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(NEW YORK) — Disney and appointees of Florida Gov. Ron DeSantis have officially approved an agreement that could result in the company investing $17 billion into its Florida properties, as well as a potential fifth major theme park.

The news comes two months after the two parties agreed to end their drawn-out legal battle, which centered on oversight of the Disney World district that provides municipal services like fire suppression, emergency medical services, law enforcement services, environmental protection and public utilities.

The DeSantis-appointed supervisors of the Central Florida Tourism and Oversight District — formerly the Reedy Creek Improvement District — are one step closer to cementing a final agreement with Walt Disney Parks and Resorts U.S., after the appointees unanimously voted Wednesday to accept proposed revisions and approve the new development agreement. Disney is the parent company of ABC News and Good Morning America.

Both sides had agreed to negotiate this new agreement after a March settlement, which ended their previous lawsuits against each other.

Final action for the development agreement will take place with Walt Disney Parks and Resorts in another public board meeting on June 12.

During a livestream of the first of the board’s two public hearings on the agreement on Wednesday, Katherine Luetzow, manager of planning and engineering for the district, highlighted details of the 15-year development agreement, which covers nearly 17,000 acres of land within the district that is currently owned by Walt Disney Parks and Resorts and its subsidiaries.

“Disney is currently planning up to $17 billion of capital investments within the district in the next 10 to 20 years, with a commitment of $8 billion in the next 10 years,” she said. “There are provisions for by local initiatives, including a minimum of 50% of goods and services related to the design, development and construction, to be retained with Florida businesses. There is $10 million going to attainable housing projects, and there are provisions for land, as well as wetland and threatening endangered species mitigation credits being donated to the district.”

The members of the Central Florida Tourism Oversight District board welcomed public comment from two small business owners that operate at Disney Springs, who both urged the board to approve the new deal.

Luetzow said their staff reviewed this agreement and recommended the board review and approve this development agreement.

The members of the Central Florida Tourism and Oversight District board welcomed public comment from two small-business owners who operate multiple food establishments at Disney Springs. Both urged the board to approve the investment from Disney, which they said would benefit thousands of restaurant workers, their families and anyone who lives and works in this district.

Woody Rodriguez, director of external affairs for Disney Parks, spoke at the meeting and thanked the board for considering the agreement.

“I especially thank your district administrator who definitely hit the ground running,” Rodriguez said. “The development agreement will enable us to continue to invest significantly in the district to benefit all parties. We hope that the board votes to approve it at your next public hearing. Thank you.”

As ABC News reported previously, DeSantis has been at odds with Disney since the company publicly criticized a DeSantis-backed controversial Florida law that restricts content concerning sexual orientation and gender identity in grades kindergarten through third grade. The Parental Rights in Education Law was dubbed by critics as the “Don’t Say Gay” law, with opponents arguing it painted LGBTQ topics as taboo or inappropriate.

DeSantis subsequently took control of Disney’s special tax district, which allows the theme park to govern itself, and the Florida Legislature voted to dissolve the former governing board of the district, creating the DeSantis-appointed Central Florida Tourism Oversight District in its place.

Disney sued DeSantis and various Florida officials in April 2023 over the decision, alleging the move was “patently retaliatory, patently anti-business, and patently unconstitutional.” The lawsuit took aim at the state oversight board’s decision to void “publicly noticed and duly agreed development contracts which had laid the foundation for billions of Disney’s investment dollars and thousands of jobs,” according to the legal filing.

The company called the move “a targeted campaign of government retaliation — orchestrated at every step by Gov. DeSantis as punishment for Disney’s protected speech” and said it “threatens Disney’s business operations, jeopardizes its economic future in the region, and violates its constitutional rights.”

A federal judge in Florida dismissed the lawsuit in January this year, stating at the time that Disney had not shown standing to sue the governor. Disney subsequently appealed the ruling.

In March, Disney agreed to end litigation in light of the proposed development agreements, which were approved on Wednesday, with Walt Disney World President Jeff Vahle stating at the time, “We are pleased to put an end to all litigation pending in state court in Florida between Disney and the Central Florida Tourism Oversight District. This agreement opens a new chapter of constructive engagement with the new leadership of the district and serves the interests of all parties by enabling significant continued investment and the creation of thousands of direct and indirect jobs and economic opportunity in the State.”

Disney is the parent company of ABC News and “Good Morning America.”

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(NEW YORK) — AT&T has resolved the “interoperability issue between carriers” customers were experiencing on Tuesday, the company said in a statement.

Customers began reporting a “nationwide issue that is affecting” their ability to call non-AT&T users, AT&T said at the time.

