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China is reportedly building a series of ‘D-Day style’ barges that could be used to aid an invasion of Taiwan, according to media reports. 

At least three of the new craft have been observed at Guangzhou Shipyard in southern China, according to Naval News.

The barges are inspired by the World War II ‘Mulberry harbours,’ which were portable harbors built for the Allied campaign in Normandy, France, in 1944, The Telegraph reported.

Tensions between China and Taiwan, a key U.S. partner in the Indo-Pacific region, have remained heightened over Beijing’s refusal to recognize the independence of the island nation. 

In its report last week, Naval News said at least three but likely five or more barges were seen in China’s Guangzhou Shipyard. The barges, at over 390 feet, can be used to reach a coastal road or hard surface beyond a beach, the report said. 

In his New Year’s message, Chinese leader Xi Jinping said ‘reunification’ with Taiwan is inevitable.

‘The people on both sides of the Taiwan Strait are one family. No one can sever our family bonds, and no one can stop the historical trend of national reunification,’ he said on CCTV, China’s state broadcaster.

Using barges, Chinese forces could land in areas previously considered unsuitable, including rocky or soft terrain, and beaches where tanks and other heavy equipment can be delivered to firmer ground or a coastal road, the report said. 

‘Any invasion of Taiwan from the mainland would require a large number of ships to transport personnel and equipment across the strait quickly, particularly land assets like armored vehicles,’ Emma Salisbury, a sea power research fellow at the Council on Geostrategy, told Naval News. ‘As preparation for an invasion, or at least to give China the option as leverage, I would expect to see a build-up of construction of ships that could accomplish this transportation.’

Fox News Digital has reached out to the Department of Defense, the Chinese Embassy in Washington, D.C., and the Taipei Economic and Cultural Representative Office, also in Washington.

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Special Counsel David Weiss’ final report on his years-long investigation into Hunter Biden determined the first son’s drug abuse could not explain away not paying taxes on millions of dollars of income earned off of his ‘last name and connections.’ 

‘As a well-educated lawyer and businessman, Mr. Biden consciously and willfully chose not to pay at least $1.4 million in taxes over a four-year period. From 2016 to 2020, Mr. Biden received more than $7 million in total gross income, including approximately $1.5 million in 2016, $2.3 million in 2017, $2.1 million in 2018, $1 million in 2019 and $188,000 from January through October 15, 2020,’ Weiss wrote in his final report, which was released Monday. 

‘Mr. Biden made this money by using his last name and connections to secure lucrative business opportunities, such as a board seat at a Ukrainian industrial conglomerate, Burisma Holdings Limited, and a joint venture with individuals associated with a Chinese energy conglomerate. He negotiated and executed contracts and agreements that paid him millions of dollars for limited work,’ Weiss continued. 

Hunter Biden, 54, had a busy year in court last year, when he was convicted of two separate federal cases prosecuted by Weiss. He kicked off his first trial in Delaware in June, when he faced three felony firearm offenses involving his drug use, before pleading guilty in a separate felony tax case in September. 

Hunter Biden’s September trial revolved around charges of three felony tax offenses and six misdemeanor tax offenses regarding the failure to pay at least $1.4 million in taxes. As jury selection was about to kick off in Los Angeles federal court for the case, however, Hunter Biden entered a surprise guilty plea. 

Weiss continued in his report that Hunter Biden ‘spent millions of dollars on an extravagant lifestyle rather than paying his tax bills,’ and that he ‘willfully failed to pay his 2016, 2017, 2018, and 2019 taxes on time, despite having access to funds to pay some or all of these taxes.’ 

Weiss added that the first son’s previous drug abuse could not explain his failure to pay the taxes. 

‘These are not ‘inconsequential’ or ‘technical’ tax code violations,’ Weiss wrote. ‘Nor can Mr. Biden’s conduct be explained away by his drug use-most glaringly, Mr. Biden filed his false 2018 return, in which he deliberately underreported his income to lower his tax liability, in February 2020, approximately eight months after he had regained his sobriety. Therefore, the prosecution of Mr. Biden was warranted given the nature and seriousness of his tax crimes.’

