NPR, PBS Funding Cut & CBS Cancels ‘Late Show with Stephen Colbert’

Summary

Morning Brew Daily – Episode Summary: "NPR, PBS Funding Cut & CBS Cancels ‘Late Show with Stephen Colbert’"
Release Date: July 18, 2025
Hosts: Neal Freyman and Toby Howell

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1. Competitive Birthday Freeloaders

Timestamp: [00:24 – 01:10]

Neal Freyman introduces an intriguing human interest story from The Wall Street Journal about Clint Svatos, a member of a community known as competitive birthday freeloaders. These individuals prioritize maximizing company freebies on their birthdays over traditional gift-giving. In a remarkable feat, Svatos secured 40 freebies on his birthday, including 10 free drinks, 14 free desserts, and 12 free food items.

Toby Howell analyzes the phenomenon, highlighting Svatos' strategic approach:

"His smartest ploy was Target shopping centers because they have multiple opportunities for freebies in one spot."
[01:00] - Toby Howell

He notes the rising popularity of birthday freebies, citing that Denny's reported a 28% increase in freebie redemptions in 2024 compared to the previous year. However, Howell also mentions the personal drawbacks, such as familial embarrassment, suggesting that this approach may not be universally appreciated.

2. NPR and PBS Funding Cuts

Timestamp: [02:36 – 06:06]

The hosts delve into significant policy changes affecting public media. The House passed a measure eliminating nearly $1.1 billion in funding for NPR and PBS, which President Trump is expected to sign into law. This move represents a culmination of long-standing conservative efforts to defund public media, citing concerns over perceived liberal bias and governmental waste.

Neal Freyman explains the funding structure:

"Each year, $535 million in taxpayer money goes to the Corporation for Public Broadcasting, which then allocates over 70% to about 1,500 local stations."
[03:00] - Neal Freyman

He outlines the potential repercussions:

• Local Stations: Especially those in rural areas, may face closures due to reduced funding.
• NPR and PBS: Likely to experience financial strain but not as severely as local stations, relying more on donations and corporate sponsorships.

3. Opposition to Funding Cuts and Potential Impacts

Timestamp: [04:21 – 06:06]

Toby Howell highlights the opposition to the funding cuts, featuring Republican Senator Lisa Murkowski's arguments against the measure. Murkowski emphasized the critical role of public media in disseminating emergency information, such as tsunami and landslide alerts.

Freyman references a recent event to underscore the importance of public broadcasting:

"A day after Murkowski's testimony, a 7.3 magnitude earthquake triggered tsunami warnings broadcasted by local public stations."
[04:58] - Neal Freyman

He cites an NPR report from 2011 warning of potential station closures and reduced listener access if funding continues to decline:

"Up to 18% of member stations could close, affecting listeners nationwide."
[05:30] - Neal Freyman

4. Cancellation of Late Show with Stephen Colbert

Timestamp: [06:06 – 10:10]

The podcast shifts focus to the entertainment industry with the announcement that CBS is canceling The Late Show with Stephen Colbert after 32 years. Colbert, a staple of late-night television, will not be replaced by a younger host, marking a significant shift in the genre.

Neal Freyman discusses the financial reasoning behind CBS's decision:

"Revenue for late-night shows has been cut in half over the past eight years, making them less sustainable for networks."
[09:00] - Neal Freyman

He contrasts this with historical precedents, noting that previous cancellations of iconic shows like Johnny Carson’s Tonight Show and David Letterman’s departure were accompanied by grand farewell events to maximize advertiser engagement. In contrast, CBS’s move appears abrupt and understated:

"TV executives suggest this was a hastily made decision due to declining revenues and the shifting landscape of late-night programming."
[09:45] - Neal Freyman

5. The Rise of IMAX and Christopher Nolan’s Odyssey

Timestamp: [10:10 – 16:15]

Neal and Toby explore the burgeoning partnership between filmmaker Christopher Nolan and IMAX, focusing on Nolan’s upcoming film adaptation of The Odyssey. Nolan's dedication to IMAX technology is highlighted by the exclusive release strategy:

"Tickets for The Odyssey are being sold a year in advance, exclusively for theaters equipped with 70mm IMAX screens."
[12:45] - Neal Freyman

Toby Howell elaborates on IMAX's strategic growth:

"IMAX's CEO forecasts a global box office of $1.2 billion this year, a 33% increase from last year, with company shares up 60% in the past year."
[13:42] - Toby Howell

They discuss the competitive response from other theater chains like Cinemark, Regal, and Marcus, which are attempting to develop their own premium large screen formats to rival IMAX. However, the hosts express skepticism about these efforts due to IMAX's established reputation and partnerships with high-profile filmmakers.

