katie: we are 30 minutes into the u.s. trading day. here are the top stories we are following. skydance closes and impairment, report of the region gave preliminary agreement to buy national amusements and merge with paramount. that is after talks between the two collapsed last month. checking on the hotel biz with larry cuculic. we will discuss the state of summer travel and the expansion plans. a new show. we are launching open interest on monday, live every day from

9:00 a.m. to 11:00 eastern. matt miller and sonali basak will join me with a sneak peek. ♪ i'm katie greifeld in the york. welcome to "bloomberg markets." you look at trading and it looks like the day before a holiday. s&p 500 not doing much. maybe a little higher if you're an optimist. the nasdaq 100 pretty much unchanged on the day. take a look at the bond market. you are seeing a rally. ten-year yields down about seven basis points. we are below 4.40. we have a lot of economic data, including some crossing the terminal right now. let's break it down with mike mckee. michael: a big miss for ism

services. it plunged the most in four years. 48.8. business activity and production absolutely falls off a cliff. 49.6. contraction. last month it was 61.2. that was a big jump from the 50's before in april. it is quite the plunge this month. you have to ask, what happened? new orders. employment, 46 .1 from 47.1. inventories, 42.9 from 52.1. prices paid does fall, 56.3 from 58.1. it is not a significant drop compared with what else we had seen here. a real fall off, especially in those indexes. the sub indexes. the new orders, employment and particularly business activity prices received as well.

everything slows down. along with the narrative that we have had from jobless claims and from adp, what we are looking for is more of a chance of a september rate cut. that's exactly what we've got. we have gone to a 73% chance of a september rate cut in the ois trading after this was released. we were heading that direction after jobless claims this morning but now we are really looking at the odds of a september rate cut improving. we will see what the fed minutes whether that continues. katie: we have that friday job report. you will be there to break down the numbers and give us some thoughts on whether those also aligned with that september rate cut. it seems like the bond market is betting on it. our thanks to michael mckee from washington. reports say film and tv producer skydance has agreed to a

merger with paramount. the stock soaring. i feel like we have been here before. what about this could be difference, this potential deal that could push it over the line? >> thank you so much, katie. this is deja vu again. we have seen some any twist and turns in this saga over the past few months. three weeks ago, the talks broke down. it looks like this time around what is different is you have a dollar amount that is slightly higher than when the talks broke down. it looks like skydance media will pay about $1.75 billion. there's a 45-day go shop period but what could be the dealmaker or breaker is we no longer require a shareholder approval vote. what sheri redstone wanted was a majority of the minority approval for the class a

shareholders. that was a nonstarter for sky dance --skydance media. it looks like there is much stronger indemnification language in the terms, which basically protects sheri redstone from a lot of pending lawsuits that could come if the deal goes through. this does favor her over the other shareholders. katie: obviously, the stock is rising. it seems like wall street seems to think this is a good idea, or at least a viable deal. i want to hear your opinion. do you think skydance is the proper partner for paramount? barbara ann: i think what we have realized -- geetha: we have realized that m&a is inevitable. we need some deal has to happen. as the sale process has played out publicly over the past six months, we have seen a destruction of value. the ceo fired. we have seen deal related expenses and employee morale

being destroyed. some deal needs to happen. i think why sheri redstone prefers skydance is skydance will keep the company intact versus selling off parts of the company. that is really important to her and for her father and family's legacy. that is why she might prefer it compared to other bidders like sony or apollo or combination. katie: we will see if this can get over the finish line. this has been a drawnout m&a process. geetha, thank you so much will let's take the conversation to the broader markets right now. we do that with barbara ann bernard, founder, ceo and cio at wintrust capital. -- wincrest capital. maybe not the best call in your opinion. what is your current view on inflation and it is inflationary trend we have been seeing?

barbara ann: growth is slowing. he had the pmi becoming the cpi. that is proof we will have slower growth and prices are starting to decline. ultimately, inflation is sticky and it impacts mindsets. we are seeing that not only in markets would also at the polls. katie: when you think about where we sit right now growth is slowing. it seems like the market is coalescing around a september rate cut. where do you stand on that and how much does it truly matter when you think about the trajectory of equities against the other factors out there? barbara ann: with equities at an all-time high we are saying growth is slowing and rates will come down. i don't like to take these bets. i like investing in things that are sure such as infrastructure. what i want to get to with inflation is how the ramifications impact psychology. what we have this week that will

