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Netflix to buy Warner Bros. Discovery in $72B deal

Summary

  • Netflix strikes $72B deal to buy Warner Bros. Discovery.
  • Merger brings Netflix, HBO Max and major studios under one roof.
  • Industry experts predict major antitrust scrutiny and market shakeup.
  • Theatrical exhibitors warn the deal could harm movie theaters and jobs.

NEW YORK (AP) — Netflix struck a deal Friday to buy Warner Bros. Discovery, the Hollywood giant behind “Harry Potter” and HBO Max, in a $72 billion deal that would bring together two of the biggest players in television and film and potentially reshape the entertainment industry.

If approved by regulators, the merger would put two of the world’s biggest streaming services under the same ownership — and join Warner’s television and motion picture division, including DC Studios, with Netflix’s vast library and its production arm, which has released popular titles such as “Stranger Things” and “Squid Game.”

“For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture,” David Zaslav, CEO of Warner Bros. Discovery, said in a statement. “By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”

The cash and stock deal is valued at $27.75 per Warner share, giving it a total enterprise value of $82.7 billion, including debt. The transaction is expected to close in the next 12 to 18 months, after Warner completes its previously announced separation of its cable operations. Not included in the deal are networks such as CNN and Discovery.

The proposed merger could draw intense antitrust scrutiny, particularly for its effects on movie making and streaming subscriptions.

“Netflix is the top streaming service today. Now combined with HBO Max, it will absolutely cement itself as the Goliath in the streaming industry,” said Mike Proulx, vice president and research director at Forrester, a market research company.

Will streaming services stay separate or combine?

One of the big unanswered questions, Proulx added, is whether HBO Max and Netflix would “stay as separate streaming services or combine into a mega streaming service.”

But either way, he said, customers could see some price relief in the form of a single subscription bill or bundle promotions, which would be a welcome change as streaming prices continue to rise and consumers feel the pinch of paying for multiple services.

Of course, that all depends on whether the deal goes through. Netflix on Friday maintained that the addition of HBO and HBO Max programming will give its members “even more high-quality titles from which to choose” and “optimize its plans for consumers.”

Others warned that a Netflix-Warner combo could create an even bigger entertainment titan with ramifications for both consumers and people working across the film and TV industry. Critics said the consequences could include job losses and a reduced variety of content.

Gaining Warner’s legacy studios would mark a notable shift for Netflix, particularly its presence in theaters. Under the proposed acquisition, Netflix has promised to continue theatrical releases for Warner’s studio films, honoring Warner’s contractual agreements for movie releases.

Netflix has kept most of its original content within its core online platform. But there have been exceptions, including qualifying runs for its awards contenders, including this year’s “Frankenstein,” limited theater screenings of a “KPop Demon Hunters” sing-a-long and its coming “Stranger Things” series finale.

“Our mission has always been to entertain the world,” Ted Sarandos, co-CEO of Netflix, said in a statement, adding that merging with Warner will “give audiences more of what they love.”

Critics question potential effect on movie theaters and filmmakers

Critics said a Netflix-Warner combo would be bad news for people who love to go to movie theaters and for those who work in them. Cinema United — a trade association that represents more than 30,000 movie screens in the U.S. and another 26,000 screens internationally — was quick to oppose the deal, which it said “poses an unprecedented threat to the global exhibition business.”

“Netflix’s stated business model does not support theatrical exhibition. In fact, it is the opposite,” Michael O’Leary, CEO of Cinema United, said Friday. “Theaters will close, communities will suffer, jobs will be lost.”

The Writers Guild of America sound a similar alarm and called for the merger to be blocked. The Producers Guild of America said the Netflix deal must prove that it protects workers’ livelihoods and theatrical distribution.

“Legacy studios are more than content libraries — within their vaults are the character and culture of our nation,” it added.

Warner Bros., which is 102 years old, is one of the “big five” studios left in Hollywood. If the Netflix sale goes through, the remaining legacy studios would be Disney, Paramount, Sony Pictures and Universal.