6. Stock of the Week: Lucid

Timestamp: [17:05 – 20:09]

Neal introduces Lucid Motors as the Stock of the Week, highlighting its recent partnership with Uber. Uber has committed to investing $300 million in Lucid and pledging to purchase 20,000 vehicles for its upcoming robotaxi service. This deal has led to a 36% jump in Lucid’s stock price, signaling renewed investor confidence despite the company's previous financial struggles.

Toby Howell adds context to Lucid’s situation:

"Lucid has faced significant challenges, including $6 billion in net losses from 2023 to 2024 and the unexpected resignation of its CEO."
[19:21] - Toby Howell

Neal emphasizes the strategic importance of the partnership:

"Uber's investment and vehicle commitment provide Lucid with much-needed momentum in the competitive EV market."
[20:00] - Neal Freyman

7. Dog of the Week: Archer Daniels Midland (ADM)

Timestamp: [20:09 – 23:20]

The Dog of the Week segment focuses on Archer Daniels Midland (ADM), whose shares fell by nearly 7% following President Trump’s announcement urging Coca-Cola to switch from high fructose corn syrup (HFCS) to cane sugar. Although the stock rebounded slightly after Coca-Cola did not commit to the change, the initial drop reflects industry uncertainty.

Neal discusses the broader implications:

"The Corn Refiners Association president argued that replacing HFCS with cane sugar would harm jobs and disrupt corn production, which utilizes 90 million acres annually in the US."
[22:25] - Neal Freyman

Toby Howell examines the nutritional debate:

"Nutritionally, there's minimal difference between HFCS and cane sugar, as both are composed of glucose and fructose with similar caloric content."
[23:00] - Toby Howell

He references a 2023 study where 88% of taste testers preferred American HFCS-sweetened Coke over Mexican cane sugar Coke, suggesting that taste preferences may not favor the proposed switch.

8. Final Headlines: Lowering Voting Age in Britain

Timestamp: [24:28 – 26:38]

In the final segment, Neal and Toby discuss the British government's proposal to lower the voting age from 18 to 16 by the next national election. The Labour Party argues that this change will enhance democratic engagement among youth, who are already contributing economically through work and taxes.

Neal notes historical parallels:

"The US lowered the voting age from 21 to 18 in 1971, partly in response to the Vietnam War, allowing younger citizens to vote as they were subject to the draft."
[25:41] - Neal Freyman

Toby Howell provides insights into voter participation concerns:

"With voter turnout in the 2024 UK general election under 60%, the government hopes that lowering the voting age will invigorate electoral participation."
[26:15] - Toby Howell

They also cite polling data indicating mixed reactions among 16 and 17-year-olds, with only 33% supporting the change, while 50% opposed it.

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Conclusion

Neal Freyman and Toby Howell deliver a comprehensive and engaging analysis of the day’s top stories, ranging from the financial challenges facing public media and the entertainment industry to technological advancements in filmmaking and significant shifts in political engagement. Their discussions are enriched with pertinent quotes and detailed insights, making the episode a valuable resource for listeners seeking an in-depth understanding of current events.

Transcript

[A]

Good morning, Brew Daily Show. I'm Neal Freyman.

[B]

And I'm Toby Howell.

[A]

Today, what will happen to NPR and PBS after Congress pulled funding for public media?

[B]

Then Stephen Colbert is going to get an earlier bedtime because CBS is canceling the Late show. It's Friday, July 18th. Let's ride.

