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Axios
7 days ago
- Business
- Axios
1 big thing: PBS North Carolina grapples with budget cuts
Zachery Eanes, Lucille Sherman Hello Thursday! 🌤️ Weather: Mostly sunny with a high in the low 90s and a chance for thunderstorms. 🎂 Happy birthday to our Axios Raleigh members Rick Powell and Donna Crocetti! PBS North Carolina, which reaches 14 million people in North Carolina and surrounding states, is set to lose around 15% of its funding over the next two years due to federal cuts to the Corporation for Public Broadcasting. Why it matters: The funding reduction is equal to around $9 million over two years, PBS North Carolina's CEO David Crabtree tells Axios, and it will likely force the 70-year-old organization to make some tough budget decisions. Already, it's made two separate cuts to non-personnel expenditures this year, including pausing some local production projects. Driving the news: The downsizing made earlier this month to the Corporation of Public Broadcasting is expected to have significant ramifications on local NPR and PBS stations nationwide. What they're saying: "Bottom line is, we have to play the hand we're dealt," Crabtree said. "Our budget is finite. It could go up a little again with donations coming in, but right now, we are looking at a substantial shortfall. Zoom in: In addition to showing content produced by PBS, PBS North Carolina produces a host of its own shows and documentaries, operates four channels and creates educational resources for children in the state. Its network of broadcast towers across the state also provides broadcasts for the state's Emergency Operations Center and is used by first responders for emergency communications. Threat level: Crabtree said no cuts are off the table right now, but the goal is to find a way to not cut production or staff. PBS North Carolina employs around 140 people in the state and has its headquarters in Research Triangle Park. The organization is looking at new ways to keep the same level of local content, Crabtree said. One move might be to scale back its own productions and instead purchase projects about North Carolina from other producers, a move that would lessen its editorial control. The bottom line:"We will have to be more creative with what we have, without having content and quality suffer in any way. That is my commitment," Crabtree said. "How we're going to get there, I'm not sure, but we are working on it at least 18 hours a day right now." 2. Cooper Senate announcement nears Stephen Neukam Former North Carolina Gov. Roy Cooper is preparing to launch his Senate campaign next week, multiple sources told Axios. Why it matters: Cooper is the Democratic Party's top recruit in 2026, bolstering their chances of flipping a critical seat from Republicans. Cooper, a popular former governor, will instantly become the Democratic favorite to challenge the GOP for the open Senate seat next year. The party's leadership, including Democratic Senatorial Campaign Committee Chair Kirsten Gillibrand (D-N.Y.), has lobbied Cooper for months to run. The big picture: Cooper and Democrats will now await a decision from Lara Trump, President Trump's daughter-in-law, who essentially has the right of first refusal on the GOP side. Democrats see their path as widening in the North Carolina Senate race after Sen. Thom Tillis' retirement announcement last month. Cooper was floated as a possible vice presidential candidate in 2024, but opted instead for a stint at Harvard at the beginning of this year. Former Rep. Wiley Nickel, a Democrat who served for one term before Republicans redrew his seat before the 2024 election, announced a Senate bid in April. 3. The Tea: Meredith's cuts 🎓 Meredith College, the Raleigh-based women's liberal arts school, is cutting 6% of its workforce as part of a restructuring of its budget. (Triangle Business Journal 🔒) ⛽️ Wawa, the popular Pennsylvania gas station and hoagie maker, will open its first location in Garner today. (WRAL) 🌲 Restoring North Carolina's peat bogs could help both store planet-warming carbon and soak up flood waters. (New York Times) ✈️ JetBlue will add a new direct flight between RDU and Fort Lauderdale, Fla., starting Oct. 26. (News & Observer 🔒) 4. Nash Street tower downsizes plans The developer behind a planned condo tower on Nash Square are downsizing its plans for the tower from 36 stories to 20 stories. Why it matters: The original plans from New York-based Alchemy Properties, which would be built on the former site of Berkeley Cafe at 217 W. Martin St., would have made it the tallest building in downtown Raleigh. Zoom in: The new plans call for 82 condo units, starting at $795,000, according to a spokesperson for the company. The building would also include: a pool deck, spa, fitness center and ground-floor retail space. Alchemy plans to resubmit its adjusted plans to the city by the end of the year, with a goal of completing the tower in two and a half years. 5. Stat du jour: 🏈 The Belichick effect UNC said Wednesday that all single-game and season tickets for games at Kenan Stadium have been sold out, the earliest in the calendar the school has ever been able to do that. Why it matters: The sellouts provide evidence that the school's bet on hiring legendary NFL coach Bill Belichick is coming with some financial successes, at least in the short run. Between the lines: UNC is funneling huge financial resources into its football program, and that investment is pushing the university to find new forms of revenue to keep up with college athletics' changing financial realities.