-- is elections. during the pandemic i think the leaders of the developed countries looked like he was when the printed their way out of an economic crisis. the backlash of that was inflation and resentment today at the ballot box. i think that is much more interesting to focus on right now. katie: let's talk more about that. the election is more important than rate cuts. i talked to people who tell me the exact opposite. walk me through that call a little bit more. barbara ann: elections and democratic countries are not about the 1%. they are about the majority. with the majority is not telling you in the u.k. and the u.s. and in france right now is that they are not happy. anything would be better. they are moving far left, far right. an extreme move that has implications. markets discount future cash

flows, after-tax cash flows. if you look at the run-up in the u.s. market part of that is a higher likelihood of a trump win and what that would mean for the right-wing corporate tax policies, i.e., higher corporate margins. in the u.k. and france it will have the opposite impact. elections and policy matter. you see that in less developed countries such as mexico and panama this year. yesterday the newly appointed print, of panama give a speech where he suggested there's an environment of audit which gave hope for the panama mine being restarted. it's 5% of panama's gdp and employs 8000 people and supplies 1.5% of the world's copper inventory. being focused on policy and politics is certainly important and does make markets. katie: let's draw that out.

so far and it's early and of course a lot can change between now and november and the eventual presidency we do get but so far i have heard if we had trump retake office, that is bad for bonds and good for stocks. that's an over simple vacation but what are some of the themes you are thinking three when you consider the policy angle? barbara ann: it is different this time. we have more debt that we had when trump was in power last time and we are later along in the cycle. i don't have any control over that. what i have control over is the types of investments i can make. the biggest risk to markets is the debasement of monetary -- monetary debasement and inflation. assets that cannot be printed like infrastructure, that is where i have focused on returns. dinner world where i see higher

volatility and flows being concentrated in a passive manner inexpensive tech stocks i prefer the predictability of the cash flows and infrastructure. katie: i wanted to ask about equities. if you're focused on the real assets, commodities and the light, does that leave you underweight on things like equities, fixed income? barbara ann: it does. so much so that i much prefer being a price maker in the private markets than a price taker and the public equity markets now. what we did was took a portion of our fund's assets into a private stake in a private infrastructure developer where we could structure and finance projects where we have visibility on the cash flows and found that was a much safer bet. we like infrastructure because we think governments are broke. that is providing an opportunity for private capital to fill the

demand of these essential services of society. what you get with infrastructure is long-term ppa's, power purchasing agreements, we can build inflation, structure it so it is linked to inflation. you can set the offtake agreements of the currency of your choice. due to the permitting process the projects are characterized by large barriers to entry. monopoly-like characteristic, strong cash flows, double-digit operating margins. this is a much safer way to invest right now when markets are at all-time highs. my goodness. how did they push materially higher versus what could possibly go wrong? a lot can go wrong. the other thing i don't like about the private markets now -- the public markets is that all these assets are being invested in a passive way.

that creates a difficult setting for an active equity manager. what you want to do is not be in a market asset. if you look at infrastructure, you have all these megaphones who are competing -- mega funds who are competing with each other. they are all too big to write the first check for good projects. i can write that first check knowing i have a ton of buyers lined up who can't. that is a nice arbitrage. the other thing is i do the trajectory of rates lower and they have high capital requirements post the permitting process. i think of falling rate environment is going to be a tailwind for the projects as they get financed. that is my case for dodging the

public equity markets right now in favor of private markets where you have protect ability and the ability to structure investments in a way that limits your downside. katie: i feel like we are just getting started but we have to leave it there. we have to have you back to talk about the election and political risk and those private markets. our thanks to barbara ann bernard. coming up, athletic brewing is growing the top-selling nine echo beer in the u.s. we will speak to bill shufelt, the company's cofounder and ceo next. this is bloomberg. ♪

katie: athletic brewing is

tapping into a brand-new market, the craft brewing company and now the top nonalcoholic brewing company in the u.s. that rapid rise not slowing so far this year with sales rising 60% year to date. joining us now is bill shufelt, athletic brewing cofounder and ceo. pray to have you back on the show. tomorrow is july 4. i am psyched. it feels like an american tradition to have hot dogs and burgers and drink beer. i'm wondering how you are trying to seize on that moment and have people take a look at nonalcoholic beer as well. bill: absolutely. thank you for having you back and cheers to july 4-week. -- 4 week. nine of the 10 biggest beer weeks or through the summer. fourth of july week is over 40% bigger than the average beer week nationally. that does mean is bigger for nonalcoholic beer, too. it tends to pace with alcoholic