[A]

Good morning and happy Friday. If you've got a birthday coming up, sure, you can spend the day refreshing your Facebook wall and inviting friends for a din. Or you could sprint manically around town trying to collect all the freebies retailers give out to people on their big day. The Wall Street Journal profiled one guy, Clint Svatos, who's part of a community of competitive birthday freeloaders. These people couldn't care less about your gifts. They care more about maximizing gifts from companies like a free Grand Slam breakfast from Denny's, handouts from Sephora or Ulta, and popcorn from Regal. In all, on his birthday earlier this year, Svatos broke a record with 40 freebies, including 10 free drinks, 14 free desserts, and 12 free food items. Toby, is this a respectable way to spend your birthday?

[B]

First of all, this dude had it down to a science. Here's his smartest ploy. Target shopping centers because they have multiple opportunities for freebies in one spot. He also paces himself. You know, energy is going to be a big issue, so he schedules free coffee at intervals to to keep his energy up. He's not alone either. Denny said that 28% more people redeemed their birthday freebie in 2024 compared to the previous year. So clearly people are loving freebies. All that being said, according to the article, his wife won't go with him and his kids are kind of embarrassed he does it. So maybe just don't do this. Maybe just post on your Facebook wall instead. And now a word from our sponsor, Mortgage Matchup. Neil, do you want to save money?

[A]

Yup. That's why I found a 2 for 1 deal to go to the zoo this weekend.

[B]

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[A]

Well, actually, I was going to take my brother.

[B]

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[A]

A century, the US Government has spent hundreds of millions of dollars each year helping pay for pbs, NPR and other public broadcasters across the country. Those days appear to be over. Last night the House passed a measure that strips nearly $1.1 billion in funding for public media, and President Trump is expected to sign it into law today. The spending cuts fulfill a decades long push by conservatives to defund NPR and pbs. Spending they've said is unnecessary, wasteful and fuels biased reporting in favor of progressives. So what's going to happen to npr, pbs, your local public media, TV and radio stations? It first helps understand how government dollars reach them, and it's a somewhat complex journey. Each year, $535 million in taxpayer money goes to the Corporation for Public Broadcasting, the organization set up in the 1960s to support local TV and radio across the country. The CPB then funnels more than 70% of that money to about 1500 local radio and TV stations in the US then those local outlets pay NPR and PBS members dues and licensing fees for the rights to air shows like Considered Morning edition and PBS NewsHour to review the flow. Government CPB, local stations, national organizations it means NPR's mothership in D.C. gets only 1% of its funding through direct federal grants and far more, about 30% from its member stations sprinkled across the country. The rest is made up from donations, returns from its endowment and corporate sponsorships. So NPR and PBS will suffer financially, but not nearly as much as the local stations, particularly in in rural areas that are on the front lines of the funding pullback. If Trump signs the measure into place today, as expected, get ready to hear fundraising campaigns immediately.

[B]

Yeah, you got some opposition along the way here because as Republican Senator Lisa Murkowski from Alaska said in a speech on Tuesday arguing against this, these local stations are not just your news, it is for your tsunami alerts, it's your landslide alerts, it's your volcano alerts, saying the important place that these stations occupy in smaller rural communities. Because you are right, some of the bigger stations are going to be able to plug those funding gaps with other things, either by raising money or through sponsors. But these small rural shows are the ones that are under the most pressure when you start, when you pull the rug of funding out from underneath them.

[A]

A day after Murkowski said that in the Senate, There was a 7.3 magnitude earthquake off the off of an Alaska peninsula that triggered tsunami warnings on local public broadcasting stations. So kind of her words for went into action just day after she testified in the Senate. The NPR did release a report back in 2011 warning of what could happen if Congress were to cut off funding to the public radio system. Again, this has been a threat looming over NPR and PBS for decades. NPR's internal report found that up to 18% of the roughly 1,000 member stations would close with Midwest, south and the west affected the most. And then nationwide, up to 30% of listeners would lose access to NPR programming. And that's because if this funding dries up to these smaller stations, then they're not going to have as much money to pay NPR and PBS for the programming that they put on their airwaves. So you might see a lighter slate of NPR News programs or other shows on PBS or NPR because of these funding cuts.