Friday’s announcement arrived after a monthslong bidding war for Warner. Rumors of interest from Netflix, as well as NBC owner Comcast, started bubbling up in the fall. Skydance-owned Paramount, which completed its own $8 billion merger in August, also reportedly made several all-cash offers.

Paramount seemed like the front-runner for some time, and unlike Netflix or Comcast, it was reportedly vying to buy Warner’s entire company, including its cable networks and news business.

Beyond combining two of Hollywood’s legacy studios, that would have brought Paramount-owned CBS and Warner’s CNN under the same roof. Such sizeable consolidation would have vastly reshaped America’s TV media landscape, and perhaps raised questions about shifts in editorial control — as seen at CBS News both leading up to and following Skydance’s purchase of Paramount.

Paramount did not immediately respond to a request for comment Friday from The Associated Press.

Regulators and politics could decide fate of deal

While Netflix’s bid won over Warner’s approval, experts stressed that a bumpy regulatory road lies ahead.

“No doubt politics are going to come into play,” Proulx said. He pointed particularly to the Trump administration’s relationship with the family of Larry Ellison, whose son David runs Paramount, and reports of that company’s frustrations over Warner’s sale process — both of which, he noted, “can’t be ignored as part of the calculus as to the outcome of all of this.”

Christina DePasquale, a Johns Hopkins University professor who specializes in antitrust issues, said the government might be skeptical of a streaming behemoth controlling both the production and distribution of content.

Warner Bros. Discovery, which was formed just three and a half years ago, announced its intention to split its streaming and studio operations from its cable business back in June. The move arrived as more and more consumers continue to “cut the cord” and rely almost entirely on streaming.

The company outlined plans for HBO, HBO Max, as well as Warner Bros. Television, Warner Bros. Motion Picture Group and DC Studios, to become part of a new streaming and studios company. That is what Netflix is now acquiring. Meanwhile, networks such as CNN, Discovery and TNT Sports and other digital products will make up a separate cable counterpart called Discovery Global.

Warner signaled that it was open to a sale of all of parts of its business back in October, citing “unsolicited interest” it had received. Now that it’s agreed to Netflix’s bid, Discovery Global is set to become a new publicly traded company by the third quarter of 2026.

UPDATES: with more reaction from unions, comment from antitrust expert and other details. Adds new video.

Finish Strong, Start Smarter: How Virginia Businesses Are Closing 2025 with Cox Business

 

As December arrives, businesses face a familiar challenge: balancing the urgency of year‑end deadlines with the excitement of planning for the year ahead. From retailers managing holiday rushes to professional firms finalizing reports, reliable technology is the backbone of success. Cox Business is helping companies across the Commonwealth finish 2025 strong, and start 2026 smarter.

Meeting the Demands of Year‑End

The final weeks of the year are often the busiest. Retailers see surging foot traffic and online orders, hospitality venues welcome holiday travelers, and service providers race to close projects before January. In this environment, downtime is not an option. Cox Business delivers high‑speed internet, secure cloud solutions, and managed IT services that keep operations running smoothly. For Virginia businesses, that reliability means confidence during peak season.

Driving Digital Transformation

2025 has been a year of rapid digital adoption. Hybrid work models, e‑commerce growth, and customer expectations for seamless digital experiences have reshaped the business landscape. Cox Business has been a trusted partner in this transformation, offering scalable connectivity and cybersecurity solutions that empower companies to adapt. Whether it’s a local retailer managing online sales alongside in‑store traffic or a professional firm collaborating across offices, Cox Business ensures that digital tools work without interruption.

Preparing for 2026

December isn’t just about closing the books, it’s about setting the stage for the future. Virginia businesses are looking ahead to 2026 with goals of efficiency, resilience, and growth. Cox Business provides solutions that scale with ambition, from fiber internet that supports expanding teams to cloud services that safeguard critical data. Cybersecurity, in particular, is top of mind as companies prepare for new challenges. With Cox Business, organizations can enter the new year ready to innovate and compete.