Hunter has a well-documented history of drug abuse, which was most notably documented in his 2021 memoir, ‘Beautiful Things.’ The book walked readers through his previous addiction to crack cocaine, before getting sober in 2019. The memoir featured extensively in his separate firearms case in June, when a jury found him guilty of three felony charges related to his purchase of a gun while addicted to substances. 

‘The evidence demonstrated that as Mr. Biden held high-paying positions earning him millions of dollars, he chose to keep funding his extravagant lifestyle instead of paying his taxes. He then chose to lie to his accountants in claiming false business deductions when, in fact, he knew they were personal expenses. He did this on his own, and his tax return preparers relied on him, because, among other reasons, only he understood the true nature of his deductions and he failed to give them records that might have revealed that the deductions were bogus,’ Weiss continued. 

The tax case charges carried up to 17 years behind bars, but the first son would likely have faced a much shorter sentence under federal sentencing guidelines. His sentencing was scheduled for Dec. 16, but he was pardoned by his father, President Biden, earlier that month. 

Hunter Biden’s blanket pardon encompassed a decade-period applying to any offenses he ‘has committed or may have committed’ on a federal level. 

Weiss’ report also took issue with the president’s pardoning of Hunter Biden, specifically with how President Biden characterized prosecutions of Hunter Biden as ‘selective’ and ‘unfair.’

‘This statement is gratuitous and wrong,’ Weiss wrote in his report. ‘Other presidents have pardoned family members, but in doing so, none have taken the occasion as an opportunity to malign the public servants at the Department of Justice based solely on false accusations.’ 

‘Politicians who attack the decisions of career prosecutors as politically motivated when they disagree with the outcome of a case undermine the public’s confidence in our criminal justice system,’ Weiss wrote in another section of the report. ‘The President’s statements unfairly impugn the integrity not only of Department of Justice personnel, but all of the public servants making these difficult decisions in good faith.’ 

The DOJ sent Weiss’ report to Congress Monday evening, officially bringing the years-long investigation into the first son to a close. 

Fox News Digital’s Brooke Singman contributed to this report. 

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In a major reversal, some U.S. intelligence agencies are now saying a foreign adversary could be behind the mysterious ‘Havana Syndrome’ brain injuries reported by U.S. diplomats and government workers overseas. While the overall assessment from the intelligence community remains, it is ‘very unlikely’ Havana Syndrome could be caused by a foreign actor, two out of seven U.S. intelligence agencies now say it is possible a foreign adversary could have developed a weapon that could cause such brain injuries.

Adam, a former government employee whose identity Fox News agreed to protect, considered to be ‘Patient Zero,’ was first attacked in December 2016 while living in Havana on assignment. Adam experienced multiple attacks and described pressure to the brain that led to vertigo, tinnitus and cognitive impairment.

Adam and other victims have been pressing the U.S. government to find a culprit. He said he is starting to feel hopeful now that two of the seven U.S. intelligence agencies acknowledge a foreign adversary, he says likely Russia, has developed a weapon that could be responsible for the kind of neurological injuries reported by those suffering from Havana Syndrome.

‘This has been an eight-year fight. I don’t know if I would say I feel vindicated yet. We will get there. The truth will come out. And when that’s fully exposed, I think that’s when I will say that I’m vindicated… I’m hoping the new administration can pay that debt and we can hold those responsible that have covered this up and partaken in some egregious behavior, frankly, because we all deserve better. The American people deserve better than to be lied to like this,’ Adam told Fox News.

Adam was one of six Havana Syndrome victims to attend a meeting in the White House situation room on November 18th, 2024. The meeting was designed to provide the incoming administration with a roadmap on Havana Syndrome, also called Anomalous Health Incidents (AHI’s). The three-hour meeting was chaired by NSC Coordinator for Intelligence and Defense Policy Mahar Bitar. The victims say they received a moving apology from the NSC staff on how they were treated by the U.S. Government.

