Tag: News

Jim Simons, the legendary hedge fund manager who founded the prolific Renaissance Technologies, died on Friday, according to the foundation he started.

The MIT math professor and former NSA codebreaker was 86 years old.

"Jim was an exceptional leader who did transformative work in mathematics and developed a world-leading investment company," Simons Foundation president David Spergel said in a statement.

This is a developing story. Please check back for updates.

• Rep. Cory Mills wants to impeach Biden after he threatened to withhold some aid to Israel.
• But the Florida congressman voted against that very aid — twice.
• He also inaccurately conflates Biden's move with the Ukraine quid pro quo that got Trump impeached.

Rep. Cory Mills wants to impeach President Joe Biden for withholding military aid to Israel that the Florida Republican voted against — twice.

While stressing that he would continue to supply defensive weapons to Israel, Biden said in a CNN interview earlier this week that the US would not supply further offensive weapons — including bombs and artillery shells — to the Jewish state if it proceeds with a full-scale invasion of Rafah, which could lead to a humanitarian catastrophe. The US has already paused the transfer of thousands of other bombs.

Mills, a freshman lawmaker and former arms dealer, argued that Biden's move amounted to a quid pro quo. "Joe Biden is pressuring Israel, our biggest ally in the Middle East, by pausing their funding that has already been approved in the House, if they don't stop all operations with Hamas," Mills told Fox News. "It's a very clear message, 'this for that.'"

Yet when the House voted to approve that very aid last month, Mills was among the 21 Republicans who voted against it, leading the American Israel Public Affairs Committee (AIPAC) to halt fundraising to the Florida congressman.

Mills was among the 14 Republicans who voted against a clean standalone Israel aid bill in February. While otherwise staunchly pro-Israel, Mills has said that he is only supportive of a version of the Israel aid package that included billions in cuts to the Internal Revenue Service — a complete non-starter for Democrats, who control the Senate and White House.

He has also expressed opposition to providing aid to Gaza, and April's package included more than $9 billion in humanitarian aid.

Like other Republicans, the Florida congressman is likening Biden's moves to former President Donald Trump's leveraging of military aid to pressure Ukraine into investigating Hunter Biden, which spurred Trump's first impeachment.

But the two cases are quite different.

Trump was impeached in part for engaging in a corrupt scheme to benefit himself politically, while Biden is withholding the aid out of concern about Israel's conduct — something that President Ronald Reagan did in 1983.

Additionally, the Trump administration was found to have broken the law with his delay of Ukraine aid. Biden could find himself in the same position if he withholds the aid indefinitely, but as one expert told Business Insider, Biden isn't required to send the aid immediately.

When you buy through our links, Business Insider may earn an affiliate commission. Learn more

The best 85-inch TVs deliver a viewing experience that smaller displays simply can't match. Though sets this big used to be few and far between, manufacturers now offer 85-inch versions of several of their most popular models, and though still expensive, they've come down a lot in price.

We've tested and researched the top options available to choose the best 85-inch TVs you can buy. The TCL QM8 offers the best balance between price and performance at this size thanks to its bright QLED panel and high-contrast Mini LED backlight. But if you want an 85-inch TV without breaking the bank, TCL's cheaper Q6 QLED is a more budget-friendly alternative often on sale for under $900. 

We also have picks for OLED and 8K models at this size, so all home theater needs are accounted for. 

Note: LCD-based TVs (LED, QLED) are often manufactured in an 85- or 86-inch screen size, but OLED displays are sold in a slightly smaller 83-inch size. For that reason, we've included 83-inch OLED TVs in this guide.  

Our top picks for the best 85-inch TVs

Best overall: TCL QM8 4K QLED TV – See at Amazon

Best midrange OLED: Samsung S90C 4K OLED TV – See at Amazon

Best high-end model: LG G4 4K OLED TV – See at Amazon

Best 8K display: Samsung QN900C QLED 8K TV – See at Amazon

Best on a budget: TCL Q6 QLED 4K TV – See at Best Buy

Best overall

When it comes to balancing price and image quality, TCL's QM8 QLED is the best 85-inch TV you can buy. It's incredibly bright while maintaining excellent contrast thanks to the precision of its Mini LED backlight with local dimming. And despite its extra-large size, it's often available for $1,700, an unbeatable value for a big display with this level of performance.

Though we typically recommend OLED models, like the Samsung S90C, as our top pick in many of our other best TV guides, OLEDs at this screen size jump up a lot in price, and most are missing the color and brightness perks that their smaller counterparts offer. We think an OLED will still deliver the best overall image quality, but at this size, the QM8 QLED has a big edge in price for most people.

The QM8's color volume is especially impressive thanks to its quantum dot filter, which you won't find on competing OLEDs over 77 inches. Quantum dots also help the TV achieve a peak brightness of around 2,000 nits, which is more than enough to enjoy the full benefits of most HDR content. 

It has a leg up over cheaper QLED models thanks to the QM8's high number of local dimming zones, which helps it achieve deep black levels without major halos around bright objects. However, contrast still can't match the pixel precision of an OLED panel, so you might see the dimming zones at work during certain scenes when watching TV in a dark room. 