[B]

And this is part of a broader recession request which is coming for the first time in more than 25 years. It's a little bit of a controversial political instrument to do this because you're actually clawing back money that's already been allocated by Congress, which is something that doesn't happen. I mean, it hasn't happened in a quarter century. So as part of this broader package, Trump wants to claw back about $9 billion in total spending. $8.3 billion is tied to foreign aid programs that, you know, fight famine, fight disease around the world. So clearly this was something that was the very finest of margins. It barely got through the Senate, barely passed the House last night completely along party lines. And then if you zoom out to these $9 billion in cuts, a lot of opponents were saying that adds up to about 110 of 1% of the $7 trillion federal budget, but has far ranging impact for something like a rural station. Some of the, that was some of the pushback we saw to these rescission requests from Congress last night. Stephen Colbert sat behind the same desk he has for a decade and told viewers that his show was coming to an end. No, he wasn' replaced by a younger, snarkier host. The Late show as a whole is going away next May due to what CBS called a purely financial decision. It's a pretty seismic shake up for a show that's been on the air for 32 years. But it struggled recently along with the rest of late night tv. The genre has been fading in relevance for years now. As of 2023, revenue across the top six late night programs was down more than 60% from its peak in 2016. Falling revenue is tough to swallow for networks because late night shows are expensive to produce. According Axios, top hosts like Colbert and Jimmy Fallon are making north of $15 million per year, while the Late show employed nearly 200 people. One other factor in Colbert's departure might be related to Paramount's pending $8 billion merger with Skydance Media that requires approval from the Trump administration. Colbert had expressed his frustration with the $16 million settlement CBS paid to Trump to settle a lawsuit tied to 60 Minutes coverage of him, a settlement that also led a longtime producer, Bill Owens, to resign, citing a loss of editorial independence. Neal feels like the rug was pulled out from what was typically the highest rated show in late night.

[A]

Right. CBS executives wanted to stress that this was, quote, a purely, purely a financial decision against a challenging backdrop in late night. They also added it is not related in any way to the show's performance, content, or other matters happening at Paramount. And that seems to be a wink and a nod to that settlement that Colbert called a big fat bribe. On the one hand, you can see why this is an understandable decision, and on the other, you can see why it's a bit puzzling. The understandable part, as you mentioned, revenue for late night shows has been cut in half over the past eight years. If you look at the Emmys Emmy nominations that we just talked about a few days ago, the number of late night shows that were nominated was three. Kimmel, Fallon, and Colbert. Just a few years ago, there were six. So you're starting to see the pie shrink. So those are the reasons. And as you mention, these shows are very expensive to produce and they're bringing in a lot less money. Now here are the reasons to be a little bit puzzled. Colbert was the top late night show on the market. So even in this smaller pie, he was the top dog. And then in other instances where networks have canceled late night shows, they've done it with a big shebang. They've, they've announced it at the upfront weeks in front of advertisers because if you know this is going to be the last season, then you want to squeeze as much juice as possible. So when Johnny Carson left the Tonight show on NBC in 1991, that was in a huge presentation to advertisers. David Letterman did the same when he left the Late the Late show on cbs. It was a huge celebration and announcement in front of advertisers so they could, you know, spend as much money in the final season as possible. So because of those reasons, TV executives say perhaps this was a hastily made decision.

[B]

