Morning Business Report: Disney Plus will combine with Hulu

Disney is losing billions on its streaming service, so its undergoing a rethink. CEO Bob Iger says it will be combining Disney+ and Hulu into one platform. The newly merged streaming service will include programming from both by the end of the year. It will also raise the price of its ad-free plan, which currently costs $10.99 per month.

Many homebuyers find themselves in a difficult situation. The Wall Street Journal reports they want to move, but are trapped in their homes, locked in by low interest rates they can’t afford to give up. This is keeping the supply of homes for sale unusually low, making the market more competitive and more expensive than some forecasters expected.

Stocks closed mixed Wednesday.
Inflation for April was less than expected.

The Bud Light controversy appears to be far from over and it spreading to parent company, Anheuser Busch Inbev’s other brands. HSBC Bank downgraded the company, saying it may not be getting the brand culture right as it employed a transgender influencer to promote Bud Light. Nationwide retail sales of the brand were down 23 percent compared to a year ago, according to Bump Williams Consulting and NielsenIQ Data.

Topgolf stock saw the largest decline since 2020, over concerns that the golf boom is fading. Callaway owner cut the profit view. Golf was popular during the pandemic as people were looking for exercise outside that allowed for easy social distancing.