beer. i would love to issue a challenge anyone, any listeners this week to any cooler they are making or party they are hosting have one third on echo hot drinks. if a third is athletic beers, i would challenge anyone those be the first to be out of stock. the reason i'm confident in that would be that over 70% of people drink beer during fourth of july week. 60% of americans barely consume any alcohol at all. i would be excited to see the offerings. katie: the challenge is out there. make a third of your cooler nonalcoholic beer, specifically athletic brewing and it will be out first. hopefully we will have people writing in after the fact. you enjoy the top spot but when you think about how to continue the momentum, how important is it to get in physical shops and bars on the

menus so people actually try it? bill: all of the above. to ghost authenticity and investment. athletic authentically got the category going. the need for the products is out of my own lifestyle. we have invested probably by a factor of 10 more than anyone else into these categories, infrastructure the u.s. we built two enormous breweries and we announce another huge brewery acquisition where we'll invest in the california area again. that is to make really high quality totally differentiated nonalcoholic beer. the investment are not just in our facilities and quality. it's in the sales team on the street and marketing. we launched our biggest marketing campaign ever called ask for athletic, which brings awareness to the category. he was playing nationally through the nhl playoffs.

it is about the investment and awareness for the nonalcoholic category. we are excited about the future. katie: let's talk about the investment as it compares to the competitive landscape. this is something we talked about last time you are out. now you have some of these traditional beer makers coming up with their own versions of nonalcoholic beer. heineken 0.0 has climbed to popularity. how you continue to compete when you think about some of the heft and infrastructure some of those brands have? bill: it's great. i'm a total positive maker. it's about 1.5% of all beer and tracking towards 3% by the end of 2024. in our head we think is going well into the double digits. we are thinking positive. if you go back 10 years when i was working financed, there was not a single name to brent flagship beer in the nonalcoholic beer category. that led me to start athletic brewing. now we have the company of

heineken, guinness, corona. a number of great craft beers and the category now. athletic is the number one nine of the nationally. we are about 20 share of the category. the next is 15. athletic is bigger than that outside the top five, it's bigger than the next 100 brands combined. there are 37 new nonalcoholic brands. it's a nice breadth of offerings. the investment i spoke to earlier, athletic is driving over 33% of the category growth year to date. even well over 100 20 five brands are in the category. katie: i want to talk about expansion as it relates to new offerings. you have come out with new br ews. are you considering cocktails? there has been a lot of growth in that category as well. bill: we see a really long

multi-decade trend in nonalcoholic beer. health and wellness, better for you, moderation. in 25 years it will be much bigger than present. we are focused on the opportunity but excited for the whole category. if you look at the broader adult beverage category, it's probably double percent of every subcategory and there. blind, spirits, cocktails. i'm very excited for the developing of a whole category. over 100 brands are doing thoughtful things in the space. katie: have a great july 4. we hope to speak to you again soon. that is bill shufelt. we are launching open interest on monday. my coanchor's join me next for a sneak peek. this is bloomberg. ♪

katie: starting monday we are launching bloomberg open interest to deliver the market moving news you need to know to get the jumpstart on u.s. trading day. michael anchors matt miller and sonali basak are joining me now for a preview. before we get to the lineup let's talk about the vision here. this is something we have been working on and crafting for a while. it's about bringing the macro to the micro. matt: i want to talk to ceos. i want to find out how they run their businesses. i want to find out how they view the economy. it is so important to the broader markets. we can't just get data from the ism. we can't just get data from the bureau of labor and statistics. we need to get our own to maker on beige book and that is what we will do for two hours every day. matt: how it is filtering into the c-suite and the consumers