The NSC released a statement following the updated assessment from the intelligence community:

‘Today’s updated Intelligence Community Assessment, which is the product of ongoing analytic efforts and includes a shift in key judgements by some intelligence components, only reinforces why it is vital that the U.S. Government continue critical research, investigate credible incidents, and strengthen efforts to provide timely care and long-term clinical follow-up,’ the statement read.

The NSC will brief the incoming Trump administration on the ‘full scope of ongoing work that should continue,’ the statement continued to say.

Adam said it has long been obvious to the victims that a foreign adversary could be behind the suspected directed energy attacks.  

‘Here’s the piece that, you know, astounds me. Can the CIA not Google? Because if anyone could sit and Google China, neuro-strike weapons, Russia, super weapons, they have been very public in the press that they have directed energy weapons programs that do exactly what they did to us and that they plan on deploying them in conventional warfare,’ Adam said.

The Office of the Director of National Intelligence (ODNI) released the report and held a background call with reporters on Friday.

The new assessment from the intelligence community said, ‘New reporting led two components to shift their assessments about whether a foreign actor has a capability that could cause biological effects consistent with some of the symptoms reported as possible AHIs. This shift consequently led two IC components to subtly change their overall judgment about whether a foreign actor might have played a role in a small number of events.’

The ODNI official explained the change in assessment of the two intelligence agencies.

‘They judge there is a roughly even chance a foreign actor has developed a novel weapon or prototype device that could have harmed a small, undetermined subset of the U.S. personnel or dependents who reported medical symptoms or sensory phenomena as AHIs,’ the official said.

For both of these components. They have a low confidence in their judgments,’ the official continued to say.

 The Republican-led CIA Subcommittee Chairman Rick Crawford (R-Ark.) released an interim report on the committee’s separate investigation into Havana Syndrome. The report concluded that it is ‘increasingly likely’ that a foreign adversary is responsible for ‘some portion’ of the incidents.

The subcommittee accused the intelligence community of withholding valuable information from them in the interim report.

‘The IC’s inconsistent approach has had detrimental effects on IC personnel, trust in the IC by policymakers, the understanding of the American public, and perceptions of the IC by both foreign allies and adversaries,’ the report said.

Crawford vowed to work with the incoming Trump administration to get answers for affected federal employees and the public.

Attorney Mark Zaid who represents some of the victims said the new assessment indicates, ‘evidence has only moved closer to the Intelligence Community acknowledging the involvement of a foreign adversary, not away.’

Adam hopes the Trump administration will keep pressing for answers on Havana Syndrome and what caused hundreds of workers brain injuries.  

‘Now there is also new information that’s in play, and it’s so irrefutable that even they can’t stand by and watch this cover-up continue… we’re hoping that we’re going to have a more amenable administration that cares about its workforce and cares about the truth,’ Adam said.

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Rep. Anna Paulina Luna, R-Fla., is unveiling a new set of bills that could have child sexual predators facing the death penalty.

‘If you are raping someone, if you’re molesting someone, you are essentially murdering their soul. Those people never actually fully recover. I’ve actually sat on a committee with a very prominent [female House Democrat] who actually talked about the fact that she was molested as a child. And so you can see that it impacts and really hurts people,’ Luna said.

Two of her three bills, all of which are being introduced in the 119th Congress on Tuesday, would require sentences of death or at least life imprisonment for those charged with a wide range of crimes related to children. 

A third bill would require guilty verdicts of rape and sexual abuse against adults to carry a mandatory minimum sentence of 30 years to life in prison.

Luna told Fox News Digital she broached the topic with President-elect Donald Trump over the weekend, who she suggested was enthusiastic about the idea.

‘I got the impression that he absolutely is supportive of anything in this sector,’ Luna said.

The Florida congresswoman was among the members of the House Freedom Caucus who met with Trump over the weekend at Mar-a-Lago. 