When reviewing the QM8, we also noticed slight issues with shadow details getting lost in dimmer scenes, but this can be mitigated by adjusting some of the display's settings. But the QM8's biggest weakness is its viewing angles. Colors and contrast distort when you sit off to the side of the screen. If you want a similar 85-inch QLED TV with better off-axis viewing, we recommend Samsung's more expensive QN90C. Otherwise, you'll need to pay substantially more for an OLED like the Samsung S90C or LG C3.

With Google TV built-in, the QM8 offers a reliable interface and easy access to all of the best streaming services. The TV is also a great fit for gamers thanks to its fast panel with up to a 144Hz refresh rate when paired with a compatible PC. The TV's build and design aren't as premium as more expensive models, but the QM8's strengths far outweigh its cons. 

A 2024 version of this TV was revealed at CES in January, but it hasn't hit stores yet. TCL says the new model can hit a whopping 5,000 nits, a big upgrade. However, it's rare for HDR videos to call for that level of high brightness. We also expect the new model to cost much more, so the 2023 QM8 remains our top recommendation while supplies last.  

Read our TCL QM8 4K TV review.

Best midrange OLED

Samsung's 83-inch S90C OLED is more than double the price of most QLED TVs at this size, but the S90C delivers an infinite contrast ratio with true black levels and wider viewing angles than any QLED, leading to a notable upgrade in overall image performance, especially if you like to watch TV in a dim home theater environment. 

We still think our top pick, the TCL QM8 QLED, is a better overall value for most people on the hunt for a TV this big, but if you're willing to spend twice as much, this midrange OLED has some key perks. In a dark home theater environment, the S90C's pixel-level contrast control outmatches any QLED we've tested, offering one of the best movie-watching experiences you can get from an 83-inch TV. 

And though not as bright as the QM8 or LG's more expensive G4 OLED, the S90C still gets bright for most needs. However, unlike smaller versions of the S90C, the 83-inch model does not use quantum dots in its panel. This means that it can't match the color volume or color gamut that you'd get on TVs that do use quantum dots, so bright colors won't look quite as intense as they do on sets like the QM8.

In this performance class, there's also the 83-inch LG C3 OLED to consider. At this size, the C3 and S90C both use similar, if not identical, display panels. The C3 does have a slight edge since it supports Dolby Vision for a more accurate HDR experience, but the 83-inch C3 is often $500 more than the 83-inch S90C. If you find the C3 on sale for the same price as the S90C, it's a slightly better midrange OLED at this size. But since it's typically cheaper, the S90C clinches this spot.   

Read our Samsung S90C 4K TV review (65-inch model with quantum dots).

Best high-end model

LG's 83-inch G4 OLED is ideal for buyers willing to spend top dollar to get the most premium viewing experience there is in a TV this big. It's the most advanced OLED available at 83 inches, besting the overall picture quality of all our other picks. Of course, it also has the highest price tag of any TV you'll find in this guide. 

First things first, buyers should note that the 83-inch G4 is designed with wall mounting in mind. So much so that it doesn't include a traditional TV stand. Instead, you get a bracket that lets you mount it flush to your wall with virtually no gap. It looks beautiful hung up this way, but you can still buy a stand separately if wall mounting isn't an option for your room. 

Outside of its elegant style, the G4 is a picture-quality powerhouse. Using LG's latest OLED Evo panel, it offers all the benefits that OLEDs are known for, including an infinite contrast ratio, perfect black levels that disappear into a dark room, and wide viewing angles so you get a great image no matter where you sit. 

On top of all that, the 83-inch G4 incorporates MLA (Micro Lens Array) technology to boost its brightness. This feature was missing from the 83-inch edition of last year's G3, and it enables a sizable upgrade in luminance over competing 83-inch OLEDs, like the Samsung S90C. During our tests, we measured a peak of around 1,550 nits on the 65-inch G4, which should also carry over to the 83-inch option. 

Though the Samsung S95D OLED can get brighter in short bursts, that model is not available in 83 inches. As it stands, the 83-inch G4 is the brightest OLED you can get in such a large screen size, and it delivers gorgeous HDR highlights while maintaining great performance even in rooms with a lot of light. 

LG's solid webOS smart TV interface rounds out the package with access to every major app, along with nice perks like hands-free voice control and a remote that supports motion controls so you can navigate menus by waving the remote at the screen to move a virtual cursor.

Our top pick, the TCL QM8 QLED, still delivers a better price-to-performance ratio, and our midrange OLED pick, the Samsung S90C, offers similar contrast capabilities for less money. But, if budget isn't a concern and you want the absolute best image quality you can get at this size, the LG G4 is the 83-inch TV to beat. 

Best 8K display

Though we think most buyers are better off with a high-end 4K TV, 8K displays like the Samsung QN900 series have their fans, especially at extra-large screen sizes. At 85 inches, an 8K TV will offer some benefits over 4K thanks to higher pixel density, which means you can sit very close without seeing individual pixels like you would on a 4K set this large.

However, it's important to remember that the perks of 8K are subtle. There's still no native 8K content to watch outside a few YouTube videos, and though the TV's upscaling looks great, it's not a huge improvement over watching the same content on a 4K TV with similar capabilities. 