Supporting Local Success

What sets Cox Business apart is its commitment to local communities. Virginia businesses aren’t just customers; they’re partners in growth. From small to established enterprises, every company benefits from a provider that understands the pace and pressure of local business.

As 2025 draws to a close, Virginia businesses are reflecting on achievements and preparing for opportunities ahead. With Cox Business solutions, they can finish strong, meeting the demands of the season with confidence, and start smarter, equipped with the tools to thrive in 2026.

Ready to take the next step? Visit CoxBusiness.com today to explore solutions tailored to your business and get started on a smarter tomorrow.

 

US stocks hover near records as S&P 500 edges up

Summary

  • rose 0.1% and sits just 0.5% below its all-time high.
  • Dow dipped 0.1%, while the gained 0.2%.
  • rallied on stronger-than-expected profit; fell on weak revenue.
  • climbed as European markets advanced.

NEW YORK (AP) — The held near its records in a quiet day of trading on Thursday, continuing its relatively calm run following weeks of sharp and scary swings.

The S&P 500 inched up by 0.1% and is just 0.5% below its all-time high. The Industrial Average dipped 31 points, or 0.1%, and the Nasdaq composite rose 0.2%.

Dollar General helped lead the market and rallied 14% after reporting a stronger profit for the latest quarter than analysts expected. More customers shopped at its stores, and it also squeezed more profit out of each $1 in sales that it made.

Hormel rose 3.8% after likewise reporting a better profit than expected, thanks in part to strength for its Planters nuts and Jennie-O turkey offerings. It also gave a forecasted range for profit in the upcoming year whose midpoint was above analysts’ forecasts.

Salesforce, meanwhile, climbed 3.7% after swinging between gains and losses earlier in the morning. It delivered a better profit for the latest quarter than analysts expected, though its revenue fell just short.

CEO Marc Benioff extolled how Salesforce is “uniquely positioned for this new era” of artificial-intelligence technology, even if worries continue that all the world’s spending on AI may not end up worth it.

Besides such worries about potential overinvestment in AI, concerns about what the will do with  had sent U.S. stocks on sharp swings since it set its all-time high in late October.

After some back and forth, the general expectation on Wall Street is now that the Fed will indeed cut its main interest rate next week in hopes of shoring up the slowing job market. If it does, that would be the third such cut this year.

Investors love lower interest rates because they boost prices for investments and can juice the economy. The downside is that they can worsen inflation, which is stubbornly remaining above the Fed’s 2% target.

But Treasury yields ticked higher Thursday following another rise for Japanese government bonds. Expectations for a coming Fed cut to rates also took a very slight hit after reports suggested the U.S. job market may be a bit better than expected.

One report said fewer U.S. workers filed for unemployment last week. The number was the lowest in more than three years.

A separate report said that the number of announced last month fell by more than half from October’s surge. It still was above year-ago levels, though, according to outplacement and executive coaching firm Challenger, Gray & Christmas.

While better-than-expected data on layoffs is of course good news for U.S. workers, it could also indicate the job market doesn’t need as much help from lower interest rates.

The yield on the 10-year Treasury rose to 4.10% from 4.06% late Wednesday. While the move was relatively modest, increases in yields can discourage some buyers from buying stocks and other investments instead of bonds.

Among the stocks falling on Wall Street was Kroger, which dropped 4.6%. The grocer reported weaker revenue for the latest quarter than analysts expected, though its profit beat forecasts. It also lowered the top end of its forecasted range for an important measure of revenue this year, while raising the bottom end by less.

Snowflake sank 11.4% despite topping analysts’ expectations for profit and revenue in the latest quarter. Analysts at UBS said the company’s stock may be feeling a letdown after excitement grew so much after it blew past expectations in the quarter just before. Growth in product revenue also decelerated a bit in the latest quarter.

All told, the S&P 500 rose 7.40 points to 6,857.12. The Dow Jones Industrial Average dipped 31.96 to 47,850.94, and the Nasdaq composite gained 51.04 to 23,505.14.

