Axios

Target will sell its Pride Month collection in fewer stores after last year's right-wing backlash over LGBTQ+-themed products.

Why it matters: After years of supporting Pride events without issue, Target and other companies, including Bud Light, were hit by customer boycotts that affected sales.

Reddit wants anyone looking to use its public data to make a deal with the company.

• "We're going to stay open, but to crawl Reddit or have access to reading content, you need to have some sort of agreement," CEO Steve Huffman told reporters Wednesday afternoon.

Why it matters: Publicly available data is becoming increasingly integral to building certain kinds of new AI businesses, such as ChatGPT or Claude.

Call it the big trade down.

Why it matters: Consumers eager to save amid persistently high inflation are increasingly turning to cheaper goods and services.

Growth at Roblox isn't the same these days as it was during the pandemic.

Context: The virtual gaming platform enjoyed a massive upswing when people indulged in video games while staying home.

• Today, Roblox shares plunged 22% after CEO David Baszucki reported "less growth in Q1 than we expected" and released a disappointing forecast.

The company projected Q2 bookings of $870 million–$900 million, short of the $902 million that analysts anticipated, according to Bloomberg.

Here are my key takeaways from several major earnings reports:

🏃‍♀️Planet Fitness: The chain lowered its outlook for 2024 after a disappointing start to the year and said it's raising its base monthly membership fee for newcomers from $10 to $15.

👜 Tapestry: The owner of Coach and Kate Spade reported a 1.8% revenue decline, putting additional pressure on the luxury goods company to complete its proposed acquisition of Capri Holdings — a deal the FTC is trying to block.

📺 Warner Bros. Discovery: As NBA rights negotiations continue, the company is "hopeful that we'll be able to reach an agreement that makes sense for both sides," CEO David Zaslav said.

This is precious.

State of play: Warner Bros. Discovery CEO David Zaslav confirmed today that the company "is now in the early stages of script development" of new "Lord of the Rings" movies for the big screen beginning in 2026.

• Gollum actor Andy Serkis will reprise his role and also direct the first film, tentatively dubbed "Lord of the Rings: The Hunt for Gollum," the Hollywood Reporter writes.

Zoom in: The films "will explore storylines yet to be told," while LOTR's original director and writing partners Fran Walsh and Philippa Boyens "are producing and will be involved every step of the way," Zaslav said.

💭 Nathan's thought bubble: The original Gollum animation was excellent — and that was two decades ago, so I'm excited to see what they can do now.

Another sriracha shortage could be coming to a supermarket near you after Huy Fong Foods halted production of its popular spicy red sauce for several months.

Why it matters: The California-based company said in a letter to wholesale suppliers that it has halted production until after Labor Day because its red jalapeño peppers are too green, USA Today reported.

Here's what's new on Prime Video, Hulu, Disney+, Peacock, Netflix, Apple TV+ and Max.

What we're watching: A new reality star-studded competition show, a documentary about Black Twitter and a new chapter in the "Doctor Who" franchise.

There are thousands of blockchains, and many of them barely register activity or hope of ever mattering for anything but speculation.

Why it matters: A recent report has sparked a discussion around $1 billion+ "zombie" chains, but there's really no decisive way to tell which blockchains should be considered the living dead, and just ignored.

Agency partners are being tapped less for developing a crisis plan and more for executing the response, per Memo's crisis index report.

By the numbers: In 2023, 76% of agencies were being brought in as a crisis started and in the response planning period, compared to 64% this year.

• Meanwhile, 36% were brought in simply to execute a strategy — up from 24% in 2023.

Zoom in: When agencies are brought in to advise on a crisis, a majority say they are most effective at developing and executing a media strategy. However, in-house pros say that's where their agency is the least effective.

As chief communications and administration officer for Fortune 10 company Cencora, Gina Clark's main priority is protecting and enhancing its reputation.

Why it matters: Clark is working to shape what's next as the 100-year-old pharmaceutical company — formerly known as AmerisourceBergen — navigates a top-to-bottom rebrand.

Communicators are increasingly conducting crisis drills in anticipation of the next big operational failure, cyberattack, misinformation campaign or labor issue.

Why it matters: Communication teams are expected to take control of the crisis by quickly contacting the right stakeholder, at the right time, through the right channel.

American Swifties are headed across the pond to see Taylor Swift's European leg of her smash-hit Eras Tour, which kicks off in Paris on Thursday.

Why it matters: Swift's tour was credited with boosting local economies across the U.S. last year. Many European cities are anticipating the same boom.

Vice Media said Thursday it will create a joint venture with Nashville-based Savage Ventures to relaunch its digital properties, including Vice.com, Munchies, Motherboard, and Noisey.

Why it matters: The deal will see Savage Ventures investing "tens of millions of dollars" into the joint venture, a Vice spokesperson said.

FTX has now officially joined the ranks of dramatic financial bankruptcies — including Lehman Brothers and MF Global — in which customers actually get paid back in full.

Why it matters: Such outcomes are more common than you might think, largely because financial bankruptcies are a unique animal where the ultimate losses borne by creditors are rarely a good guide to the magnitude of the damage caused.

Call it Great Resignation regrets. Workers who switched employers after the pandemic hit were less satisfied with their jobs last year than those who stuck around, per a new survey from the Conference Board.

Why it matters: It's a big change from 2022 when job switchers were more satisfied, and may indicate some other simmering issues in the labor market.

For the seventh consecutive year, women reported being less satisfied with their jobs than men, according to a survey from the Conference Board out this week.

Why it matters: Women make up nearly half the workforce, and employers need to attract, hire and retain them.

More of this year's graduating college seniors are seeking the security of a government job, and fewer are applying to risky-seeming tech jobs, per Handshake, the campus recruitment website.

Why it matters: The class of 2024 — which Axios has dubbed "the bummer generation" because of how COVID-19 warped the seminal events of their young lives — just wants stability and a comfortable income, thank you.