She said they also discussed Trump potentially signing an executive order levying the death penalty for pedophilia-related crimes but that it would likely be impossible to accomplish that way.

‘He would be willing to sign an [executive order]. But the fact is, is that it has to go through Congress first. So it would have to come to his desk that way,’ she said.

Luna first introduced the bills in the last Congress when Democrats controlled half of Congress as well as the White House. They failed to get much traction, however, and ultimately never saw a House-wide vote.

She suggested that the death penalty aspect could have put some people off of an issue that otherwise could get wide bipartisan support, but she argued that child predators ‘cannot be rehabilitated.’

‘If you are going to continue to push forward in a moral society, [then] you need to ensure that people like this, that are predators, are taken off the streets permanently,’ Luna said.

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Pete Hegseth is set to take the hot seat before the Senate Armed Services Committee on Tuesday in a hearing that is sure to break out into fireworks. 

President-elect Donald Trump nominated Hegseth to shake up the Pentagon as his defense secretary, but the former Fox News host has been entangled in controversies that Democrats on the committee can be expected to question him about. 

‘Democrats certainly aren’t going to make this a walk in the park by any means,’ one Republican aide said. 

‘You’ll see Democrats are pretty organized, they’re thinking strategically to make sure everything is covered, and it’s not a hearing that gets overly repetitive,’ one senior Democrat aide told Fox News Digital. 

‘I don’t think it’s going to be particularly hostile, but I do think it will be very tough. It’s going to focus a lot just on what we should expect of a nominee for this job and where he falls short,’ the aide went on. ‘There are questions about the things he’s done, his character and his leadership.’ 

Hegseth will be the first of Trump’s controversial change agent picks to face questioning from lawmakers.

Republicans can be expected to play defense, framing Hegseth as a decorated combat veteran who will hold the military accountable after years of failed audits and DEI initiatives. 

With little hope of winning any Democrat votes, Hegseth will have to woo moderate Republicans who have previously expressed skepticism about his nomination. 

Democrats are expected to hammer him over his past conduct and his qualifications to lead the government’s largest agency, which employs 3 million people.

The 44-year-old Army National Guard veteran, who did tours in Iraq and Afghanistan, is relatively young and inexperienced compared to defense secretaries past, having retired as a major. But Republicans say they don’t want someone who made it to the top brass, who’s become entrenched in the Pentagon establishment. 

Hegseth is sure to face questions about a sexual assault accusation from 2017. He’s acknowledged paying his accuser an undisclosed sum to keep quiet at the time for fear of losing his job, but he denies any non-consensual sex took place.

Former employees at veterans’ groups Hegseth used to run have accused him of financial mismanagement and excessive drinking, according to a New Yorker report, and NBC News reported that his drinking ‘concerned’ colleagues at Fox News. 

Hegseth denies the accusations and said he would not drink ‘a drop of alcohol’ if confirmed to lead the Defense Department. 

The hearing, which kicks off at 9:30 a.m., will be packed with veterans who traveled to Washington, D.C., to support Hegseth in the face of attacks.

For weeks, Hegseth has been visiting Capitol Hill to meet with senators, including those who are skeptical of him. Last Wednesday, he met with the top Armed Services Committee Democrat, Sen. Jack Reed of Rhode Island, and the meeting apparently didn’t go well. 

‘Today’s meeting did not relieve my concerns about Mr. Hegseth’s lack of qualifications and raised more questions than answers,’ Reed said in a statement.

Hegseth must first win a majority in a vote of the Armed Services Committee, made up of 14 Republicans and 13 Democrats, meaning one Republican defection could tank the vote.

He then needs to win a simple majority on the Senate floor, meaning he can afford to lose no more than three Republican votes. 

‘I think he kind of knows that all he needs is Republican votes to get from now into the job,’ said a Democrat aide. ‘His job is to just keep his head down and not say something that would create an opening for these [Republicans], many of whom I really don’t think want to vote for him, to have a reason to revisit that. So I expect that he’s going to try to say very little and say it very calmly and politely.’

