Walt Disney will cut its investment in programming for traditional television networks “pretty dramatically” as the company navigates the consumer shift to streaming, Chief Executive Bob Iger said Wednesday.
Iger said linear channels such as ABC still serve as an important marketing tool and reach older viewers who are not watching series such as “Abbott Elementary” on Disney’s streaming platforms.
Still, the goal is to “reduce pretty dramatically our investment in content specifically aimed at those traditional networks,” Iger said at the MoffettNathansons 2024 Media, Internet and Communications Conference in New York.
On Disney’s theme parks business, Iger said he expected continued growth but perhaps not at the same rate as in recent years.
“We’ve had double-digit revenue growth in that business for quite some time, and that’s extraordinary,” he said. “But I think we’re being realistic, too, in that delivering double-digit revenue growth … well into the future is not necessarily that achievable.”
Disney shares closed down 2.5% at $102.77 on the New York Stock Exchange.
Tesla reported three more crashes involving its Robotaxis in Austin, Texas – now bringing the total to 7 incidents despite low mileage and in-car supervisors preventing more accidents.
Since the launch of the ‘Robotaxi’ service in Austin, Texas, where Tesla moved the supervisor from the driver’s seat to the passenger seat, it now has to report crashes to NHTSA.
The automaker reported one more Robotaxi crash last month, and this one was interesting because it coincided with Tesla announcing that the Robotaxi fleet had traveled 250,000 miles from its launch in late June to early November.
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It revealed Tesla’s current Robotaxi crash rate, which is about 2x higher than Waymo’s, despite in-car supervisors that prevent an unknown number of crashes.
Now, Tesla has reported to NHTSA three more incidents that happened with the Robotaxi fleet in Austin in September:
Report ID
Incident Date
IncidentTime(24:00)
City State
CrashWith
Highest Injury
Severity
Alleged SV
Pre-Crash Movement
CPPre-CrashMovement
Narrative
13781-1178
7 SEP-2025
13:08
Austin TX
Animal
No Injured
Reported
Stopped
NM Crossing Roadway
[REDACTED, MAY CONTAIN CONFIDENTIAL BUSINESS INFORMATION]
13781-1178
6 SEP-2025
03:43
Austin TX
Non-Motorist: Cyclist
Property Damage.
No Injured
Reported
Stopped
Moving Alongside Roadway
[REDACTED, MAY CONTAIN CONFIDENTIAL BUSINESS INFORMATION]
13781-1178
4 SEP-2025
20:42
Austin TX
Passenger Car
Property Damage.
No Injured
Reported
Proceeding Straight
Backing
[REDACTED, MAY CONTAIN CONFIDENTIAL BUSINESS INFORMATION]
13781-1168
7 SEP-2025
01:25
Austin TX
Other Fixed Object
Property Damage.
No Injured
Reported
Making Left Turn
NaN
[REDACTED, MAY CONTAIN CONFIDENTIAL BUSINESS INFORMATION]
13781-1150
7 JUL-2025
03:45
Austin TX
SUV
Property Damage.
No Injured
Reported
Stopped
Proceeding Straight
[REDACTED, MAY CONTAIN CONFIDENTIAL BUSINESS INFORMATION]
13781-1145
9 JUL-2025
12:20
Austin TX
Other Fixed Object
Minor
W/O Hospit
alization
Other, see Narrative
NaN
[REDACTED, MAY CONTAIN CONFIDENTIAL BUSINESS INFORMATION]
13781-1137
5 JUL-2025
15:15
Austin TX
SUV
Property Damage.
No Injured
Reported
Making Right Turn
Making Right Turn
[REDACTED, MAY CONTAIN CONFIDENTIAL BUSINESS INFORMATION]
Unlike other companies reporting to NHTSA, Tesla abuses the right to redact data reported through the system. The automaker redacts the “narrative” for each reported crash, preventing the public from knowing how the crashes happened and who is responsible.
Based on the limited information in Tesla’s reports, we know that one of the new crashes involved a Robotaxi driving into a car backing up, another involved a cyclist, and the last one involved an unknown animal.
Electrek’s Take
My favorite thing about reporting on those is the messages from Tesla fans who say: You don’t know how many of those Robotaxi are responsible for?
It’s funny because I agree, but whose fault is that? Tesla could do like every other company and report the narratives.
Waymo does, and it’s clear that it isn’t responsible for many of the crashes they are involved in. I am sure that’s the case with some of those Tesla Robotaxi crashes.
However, Waymo has hundreds of millions of rider-only autonomous miles, and Tesla has a few hundred thousand, all with a supervisor on board, a finger on a killswitch, ready to prevent further crashes. Who knows how many more crashes Tesla would have had without them?
I expect a few because humans generally have a crash, whether they are at fault or not, every 700,000 miles. Tesla has 7 in probably ~300,000 miles, which should be worrying to anyone, whether the Robotaxis were responsible or not.
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Digital asset-focused fintech firm LevelField Financial said it has secured conditional regulatory approval to acquire Chicago-based Burling Bank, marking one of the most notable crypto-banking acquisitions in recent months.
The move could see LevelField become the first Federal Deposit Insurance Corporation-insured chartered bank to offer certain crypto-integrated banking services across all US states and territories, LevelField said in a statement on Monday. Details of the deal weren’t disclosed.