But even ignoring its 8K resolution, the QN900C is just a stunning QLED TV through and through. Its Mini LED backlight is one of the best out there, and it gets about as close to OLED-level contrast as we've seen on a display like this. It also has an incredible peak brightness of about 2,300 nits, and it can sustain that brightness much better than an OLED. 

This is one of the best Samsung TVs you can buy, but its impressive picture quality is more a result of its dimming performance and quantum dot colors rather than its actual pixel count. If you're willing to spend top dollar for high-end picture quality, we still think you're better off with a 4K OLED like the LG G4, but if you're set on buying an 8K display, the QN900C is easily one of the best 85-inch TVs to snag.

Buyers should note that Samsung now sells a 2024 edition of this display, called the QN900D. We tested the new model and it performed much like the QN900C during our evaluation. But since the QN900D costs a lot more than the QN900C, we still recommend the older model as the better buy. 

Best on a budget

The best 85-inch TVs don't come cheap. Even basic models rarely dip below $800, and those sets make many performance sacrifices to get that cheap. However, there is one 85-inch TV that still manages to deliver solid image quality for a typical sale price of just under $900: the TCL Q6 QLED. 

Other options that cost a bit less, like the Hisense A7 and the step-down TCL S4, use regular LED panels without quantum dots, which limits their color volume and brightness performance. But the Q6 offers a more vibrant and accurate HDR image while remaining competitively priced for its size. 

That said, the Q6 still has drawbacks compared to pricier models. Viewing angles are narrow, so picture quality takes a big hit if you sit to the side of the screen. This is common for TVs in this class, so if viewing angles are a priority over color gamut, we recommend going with an alternative budget model like the 86-inch LG UQ75. And like many TVs in this class, the Q6 is limited to a 60Hz screen rather than 120 or 144Hz, which makes it less suited for high-end 4K gaming.

Though brighter than cheaper 85-inch sets, the Q6 maxes out at around 500 nits, lower than the 600-nit range we typically recommend as a starting place for budget HDR TVs. It also lacks local dimming, so it can't adjust brightness across different zones on the screen. This leads to elevated black levels compared to step-up models, like the TCL Q7. 

For most screen sizes, our go-to budget pick is the Hisense U6K which does have local dimming. But unfortunately, that model isn't offered in sizes above 75 inches. As it stands, the Q6 is the most affordable 85-inch QLED TV you can buy, and compared to its direct competitors, it delivers great value for the money.

How we test 85-inch TVs

To choose the best 85-inch TVs, our team relied on a combination of hands-on testing and research informed by more than a decade of experience covering the home entertainment product market. 

When we review TVs, we typically evaluate each model's 65-inch option since that's considered the industry's flagship size. However, a specific model's overall performance often remains comparable across sizes 55 inches and up. For example, an 83-inch LG C3 OLED and a 65-inch C3 OLED have the same specs. The only notable difference is the size of each panel. 

However, there are instances when certain TV models have more dramatic differences across their screen sizes. For instance, the Samsung S90C uses quantum dots on its 55-, 65-, and 77-inch models but does not use quantum dots on its 83-inch model. This means the 83-inch model can't match the color performance of its smaller counterparts. We take all of these differences into account when recommending TVs and detail these instances when they pop up.

To evaluate displays, we look at key picture quality elements like color performance, clarity/sharpness, contrast control, HDR brightness, refresh rate, smart TV interface speed, off-angle viewing, and overall value. We use an X-Rite iDisplay Plus colorimeter and test patterns on the Spears & Munsil HDR Benchmark 4K Blu-ray disc to check brightness and other objective image attributes. 

We also rely on various movies and TV shows to look at real-world performance in both bright and dark rooms. We've selected specific scenes to compare quality across TVs with black levels, shadow detail, HDR capabilities, and upscaling in mind. Sources include 4K, 1080p, and standard definition (SD) material from Blu-rays, streaming services, and cable TV.

85-inch TV FAQs

Is 85 inches a good TV size?

The best 85-inch TVs can provide a level of immersion that smaller displays can't achieve, and they're especially good for larger rooms since you can sit farther away and still get a cinematic experience. Though there are fewer 85-inch models to choose from compared to smaller screen sizes, several of our picks for the best 4K TVs are sold in 83 to 85-inch versions. 

However, many rooms simply can't accommodate a TV this big, and 85-inch sets are typically pricey. If you need a smaller display, check out our guides focused on other sizes:

• Best 75-inch TVs
• Best 65-inch TVs
• Best 55-inch TVs
• Best 50-inch TVs

How much should you spend on an 85-inch TV?

Generally, you should expect to pay at least $900 to snag one of the best 85-inch TVs, though high-end models cost $5,000 or more. 

We've seen entry-level 85-inch LED TVs on sale for as low as $750, but budget QLED models typically start at around $1,000, and midrange options with local dimming and higher brightness capabilities sell for around $1,500 to $1,800. High-end 85-inch QLED 4K TVs with the best performance usually cost around $2,000 to $3,000, and 8K models can be between $5,000 and $7,000.

If you want one of the best OLED TVs in this class, you can find 83-inch options starting at around $3,500, while high-end 4K OLEDs this big can cost as much as $6,500. 

