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Americans are eating less turkey, even as the birds keep getting bigger

Turkeys aren’t what they used to be. They’re huge now.

Hyunsoo Rim

Turkey season is back, and so is the price war for another inflation-squeezed Thanksgiving. Last month, Walmart rolled out its cheapest turkey deals since 2019, offering a complete 10-person holiday meal for under $40. Aldi announced a similar $40 package, while Kroger joined in with a meal bundle priced at under $4.75 per person.

So how are holiday meals staying cheap when everything else is going up?

Retailers seem happy to absorb much of the turkey costs — a classic “loss leader” to draw cost-conscious shoppers in — even as wholesale turkey prices are expected to rise 40% year over year in 2025, per the USDA. Part of that jump reflects a supply crunch, with production falling to a 40-year low amid an avian flu wave that’s wiped out more than 2.2 million birds this year.

Zooming out, however, America’s turkey problems started long before the latest outbreak — as consumers have been falling out of love with Thanksgiving’s favorite bird for decades. 

From the 1970s to the 1990s, turkey’s per-capita consumption in the US nearly doubled as it gained popularity as a lean, healthy alternative to red meat. But since its 1996 peak, consumption has dropped 25%, while chicken, pork, and beef have come to dominate Americans’ protein choices. With demand down — whether because turkey is just too hard to cook, too big for everyday meals, too tied to holiday nostalgia, or there are simply tastier cold cuts available —  production followed suit, largely flatlining for decades and slipping to a 30-year low last year.

Ironically, despite shrinking appetites, the birds themselves kept growing. The average turkey now weighs about 32 pounds, nearly double its size in 1960, per USDA data. Decades of selective breeding and artificial insemination created today’s “meatier” (and more profitable) bird, but they also produced an unintended side effect: the modern supersized turkey, which accounts for 99% of grocery store birds, is disease-prone, biologically fragile, and increasingly hard to breed.

A more exclusive turkey club

Between ever bigger birds and waning appetites, America’s turkey industry may be nearing a turning point. As Bloomberg’s Justin Fox pointed out, real (inflation-adjusted) turkey prices stopped falling in the 1990s — right when consumption peaked — suggesting that decades of efficiency gains may finally have run their course.

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Prediction markets give slight edge to Netflix in Warner Bros. battle after eventful week

The ongoing bidding war between Paramount and Netflix for the acquisition of Warner Bros. Discovery had some significant news this week that could change the outcome:  

  • Things kicked off Tuesday, when WBD said in a statement it would resume talks with Paramount Skydance to consider its best and final offer after Netflix allowed a seven-day waiver. The WBD board continues to “unanimously recommend” the merger with Netflix, while the streaming service will retain its rights to match or exceed any forthcoming offer from Paramount. The negotiation period ends on February 23.

  • IndieWire reporter Brian Welk talked to a few experts about whether the new developments bring clarity to the ongoing bidding war. One professor said without Paramount offering its “best and final offer,” the company loses credibility, while another professor said it makes Netflix look even more confident. 

  • Lightshed Partners analyst Richard Greenfield said on his podcast that Paramount will have to raise its offer to as high as $36 to $37 per share. (The company has stuck to $30.) In comparison, Netflix’s initial offer is for $27.75 a share to buy the studio and streaming service, while Paramount is bidding to buy the whole company. 

  • Semafor reported Thursday morning that some Democratic senators are “unhappy” with the fact that Paramount Skydance CEO David Ellison refused to attend a hearing two weeks ago, and could launch an investigation into the deal if they retake the Senate.

  • Meanwhile, Reuters reported that Netflix has “ample cash” and could increase its offer for WBD if Paramount beefs up its own offer, according to sources. 

  • Netflix co-CEO Ted Sarandos recently appeared on a recent episode of “The Town with Matthew Belloni” to reiterate that he doesn’t plan on ruining WBD’s theatrical business model and promised to keep the 45-day theatrical window for WBD films, which could appease opposition from theater owners.

  • Variety reported that there’s been a shift among WBD employees who now support Netflix’s acquisition, though there’s still some skepticism among others.

WBD shareholders are still set to vote on the proposed Netflix merger next month, on March 20. Despite the renewed talks with Parmount, as of Friday at 12:45 p.m. ET, prediction markets speculating on who will ultimately come out on top have recently flipped to give the edge back to Netflix, pricing in a 46% chance over Paramount’s 44% odds. 

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

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