Yeah, but the writing's been on the wall because for a long time these late night shows were the cash cows of the network. They were the ones bringing in the younger audience. They were relatively inexpensive to produce. They had a larger ad load compared to primetime tv. But now that is entirely the opposite of what they are. They have an older audience. They're not getting the desirable viewers that advertisers want. All those desirable viewers are actually watching on a YouTube and they if you look at these late night shows, YouTube channels, they rip views, but it's just not as lucrative and you can't justify the production expenses when you're only getting, you know, YouTube views. So it's totally switched because the cultural cachet has shifted to YouTube and Tik Tok and away from these late night programs. We kind of saw a similar thing go down yesterday in the sports media landscape as well. Fox signed a deal with Barstool to bring their cast of carriers onto their pregame show, replacing some recognizable athletes in the process. It's the same thing trying to tap into more culturally relevant faces and distribution models. Sportsmania is trying to survive late night. He's going to have to find a way to survive and adapt as well. Moving on. Last week I went to see the new Jurassic park movie in theaters and I got goosebumps. Not because the dinos were especially hair raising, but because right before the movie started, a trailer for Christopher Nolan's adaptation of the Odyssey came on and boy, does it look good. But a trailer for a movie that comes out next summer in 2026 feels a bit early, right? But Nolan didn't just stop at trailers. He and Universal actually put tickets up for sale a year in advance of opening night, something that has just never really been done in the movie industry. They came with a caveat to tickets will only be available at movie theaters with 70 millimeter IMAX screens. For Nolan lovers, that comes as no surprise. The man behind the Batman movies, Interstellar Oppenheimer and More, is obsessed with IMAX in its gold standard 70 millimeter format. In fact, the Odyssey will be the first movie ever shot entirely on IMAX cameras, an achievement made possible only after Nolan hounded the company for smaller, lighter models, which IMAX was happy to provide given all the money Nolan brings in. Of the nearly billion dollars Oppenheimer Gross, 20% came from IMAX screens. And it's not just a Nolan thing either. Apple secured some IMAX Cameras for its F1 movie and brought In a quarter of domestic ticket sales from the format so far, Neil IMAX screens make up less than 1% of total movie screens worldwide. And yet they are responsible for major portions of big box office halls. This format and this company are on fire.

[A]

Let's talk about the ticket sales that resemble something like Oasis or the Eras Tour. I walk in here yesterday morning, the first thing you show me, you go, IMAX is sold out for the Odyssey. And I was like, when's the Odyssey? You're like a year from now. And these tickets were going nuts. They were very hard to find. And then of course, a secondary market has popped up. Some prices for one seat was going upwards of $200. They're selling. Someone was selling a package of four Saturday tickets for the AMC Lincoln Square in New York city starting at $1,000. There are not a lot of IMAX seats. There are a lot of people clamoring to get seats for this movie, having no idea what their schedule is going to look like a year in advance. So there was an absolute, it was absolute pandemonium for these IMAX and for, for the Odyssey a year in advance. And you, you can see why, as Christopher Nolan and IMAX is a match made in heaven.

[B]

Yeah. And it is just something that has a rising tide, floats all boat situation because IMAX's CEOs are just happy to do whatever Christopher Nolan wants. Because this company has been ripping recently. Consumer tastes have just shifted towards that premium experience. We keep talking about how you have to differentiate the experience from just sitting at home with a buffet of movies at your disposal from streaming services. How do you do that? Just make it a immersive surround sound, a giant screen, this crazy 70 millimeter format as well. The CEO of IMAX is forecasting $1.2 billion this year at the global box office. That is 3, 33% higher than last year. It would be a record. And shares of the company are up 60% over the last 12 months. That is just a crazy company that is bucking every other trend in the movie industry and doing much better than its peers.

[A]

Meanwhile, the other movie theaters chains are like, well, how do we combat this? They have a weird, frenemy relationship with IMAX because they pay IMAX a licensing fee to have its technology at their movie theaters. But they're saying, hey, maybe there's a more profitable way. So a bunch of these companies like Cinemark, Regal and Marcus are huddling up together in backroom saying, okay, how can we sort of channel what's going on in imax? And also make it best for us. They are thinking about jointly marketing their premium large screen formats, which don't rise to the level of IMAX which has spent 55 years perfecting this technology. But they're thinking of maybe creating an umbrella brand that makes it easier for consumers to say or to just look at something and say, okay, that is the IMAX equivalent for these other companies and that's their way of seizing on this trend.

[B]

It makes sense to be a Cinemark calls their big screens xd, Regals are called RPX and Marcus's are called MT dash X. First of all, not the name recognition of IMAX at all and also just horrible naming formats in general. So I actually do think they have a branding issue here. So they're behind the eight ball. It's a big tasty catch up to imax, especially because IMAX has this camera monopoly that it's building. All the filmmakers on want to use IMAX cameras right now because they say this is the best way to view my product. Christopher Nolan's obviously the biggest one, but Ryan Coogler of Sinners talked about his love for the format as well. The F1 movie Mission Impossible, these were all movies that made uses of these cameras as well. So IMAX both has the consumer side of it, but also has filmmakers on their side. So going to be tough to dethrone. All right, up next we have stock of the week in dog of the week.