In stock markets abroad, indexes rose modestly in Europe following a mixed finish in Asia.

Japan’s Nikkei 225 index jumped 2.3%, while South Korea’s Kospi slipped 0.2%.

US mortgage rates fall to 6.19%, nearing yearly low

Summary

  • Average 30-year U.S. mortgage rate fell to 6.19%, near its yearly low.
  • 15-year mortgage rate also declined, dropping to 5.44%.
  • Falling rates improve ‘ purchasing power amid affordability challenges.
  • Economists expect to stay slightly above 6% next year.

The average rate on a 30-year U.S. mortgage fell again this week, slipping close to its low point so far this year.

The decline brings the average long-term mortgage rate to 6.19% from 6.23% last week, mortgage buyer said Thursday. A year ago, the rate averaged 6.69%.

This is the second straight weekly drop in the average rate after three straight increases. It’s now at the lowest level since Oct. 30, when it was at 6.17%, the lowest level in more than a year.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell this week. The rate averaged 5.44%, down from 5.51% last week. A year ago, it was 5.96%, Freddie Mac said.

Mortgage rates are influenced by several factors, from the ‘s interest rate policy decisions to bond market investors’ expectations for the economy and . They generally follow the trajectory of the , which lenders use as a guide to pricing home loans.

The 10-year yield was at 4.1% at midday Thursday. That’s up from about 4% last Wednesday.

Declining mortgage rates boost homebuyers’ purchasing power.

Easing mortgage rates this fall helped lift sales of previously occupied U.S. homes in October on an annual basis for the fourth straight month.

Still, affordability remains a challenge for many aspiring homeowners after years of skyrocketing prices. Uncertainty over the economy and job market are also keeping many would-be buyers on the sidelines.

While U.S. economic growth appears solid, hiring is sluggish and the unemployment rate has ticked up.

Mortgage rates began declining this summer ahead of the Federal Reserve’s decision in September to cut its main interest rate for the first time in a year amid signs the was slowing. The Fed lowered its key interest rate again in October, and the general expectation is now that the central bank will cut its main interest rate when its policymakers meet again next week.

“A December rate cut, which the market widely expects, could take further pressure off of mortgage rates as the year comes to a close, boosting buying power as the new year approaches,” said Hannah Jones, senior economic research analyst at Realtor.com.

The Fed doesn’t set mortgage rates, and even when it cuts its short-term rates that doesn’t necessarily mean rates on home loans will necessarily decline.

Last fall after the Fed cut its rate for the first time in more than four years, mortgage rates marched higher, eventually reaching just above 7% in January this year. At that time, the 10-year Treasury yield was climbing toward 5%.

Economists at Realtor.com, Zillow and Bright MLS generally forecast that the average rate on a 30-year mortgage will remain slightly above 6% next year.

Electra launches defense business unit

SUMMARY:

  • .aero launched a new unit to serve military needs
  • The move follows successful Air Force tests and an $85M contract to advance the aircraft.
  • The company plans flight tests of its EL9 model in 2027 and has 2,200 provisional orders

-based aviation startup on Wednesday announced that it has launched a new defense business unit to capitalize on growing military demand for aircraft that can fly long distances without a runway.

The unit will focus on developing its EL9 model for the . The EL9 is a nine-passenger hybrid ultra-short aircraft that can take off and land with just 150 feet of runway. The company says the model opens thousands of new access points, ranging from small, underserved airports to nontraditional sites such as parking lots or fields.

“The military can no longer solely rely on trucks or helicopters to conduct missions over long distances, and we need to preserve the efficiency of existing airlift assets,” said Electra Defense Vice President and General Manager Donn Yates in a statement. “The multi-mission [ultra-short takeoff and landing] EL9 is the sprinter van of the skies, enabling the military to execute agile combat employment to deliver people, power and payloads at the last tactical leg. We look forward to continuing our work with our government partners to deliver this aircraft ahead of the threat.”

Electra Defense’s launch follows several successful government-directed tests of the EL9 with the in September.