that actually byproducts. we have great people to kick us off on launch week. sonali: we have 90 clock a.m. sharp mike wilson to get us started. an equity focused show and we will start with a top equities guest. we have howard marks to provide some perspective. we have a lot of news given we are in the middle of election season. u.k., france, the united states as well. a lot of the guess next week will give us a ton of perspective on how to think about that volatility into the rest of the year. katie: political risk will be front and center. so will the fed. we have jerome powell in d.c. matt: the ceo of lamborghini. we have been talking about the consumer. the consumer makes of the lion's share of the economy. we know that right now the consumer in the lower couple of quintiles could be struggling but the wealthier consumer could also be struggling. that is the thing we are talking about with lamborghini's ceo,

the ducati ceo, porsche's ceo. katie: a lot to look forward to. our thanks to sonali basak and max miller. bloomberg open churches -- interest premieres monday at 9:00 a.m. eastern. this is bloomberg. ♪ the future is not just going to happen. you have to make it. and if you want a successful business, all it takes is an idea, and now becomes the future. a future where you grew a dream into a reality. it's waiting for you. mere minutes away. the future is nothing but power and it's all yours. the all new godaddy airo. get your business online in minutes with the power of ai.

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katie: aaa says 71 million americans will be traveling this weekend. we are joined by the bw h hotels president and ceo. bw h is the owner behind hotel brands such as best western, assure stay and world hotels. let's talk about the state of summer travel. clearly americans want to travel. it seems as we move past that

narrative of revenge travel. would you look out over the next few months, what you see? >> thank you and happy fourth of july, consistent with aaa's prediction of 71 million travelers traveling on the fourth of july week, we are seeing a strong demand by guests who want to travel. interestingly that 71 million in context is five .7 million over 2019 numbers. i don't call it revenge travel. i call it travel the people understand the importance of experiences and traveling. that's a lasting effect of what we experienced. katie: compare and contrast clearly travel demand is very robust. it seems you shake it off the pandemic and then some but how to occupancy levels at some of

your hotels compared to what we saw in 2019. larry: compared to 2019 we are far above those numbers in terms of revenue for -- per available room. we are tremendously strong leisure brand and as a result when we had a season like summer we see ourselves indexing several points above the industry across the most relevant segments, so compared to will call it history, rate is very strong and occupancy continues to grow. katie: you talk about the revenue per room. is that just your pricing going up rather than the volume of people booking? larry: i would say occupancy continues to grow. but the rates we are being able to charge and those are based upon the cost of operations and

inflation and the effect it has on hotel operations, rates will continue to grow but of course everything has a ceiling and we understand better than most brands because we pride ourselves on being a value brand to travelers who are traveling for experiences. family, retirees. we have 4200 plus hotels around the world and wherever someone wants to travel we have a hotel for that experience. katie: you have a unique view of that value conscious traveler. there is a ceiling here for this when it comes to rates and how high you can raise them. how close are you to that ceiling? we talk about the trade down across industries and how tired the consumer is. how much further can you raise prices here? larry: we are experiencing people who are willing to pay

for a quality stay for the amount they pay paid while we historically have been viewed as a public value brand we now have 18 brands across every segment from luxury down. we don't see people trading down. we see people wanting to have the experience they believe they are entitled to. so we are very proud of the fact we have a hotel for any type of occasion and any type as well because we want to make sure when we develop new hotels they will be successful in the market. katie: talking about travelers and summer travel which means vacations in a lot of cases but where are we on business travel for example? are you seeing that come back? larry: we absolutely are paired we are seeing a five-point lift in business travel and were also

seeing by something we consider very important are loyalty program growing year-over-year and best western dotcom is growing at an extensive rate of 6% year-over-year which is tremendously important because that's the loyalty gas to knows they're going to get the best available rate and be recognized as a loyalty member. the short answer to the question is yes business travel is coming back and so is leisure. >> you are pushing out internationally as well. you recently highlighted your growth ambitions when it comes to the middle east and imperious when you're evaluating markets to expand into, how much does geopolitics play on your mind and the risks associated there. >> of course is one of the many factors looking to gdp growth, you look at the politics of the location.