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[B]

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[A]

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[B]

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[A]

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[A]

Welcome to Stock of the Week Dog of the Week, the segment where Toby and I pick one stock that was a sky full of stars and the other will try to fix you. I won the pre show attend a Coldplay concert without anyone noticing contest so I get to go first. My Stock of the Week is Lucid. Remember this company? Last week you heard on the show it set the world record for longest EV drive on a single charge and it's earned a spot this week after inking a massive deal with Uber for self driving cars. Lucid stock jumped 36% yesterday after Uber said it would invest $300 million in the electric vehicle maker and commit to buy at least 20,000 vehicles for an upcoming robotaxi rollout. With a 5% stake, Uber is now Lucid's second biggest shareholder after the Saudi Public investment fund, which is also a major shareholder in Uber. The deal also involves Uber investing in another company, Neuro, which is going to supply the autonomous software that will transform Lucid's SUVs into self driving robot machines. Lucid and Neuro are one of more than a dozen partnerships that Uber's inked with companies as it aims to become the platform of choice in the fast growing robotaxi market. Uber once tried to develop self driving tech in house, but it's decided that linking up with automakers like VW and software companies like Waymo is a more profitable and honestly easier path forward. As for Lucid, its stock is still down 94% from its 2021 peak when it was somehow worth more than Ford and General Motors. Still, Uber's 20,000 car commitment and the 300 million marks a vote of confidence for one of the few pure play EV companies in the us.

[B]

Yeah, this is great for Lucid because they have had a tumultuous couple of years. They racked up $6 billion in net losses from 2023 to 2020 24. Their CEO and founder unexpectedly stepped down last year and yeah, its stock is down just oodles and oodles from its peak in 2021. The PIFF, the Saudi investment fund, also is breathing a sigh of relief here too, because they own 58% of the company now they put another one and a half billion dollars, they put in $8 billion into this company. In total, its stake is only worth about $4 billion at this point. So to see a brand name like Uber come in and do this minimum vehicle promise, it is something that you feel like some momentum is building at this company that has had a rough go of it recently.

[A]

And momentum is building for Uber. Free cash flow doubled last year to $7 billion, freeing up some money. It wasn't profitable for forever. Now it is very profitable and it can spend on going on offense in the autonomous vehicle arms range, which is absolutely heating up. When, when you think robotaxis and the rollout of these things, you probably thought that this would be an existential threat for Uber with its human drivers and the fact that it couldn't develop autonomous driving in house, that was an abject failure during its previous management. But it's been inking all of these deals with Volkswagen, with Waymo, with other software and hardware and automakers to be the consumer facing aspect of their self driving apparatus, their ecosystem, and it's been super successful. This is another step for Uber turning what could be a liability into an advantage.

[B]

My dog of the Week dates back to a story we briefly touched on yesterday, and that is high fructose corn producer Archer Daniels Midland, aka ADM shares fell nearly 7% yesterday after President Trump announced he had urged Coca Cola to start using real cane sugar in their drinks sold in the U.S. another major sweetener supplier ingredient, saw their shares dip 7% as well. Both stocks soon pared back most of their losses after Coca Cola failed to explicitly endorse the plans laid out by Trump. But still, the announcement has the industry on edge because Coca Cola is one of the biggest purchasers of the sweetener dating back to the 1980s. ADM stock dip is symbolic because this is a company synonymous with corn. Former CEO Dwayne Andreas called the company the supermarket of the world back in the 80s. A growing portion of politicians in Washington, though, have been lobbying to get high fructose corn syrup out of our foods, which is going to be an uphill task thanks to a combination of powerful government subsidies that total $10 billion annually, support from the meat industry that needs corn, and protectionist tariffs on cane sugar. HC hfcs, as it's called, is not going away anytime soon. Neil America is really a country dominated by corn. So it's not going to let a big customer like Coca Cola go away easily.