In committee, all eyes will be on Sen. Joni Ernst, R-Iowa, a veteran herself who at first seemed hesitant about Hegseth. After two meetings with the nominee, Ernst said she would support him through the confirmation process and looked forward to a fair hearing. She didn’t commit to voting for him. 

Senators will also take a fine-toothed comb to Hegseth’s lengthy record of public comments on TV and across the five books he’s written. 

One such belief is that women should not fight in combat roles. 

‘Dads push us to take risks. Moms put the training wheels on our bikes. We need moms. But not in the military, especially not in combat units,’ he wrote in his most recent book, ‘The War on Warriors,’ published in 2024.

‘Men are, gasp, biologically stronger, faster and bigger. Dare I say, physically superior,’ Hegseth added.

On a Nov. 7 episode of the Shawn Ryan podcast, which aired mere days before Hegseth was tapped to serve as Defense Secretary, the nominee said, ‘I’m straight up just saying we should not have women in combat roles.’

Hegseth later told Fox News in December that women are some of the U.S.’ ‘greatest warriors.’ 

‘I also want an opportunity here to clarify comments that have been misconstrued, that I somehow don’t support women in the military; some of our greatest warriors, our best warriors out there are women,’ he said.

Female service members ‘love our nation, want to defend that flag, and they do it every single day around the globe. I’m not presuming anything,’ he added.

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WASHINGTON — The Biden administration will hold off enforcing a requirement laid out in an executive order this month that Nippon Steel abandon its $14.9 billion bid for U.S. Steel, the companies said on Saturday.

President Joe Biden blocked Nippon Steel’s planned acquisition of U.S. Steel on national security grounds on Jan. 3, and his Treasury Secretary Janet Yellen said this week that the proposed deal had received a “thorough analysis” by interagency review body, the Committee on Foreign Investment in the United States.

The delay will give the courts time to review a legal challenge brought by the parties earlier this month against Biden’s order. The parties previously had 30 days to unwind their transaction.

“We are pleased that CFIUS has granted an extension to June 18, 2025 of the requirement in President Biden’s Executive Order that the parties permanently abandon the transaction,” the companies said in a joint statement.

“We look forward to completing the transaction, which secures the best future for the American steel industry and all our stakeholders,” they said.

U.S. Steel and Nippon Steel alleged in a lawsuit on Monday that the CFIUS review was prejudiced by Biden’s longstanding opposition to the deal, denying them of a right to a fair review. They asked a federal appeals court to overturn Biden’s decision to allow them a fresh review to secure another shot at closing the merger.

The U.S. Treasury secretary chairs the CFIUS panel, which screens foreign acquisitions of U.S. companies and other investment deals for national security concerns. CFIUS normally decides directly on cases or submits recommendations to the president, but in the U.S. Steel-Nippon Steel case, the panel failed to reach consensus on whether Biden should to approve or reject it, leaving the decision to him.

Both Biden and his successor, President-elect Donald Trump, had voiced opposition to the Japanese company acquiring the American steelmaker as the candidates courted union votes in the November election.

CFIUS has rarely rejected deals involving the Group of Seven closely allied countries, which include Japan.

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Barry Diller’s IAC said Monday that its board approved the spinoff of Angi, the home improvement marketplace the company acquired in 2017.

IAC said it expects the transaction to close in the second quarter of the year. The two companies will post their respective fourth-quarter results when IAC reports on Feb. 11. Angi was founded in 1995 as Angie’s List, which went public on the Nasdaq in 2011.

As part of the spinoff, IAC CEO Joey Levin will leave his role and become an advisor to the company. Levin will also take on a new role as Angi’s executive chairman, serving as the marketplace’s senior executive alongside CEO Jeff Kip, IAC said.

“Joey Levin has been an exemplary leader of IAC, creating significant value during his nearly decade-long tenure as IAC CEO,” Diller, IAC’s chairman, said in a statement.