Axios
09-07-2025
- Business
- Axios
What's next for Crabtree Valley Mall under new ownership
Crabtree Valley Mall's new owners promise to give the shopping center a $60 million facelift in the coming months. Long term, they're weighing whether to redevelop any of the mall's property. Why it matters: Crabtree Valley Mall remains one of the region's dominant shopping centers even after more than five decades of operation and the introduction of more competition from new shopping developments. Its new owners say it generates $429 million in annual sales and has over 200 tenants, including premier ones like Apple, Barnes & Noble and LEGO. Driving the news: Macerich, a real estate company that operates malls nationwide, including Tysons Corner Center in Virginia and Scottsdale Fashion Square in Arizona, bought Crabtree last month for $290 million. In the coming weeks and months, the company plans to spend $60 million in upgrades like new lighting and signage, a revitalized food court and family play area and new furniture and greenery in the common areas. It also plans to make upgrades to the site's stormwater infrastructure. Flooding has been a longtime problem on the property, especially as the nearby Crabtree Creek can flood during heavy rainfalls. What they're saying: Cory Scott, executive vice president of asset management at Macerich, said his firm was first attracted to Crabtree because of its presence in a growing market. But after talks with tenants during the due diligence period, Macerich said, it was Crabtree's long reputation in the community that helped solidify its decision. "It has a fantastic tenant mix, with some of the best retailers in the space and good restaurants," Scott told Axios. "We're going to take what we do best with our leasing, management and redevelopment teams and take it to the next level." Zoom in: He said Macerich hopes to leverage its relationships with retailers and restaurants to bring in new tenants and keep existing ones. Scott believes there's a large opportunity at the mall to include more experiential retailers and restaurants, as they have at other locations, including Round 1 bowling and arcade and the social gaming concept Level 99. Between the lines: It remains to be seen, however, if Macerich plans to add more mixed-use development there, like apartments or offices, Scott said. The mall's previous owner proposed building a 30-story tower on the former site of the Sears at the mall, though those plans never moved forward. Dick's House of Sport now plans to take over the former Sears space, CBS17 reported.