you look at the amount of business travelers want to go there because they are an exporter of goods into the united states. there are multiple factors we look at. the eagerness of developers and the availability of funds to develop new hotels. you mentioned the middle east we recently concluded our presence at the arabi and travel market where we executed agreements with eight new hotels and new residents. with over 4899 rooms. we see the middle east, saudi arabia in particular with those contracts is a tremendous growth market. i'd like to speak quickly about europe. europe is having a phenomenal summer season right now. they are up year-over-year across the year 15% pent-up travel there may be more pent-up

international travel where you have things like wimbledon and the olympics. you have historic locations throughout europe. and we have hotels and all those locations so for us to be up 15% in that continent is phenomenal. katie: we have to leave it there. really appreciate your time today. coming up, when will dealmaking return. ethan takes us through the factors driving m & a this year. this is bloomberg. ♪ did you ever worry we wouldn't get to enjoy this? [jeff laughs maniacally] (inner monologue) seriously, look at these guys. they are playing great. meanwhile, i'm on the green and all i can think about is all the green i'm spending on 3 kids in college. not to mention the kitchen remodel,

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ethan: this been -- we've did $104 billion of m&a in the first half of the year.

we have normalized the m&a market but why aren't we seeing more growth taking privates, there was an expression i heard a lot which is we can do this is a public company, we need to be private. we can do all the cost cuts or big investments in r&d, capex and marketing while we are public. because that meant we are having everything geared towards the next quarter and these kind of restructurings, big activities would mess up towards the next quarter. slowing up 1215 years ago a lot of activists started saying i'm investing in public companies i want you to act as if you are a private equity portfolio company. it was a very appealing and now more and more companies rather than just managing towards the next quarter i've a lot of clients putting out targets for

margins and revenues key metrics now. and then private equity comes in and says is not a lot of secret sauce we can add because these, these are acting as if the private equity portfolio companies now so they're fully priced and the markets appreciate that so we don't see as many take privates in that sense. there is still some boards and managements with the wherewithal to go this direction and then there somewhere investors confidence and then we have somewhere private equity investors it's time to flip but there's a lot of companies now that are fully priced because of that strategy. katie: i think about where we are when it comes to the public markets. record highs across the indexes. what i keep hearing is it's not a bubble because you are seeing the big levels of m&a, you're not seeing the ipo's at the peak of the market and they hear what you're saying the does a lot of

private companies out there but don't necessarily feel that pressure to go public because they want to do private company things but what do you think changes the dynamic where we see more activity to the public markets? ethan: we had a huge acceleration of private company going public during the covid era. a lot of those haven't panned out so great so the key now is profitability. you need more than just a charismatic ceo or founder and some high growth projections. i think the second half of the year especially some of my colleagues in silicon valley we have some nice profitable mature companies but will be going public so there will -- there is a nice pipeline that it is not gangbusters like we were before. as you alluded to when you're a private company life isn't so bad. if you look at the profile for a lot of these companies.

it doesn't look that different from a public company and we've got all sorts of techniques to enable the employees to monetize so that they get value for their equity or so they are not stuck with the sec changing the rules so you can have lots of holders without having to go public. david: it's not such a great life for a lot of partners getting a lot of money in private equity. they would like some of that back, where we see more transactions in the space within the private spear -- private sphere. ethan: we hear a lot about how there's tens of thousands of privately held portfolio companies and financial sponsors and for at least four or five years why aren't we -- why are they being sold. the private equity professionals are not in a cell prematurely unless they get the return they need to really get the personal

income they're going to get from this so they will be patient. strategic so the best buyers. because they have the best synergies and they are being selective because of regulatory issues. a lot of folks in every auction are now picking and choosing carefully. the other as we talked about, there's a lot of pressure being taken off because of secondary markets so you can have the fund managers borrowing on their whole portfolio and they're able to distribute out proceeds to the limited partners. there's a big market for them to sell their limited partnerships now. so a lot of pressure is taken off there as well. katie: i want to talk about how those deals are getting done. it feels like we've seen more cash deals, not as many deals done through data. i'm curious about this as well. ethan: the debt markets are back pay none of the reticence on

deals should be blamed on the debt markets. there's very healthy and nimble direct lending market. we have clients refinancing with direct lenders. the banks are back and they're in competition with the direct lenders so all of that is very hot so there is reluctance with interest rates in a situation where there's going to be limitations on the upside. but i don't think the debt is really the issue. there's also a lot of very cash-rich acquirers out there for whom it makes sense to do the synergy deals at a think we will see some nice ones in the second half of the year. >> glad you could make time for us. our thanks to ethan and david, who else we have on? david: ken jacobs of lazard with court decisions that is supposedly pro-business. he's not quite so sure. katie: some breaking news when