The company later clarified the network “did not experience a nationwide outage,” but some users across the country were affected.

“The carriers are working as quickly as possible to diagnose and resolve the issue,” AT&T said.

The company later said that it erroneously sent out a “wireless impact notification” to 911 call centers during the outage.

“Nationwide 9-1-1 Services are operating normally at this time and our customers are not affected,” AT&T said in a statement around 5:20 p.m. ET.

The Federal Communications Commission said in a post on X that it was “aware of reports that consumers in multiple states are unable to make wireless calls and we are currently investigating.”

Verizon said its network is working normally but some of its users, mostly in the Northeast and Midwest, “are experiencing issues when calling or texting with customers served by another carrier.”

This is the second time in three months that AT&T has experienced an outage.

In late February, AT&T customers across the country experienced a similar outage following a a software update, according to the company.

The February outage temporarily affected 911 services in several states.

The FCC opened an investigation into that incident.

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(WASHINGTON) — The Department of Justice and Environmental Protection Agency announced the largest ever fine under the Animal Welfare Act on Monday, totaling more than $35 million in criminal fines, donations and costs to upgrade their operations to be paid by a company that surrendered 4,000 beagles from a dog breeding facility in Virginia in 2022.

In 2022, the DOJ secured the surrender of more than 4,000 dogs from a facility that bred and sold animals for research, saying the operators failed to meet minimum standards for humane treatment of the animals.

“Envigo compounded the heartbreaking nature of its animal welfare crimes by committing egregious Clean Water Act violations that undermined public health and the wellbeing of the animals in their care,” David M. Uhlmann, assistant administrator of EPA’s Office of Enforcement and Compliance Assurance, said in a statement.

“Everyone victimized in this precedent-setting animal welfare case deserved better: the workers, the beagles, the environment and the community,” he said. “Envigo deserves every dollar of its record fine.”

The Animal Welfare Act is a federal law that sets minimum standards of care for animals in captivity, being used for research or educational settings, or being sold to the public. The dog breeding facility in Cumberland, Virginia, which is now closed, was cited for failing to provide adequate veterinary care to the animals in its facility as well as failing to meet requirements for adequate housing, food, and sanitation.

Many of the dogs rescued from the breeding facility in 2022 were adopted into new homes.

The parent company, Inotiv Inc, will now pay $35 million and be subject to a compliance monitor and increased standards for their operations, according to an EPA press release. One of the companies responsible for the facility, Envigo Global Services, pleaded guilty to conspiracy to violate the Clean Water Act for failing to operate wastewater treatment at the dog breeding facility and exposing dogs and people working in the facility to water that was contaminated with fecal matter and was released into a local waterway.

Another company, Envigo RMS, pleaded guilty to conspiracy to violate the Animal Welfare Act by failing to provide veterinary care, adequate staffing and safe living conditions for the animals in the facility.

Inotiv Inc. is a company that provides services to support “nonclinical and analytical drug discovery and development services,” including animal breeding, according to its website. In a statement on its website, the company said the agreement announced Monday will resolve the investigation into the facility.

“Inotiv’s top priority has always been — and remains — practicing appropriate standards of animal welfare for our animals, while supporting the scientific objectives of the studies conducted. We strive to maintain facilities that are compliant with applicable federal, state, and local laws and regulations and consistent with our core value to always do the right thing. That is why we worked to reach this agreement, and why we have agreed to go above and beyond those legal requirements,” the company said in the statement.

About $22 million of the payment is a criminal fine, about $3 million will be given to the Humane Society of the United States and Virginia Animal Fighting Taskforce, $3.5 million will be donated to the National Fish and Wildlife Foundation for ecosystem restoration and another $7 million will be used to update their facilities to higher standards than required under the Animal Welfare Act.

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(NEW YORK) — Shares of GameStop climbed more than 75% in early trading on Monday, triggering a halt in markets multiple times on account of the volatility. The rally softened over the ensuing hours, but the price remained up 30% into the late morning.

The surge followed the reemergence on Sunday of a Reddit account associated with Keith Gill, the trader known as Roaring Kitty, whose online posts helped send the stock soaring in 2021.

Shares of the movie theater chain AMC, another pandemic-era meme stock, vaulted more than 10% on Monday morning.

Analysts who spoke with ABC News said the price movement resembles the previous frenzy centered on GameStop and AMC, saying it may once again deliver returns for some investors. However, they cautioned, investors face considerable risk if the momentum peters out before they sell their shares.

Here’s what to know about the skyrocketing price of GameStop.