Upon Levin’s vacancy, IAC will operate without a new CEO, the company said. IAC’s top execs will report directly to Diller, as will publisher Dotdash Meredith, the company’s largest business. The rest of IAC’s units will report to operating chief Christopher Halpin.

IAC has previously used no-CEO structures when reorganizing its businesses. Most recently, in 2013, then-CEO Greg Blatt stepped down from the role to become chairman of the newly formed Match Group division.

“Each of IAC and Angi has a vigorous future, and I expect to remain an active participant in both,” Levin said in a statement.

As part of the spinoff, IAC shareholders will get direct ownership of Angi, IAC said.

IAC first announced it was considering a spinoff of Angi in November. At the time, the company said Angi’s revenue declined 16% year over year to $296.7 million during the third quarter. The company attributed the slide to reduced sales and marketing spend, which led to a decrease in service requests and lower acquisition of new professionals.

IAC acquired Angie’s List in a deal valued at more than $500 million. It merged the site with HomeAdvisor, creating a new public company. Angi currently has a market cap of about $770 million, and IAC owns 85% of it.

The spinoff has been under consideration for several years, but IAC postponed the effort in 2019 as it completed the Match Group transaction. Match owns dating services including Tinder, Match and Hinge.

IAC has become known for incubating businesses and spinning them off into separate companies. It’s done the same with Expedia, Ticketmaster and LendingTree, among others.

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Microsoft is forming a new group focused on developing AI apps and providing tools for third-party customers, the company announced Monday.

The new group will be led by Jay Parikh, the former CEO of cybersecurity startup Lacework and former global head of engineering at Meta. The group will be called Core AI — Platform and Tools, Microsoft CEO Satya Nadella said in a memo to employees that was also published as a blog post. The mission, he said, is “to build the end-to-end Copilot & AI stack for both our first-party and third-party customers to build and run AI apps and agents.”

The announcement comes 10 months after Microsoft hired DeepMind co-founder Mustafa Suleyman to lead Copilot AI initiatives. In that role, Suleyman is an executive vice president, reporting directly to Nadella.

In Monday’s post, Nadella said Parikh will work closely with Suleyman as well as Scott Guthrie, who runs cloud, technology chief Kevin Scott and other top tech leaders at the company. Parikh joined Microsoft in October as an executive vice president, also reporting to the CEO.

Artificial intelligence has become the primary theme in tech since OpenAI’s launch of ChatGPT in late 2022, and Microsoft, as the principal investor in OpenAI, has been at the center of the boom. Microsoft counts on OpenAI’s large language models for internal AI use when it comes to areas like content generation and code creation and also serves as the startup’s main cloud partner.

At the same time, Microsoft is developing products and tools that compete with some OpenAI services. Over the summer, Microsoft added OpenAI to its list of competitors in its SEC filings, and Nadella used the phrase “cooperation tension” while discussing the relationship with investors Brad Gerstner and Bill Gurley on a podcast released last month.

“Ultimately, we must remember that our internal organizational boundaries are meaningless to both our customers and to our competitors,” Nadella wrote in Monday’s memo.

The new group will bring together people working on developer and AI platforms, as well as teams from the Office of the CTO, Nadella said.

“Our success in this next phase will be determined by having the best AI platform, tools, and infrastructure,” he wrote.

Parikh joined Microsoft from Lacework, which had been a rapid growing and high-profile startup, soaring to a valuation of $8.3 billion in 2022, seven years after its founding. However, the company’s fortunes turned when the market shifted away from risk, and Lacework was forced to dramatically cut staff to try and turn profitable. In August, security software vendor Fortinet closed its acquisition of Lacework for $149 million.

— CNBC’s Jordan Novet contributed to this report.

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As the boutique fitness sector starts to buckle, Barry’s Bootcamp on Monday announced new investment from Princeton Equity Group.