[A]

Quite an interesting reaction here from the Corn Refiners Association. The corn lobby made themselves heard after Trump announced that they would be moving away from high fructose corn syrup, which to stress once again, we don't know if that's actually going to happen. We had the group's president, Corn Refiners association president, saying replacing high fructose corn syrup with cane sugar doesn't make any sense because it would hurt jobs around the country. About 90 million acres of land, which is larger than the entire area of Greece, is used to produce corn in the US every year. About 8% of all of that land is used to produce corn sweeteners, say experts. And when you're looking at 90 million acres, 8% of that, that's a big chunk. That's what the corn lobby, which has had a very muscular presence in Washington D.C. for decades, is saying. What could be lost should Coke, a major purchaser of corn syrup, go away?

[B]

Let's talk about the nutritional side of things because that's where a lot of pressure on high fructose corn syrup is coming from. Nutritionally, there's not a ton of meaningful difference between high fructose corn syrup and cane sugar. Both are made of glucose and fructose. They are basically chemically identical. They have essentially the same amount of calories as well. And, and then also the taste aspect, which is probably where a lot of fans of this decision are coming from. In blind taste tests, HFCS is usually when this very in depth study from 2023 did a blind taste test with canned cola from America facing off against bottle Coke from Mexico made with cane sugar. 88% of taste testers chose the American high fructose corn syrup coke, but 85% preferred the packaging of the Mexican Coke. So maybe what you are thinking is tasting Coke out of a bottle, a better tasting Mexican Coke that uses cane sugar is really just because it's out of a glass bottle and you like the form factor more than you like the can of American Coke. So very fascinating psychological aspect to this as well, that maybe cane sugar actually doesn't taste as good as we all think it did.

[A]

Somehow Coke's earnings just became the most interesting earnings on the calendar. It's happening next week. I think everyone's going to tune in to see what they say about whether they are truly going to be abandoning high fructose corn syrup in their American manufacturing process. I know these guys at the Corn Refiners association will be absolutely glued to their seats. Okay, let's sprint to the finish with a final headline. British youth will soon have a new reason for skipping school to go vote. The government announced yesterday that it would lower the voting age from 18 to 16 by the next national election, joining a small group of countries, including Austria, Brazil and Ecuador that allow pimples at the polling stations. The Labour Party, which is currently in power, says lowering the age is aimed at bolstering democracy by getting citizens hooked on voting from an early age, hoping that they'll carry the habit with them as they get older. Plus, many 16 and 17 year olds work and pay taxes. Prime Minister Keir Starmer said, if you pay in, you should have the opportunity to say how your money should be spent. Just as a point of comparison, the US lowered the minimum voting age from 21 to 18 in 1971, partially due to public outcry that men as young as 8:18 could be conscripted into the Vietnam War, but couldn't vote.

[B]

Yeah, one of the aspects of this too that Britain is worrying about is just participation in elections in general. Turnout in the 2024 general election was under 60%. That was the lowest since 2001 and down almost 8% from the previous election in 2019. So if you're looking at a representative democracy and no one's turning out for vote, that is a bad thing because that means that a lot of people are not having a say in their governors and in the rulers. And so how do you expand the voting pool, make pimples come to the polls, as you put it, this has happened before. The last time that the government expanded the voting pool was in 1969. That was also implemented by a left leaning labor government at the time who then lost the subsequent election. So if you're wondering if this is just a political ploy by the Labour Party to get more voters to support them into the voting pool, it didn't work necessarily last time it happened, right?

[A]

Polling of 500 people in Britain, age kids age 16 and 17 showed that labor had the most support with 33%. Reform UK had 20%, Conservatives had 10%. But half of those people thought they should not be allowed to vote in the first place. So self awareness, self awareness. All right. That is all the time we have have. Thanks so much for starting your morning with us. Have a wonderful Friday and an even better weekend. If you have any thoughts on today's episode, send an email with questions, comments or feedback to Morning Brew daily at Morning Broadcom. Let's roll the credits. Emily Milian is our executive producer. Raymond Liu is our producer. Our associate producers are Olivia Graham and Olivia Lake. Eugenia Ogu is our technical director. Scoop Star Daris is on audio, hair and Makeup is on An Odyssey and there's no telling when they'll get back. Devin Emery is our president and our show is a production of Morning Brew.

[B]

Great show today, Neil. Let's run it back tomorrow.

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