The approval from the Illinois Department of Financial and Professional Regulation puts Burling Bank one step closer to being renamed LevelField Bank. The parties are still awaiting approval from the Board of Governors of the Federal Reserve to become a bank holding company.
The newly-branded LevelField would seek to offer 24/7/365 crypto-banking services, including Bitcoin (BTC)-backed loans, Bitcoin rewards credit and debit cards, as well as digital asset trading and custody services.
Burling Bank is a relatively small commercial bank, with around $196 million in net assets and roughly $158 million in customer deposits, according to Visbanking data.
LevelField will focus on serving businesses in under-banked sectors, all while benefiting from the security and regulatory oversight of the US banking system, CEO Gene A. Grant II said.
“Today’s approval is an important milestone for LevelField. I am grateful to our investors and partners for backing the patient, disciplined work it took to meet the necessary supervisory standards that protect consumers and businesses and make the US the home of the world leading banking system.”
Crypto industry’s relationship with banks remain tense
The move also strengthens ties between the crypto and banking sectors in the US, which continue to face friction despite a recent rise in institutional adoption.
For example, US banking groups have expressed concern that widespread use of yield-bearing stablecoins could drain deposits from the banking system, which they rely on to fund loans and offer competitive savings products.
Stablecoins could force $6.6 trillion to leave banking system
Those fears have been backed by the US Treasury Department, which estimated in April that widespread stablecoin adoption could lead to over $6.6 trillion in deposit outflows from the traditional banking system.
The Federal Reserve also has a cautious stance toward crypto, particularly since the likes of crypto-friendly banks Silvergate Bank, Silicon Valley Bank, and Signature Bank fell bankrupt or were forced into liquidation in early 2023.
College football reporter; joined ESPN in 2008. Graduate of Northwestern University.
The wildest college football coaching cycle — perhaps ever — has reached the hiring phase.
Schools around the Power 4 that fired their coaches in the first two months of the season — or, in Stanford’s case, way back in late March — are targeting candidates and finalizing deals. Interestingly enough, one of the first major coaches to lose his job, Penn State’s James Franklin, was the first noninterim coach to be hired, as he is headed to Virginia Tech.
New hires always come with hope and optimism, grand proclamations and the chance to get programs on the right track. But not all hiring processes are the same. The financial component with jobs is essential — what schools are willing to spend not just on their head coach, but the assistants and support staff and, perhaps most important, the team roster — and certainly resonated for Virginia Tech.
We will be reviewing all the major coaching hires in the 2025-26 cycle, evaluating how each coach fits in the job, their major challenges and what it will take to be successful. We will also assign an initial letter grade for each hire.
Why is this a good fit?
When Franklin was fired and almost immediately announced his intentions to coach in 2026, Virginia Tech emerged as a natural landing spot for the 53-year-old. He has spent most of his career in the mid-Atlantic region, twice serving as a Maryland assistant, leading programs in Vanderbilt and Penn State and even working within the state at James Madison in 1997.
He understands the key recruiting areas extremely well. Franklin ultimately was fired for not winning the biggest games at Penn State, but he still won a lot of them (104) and understands how to build a consistently successful program. Virginia Tech ultimately had to do more of the selling here, and convince a veteran coach that it was financially serious enough to contend in the ACC. Franklin isn’t shy about asking for what he needs, and he wouldn’t take the job if he didn’t feel comfortable that Virginia Tech’s investments are sufficient to compete for ACC championships. — Rittenberg
What will be Franklin’s biggest challenge?
This hire would not have happened without the financial investment Virginia Tech is about to make in football. The Hokies have languished behind their ACC counterparts in nearly every area — from staffing to salaries to NIL — and some of that has to do with an outdated way of thinking. The one through line has been the thought that the Hokies could win the way Frank Beamer won. That is a big reason why they hired Brent Pry, who served as Franklin’s defensive coordinator, as head coach in November 2021. That clearly did not work, as Pry never won more than seven games in a season. Virginia Tech pledged to add $229 million to its overall athletics budget over the next four years — a huge concession that the old model no longer works in this new era of college football.
But Franklin has to get the entire athletic department to believe the old Beamer days truly are over and things must be done his way. That is challenge No. 1. The second challenge is to restore Virginia Tech’s prowess in recruiting its home state. Franklin had success taking players out of Virginia Tech’s backyard and turning them into stars at Penn State. Will he be able to do the same now at Virginia Tech, which has lost an enormous amount of ground to powers outside the state? The high school players being recruited now were toddlers the last time Virginia Tech was a nationally respected program, playing in BCS games. They don’t remember the Hokies being elite. Convincing players to stay in state will be a challenge, but one that Franklin can achieve given his track record. — Andrea Adelson
Grade: A
Virginia Tech’s two post-Frank Beamer hires were a coach who had not led a Power 4 program (Justin Fuente) and a first-time head coach (Brent Pry). In Franklin, Virginia Tech gets a proven winner from the Big Ten and SEC, who knows the region extremely well and will be extremely motivated to compete for league titles and CFP appearances.
Franklin’s big-stage shortcomings are a concern but perhaps not as much for a program like Virginia Tech, which is seeking to become a consistent conference title contender again. — Rittenberg