Yahoo
25-06-2025
- Business
- Yahoo
Macerich Expands Portfolio With Crabtree Acquisition in Raleigh
The Macerich Company MAC recently announced the buyout of Crabtree Mall, a Class A retail center spanning roughly 1.3 million square feet in Raleigh, NC, for $290 million. The acquisition aligns with MAC's 2028 target funds from operations (FFO) ranges under the Path Forward Plan. Given the scale, strong traffic and sales volume of the center, the acquisition will give a major boost to MAC's portfolio, aiding strong leasing and net operating income (NOI) accretion. The acquisition is expected to contribute around 11% initial yield to Macerich based on the property's estimated 2025 NOI and around 12.5% yield inclusive of current leases signed but not opened, with rent anticipated to commence in 2027. To maximize the center's performance, MAC is planning to implement a strategic investment plan totaling around $60 million of new redevelopment and leasing capital. Being the largest mall in North Carolina's high-growth Research Triangle Area, featuring more than 200 tenants, Crabtree generates annual sales of approximately $429 million with more than 8.7 million annual visitors. Macerich has used cash in hand and $100 million of borrowings on its revolving credit line to fund this acquisition. The company intends to repay the borrowing within 30 days from an expected extension of a $160 million two-year term loan with two one-year extension options bearing interest at SOFR plus 250 basis points. The company is funding the acquisition in a way to maintain its previously stated deleveraging targets under the Path Forward Plan. Per Jack Hsieh, President and CEO, Macerich, 'Crabtree's outstanding location brings Macerich a powerful entry point to the Southeastern US and is a strong addition to the Go-Forward Portfolio. Macerich's proven leasing, management and redevelopment capabilities will reinvigorate leasing momentum at Crabtree, create a more inviting and refreshed ambiance and reinforce Crabtree's longstanding reputation within the community.' Macerich enjoys a portfolio of premium shopping centers in the United States. The company has a notable presence in California, the Pacific Northwest, Phoenix/Scottsdale and the Metro New York to Washington, DC, corridor. In May 2024, Macerich announced a thorough Path-Forward plan, which is designed to simplify the business, enhance operational performance and decrease leverage. The above acquisition of Crabtree Mall in Raleigh, NC, highlights the company's strategic portfolio expansionary efforts through investments in higher-growth properties with acquisitions, developments and redevelopment initiatives, which will foster future revenue growth. Shares of this Zacks Rank #3 (Hold) company have gained 10.6% in the past month compared with the industry's rise of 3.6%. Image Source: Zacks Investment Research Some better-ranked stocks from the broader REIT sector are VICI Properties VICI and W.P. Carey WPC,each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. The Zacks Consensus Estimate for VICI Properties' 2025 FFO per share is pegged at $2.35, up 3.98% year over year. The Zacks Consensus Estimate for W.P. Carey's2025 FFO per share stands at $4.88, up 3.83% year over year. Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Macerich Company (The) (MAC) : Free Stock Analysis Report W.P. Carey Inc. (WPC) : Free Stock Analysis Report VICI Properties Inc. (VICI) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Time of India
11-06-2025
- General
- Time of India
The Oldest, Most Enduring Relationship
If you're guessing that the world's oldest, most enduring relationship is the one with your mother, you are absolutely right - Mother Earth . The human-environment interface begins the moment you are born and continues till you die and perhaps even after death as your remains - whether buried or reduced to ashes - are returned to earth and get regenerated. Tired of too many ads? go ad free now Is this a positive, loving relationship or one that is troubled, fraught with contradictions and exploitation? It is both. And it is a powerful one. Media platforms carpet bomb doom news of environmental degradation due to human activity and greed. Everything is now polluted; species are going extinct, potable water is in short supply, glaciers are melting, sea levels are rising, the dhobi list is very long. But here is another view that echoes a completely different sentiment, that humanity does not merely destroy nature, we have also enhanced it. So reports ecology and archaeology scholar Stefani Crabtree in the Temple Foundation's newsletter, saying that when we call an ecosystem as being pristine, untouched by humans, we could be wrong. The truth is, when human beings ventured out of Africa and into different parts of the world, we populated every possible ecosystem on earth - some places early on and others, much later. She writes, "There is no ecosystem on earth today that is not shaped by human presence." Human presence has not always had a negative effect. Like other fauna and flora, we, too, are an intrinsic part of nature. Nature created us. To leave humans out of nature in