Why is the price of GameStop soaring?
The Reddit account associated with Gill posted a screenshot on Sunday of an apparent portfolio holding five million shares in GameStop, purchased for $21.27 each, amounting to a stake valued at about $115 million when pegged to the closing price of GameStop on Friday.

The portfolio also featured 120,000 call options in GameStop at an exercise price of $20 per share.

ABC News has not confirmed the Reddit post was authored by Gill.

In addition to the post on Reddit, an X account associated with Gill posted an image of the reverse card from Uno, a card game, suggesting to some observers that Gill intended to rejuvenate the price of the stock.

In 2021, the price of GameStop climbed nearly 700%, driven in part by traders discussing the company on a Reddit chatroom called Wall Street Bets, most notably Gill. The rally did not coincide with a major strategy shift or executive shakeup for the ailing chain of video game stores.

“People think that guy was right last time and he must be right this time,” Michael Pachter, a managing director at the financial research firm Wedbush, told ABC News.

The apparent posts from Gill on Sunday follow a similar flurry of activity last month. On May 12, an X account associated with Gill returned from a nearly 3-year hiatus by posting an image of a man sitting up in his chair. The post set off a 180% spike in the stock price over the ensuing days, before shares plummeted to a level near where they stood before the surge.

Should investors buy GameStop while it’s rising?
Analysts said GameStop may continue to rise in the short term but they noted differences in the trade this time around and sounded alarm about the risk of sustaining losses if others unload the stock first.

In 2021, the surge in trading was driven in part by investors’ attempt to achieve a short squeeze. Under that scenario, investors drive a sudden spike in the price, forcing a surge of additional share purchases from others who want to cover their previous bet that the price would fall.

Back then, Gill and other investors identified a massive short position in GameStop — a dynamic that eventually catapulted the stock upward as short sellers aimed to cover their losses.

In this case, however, the short position no longer exists, Pachter said. Meanwhile, he added, the company faces a difficult business environment as it weathers a transition toward downloadable games and away from its specialty of in-store purchases.

The current circumstances heighten the level of risk faced by prospective investors, he added.

“A stock is worth what somebody’s willing to pay for it,” Pachter said. “If you want to buy it at $30 because you think some fool will buy it at $40, that’s a Ponzi scheme.”

Mark Hackett, chief of investment research at asset management firm Nationwide, echoed concern about the risk involved.

“Even for those who get paid to do this every single day, timing the market is incredibly difficult,” Hackett told ABC News. “You have to be right getting in and right getting out.”

Still, both analysts said the latest spike in GameStop marks an example of the considerable role everyday investors can play in the price movement of individual stocks.

It is difficult to forecast the near-term outlook for meme stocks like GameStop and AMC, in which stock performance is divorced from a business’ financial health, they added.

“This shows the incredible power of the retail investor,” Hackett said. “But it’s incredibly unpredictable.”

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(NEW YORK) — Live Nation, the parent company of Ticketmaster, revealed Friday evening that it was the victim of a cyber attack that compromised user data.

The company said in a filing with the U.S. Securities and Exchange Commission that it discovered an “unauthorized activity within a third-party cloud database,” on May 20 and promptly launched an investigation.

A week later, “a criminal threat actor offered Live Nation what it alleged was user data for sale via the dark web, according to the filing.

“As of the date of this filing, the incident has not had, and we do not believe it is reasonably likely to have, a material impact on our overall business operations or on our financial condition or results of operations. We continue to evaluate the risks and our remediation efforts are ongoing,” Live Nation said in its filing.

The investigation is ongoing. No suspects have been officially identified.

The FBI declined ABC News’ request for comment. The Cybersecurity and Infrastructure Security Agency (CISA) didn’t immediately respond to a request for comment.

The data stolen in the breach does not appear to be that serious, experts told ABC News.

No financial or medical information appears to have been stolen, according to the experts.

The experts said that customers can protect themselves from these types of online attacks by frequently changing their passwords, using two-factor authentication if available and keeping financial information private from any online solicitors.

The alleged data breach took place three days before the Justice Department and dozens of state attorneys general filed a lawsuit to break up Ticketmaster.

The suit alleged the company created a monopoly over ticket prices for live entertainment and hurt consumers.

Live Nation dismissed the suit’s allegations and said other factors are the root of higher prices, including scalpers and higher production costs.

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(NEW YORK) — Orange production in two top growing regions has been plagued by diseased fruit and bad weather, a combination that’s prompted all-time high prices and left juice makers to consider other citrus varietals to supplement in the widely consumed breakfast beverage.