For details on how OLED and QLED TVs compare in performance, check out our full QLED vs. OLED guide.

Is 4K resolution enough for an 85-inch TV?

In general, 4K resolution is plenty to deliver a sharp and detailed image on an 85-inch TV. That said, the higher pixel density of an 8K display can present some improvements in picture clarity if you sit very close to your TV. 

On an 85-inch set, improvements in pixel smoothness should start to become most visible if you sit less than five feet from your display. However, for most people, this subtle benefit is not worth the extra money that an 8K TV costs.

Do 85-inch TVs offer good sound quality?

Though there are rare exceptions, even the best 85-inch TVs tend to offer middling audio performance. Built-in TV speakers typically use small drivers placed in areas that muffle sound. They can get the job done for casual viewing, but we recommend shoppers invest in a dedicated speaker system or soundbar to get the best audio performance. 

Check out our guides to the best soundbars, best budget soundbars, and best Dolby Atmos soundbars to see our top recommendations for various needs. 

• Inventor Samuel F. B. Morse spent summers at his Locust Grove Estate in New York's Hudson Valley.
• The 14,000-square-foot Italianate villa, built in 1852, has 45 rooms over six floors.
• It was purchased in 1901 by the Young family and has remained uniquely preserved.

When Samuel F. B. Morse wasn't creating Morse code, inventing the telegraph, or painting portraits, he was relaxing on the grounds of his Locust Grove Estate in upstate New York.

Located about 80 miles outside New York City in Poughkeepsie, Locust Grove was built in 1852 on a bluff with views of the Hudson River below. The 14,000-square-foot Italianate villa has a total of 45 rooms over six floors.

Morse, his wife Sarah Elizabeth Griswold Morse, and their four children spent every summer there until his death in 1872. (Morse also had three adult children from his first marriage to Lucretia Walker, who died in 1825.)

The home was then rented to a wealthy local couple, William and Martha Young, who purchased it in 1901 and spent about $15,000 renovating the interior and installing modern amenities like electricity and central heat, according to Locust Grove's official website.

The Youngs' daughter, Annette, recognized the historical significance of the estate and established a nonprofit that continues to preserve and maintain the property. Locust Grove opened to the public in 1979.

While the grounds are open year-round, tours of the home are available from May through October on Fridays, Saturdays, Sundays, and Mondays and cost $20 per person.

"It's a really unusually preserved house, so people that are interested in art and history and architecture can always find something here," Ken Snodgrass, director and curator of the Locust Grove Estate, told me on my tour.

Take a look inside Locust Grove.

Located in Poughkeepsie, New York, Locust Grove once belonged to Samuel F. B. Morse, the inventor of Morse code and the telegraph.

The estate is situated on 200 acres of land. During my springtime visit in 2023, I enjoyed walking through the fragrant gardens to reach the house.

The home didn't look very big from the outside, but my tour guide, Ken Snodgrass, described Locust Grove as "deceptively large" with 45 rooms spanning 14,000 square feet.

Morse worked with architect Alexander Jackson Davis to design Locust Grove in an Italianate style inspired by Italian villas, with decorative arches and a wraparound veranda.

Locust Grove's interior is unique because it's almost exactly as the Young family left it, as opposed to other historic homes that have been restored by curators, according to Snodgrass.

Our first stop after the entryway was the dining room decorated with portraits of members of the Young family, who purchased the home from the Morses in 1901.

Just off the dining room was the pantry, where some of the estate's 14 full-time staff members plated meals brought up on a dumbwaiter elevator from the basement kitchen.

The drawing room was used to entertain guests before and after dinner. The Youngs also hosted dances and concerts here since the furniture was lightweight and easy to rearrange.

In the tea room, my tour guide said that Locust Grove residents and guests enjoyed afternoon tea with a silver tea set from Tiffany and Co.

The music room, another entertaining space, features color-corrected scans of the original wallpaper from 1908.

This receiving room was used for lounging with family and close friends. Martha Young also hosted card games here twice a week.

The library at Locust Grove was decorated in an Italian Gothic style, and I loved the collection of 75 teapots atop the shelves.

The second floor contained three family bedrooms and three guest bedrooms, one of which included a dollhouse made for the Youngs' daughter Annette by her uncle in 1895.

The spacious primary tower bedroom, the largest bedroom in the home, featured gorgeous views of the Hudson and portraits of the Young children over the bed.

I couldn't believe how large the billiards room was. It functioned as a playroom of sorts, where guests played on a pool table from 1895 and listened to music on a phonograph.

Our last stop on the tour was the basement kitchen, where staff prepared meals on a wood-burning stove until it was upgraded with coal in 1910 and gas burners in 1920.

Between the estate's 14 bedrooms and five bathrooms, every day was laundry day at Locust Grove.

Next to the laundry room, the servants' dining room and lounge was usually full of staff members writing letters, mending clothes, or carrying out other household tasks.

After my tour, I visited the museum and gallery at the estate's visitor center, which featured artifacts from the development of Morse's inventions, as well as some of his paintings.

