I grew up watching "Sesame Street," and somewhere in my house is a photo of a young me and my little brother sitting on the show's famous stoop alongside Big Bird, Oscar the Grouch and the Cookie Monster -- massive grins on our faces.

Which is why the $1.1 billion cut to NPR and PBS funding that Congress approved Thursday feels like a real dagger to my childhood like it does for so many others who then like me came to depend on their programming. The news was somewhat lost in the shuffle after Stephen Colbert announced his show was ending this year, but it's no less important. 

To see why, check out our lead story, which breaks down how the cuts affect more than just "Sesame Street."

Roger Cheng
Managing Editor of Business and PRO
roger.cheng@thewrap.com

PS: We just kicked off a free 2-week trial of WrapPRO. If you’ve been wanting to check out our full coverage, now’s the time. Feel free to forward the news.

THE REAL FALLOUT FROM THE BILLION-DOLLAR NPR, PBS CUTS

A lot of the concern over President Donald Trump's push to defund PBS and NPR has been around the fate of stations in smaller markets. The cuts won't just be felt at those stations, but in the communities themselves. Tess Patton reports on how the cuts will create "news deserts," severely curtail a government watchdog against local corruption and even disrupt the emergency alert systems in place. 

And that's on top of the potential loss of free children's programming at a time when more shows are moving to subscription streaming services. 

So while Trump may celebrate this win in the near term, small towns around the country will be feeling the long-term consequences for years to come.

DON'T MISS

Sharon Waxman and Brian Lowry weigh in on the shocking announcement that "The Late Show With Stephen Colbert" will end in 2026, noting the timing raises a lot of questions. Among them are:

• Why cancel Colbert at all, given his popularity as a brand and a star of the network, despite the financial challenge? 
• Why cancel the show right now, leaving the comic 10 months of runway to criticize his corporate parent along with the president?
• What are the implications for other late night shows? 
• What are the implications for free expression and the pressure on comedians with prominent platforms who comment on politics? 
• Will Jon Stewart, on the Paramount-owned Comedy Central cable station, be next? 

CATCH UP

Interview: Scott Herbst, head of development for Lionsgate TV, talks about "The Studio" success and finding perennial hits

Commentary: "Superman" too woke? MAGA would have hated the first Man of Steel film, writes William Bibbiani

Lawsuit: Trump sues the Wall Street Journal for $10 billion over the Epstein letter story, claiming libel

Paramount Watch: Skydance CEO David Ellison met with FCC Chairman Brendan Carr to address Carr's concerns and push through the approval of the Paramount merger

Not Good Enough: Netflix shares fell 5% today despite earnings and revenue that topped expectations

BIZ CORNER

Tina Fey and Marc Platt to produce "John Proctor Is the Villain" film at Universal

Black Bear launches domestic theatrical distribution arm led by Benjamin Kramer, who moved over from CAA

DC film "Sgt. Rock" is moving forward without director Luca Guadagnino

Mehcad Brooks exits "Law & Order" after three seasons

DATA POINT

"Too Much," an original Netflix show with several former HBO actors, is seeing its daily demand surge since its premiere, according to Parrot Analytics

IN OTHER NEWS...

Will the future of live sports be fated to end up with the Big Tech streaming services? (The Athletic)

When it comes to streaming services, kids' content is king (CNBC)

Trump is set to unveil executive orders designed to boost AI development and secure an edge over China (Semafor)

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