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Let’s jump into today’s storylines.

In today’s digest:

• Supreme Court issues an immunity ruling for Donald Trump

• Headline Hustle: SCOTUS protects the future of content moderation, parent company of Redbox files for Chapter 11 bankruptcy, “Inside Out 2” becomes first movie of 2024 to top $1 billion

• The fight over the $5 value meal

• Pulse Points: What’s Trending

POLITICS

Supreme Court rules Trump has immunity for ‘official acts’ performed during his presidency

The Supreme Court has just handed down a ruling that's more protective than your grandmother's finest china. On Monday, the high court crowned former President Donald Trump with “presumptive immunity” for acts performed during his presidency, throwing a wrench into special counsel Jack Smith’s election interference case.

In a decisive 6-3 vote, the justices distinguished between Trump's "official" and "unofficial" actions, emphasizing that not all presidential acts fall under official duties.

What does this mean?

Chief Justice John Roberts, writing for the majority, emphasized, “The President is not above the law.” Yet, he delineated a clear boundary: Congress cannot criminalize a president’s actions if they are within the scope of executive responsibilities outlined by the Constitution. This includes actions like issuing pardons or dismissing appointed officers, all now under the umbrella of "absolute immunity."

• The ruling also introduces a "presumptive immunity" for acts within the "outer perimeter" of presidential duties, which Roberts argued was necessary to “safeguard the independence and effective functioning of the Executive Branch.”

• In practice, that means that the president is immune from prosecution “unless the Government can show that applying a criminal prohibition to that act would pose no ‘dangers of intrusion on the authority and functions of the Executive Branch,’” he wrote.

People are fuming over the decision. In a fiery dissent, Justice Sonia Sotomayor warned of dire consequences for democracy, painting a scenario where the president could, theoretically, command extreme actions without facing criminal repercussions. “This majority’s project,” she wrote, “will have disastrous consequences for the Presidency and our democracy.”

Looking ahead…as Trump heralds this as a "BIG WIN" for democracy and with the election interference case now paused until after the Nov. 5 election, all eyes are on how this legal doctrine will impact the broader landscape of American governance and accountability.

IN THE KNOW

Headline Hustle

⚖️ Supreme Court protects the future of content moderation. The Supreme Court ruled that social-media platforms’ content-moderation policies are protected by the First Amendment but avoided deciding on Texas and Florida laws restricting platforms from suppressing user speech. Justice Elena Kagan, writing for the court, stated that lower courts hadn't fully analyzed these laws. The justices agreed that the legal challenge needs further litigation, with differing views on NetChoice’s arguments. Texas and Florida passed these laws to counter perceived anticonservative bias by major tech platforms, but neither law has been enforced yet.

📉 Parent company of Redbox files for bankruptcy. Redbox owner Chicken Soup for the Soul Entertainment has filed for bankruptcy with nearly $1 billion in debt. The company, which operates DVD rental kiosks and streaming services, cited lender HPS Investment Partners' unwillingness to consent to potential refinancings. The company owes creditors including Walmart, Walgreens, Warner Bros., and Sony Pictures Television. Amid mismanagement allegations, the firm failed to make payroll for over 1,000 employees. With $414 million in assets and $970 million in debts, the company is seeking chapter 11 protection in Delaware.

🎥 “Inside Out 2” becomes first movie of 2024 to top $1 billion. "Inside Out 2" has become the fastest animated film to surpass $1 billion globally, achieving the milestone just 19 days after its release. Disney's Tony Chambers celebrated the achievement, highlighting the film's creative excellence and its impact on the 2024 box office. Before its June 16 release, domestic sales lagged behind 2023 figures by over 25%. The movie is the highest-grossing film of the year and joins other Disney and Pixar billion-dollar hits.

FOOD

Deal wars are heating up in the fast food industry

If fast food had a flavor of the month, it would undoubtedly be "discount." Recently, the giants of grab-and-go dining, led by McDonald's, are spooning out deals that promise more bang for fewer bucks, engaging in a price war with Burger King and even Starbucks, which now offers four drinks for a cool $20.

The return of the value meal

As inflation continues to nibble away at consumers' wallets, the major players in the restaurant industry are reinventing their menus to lure back customers who've grown wary of the price hikes seen over the past three years. According to Black Box Intelligence, this culinary inflation has caused a 3.3% dip in guest visits this year through mid-June, compared to last year.

In an effort to "meet them where they are," as Denny's CEO Kelli Valade remarked at The Wall Street Journal’s Global Food Forum, the chain known for its Grand Slam breakfasts is now pitching "all day diner" deals starting at just $5.99. Similarly, McDonald’s introduced a $5 value meal, while Burger King revived its own $5 meal bundle, edging out its rival with promises of a longer-lasting promotion.

This strategic shift isn't just about cutting costs; it's about maintaining relevance. Nearly 30% of fast-food orders included a promotion in the early part of the year, up 3% from last year, per Circana. This trend is a clear signal that consumers are craving value as they decide where to dine.

Big picture: With the industry's giants redefining value, it's a toss-up whether these deals will be a sustainable recipe for customer loyalty or just a quick snack to satiate immediate hunger.

SNIPPETS

Pulse Points

• The Boston Celtics' ownership group announced Monday that the 2024 National Basketball Association champions are up for sale, according to a statement on the Celtics' social media account on X.

• Paramount Global is in talks with other entertainment companies to merge its Paramount+ streaming service with an existing platform.

• Facebook parent Meta has been accused of violating Europe's new digital competition rules with its "pay or consent" advertising model.

• Anthropic is launching a program to fund the creation of new benchmarks to evaluate the performance and impact of AI models, including generative models like its own Claude.

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