“The EL9’s ability to take off and land from ships and runways as short as 150 feet mitigates the scarcity of available runways in contested environments,” said Retired Gen, Doug Brown, co-chair of Electra’s advisory board, in a statement. “Should a conflict break out in the Indo-Pacific, long-range runway-independent airlift is needed to … counteract the inevitable targeting of runway infrastructure.”

According to CEO Marc Allen, Electra Defense will be based at Electra’s headquarters at Manassas Regional Airport in Virginia.

In January 2023, Electra received an $85 million award from the Air Force to accelerate prototype development, testing and evaluation. The company says the recently completed government-directed tests with the U.S. Air Force marked the latest milestone under that contract.

In addition, Electra is partnering with the on a Small Business Innovation Research contract to advance the research and development of hybrid-electric powertrain, power and propulsion systems.

In June, Electra and ‘s Skunk Works unit entered a memorandum of understanding to accelerate the commercialization of the EL9 and explore global opportunities.

Electra plans to begin flight testing of the EL9 in 2027. The startup previously said it wants to fly for FAA certification credit in 2028 and 2029 and to get the airplane certified and into service in late 2029 or 2030.

So far, the company has secured more than 2,200 provisional orders from over 60 customers worldwide, with its commercial order pipeline valued at $15 billion.

Founded in 2020, Electra announced in April that it had secured $115 million in Series B funding to enter the pre-production and certification phase of the EL9 model. Electra’s strategic investors include Lockheed MartinVentures and Honeywell.

Allen said in an email that Electra has more than doubled its workforce in 2025 to just under 100 employees and will add dozens more engineering team members in the coming year.

Hearing probes evidence in CEO killing suspect’s arrest

Summary

  • seeks to exclude statements and items seized after Mangione’s 2024 arrest.
  • Officers questioned him before reading , lawyers argue.
  • Gun and notebook from his backpack are key to prosecutors’ case.
  • Hearing offers new details on police encounter ahead of state and federal trials.

NEW YORK (AP) — Minutes after police approached  in a Pennsylvania McDonald’s, he told an officer he didn’t want to talk, according to video and testimony at a court hearing Thursday for the man charged with killing CEO .

Although some video and accounts of police interactions with Mangione emerged earlier in this week’s hearing, Thursday’s proceedings shed new light on the lead-up to and aftermath of his Dec. 9, 2024, arrest in Altoona, Pennsylvania.

Mangione’s lawyers are trying to preclude key evidence from being presented at his state murder trial, including his initial statements to police and a gun and diary they say they found in his backpack.

On the hearing’s fourth day, the 27-year-old Mangione appeared to follow the proceedings intently, at times leaning over the defense table to scrutinize papers or take notes. He briefly looked down as Officer Tyler Frye was asked about a strip-search of Mangione after his arrest. Under the department’s policy, that search wasn’t recorded.

It happened after police were told that someone at the McDonald’s resembled the much-publicized suspect in Thompson’s killing. But Frye and Officer Joseph Detwiler initially approached Mangione with a low-key tone, saying only that someone had said he looked “suspicious.” Asked for his ID, he gave a phony New Jersey driver’s license with a fake name, according to prosecutors.

‘I don’t know what you guys are up to’

Moments later, after frisking Mangione, Detwiler stepped away to communicate with dispatchers about the license, leaving the rookie Frye by Mangione’s table to talk to him. Frye asked him, “What’s going on?” and what had brought him to Altoona.

“I don’t know what you guys are up to,” Mangione answered, and he inquired what was afoot.

After repeating the claim that someone was suspicious of Mangione, Frye asked: “You don’t want to talk to me or anything?”

Mangione indicated that he didn’t. Still, during the roughly 20 minutes before Mangione was told he had the right to remain silent, he answered other questions asked by the officers, and also posed a few of his own.

“Can I ask why there’s so many cops here?” he asked shortly before being informed he was being arrested on a forgery charge related to his false ID. By that point, roughly a dozen officers had converged on the restaurant, and Mangione had been told he was being investigated and had been handcuffed.

