California Lawmakers Pass Cap Raise for $750 Million Film Tax Incentive

By Jeremy Fuster

After months of lobbying, the California state legislature has approved an increase in the cap for the state’s film and TV tax incentive program from $330 million to $750 million. The vote was passed 31-3.

The vote on the trailer bill to formally approve the cap increase took place on Friday, three days after lawmakers reached a final deal with Gov. Gavin Newsom on the state’s $321 billion budget for the coming fiscal year.

Gavin Newsom Shrugs Off Fox News Claim He’s Suing to ‘Chill Free Speech,’ Says On-Air Lies Are ‘Smoking Gun’

By Jacob Bryant

Gavin Newsom shrugged off Fox News calling his new lawsuit against them an effort to “chill free speech.”

While talking with podcast host Brian Tyler Cohen on Friday, Newsom was read Fox News’ response to his defamation lawsuit that called for $787 million in damages, a retraction and formal apology from Jesse Watters after saying the governor lied about a recent phone call with President Trump.

What Tariffs? Nasdaq, S&P 500 Climb to Record Highs as Netflix, Disney Continue Huge Runs

By Sean Burch

The Great Tariff Panic of 2025 that gripped Wall Street in April? It appears in the rearview mirror now, with the S&P 500 and Nasdaq closing at new all-time highs on Friday.

A number of prominent media and tech companies have been riding the wave to fresh highs as well, with Netflix increasing 1.26% and closing at a company-record $1,323.12 per share on Friday — a day after setting its previous high mark. The streaming heavyweight’s stock price is up 54% since early April.