“The reason why this [boutique fitness] works for Barry’s is that our positioning in the marketplace is premium,” said Joey Gonzalez, Barry’s co-CEO, in an interview with CNBC. “We always want to minimize risks to any sort of brand dilution, and we only ever want to elevate the Barry’s experience.”

Gonzalez said this funding round will be focused on investing in client experience and brand positioning in a highly saturated industry. Barry’s offers high-intensity running, lifting and training classes in its trademark red-lit rooms.

Barry’s has 89 studios globally that saw more than 7 million visits in 2024.

Princeton is a franchisor and consumer services-focused private equity firm with $1.2 billion in assets under management. It has invested in other wellness brands such as spa chain Massage Envy and athletic training facility D1 Training.

The size of the investment was not disclosed.

The fresh capital for Barry’s adds to a list of private equity investments dating back nearly two decades from firms including LightBay Capital and North Castle Partners.

Gonzalez said Barry’s will use the investment in part to fund expansion in 12 U.S. cities this year, including Charleston, South Carolina; Hoboken, New Jersey; and Salt Lake City, as well as locations in Madrid, Athens and Dublin.

″[This partnership] is enabling us to consolidate our operations in the UK and Canada,” Gonzalez said. “We will now be overseeing operations in these countries where we can foster a closely knit community and create efficiencies.”

The broader global boutique fitness studio market was valued at nearly $48 billion in 2023 and is expected to grow to $86 billion in 2030, according to estimates from Research and Markets. Still, several high-profile brands have struggled to grow their customer base.

Xponential Fitness, a franchisor of health and wellness brands, divested from two struggling boutique chains — Stride Fitness and Row House — last year.

Jefferies analyst Randal Konik cited industry headwinds including macroeconomic concerns that could cause a pullback in consumer spending, and said fitness has proven to be more need-based with more people prioritizing health and wellness.

“Tailwinds will be the focus on health and wellness coming out of Covid,” Konik said, “as well as a move towards strength training, [which] has lifted demand for all types of fitness classes and gym membership.”

Piper Sandler analyst Korinne Wolfmeyer cited “uncertainty around unit growth” at Xponential as one of the main reasons to stay on the sidelines of the stock.

Gonzalez said his company is bucking the trend.

“I think of Barry’s as one of the originals, and a very back-to-basics approach to fitness with efficacy at the heart,” said Gonzalez. “What Barry’s has really done is stick to our core competency: fitness experience, immersive experience, member experience.”

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Harris Blitzer Sports & Entertainment announced on Monday a joint venture with Comcast Spectacor to build a new arena in South Philadelphia for the NBA’s 76ers and the NHL’s Flyers.

The deal represents a reversal from previous plans to build an arena in the Center City district of Philadelphia.

Harris Blitzer and Comcast Spectacor have entered into a binding agreement for a 50-50 stake in the project at South Philadelphia’s Sports Complex, which is slated to open in 2031. It will include the revitalization of Market East in Center City, the original proposed location for an arena. In December, the Philadelphia 76ers received approval to build a $1.3 billion arena downtown after more than two years of contentious negotiations.

The deal announced Monday will give Comcast a minority stake in the 76ers and naming rights to the arena. The Philadelphia-based company will also join HBSE’s bid to bring a WNBA team to the Liberty City.

Comcast Spectacor is already majority owner of the Philadelphia Flyers.

“From the start, we envisioned a project that would be transformative for our city and deliver the type of experience our fans deserve,” said HBSE’s Josh Harris, David Blitzer and David Adelman in a statement. “By coming together with [Comcast CEO Brian Roberts] and Comcast, this partnership ensures Philadelphia will have two developments instead of one, creating more jobs and real, sustainable economic opportunity.”

In committing to both investments, the companies say they will create thousands of jobs and generate billions of dollars in economic activity for the region.

“This has the potential to benefit our city for generations to come,” said Philadelphia Mayor Cherelle Parker during a news conference Monday.

Disclosure: Comcast is the parent company of CNBC.

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