What’s at stake?

Mangione has pleaded not guilty to state and federal murder charges. Before any trials get scheduled, his lawyers are trying to prevent the eventual jurors from hearing about his alleged statements to law officers and items — including a gun and a notebook — they allegedly seized from his backpack.

The evidence is key to prosecutors’ case. They have said the 9 mm handgun matches the firearm used in the killing, that writings in the notebook laid out Mangione’s disdain for health insurers and ideas about killing a CEO at an investor conference, and that he gave police the same fake name that the alleged gunman used at a New York hostel days before the shooting.

Hearing coincides with anniversary

Thursday’s proceedings came on the anniversary of the killing, which UnitedHealthcare marked by lowering the flags at its campuses in Minnetonka and Eden Prairie, Minnesota, and encouraging employees to engage in volunteering.

Thompson, 50, was shot from behind as he walked to an investor conference. He became UnitedHealthcare’s CEO in 2021 and had worked within parent UnitedHealth Group Inc. for 20 years.

The hearing, which started Monday and could extend to next week, applies only to the state case. But it is giving the public an extensive preview of some testimony, video, 911 audio and other records relevant to both cases.

After encountering Mangione, Detwiler and Frye tried to play it cool by intimating that they were simply responding to a loitering complaint and chatting about his steak sandwich. Still, they patted Mangione down, pushed his backpack away from him and summoned more officers. About 15 minutes in, an officer warned him that he was being investigated and would be arrested if he repeated what they had determined was a fake name.

After Mangione gave his real one, he was read his rights, handcuffed, frisked again and ultimately arrested on a forgery charge related to his fake ID.

Mangione’s lawyers argue that his statements shouldn’t be allowed as trial evidence because officers started questioning him before reading his rights. They say the contents of his backpack should be excluded because police didn’t get a warrant before searching it.

Manhattan prosecutors haven’t yet detailed their arguments for allowing the disputed evidence. Federal prosecutors have maintained that the backpack search was justified to ensure there was nothing dangerous inside, and that Mangione’s statements to officers were voluntary and made before he was under arrest.

Many criminal cases see disputes over evidence and the complicated legal standards governing police searches and interactions with potential suspects.

ODU gets $15M gift from Brock to launch nutrition institute

SUMMARY:

  • donated $15M to establish a new nutrition and lifestyle medicine institute at
  • The institute will integrate nutrition into medical education, research and clinical care
  • 2026 will focus on recruiting an executive director to lead the institute

Old Dominion University has received a $15 million gift from philanthropist Joan Brock to establish a nutrition and lifestyle medicine institute.

The -based university says the Joan P. Brock Institute for Nutrition Science and Health is a multidisciplinary hub, academic unit and research center that will bring nutrition and lifestyle medicine into medical and health professions education, basic science and translational research, clinical innovation and community health.

“The generosity of Joan Brock continues to enable and better position our faculty and researchers to change the culture of health care with our students through clinical practice and in the communities they serve,” President Brian O. Hemphill said in a statement.

Brock, whose late husband, Macon, co-founded Fortune 500 discount retailer , said her gift was inspired by her personal recovery from a life-threatening illness. She attributes her improved health to a combination of medical treatment, careful nutrition, exercise and changed lifestyle habits.

“I am thrilled to be part of this because I’ve been practicing this for 15 years now,” Brock said in a statement. “I hope the institute makes a difference in people’s lives — just watch how our health care changes as a result and how our bodies change, how our lives are extended and the quality of our lives improves.”

ODU has created a Master of Science in Nutrition program that will enroll its first students in fall 2026, with an option for medical students to pursue a combined M.D. and master’s degree. A metabolic kitchen designed to prepare and analyze meals is expected to be operational in 2027 and will support both teaching and research.

“Once fully operational, the institute will integrate sound nutrition and lifestyle medicine into medical and health professionals’ education, conduct basic science and translational research, administer lifestyle medicine through our patient clinics and serve our community through community-based programs,” said Dr. Alfred Abuhamad, executive vice president for Health Sciences, in a statement.