Along the citrus belt of São Paulo and Minas Gerais in Brazil, both factors have impacted orange production, significantly reducing overall crop yields, according to the latest forecast from Fundecitrus, the Fund for Citrus Protection.

The institution reported that Brazil, the world’s largest producer and exporter of orange juice, was set to produce 232.4 million boxes of oranges in the 2024 to 2025 season, a 24% decline from the same time last year.

“Should this production forecast hold true, this will be the second-smallest crop since 1988-1989,” the report stated.

Amid more frequent and intense heatwaves, Fundecitrus cited climate change as a key factor in the dramatic orange crop reduction.

Much like the South American agricultural powerhouse, orange output from Florida growers has also continually declined for U.S. production.

All Florida orange production is down 5% from April, according to the U.S. Department of Agriculture’s May citrus forecast.

As a result, the benchmark frozen concentrated orange juice futures have escalated to record highs, closing at nearly the double price per pound earlier this week on the Intercontinental Exchange.

“This is a crisis,” Kees Cools, president of the International Fruit and Vegetable Juice Association, said in a statement. “We’ve never seen anything like it, even during the big freezes and big hurricanes.”

The issues with orange production first made headlines in 2022 after a hurricane followed by a deep freeze devastated some Florida groves.

As a result of the shortages over the last three consecutive seasons, which also dwindled reserves of frozen product for blending, orange juice makers have been forced to consider incorporating other juices to supplement the citrus and help cut down on cost.

According to Cools, using “a different species of fruit” such as mandarins may be the only option “without touching the naturalness and image of the product.”

The IFU has considered starting the regulatory process that would allow the drink to contain citrus fruits other than just oranges, according to Cools. But that would require a legislation change in the Codex Alimentarius food standards code established by UN bodies and the U.S. Food and Drug Administration.

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(NEW YORK) — Beer drinkers rejoice, Chobani CEO Hamdi Ulukaya has officially acquired Anchor Brewing Company in a move that will save the 127-year legacy business.

Craft beer fans everywhere collectively gasped last summer when the iconic San Francisco beer brand — fondly referred to as America’s first craft brewery — announced it would cease operations after generations of support.

Shepherd Futures, the family office of Chobani CEO, announced the acquisition of the assets of Anchor Brewing Company on Friday for an undisclosed amount, according to a press release.

“What an exciting time for San Francisco and Anchor Brewing,” Hamdi Ulukaya said in a statement. “Both are experiencing the magic of rebirth. I have fallen in love with this city, its history, grit and charm. I believe brands born in places like this are incredibly special and must be treasured, respected and loved.”

Anchor’s history dates back to the California Gold Rush in 1896 and is beloved by beer aficionados, best known for its Anchor Steam beer and renowned brewery and Public Taps taproom in the Potrero Hill neighborhood, which closed last July.

“San Francisco is at the heart of Anchor Brewing, and Anchor embodies so much of what makes this city great,” the Chobani founder continued. “I am humbled and excited to be part of this city and its rich community of people, who have a spirit that is special and unique. I have learned so much about Anchor and its role in San Francisco’s journey, and I look forward to doing whatever I can to support this amazing story of revitalization.”

Ulukaya said he intends to bring back the iconic brand that so many in San Francisco and around the world have loved for so long.

He also took the opportunity to share the news on Instagram, writing, “I am honored to work with the people of San Francisco to bring Anchor Brewing, this dream, back to life.”

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(NEW YORK) — The stock price of former President Donald Trump’s social media platform Truth Social made turbulent swings in the aftermath of his conviction in a New York court on Thursday.

A jury found Trump guilty of 34 felony counts of falsifying business records in an effort to conceal hush money payments made to porn star Stormy Daniels. The verdict made Trump the first president to be convicted in a criminal trial.

In the immediate aftermath of the verdict, the stock price of Truth Social plummeted roughly 15% to a price of about $47. The stock recovered in after-hours trading, however, rallying above its pre-verdict level to about $52.

In early trading on Friday, the price was down about 5%.

While acknowledging an overall decline since the verdict, analysts offered an optimistic view of the stock performance because in their view the stock showed resilience after the initial drop.

“The fact that it reversed right back off of that and almost immediately made new highs above where it was the day before — that’s textbook bullish,” Tyler Richey, an analyst at Sevens Report Research, told ABC News.

The price movement since the verdict reflects a dynamic that bodes well for the stock going forward, Richey added.

“Die-hard Trump supporters may not care what the stock does — they just want to support Trump,” Richey said.

By contrast, opponents of Trump face the logistical barriers and financial risks involved with shorting the stock — an investing strategy that delivers returns when a stock drops and, in turn, places downward pressure on the price.