I enjoyed learning about Locust Grove's fascinating history, touring the perfectly preserved interiors, and taking in the stunning Hudson Valley views. I can see why Morse's family wanted to come back year after year.

• NOAA issued a G4 geomagnetic storm watch for the first time in nearly 20 years.
• This type of storm generates dazzling aurora, but can also cause radio blackouts and outages.
• Experts say we should look out for aurora, but shouldn't worry about major issues. 

For the first time in nearly 20 years, the National Oceanic and Atmospheric Administration has forecasted a "severe" G4 geomagnetic storm to hit this Friday, dazzling states across the northern US with aurora.

G4 storms are the second-strongest type of geomagnetic storm. "If geomagnetic storms were hurricanes, 'severe' would be category 4," according to SpaceWeather.com. 

In the past, powerful geomagnetic storms have also been known to mess with electronics on satellites causing communication blackouts and disrupt the grid — triggering voltage control problems that can result in power outages.

For example, in October 2003, a G5 solar storm — the most severe type of g-storm — caused power outages in Sweden and damaged power transformers in South Africa.

In preparation for Friday's G4 event, NOAA's Space Weather Prediction Center has notified satellite and grid operators of the oncoming storm "so they can take protective action," the center announced Thursday.

For example, grid operators will likely withhold maintenance on Friday and Saturday to reduce the amount of stress they're putting on the grid, Matt Owens, a professor of space physics at the University of Reading, told Business Insider.

All that is to say, experts told Business Insider they don't expect to see any major issues this Friday.

"It's possible," Owens said. "If I was a betting man, I'd say there won't be serious effects. But I imagine there will be some impressive aurora."

What causes a geomagnetic storm

Geomagnetic storms occur when high-energy particles from the sun reach Earth and interact with our magnetic field.

But the sun is 93 million miles away, so to reach us these particles have to get a major boost. That boost comes from solar storms.

Solar storms happen when the sun shoots powerful explosions of highly-energized and magnetic plasma called coronal mass ejections toward Earth.

To be clear, the sun is constantly erupting and hurling particles into space. Most of them are directed away from Earth and never reach us. Occasionally one will come our way, sparking a minor G1 or G2 storm.

However, a G4 storm, like the one forecast through this weekend, is rare. The last time NOAA issued a G4 storm watch was in 2005.

Forecasts like these better help the folks managing satellites and power grids prepare. However, ultimately, we won't know how intense the storm will be until it's already here.

Forecasting solar storms is tricky

Forecasting solar storms is tricky. "Sometimes we find that the storms can be stronger than we thought, or they can be somewhat of a dud," Alex Young, the associate director for science at NASA Goddard's Heliophysics Science Division, told BI.

This particular storm is especially difficult to track because it's made up of five separate coronal mass ejections, all hurtling towards Earth at roughly 560 miles per second, Owens said.

In case the storm is severe and triggers outages, it's always best to respond how you would for any power outage: keep your fridge closed, disconnect appliances to avoid damage from an electrical surge, and check with local officials about heating and cooling locations. Also, a severe storm might disrupt GPS, so it's best to have a written record and directions to important locations, like hospitals.

Also all signs point to an incredible light show for northern US states on Friday night, potentially reaching as far south as New York and Pennsylvania, Young said.

• US home prices have soared 47% so far this decade.
• The price surge has outpaced the gains seen in the 1990s and 2010s, and is nearly ahead of the 2000s.
• The rising value of homes has coincided with a millennial-fueled demand surge and years of low mortgage rates.

US home prices have soared 47.1% so far this decade, according to a ResiClub analysis of the Case-Shiller National Home Price Index.

The massive price gains seen in the first four years of the 2020s have eclipsed all of the growth seen in the 1990s and 2010s, according to the analysis. Housing prices in those two decades grew 30.1% and 44.7%, respectively.

On top of that, housing price growth in the 2020s is on the verge of eclipsing all of the growth seen in the 2000s, which was 47.3% after peaking at just over 80% before the 2007 housing market crash. 

This decade's strong home-price gains have been driven by an initial buyers' frenzy at the outset of the COVID-19 pandemic. That led to a rapid 12-month price appreciation of about 20%.

Since then, price growth has decelerated considerably, though an ongoing surge in demand from millennial home buyers has steadily pushed home prices higher. Even with mortgage rates at around 7% — more than double their COVID-era lows — US home prices are still on the rise, signaling just how much demand there is and how little supply is available.

The median US home sale price hit $420,800 in the first quarter of the year, well above the $327,100 price at the start of the decade. The median home price sold in the US was $219,000 at the start of the 2010s, $165,300 at the start of the 2000s, and just $124,800 at the start of the 1990s, according to data from the St. Louis Fed.

Housing price growth in the first 50 months of this decade has notched a faster pace than the same timeframe in all of the last three decades, according to ResiClub co-founder Lance Lambert. 

• Red Lobster is reportedly considering filing for bankruptcy.
• The seafood chain's troubles include failed all-you-can-eat snow crab and shrimp promotions.
• Despite its current status, Red Lobster was once a pioneer in the casual-dining industry.

Red Lobster may finally be considering filing for bankruptcy after years of financial and executive-level turmoil.