ODU said the institute arrives as chronic diseases such as heart disease, diabetes and certain cancers account for 90 percent of the nation’s $4.5 trillion annual health care costs. Yet, most medical students receive fewer than 20 hours of nutrition education.

experiences disproportionately high rates of chronic diseases, ranking among the top three areas nationally for colorectal cancer mortality. ODU reports that in Norfolk, the stroke mortality rate exceeds 50 deaths per 100,000.

University leaders say integrating nutrition and lifestyle medicine into training is essential to reversing these trends.

The institute is currently in its planning phase. ODU has formed a steering committee and launched a national search for its inaugural executive director, aiming to fill the position by spring 2026. The new director will determine specific research conducted by the institute in response to community needs.

Abuhamad said Brock’s investment provides both seed funding for establishing and operationalizing the institute, plus an endowment for long-term sustainability. He added that fundraising and the pursuit of extramural grants for research initiatives are ongoing.

The Brocks have donated toward many community projects at ODU, including the academic health center at ODU, the M. Foscue Brock Institute for Community and Global Health, and the expansion of the Barry Art Museum.

ODU’s current enrollment across all five schools within Macon & Joan Brock Virginia Health Sciences is more than 4,400, with approximately 460 medical residents in training.

Trucking company to close Harrisonburg site, laying off 70

Iowa-based will shut down its facility early next year, leaving 70 local workers without jobs as the company winds down operations amid steep revenue losses tied to major shifts at the U.S. Postal Service.

According to a notice filed with Virginia Works, the company will close its site at 888 Auto Motion Way by Feb. 28, 2026, with beginning as soon as Jan. 30. Positions at the Harrisonburg site included drivers, technicians, managers, supervisors and assistants.

A spokesperson confirmed the entire company is closing down nationwide, impacting about 2,000 employees. While the majority of layoffs will take place on Jan. 30, 2026, a handful will remain for a few months to assist as the company closes operations.

According to the company’s website, 10 Roads Express has 36 terminals nationwide and scheduled delivery points in 47 states.

The company announced this week it was winding down its operations “after continued and significant headwinds impacting the industry.”

“Over the past 24 months, the USPS has made fundamental operational changes, including the more prevalent use of brokers and the insourcing of transportation work,” the company said on Monday. “ This has resulted in a 70% loss of revenue for 10 Roads so far, with all indications that this trend will continue. Despite extensive efforts to adapt, 10 Roads has been unable to reduce its platform enough to make continued operations sensible, leading to the difficult decision to cease operations.

The company was formed in 1977, although the group of companies that consolidated into 10 Roads Express traces its roots back to 1946.

A spokesperson said in a statement that the decision was “not made lightly” and that the company is grateful for its entire team’s years of commitment.

10 Roads has notified USPS that it will fully complete all contractual obligations during the transition period.

“We remain very appreciative of our long-standing relationship with the USPS and are committed to supporting a smooth transition,” the spokesperson said

USPS declined to comment.

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Jobless claims fall to 3-year low ahead of Fed decision

Summary

  • drop to 191,000, the lowest since September 2022.
  • Holiday timing may distort data, but remain historically low.
  • Mixed labor and data shape the Fed’s upcoming rate decision.
  • Markets expect a rate cut next week as hiring slows.

 

WASHINGTON (AP) — U.S. applications for fell to their lowest level in more than three years during Thanksgiving week, potentially complicating the ‘s upcoming decision on .

The number of Americans applying for jobless benefits for the week ending Nov. 29 fell to 191,000 from the previous week’s 218,000, the Labor Department reported Thursday. That’s the lowest level since September 24, 2022, when claims came in at 189,000. Analysts surveyed by the data provider FactSet had forecast initial claims of 221,000.

Kathy Bostjancic, chief economist at Nationwide, said that unemployment benefit filings are often distorted by the Thanksgiving holiday, which can cause some people who may have lost jobs to delay filing claims.