“You have an imbalance between supporters and opponents of Trump in what they can do in the markets,” Richey added.

The volatile performance since Thursday afternoon marks the latest in a series of dramatic price swings for the stock.

Shares vaulted from an initial offering price of about $50 to a peak of nearly $80 in late March. Over the ensuing two weeks, the price fell nearly 70%, reaching a low of about $23.

As of Thursday morning, the stock had rebounded to a price of about $51 before plummeting in the aftermath of the verdict.

The stock performance holds significant financial implications for the former president, whose 60% stake in the company could ultimately deliver a multibillion dollar windfall. Truth Social shares make up a large portion of Trump’s overall net worth, according to Fortune.

Experts who previously spoke to ABC News described Truth Social as a so-called meme stock since it largely appeals to investors on the basis of ideology rather than financial outlook.

Truth Social generated roughly $3 million over the first nine months of 2023, government filings show. Meanwhile, the company reported $49 million in net losses over that period. By comparison, Instagram-parent Meta delivered nearly $135 billion in revenue last year, company earnings revealed.

The absence of financial underpinning leaves the stock vulnerable to major declines even in response to mildly negative or routine news, experts previously told ABC News.

A selloff in April coincided with financial challenges for Trump. Early that month, the presumptive Republican presidential nominee posted a $175 million bond in a New York civil fraud case.

“The only thing that you can predict is that there will continue to be volatility,” Jay Ritter, a professor of finance at the University of Florida, told ABC News.

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(NEW YORK) — The cost of child care in the U.S. is rising at nearly double the pace of overall inflation, according to a new report by tax firm KPMG.

Between 1990 and April 2024, the cost of day care and preschool rose 263%, according to KPMG. The consumer price index, the government’s key measure of inflation, has increased 133% in the same time frame.

“The child care crisis, which was simmering prior to the pandemic, has come to a boil,” the report’s researchers said.

Diane Swonk, KPMG’s chief economist, told ABC News the high cost of child care is a key reason why Americans are downbeat about the economy, despite strength in other indicators like unemployment.

And while many companies have returned to pre-pandemic work patterns, Swonk said women are still disproportionately staying on the sidelines of the workforce because of child care responsibilities.

The labor force participation rate of women with kids under the age of 6 was 69% in 2023. The rate of men in the same group was 95%.

“This is an untenable choice — a catch-22 — choosing between caring for and providing for your family,” Swonk said.

A separate report by the Federal Reserve found parents in the U.S. paid a median of $800 per month for child care.

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(WASHINGTON) — The U.S. Department of Labor filed a complaint against a Hyundai manufacturing plant in Alabama that allegedly employed a 13-year old child to work over 50 hours per week on an assembly line.

The child was jointly employed by the Hyundai manufacturer, another auto parts manufacturer and a staffing agency, the complaint says. The agency is asking a court to prevent the three companies from employing children illegally, according to the complaint.

“A thirteen-year-old girl worked up to 50-60 hours per week at [a] manufacturing facility in Luverne, Alabama over a period of six to seven months,” the filing said. “Instead of attending middle school, she worked on an assembly line making parts.”

In the complaint, the agency also asked the court to require the three companies to “surrender profits related to the use of oppressive child labor.”

“Defendants unfairly profited by their use of oppressive child labor. Consumers throughout the United States unknowingly purchased automobiles that were manufactured with oppressive child labor,” the filing said.

The latest action signals an aggressive approach by the federal agency to hold companies accountable, even as several states are working to relax child labor laws.

“Companies cannot escape liability by blaming suppliers or staffing companies for child labor violations when they are in fact also employers themselves,” said Solicitor of Labor Seema Nanda.

In a statement to ABC News on Thursday, Hyundai said the “use of child labor, and breach of any labor law, is not consistent with the standards and values we hold ourselves to as a company.”

“We worked over many months to thoroughly investigate this issue and took immediate and extensive remedial measures,” the company said in the statement. “We presented all of this information to the U.S. Department of Labor in an effort to resolve the matter, even while detailing the reasons why no legal basis existed to impose liability under the circumstances. Unfortunately, the Labor Department is seeking to apply an unprecedented legal theory that would unfairly hold Hyundai accountable for the actions of its suppliers and set a concerning precedent for other automotive companies and manufacturers. We are reviewing the new lawsuit and intend to vigorously defend the company.”

Last year, the Labor Department investigated 955 cases of child labor violations, involving 5,792 children nationwide, including 502 children employed in violation of hazardous occupation standards.

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