The seafood chain, which has been operating for about 56 years, has weathered its fair share of storms, from a bungled snow-crab promotion that tanked the company's stocks to the recent fallout from its daily all-you-can-eat-shrimp promotion.

However, Red Lobster wasn't always on the hook. As a pioneer in the chain-restaurant industry, Red Lobster became famous for its casual dining atmosphere and fan-favorite dishes like its Cheddar Bay Biscuits and fried shrimp.

Here's the rise and fall of Red Lobster through the years. Red Lobster did not respond to a request for comment for this story.

1968: The first Red Lobster opened in Lakeland, Florida.

Bill Darden opened the first Red Lobster restaurant in Lakeland, Florida (not pictured). He would later go on to launch Olive Garden, too.

At the time, there was a gap in the market for affordable seafood, especially in landlocked areas like Lakeland. Red Lobster's mission was to serve "delicious, high-quality seafood" to the masses, according to the restaurant's website.

"In most of middle America, you couldn't get decent seafood. Red Lobster brought it to the masses," Jonathan Maze, the editor in chief at Restaurant Business, told CNN. "Red Lobster was part of this casual dining revolution."

The restaurant's more relaxed environment and family-friendly prices cemented Red Lobster as one of the first casual-dining concepts.

1970: General Mills acquired Red Lobster and the business expanded across the country.

It was General Mills' first venture into the restaurant industry, according to the company's website.

General Mills put resources into the chain, allowing it to expand coast to coast and transforming the business into one of the first nationwide seafood-restaurant chains.

By 1978, Red Lobster had expanded to 236 restaurants and had made a total of $291 million in sales, CNN reported. By 1985, Red Lobster had expanded to almost 400 locations and $834 million in sales.

1980-1995: Red Lobster introduced iconic menu items like the Cheddar Bay Biscuits and held its first Lobsterfest.

In 1984, the company held its first Lobsterfest. The annual event celebrates lobster by releasing new and limited-time-only dishes.

Then in 1992, Cheddar Bay Biscuits, which remain one of the restaurant's most beloved items, were first released. Initially called "freshly baked, hot cheese garlic bread," they were served to people waiting for their tables in the restaurants' lobbies, per Red Lobster. But after a positive response, Red Lobster decided to serve them table-side instead, and five years after their launch, they were renamed Cheddar Bay Biscuits. In 2017, the restaurant reported that staff baked nearly 1 million biscuits every day.

Red Lobster founder Bill Darden died on March 29, 1994, at the age of 75. In 1995, after Darden's passing, General Mills restructured its restaurant division and changed its name to Darden Restaurants, Inc.

Red Lobster remained under the Darden Restaurants umbrella for almost 20 years.

2000-2003: Red Lobster continued to grow steadily through the early 2000s.

In December 2001, Darden Restaurants reported in a press release that Red Lobster had had "its 16th consecutive quarter of same-restaurant sales gains." Red Lobster made $534.9 million in sales for the quarter, an increase over the previous year, the company said.

"Red Lobster and Olive Garden enjoyed same-restaurant sales growth that once again surpassed the casual dining industry average," Joe R. Lee, then Darden Restaurants' CEO and chairman, said in the press release.

The restaurant chain was steadily adding restaurants and experimenting with promotional deals to bring value-minded customers through the doors.

2003: Red Lobster introduced its infamous Endless Snow Crab promotion.

In the summer of 2003, Red Lobster introduced its Endless Snow Crab promotion, which offered customers all-you-can-eat snow crab for $22.99.

But the promotion worked a little too well. Customers took advantage of the deal by ordering heaps of snow crab, and restaurants couldn't keep up.

Endless Snow Crab cost the company a reported $3.3 million in profits and the chain's then-president, Edna Morris, stepped down as a result. The New York Post also reported in 2003 that the bungled promotion cost Red Lobster a whopping $405.9 million of stock value in a single session after investors began rapidly selling off their shares.

The deal ended up being what Restaurant Business called "one of the biggest marketing blunders in industry history."

2004: The chain tried again with Endless Shrimp.

The shrimp deal, a much more affordable option at the time for restaurants to make all-you-can-eat, was a hit with customers and reinvigorated the brand.

The brand also made updates to its restaurants. Wood-fired grills were added to Red Lobster locations nationwide, and restaurant designs changed, inspired by the "historic fishing village of Bar Harbor, Maine," the restaurant said on its website.

2008: The economic downturn impacted fast-casual restaurants, and Red Lobster floundered.

The Great Recession majorly impacted the restaurant industry, and casual-dining brands took the brunt as people cut back on luxuries like dining out. Nationwide food-and-beverage chains like Bennigan's were forced to shutter, and others, like Starbucks, closed hundreds of locations, CBS News reported in 2008.

Restaurant Business reported that, after the Great Recession, Red Lobster was also struggling to make a comeback, putting pressure on Darden to turn away from the brand and focus on other restaurant concepts.

CNN reported that by 2008, Olive Garden's sales were outperforming Red Lobster's, and Darden was diversifying its portfolio of restaurants with fast-growing chains like Longhorn Steakhouse, Capital Grille, and Yard House.

Red Lobster was no longer Darden's darling.

