enjoying.
announced Tuesday that it would raise its minimum hourly wage to $25 and insist that contractors pay at least $15 an hour. Other companies that have recently announced pay increases include Amazon, Chipotle, Costco, McDonald’s, Walmart, J.P. Morgan Chase and Sheetz convenience stores.
Low wages seem normal
Why the continuing complaints about a labor shortage, then?
They are not totally misguided. For one thing, some Americans appear to have temporarily dropped out of the labor force because of Covid-19. Some high-skill industries may also be suffering from a true lack of qualified workers, and some small businesses may not be able to absorb higher wages. Finally, there is a rollicking partisan debate about whether expanded jobless benefits during the pandemic have caused workers to opt out.
For now, some combination of these forces — together with a rebounding economy — has created the impression of labor shortages. But companies have an easy way to solve the problem: Pay more.
That so many are complaining about the situation is not a sign that something is wrong with the American economy. It is a sign that corporate executives have grown so accustomed to a low-wage economy that many believe anything else is unnatural.
became a top spokesmodel.
Up in the air: A kite-building tutorial that doubles as a meditative experience.
Too big: Why this Nobel laureate economist has soured on Big Tech.
A Times classic: See what kids around the world eat for breakfast.
Lives Lived: Lee Evans was one of several Black athletes who threatened to boycott the 1968 Summer Olympics. Instead, he smashed two world records and raised his fist at the medal ceremony. Evans died at 74.
Flamin’ Hot Cheetos to executives. The spicy puffs were a huge success, and Montañez worked his way up the company’s ranks to become an executive himself.
It’s the kind of inspiring story made for a biopic — one that the actress Eva Longoria is set to direct. And yet, the details may not be entirely true, according to an investigation by The Los Angeles Times.
While Montañez did make valuable contributions to Frito-Lay, the company stated that he did not create Flamin’ Hot Cheetos. Lynne Greenfeld, an employee at Frito-Lay’s corporate office, did. “That doesn’t mean we don’t celebrate Richard, but the facts do not support the urban legend,” Frito-Lay said.
Montañez has disputed Frito-Lay’s claims, with some support from another executive, and said his low job status explained the lack of documentation of his role. “I wasn’t a supervisor, I was the least of the least,” Montañez told Variety. He retired from the company in 2019.
As for the movie, Frito-Lay told its producers about the story discrepancies in 2019. “I think enough of the story is true,” Lewis Colick, a screenwriter for the project, recently said. “The heart and soul and spirit of the story is true. He is a guy who should remain the face of Flamin’ Hot Cheetos.” — Sanam Yar, a Morning writer
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Today’s episode of “The Daily” is about Joe Biden and Benjamin Netanyahu. On the Modern Love podcast, a man returns to the orphanage he tried to forget.
“It would have been an amazing merger,” said David Barden, a senior research analyst at Bank of America. “It would have kind of perpetuated the AT&T juggernaut of growth through acquisition — not through organic — but it failed.”
Mr. Stephenson then looked to the attractive profit margins found in media and entertainment. In 2014, he announced a deal for DirecTV, a transaction that he promised would “redefine the industry.”
But AT&T bought into the pay-TV industry at its peak. Not long after it acquired the satellite service, consumers left in droves.
“One thing they didn’t — they could not have anticipated, was that 2014 was the last year linear video would grow,” Mr. Barden, referring to the cable TV business. “Because who was out there in the wings? This little company called Netflix.” Customers began to cut their cords and cable subscriptions began their descent.
Then came Time Warner. Numerous analysts pointed out that owning a company that makes money by distributing shows and films as widely as possible wouldn’t give AT&T any advantage. In other words, it would still have to license HBO and CNN to rivals like Verizon’s television service, or to cable giants like Comcast. AT&T would have a hard time justifying keeping the content for itself.
The Justice Department sued AT&T to block the deal, but it lost its case in court.
Makan Delrahim, the former Justice Department antitrust chief who oversaw the suit, said in an interview that AT&T’s rampant deal making was a “classic case” of corporate misbehaving. The company “did a series of mergers and acquisitions and really were not rational for their business execution,” he said, “T-Mobile, DirecTV and Time Warner. And this is the result.”
Mr. Whitacre, the founding chief executive of the modern AT&T, offered another view.
“The deals we made while I was chairman — which was a long time — was acquiring the businesses that we were familiar with, the businesses we were in,” he said in an interview. “And when I left, that changed.”
Mr. Whitacre, who is still an AT&T shareholder, said he liked the Discovery deal, getting the company back to “where we came from, if you would.”
All agreed that Mr. Zaslav’s takeover raised the odds that Mr. Zucker would stay put, perhaps in an expanded role that encompasses more of Discovery and Warner’s combined news and sports assets. Discovery, for instance, owns Eurosport, a European network with broadcast rights to the Olympics and major tournaments in tennis and golf.
“They were a formidable team when they were together at NBC,” said Jeff Gaspin, a former chairman of entertainment at NBCUniversal who has worked closely with both men. “They’ll make a formidable team at Warner if Jeff chooses to stay.”
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The two men started at NBC in the late 1980s. They trained under Jack Welch, the chairman of General Electric, which controlled the media company, and ascended during NBC’s “Must See TV” golden age in the 1990s.
“It was a time that we would look at each other, and we believed that anything was possible,” Mr. Zaslav once said, reflecting on their salad days at NBC. Mr. Zucker eventually became chief executive; Mr. Zaslav left to run Discovery in 2007.
Prickly and blunt, Mr. Zucker is not known for befriending other executives who could become rivals down the road. But he has said he and Mr. Zaslav grew closer after they left NBC. Only a handful of guests were invited to Mr. Zucker’s intimate 50th birthday party in 2015 at a hotel in Lower Manhattan; Mr. Zaslav and his wife, Pam, made the cut.
In 2019, when Mr. Zaslav presented a careerachievement award to Mr. Zucker at a starry luncheon in Midtown Manhattan, he called the CNN president “one of the greatest media leaders of all time.”
Inside CNN, the reaction to this week’s merger announcement has been happiness and relief. Mr. Zucker’s loyalists were uneasy about the prospect of his departure, and rumors flew that AT&T, facing a giant debt burden, would consider selling the highly profitable news network, perhaps leaving it in the hands of an owner less than committed to its journalistic mission.