Still, the low claims figure also suggests that overall layoffs remain muted, despite the high-profile announcements. Hiring is also sluggish, which makes finding a job for those out of work challenging.

“The is kind of frozen,” Bostjancic said. “Companies are in wait-and-see mode.”

Applications for unemployment aid are viewed as a proxy for layoffs and are close to a real-time indicator of the health of the job market. The job cuts announced recently by large companies such as UPS, General Motors, Amazon and Verizon typically take weeks or months to fully implement and may not be reflected in Thursday’s data.

For now, the U.S. job market appears stuck in a “low-hire, low-fire” state that has kept the unemployment rate historically low.

On Wednesday, private payroll data firm ADP estimated U.S. job losses of 32,000 in November. The surprisingly weak report may be discouraging for people looking for jobs, but it bolstered expectations that the Fed will cut its main interest rate next week.

It’s not clear how much weight this week’s layoff figures will carry with the Fed as the numbers can be volatile and prone to revisions.

Complicating the Fed’s upcoming decision is inflation, which remains above the central bank’s 2% target. The Fed’s preferred measure of inflation will be released in a government report on Friday and will also be factored into its rate call on Wednesday.

Two weeks ago, the government said that hiring picked up a bit in September, when employers added 119,000 new jobs. That mixed report, which also showed employers had shed jobs in August, was delayed due to the government shutdown. The unemployment rate ticked up to 4.4%, its highest level in four years.

November’s comprehensive jobs data has been delayed for release until later this month, after the Fed’s meeting, also due to the government shutdown.

The government also recently reported that retail sales slowed in September after three months of healthy increases.

Consumer confidence has plunged to its second-lowest level in five years, while wholesale inflation eased a bit.

The data suggests that both the economy and inflation are slowing, which has boosted financial markets’ expectations that the Federal Reserve will reduce its key interest rate at its meeting next week. If the Fed does reduce its benchmark rate next week, it would be the third cut of the year as it attempts to support a job market that has been slowing for months.

Thursday’s report from Labor also showed that the four-week average of claims, which evens out some of the week-to-week volatility, fell by 9,500 to 214,750.

The total number of Americans filing for jobless benefits for the previous week ending Nov. 22 dipped by 4,000 to 1.94 million, the government said.

AMC Entertainment CEO remains in charge of world’s largest theater chain after stroke

WASHINGTON (AP) — AMC Entertainment CEO Adam Aron suffered a minor stroke last month but is recovering rapidly and will continue to lead the world’s biggest movie theater chain, the company said Thursday.

Aron, 71, suffered the stroke while on a business trip in London, where he immediately received emergency medical care, the company said.

Besides an initial slurring of speech, AMC says Aron has shown no loss of cognitive brain function and that he expects to make a “speedy and full recovery.”

“Given his mental acuity and physical resilience, Mr. Aron remains in full command at the helm of AMC and continues to perform his duties as chairman, chief executive officer and president,” AMC said in a release. “He has kept in close and constant communication with the board of directors of AMC, with respect both to the prognosis for his recovery as well as the general business affairs of the company.”

AMC has yet to fully recover from the COVID-19 pandemic, when the company was forced to close theaters, furlough staff and logged a 2020 loss of $4.6 billion. Sales have gradually improved each year since, but the company has still not posted a full-year profit.

The rise of streaming video services in the wake of the pandemic has also put the squeeze on movie theaters as people increasingly stay home to watch movies and other shows.

Following the peak of the pandemic, retail investors poured money into AMC stock as part of the meme stock craze, sending its shares from around $11 each to nearly $340 in June of 2021. After a gradual two-year decline, AMC shares collapsed in August of 2023 and are now trading just above $2.

Aron also led AMC’s charge into cryptocurrency in 2021, when the theater chain began accepting a handful of digital coins as payment for theater tickets, popcorn and other concessions. That same year it also issued digital, non-fungible tokens, called NFTs, to ticket buyers and shareholders.

As of the third quarter ending Sept. 30, 2025, AMC said it has about 860 theaters and 9,600 screens worldwide.