2014: Darden Restaurants sold the brand.

In 2014, Darden sold the chain to Golden Gate Capital for $2.1 billion. At the time, the firm called Red Lobster "an exceptionally strong brand" with plenty of opportunities for growth.

On Red Lobster's website, the move was heralded as "charting a new course as an independent company."

To finance the deal, Golden Gate sold off Red Lobster's real-estate holdings to a separate company, meaning that Red Lobster would now be leasing its restaurants. Over time, this has proven costly for the brand.

2016: Thai Union Group, one of the chain's biggest shrimp suppliers, took over a minority stake in the brand.

CNN reported that Thai Union took a $575 million minority stake in the brand, and made efforts to become the main seafood supplier to Red Lobster and cut restaurant costs to increase profits.

However, many of the changes were begrudged by Red Lobster employees.

An anonymous former Red Lobster executive told CNN that Thai Union changed Red Lobster menus based on "cost-cutting decisions" and "executive opinion," rather than customer preferences.

Servers were also reportedly instructed to cover 10 tables per service instead of three in an effort to save on labor costs.

2020: Red Lobster leaned into to-go service amid the coronavirus pandemic.

Restaurants lost billions in sales in March 2020 alone, and two-thirds of people reported cutting back on fast-casual dining visits that month, Business Insider reported at the time.

Subsequently, restaurants and fast-food chains made major changes during the pandemic to drive business. Red Lobster was no different and began embracing pandemic-era initiatives like curbside pickup and to-go ordering.

Also in 2020, Thai Union assumed the majority ownership of Red Lobster after Golden Gate Capital announced its plans to sell its remaining equity stake in the chain.

2021-2022: Under new management, there was a period of unrest at Red Lobster, with multiple new executives leaving their roles.

Between 2021 and 2022, Red Lobster welcomed new executives into key executive positions, including CEO, chief marketing officer, chief financial officer, and chief information officer.

However, all of them departed from the company within a span of two years, CNN reported.

2023: Red Lobster expanded its Endless Shrimp to become a daily promotion, but it was a disaster.

In January 2023, Restaurant Business reported that Red Lobster had closed eight restaurants in the span of a few months as part of a routine review of restaurant performance. However, the worst was yet to come.

Initially a one-day-a-week deal for $20, Endless Shrimp became a daily promotion in summer 2023 to attract more customers as Red Lobster struggled to keep up with a changing industry.

However, inflation and the rising cost of seafood created rough seas for the chain. In 2023, Red Lobster raised the price of Endless Shrimp twice, eventually landing at $25 to cope with demand and improve profits.

Despite the increased price, the all-you-can-eat strategy backfired. The chain reported operating losses of $11 million and $12.5 million in the two quarters following the initial daily endless shrimp promotion launch.

In 2024, the deal is only available on Mondays.

However, Endless Shrimp isn't the sole cause of Red Lobster's demise, Business Insider's Emily Stewart wrote in an analysis of the chain's struggles over the years.

Changing tastes are also a major issue.

The seafood restaurant industry faces significant challenges in the US, Darren Tristano, the CEO and founder of Foodservice Results, a food-industry consultancy, told BI.

Many customers in the mood for seafood are more likely to seek it out at a steakhouse, rather than a seafood-specific restaurant or chain like Red Lobster.

"If anything, the Endless Shrimp deals are probably as much a symbol of just either desperation or poor management or both," Jonathan Maze told BI.

January 2024: Thai Union announced its plans to exit Red Lobster amid significant financial headwinds.

"The combination of the Covid-19 pandemic, sustained industry headwinds, higher interest rates, and rising material and labor costs have impacted Red Lobster, resulting in prolonged negative financial contributions to Thai Union and its shareholders," Thiraphong Chansiri, Thai Union Group's CEO, said in a statement.

"After detailed analysis, we have determined that Red Lobster's ongoing financial requirements no longer align with our capital allocation priorities, and therefore are pursuing an exit of our minority investment," he continued.

John Gordon, a restaurant analyst in San Diego, told BI, "They [Thai Union] were totally unprepared to hold a casual-dining restaurant."

April 2024: Reports emerged that Red Lobster is considering filing for bankruptcy.

Bloomberg reported that Red Lobster may now be considering a bankruptcy filing.

According to sources familiar with the situation who spoke to Bloomberg, opting for bankruptcy would enable Red Lobster to sustain its operations while reducing debts and expenses.

The report also indicated that Red Lobster was receiving legal guidance from the law firm King & Spalding, who didn't respond to Bloomberg's requests for comment.

Representatives for Red Lobster didn't respond to requests for comment from Business Insider.

• Netflix is reportedly nearing a deal to stream two NFL games on Christmas Day.
• That's a big pivot for a company that always said it didn't want to have sports on the service.
• But the change makes sense: The reason to show sports is to sell ads. Netflix didn't use to be in the ad business — but now it is.

Netflix spent years telling everyone it had no interest in streaming sports.

But that was then. Now Netflix looks like it is close to a deal to stream two NFL games on Christmas Day, reports Puck's John Ourand, citing "a bevy of sources."

If that happens, it will mean the streamer would have exclusive access to the biggest sport in America, on a day when many Americans are dying to watch sports.