order to conserve it, can be misleading, even harmful. "As European-American pioneers moved west, they often encountered seemingly uninhabited landscapes. What they didn't see were the effects of disease, displacement and forced relocation that had reduced or removed indigenous population from those lands. Tired of too many ads? go ad free now The prairies they crossed were not untouched, they were actively managed landscapes, shaped by millennia of indigenous stewardship ," says Crabtree. In the Great Plains, when settlers noticed forests creeping into former prairie lands, they were witnessing the ecological consequences of a disrupted human-environment relationship . Indigenous peoples had long used controlled burning to maintain grasslands, promoting biodiversity and reducing wildfire risk. Crabtree points out that without these traditional practices, the ecosystem began to shift, losing its fire-dependent species and becoming less resilient to environmental stress. Yes, humans have been disrupting ecosystems, but they have also played a part in shaping the natural world as stewards and enablers. The use of fire not only helped humans settle down but also created grasslands and savannahs for grazing animals and growth of new plant species. There are other species besides humans who have been altering the environment for good purposes. Like beavers who build dams and ponds, helping recharge groundwater and controlling floods. Like birds, bees and butterflies, humans too aid in seed dispersal, biodiversity propagation, soil regeneration, and domestication of animals for tilling the soil, keeping predator populations in check. The negative impact seems to have overtaken the positive ones; we need to re-establish a healthy relationship that will allow all of us to grow and regenerate without stepping on one another's toes. " Ecological engineering is not a one-way path to destruction; it could also be a foundation for abundances," points out Crabtree. People could be catalysts for ecological health , and not just agents of extraction. Authored by: Narayani Ganesh ganeshnarayani@ Why Arjun Was Chosen: The Untold Secret of Bhagavad Gita Chapter 4, Verse 3
Newsweek
28-05-2025
- Politics
- Newsweek
Secret Service Officers Suspended After On-Duty 'Altercation'
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Two Secret Service officers have been suspended following an "on-duty altercation" last week, the agency told Newsweek. Why It Matters The Secret Service is tasked with protecting and investigating "protectees, key locations, and events of national significance," according to its website. Secret Service agents and officers are allowed to execute warrants, carry firearms, and make arrests like other law enforcement, U.S. criminal code says. What To Know A Secret Service spokesperson told Newsweek in an email on Tuesday: "The U.S. Secret Service is aware of an on-duty altercation that occurred between two Uniformed Division officers at approximately 2:30 a.m. on May 21. The individuals involved were suspended from duty and this matter is the subject of an internal investigation." The spokesperson added, "The Secret Service has a very strict code of conduct for all employees and any behavior that violates that code is unacceptable. Given this is a personnel matter, we are not in a position to comment further." According to NBC News, the Secret Service confirmed the authenticity of a surveillance tape outside former president Barack Obama's home in Washington, D.C., that shows two Secret Service agents in an altercation. Real Clear Politics' correspondent Susan Crabtree posted video and audio of the incident to X, formerly Twitter, on Tuesday. Crabtree said the incident occurred outside the Obamas' house and one of the officers called to ask for a supervisor to come to the scene before "I whoop this girl's a**." Newsweek cannot independently verify if the incident Crabtree posted video and audio footage of is the same as the one the Secret Service detailed in its email. Newsweek has reached out to the agency for confirmation in a follow-up email. In a subsequent post to X, Crabtree cited Secret Service sources who said that one of the officers was reportedly upset when another officer coming to relieve her was late. A U.S. Secret Service SUV can be seen driving in President Donald Trump's motorcade to Trump National Golf Club on April 20, 2025, in Sterling, Virginia. (Photo by) A U.S. Secret Service SUV can be seen driving in President Donald Trump's motorcade to Trump National Golf Club on April 20, 2025, in Sterling, Virginia. (Photo by) What People Are Saying Conservative commentator Benny Johnson posted on X on Tuesday: "🚨BREAKING: Footage has been released of a fistfight breaking out outside Obama's DC house between two female Secret Service agents because one was late. DEI on full display." Paul Mauro, former commanding officer of the New York City Police Department's legal bureau wrote on X Tuesday: "Story breaking: Secret Service brawl. Unacceptable. Start transferring/firing people NOW. For the sake of the good agents." This story is developing and will be updated as more information becomes available.