That's quite a move from a company that used to patiently explain, over and over, why having live sports didn't make any sense for them.

Ourand has plenty of caveats in his report about the deal not being done, along with more significant to-be-sures: "Netflix has a lot more questions than answers right now about its Christmas plan, from who will produce the games to how much it will pay."

Does that mean Netflix doesn't know how much it will pay for the games? Or that Ourand doesn't know how much Netflix will pay? Those are two very different ideas. Still, Ourand is a well-sourced, longtime sports rights pro, so his story is definitely worth taking seriously.

I took a quick spin through media sources Friday morning, and couldn't confirm the story myself, though some industry folks said they'd heard similar. The NFL declined to comment; Netflix didn't respond to a request for comment.

If the deal does happen, it will be easy to step back and see how Netflix got there.

In an earlier version of Netflix, the company's argument was that live sports didn't make much sense for Netflix, since Netflix was an on-demand service that didn't have ads, and the main reason networks paid huge premiums for live sports programming was that it was the one way to gather big TV audiences — where you could show them ads.

Then Netflix started to morph. First it found success showing sports-adjacent content, like the F1 "Drive to Survive" reality series. Much more important was a major pivot in 2022, when the company said it would start offering an ad-supported version of the service. At the same time, it started experimenting with live, one-off programming, like comedy specials and made-up sports tournaments; that same year, it had begun quietly bidding on actual sports events.

And earlier this year, Netflix got really, really close to actual sports programming by making a $5 billion deal to show pro wrestling worldwide. All of which makes a big deal, actual sports package now seem inevitable, instead of out of character.

Is this one actually going to happen? We may only have to wait a few days to find out. The NFL now plans on releasing details about its upcoming schedule on May 15 — which also happens to be the day Netflix will host its "upfront" event in New York, catered to advertisers. Maybe that's a coincidence. Maybe it's not, at all.

• A nonprofit that's gifted Columbia $86 million pulled funding last month, the NYT reports.
• Unlike outspoken billionaires, the Berrie Foundation exerted influence behind the scenes.
• Columbia said the move wouldn't impact patients at a diabetes lab and treatment center.

Yet another Columbia University mega-donor yanked funding from the school — this time behind the scenes.

The New York Times reports the Russell Berrie Foundation — named for the gift-and-greeting-card entrepreneur — suspended giving on April 26 in a move that cost Columbia tens of millions of dollars.

It stopped donations as protests surrounding the Israeli-Palestinian conflict raged across Columbia and other US college campuses.

A Columbia spokesperson told Business Insider it was grateful for the Berrie Foundation's "support of innumerable and impactful diabetes initiatives throughout the years," and was "committed to sustained, concrete action to make Columbia a community where antisemitism has no place and Jewish students feel safe."

The Berrie Foundation primarily gives to diabetes and Israel-related causes, according to its website.

The nonprofit has given $86 million to Columbia over more than two decades, according to the Times, underwriting both the Russ Berrie Medical Science Pavilion and Naomi Berrie Diabetes Center.

A university official told BI it does not anticipate disruption to patient care, and that president Minouche Shafik has been in communication with the foundation.

Unlike super-donors Patriots owner Robert Kraft and billionaire investor Leon Cooperman, who have made their opinions on the protests known, the Berrie Foundation has been waging its influence quietly, according to the Times.

This has included emails to school president Shafik and a meeting with her last November.

Angelica Berrie, the wife of the foundation's late founder, who serves as the president of its board, called the decision to pull funding "painful," the Times reported.

"We will watch and see whether their actions actually rectify the situation," she told the Times.

The Berrie Foundation did not immediately respond to a request for comment from Business Insider.

• Tesla's new update enables a hands-free trunk that opens when you stand behind it.
• The feature works on Model S and Model X made in 2021 and after, and the upgraded Model 3.
• Other changes include access to Zoom video calls using the interior cabin camera and a trip progress bar.

Tesla owners will now be able to load their cars with a bit more ease.

The EV giant released a series of updates on Friday, according to Not a Tesla App and it includes a hands-free automatic trunk that opens when you stand behind it.

Tesla's account on X, formerly Twitter, posted a video of the new feature in action on Thursday. The video shows a woman in a parking lot walking with a massive teddy bear. After a few seconds of the woman standing behind it, viewers can hear three chimes before the trunk opens.

The trunk software update works on the Model S and Model X made in 2021 and after, and the upgraded Model 3.

With the software update, if you stand behind the trunk with the Phone Key unobstructed, you'll hear chimes, and then your trunk will automatically open, according to the release notes.

Tesla owners must enable the feature in vehicle settings and ensure that phone settings allow for nearby interactions for the Tesla app.

So far, the update is only available to iPhone 11+ users with the Tesla app 4.3.0+. However, a future update will extend the feature to Android users, according to Not a Tesla App.

Another change in the software update allows owners to attend Zoom video calls from the car using the interior cabin camera. While you can only use the video feature if you're parked, you can still use the app with audio only during driving mode.

Tesla owners can also monitor their trip progress in a bar on their display screen, and preview a clip of the Sentry Mode recording on their phone if the alarm vehicle is triggered.