it comes to the race for the white house. the new york times reporting president biden has told a close ally he is weighing whether or not to continue running. this is a war in ukraine marches forward with the funding being supplied to the company in the u.s. in the lead up to the u.s. president election. presidential contender donald trump has repeatedly said he could end the war in "one day" if elected. annmarie hordern sat down with president zelenskyy for an exclusive interview. >> we've had agreements of cease fire and russia has been always killing our people. so only if it's some international forum in the presence of different countries, leaders who are trusted they might have different ideas or

different views on the stages, but we all have to be on the same side. we have to trust each other, trust is very important. this summit by the way has shown we can follow this plan over 100 countries today were talking about a nuclear security and energy security. so the cease-fire also needs a clear plan. we must understand russia will not be using the cease-fire to simply accumulate equipment on our territory that they've occupied because we will not be striking them. they can use that to create and then accuse us of breaking the cease-fire and start another invasion so it's really complicated for us. it would take significant loss

for us if they invade again as in the beginning when they have almost reached the capital city. and it would take a lot of equipment on belarus and they kept saying it's just exercise, no occupation it's just the training, it's just military games. i really don't to have this big trouble. we are at war already. we are giving the advantage to russia now. and it's important who will be responsible, which country will be responsible. it's easy to talk about cease fire but it's difficult to enforce it. it's very difficult to find

those who will respond. >> but we will see more calls for a cease-fire as the world leans to the right politically, potentially in the united states. you have said this war is dependent on u.s. aid. did you watch the presidential debate between joe biden and former president donald trump? >> first and foremost the cease-fire is an important element in any plan to finish the war so a cease-fire is not finishing the war. we've been there. it could just be a frozen conflict and it could be frozen on our territory and our people would be under occupation. this gives clear advantage to one side. it is easy to offer different proposals of cease fire's, it's

important to find an answer of what would come after. it's a matter of not just the victory, there are many people talking about cease fire, it's fine that people are talking about what would happen. for example what is the next step. what's the third step. what would be the step when putin breaks the cease-fire. after the cease-fire, a month after will he pull out the troops out of ukraine? who guarantees he will pull the troops out of the occupied territories. and there's silence. nobody has an answer. i'm not accusing i just want to explain we are at war so the debates. >> because the answer of how this might unravel will depend on who's at the head of the

table the united states. >> it might depend on who is the president of the u.s. yes. that's a fact. because the u.s. today are probably the most powerful player so whether they would be the international player or focus more on their internal politics. i cannot say. >> did you watch the debate? >> yes i watched the debate. first and foremost i would say maybe to be out of tune to what we see in the u.s. media. we watched. we are not electing a president so i did not look at the

incumbent president and the former president, i looked at them in terms of ukraine. >> president trump said he would end the war before he's elected paid what you think of that? >> let me be frank. the decision is on the u.s. public. but let me just have some reasoning. let us imagine that the winner might be trump in november. if he knows how to end the war he has a plan. me as the president of the country at war, not theoretical person, i would like to be prepared. we are a big country and we really depend on the aid from the world and the aid and the

position and the status of the u.s. so i want to understand what would it mean to finish the war fast tomorrow do we want the war to be over tomorrow. we didn't wanted to start because putin started it. if trump knows how to end this war, he should tell us today because if there are risks to ukraine's independence, if there are risks that we will lose the statehood, we want to be prepared for this, we want to understand whether in november we will have the powerful support of the u.s. or will we be all alone. katie: that was the ukrainian president volodymyr zelenskyy speaking exclusively with bloomberg's annmarie hordern. we want to bring you more from that breaking news, the new york

times reported that president biden reportedly told an ally he is weighing whether or not to continue in the race. this is one of the first indications biden is seriously continued -- considering whether he can recover after last week's debate performance. reportedly he told this ally he knows he may have to withdraw from his reelection campaign if he cannot sway public opinion in the coming days. this information comes from a person who spoke on the condition of remaining anonymous. using about president biden schedules in the coming days. he has interviewed schedule on friday with abc news. he has campaign stops in pencil test in pennsylvania and wisconsin. we will follow this story and bring you any updates we do have. take a look at these markets right now. the s&p 500 higher on the day. you take a look at the nasdaq 100. hires well with big tech the outperformer on the day we got

some economic data. the bond market is currently down to the tune of nine basis points. that does it for bloomberg markets. this is bloomberg. ♪

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>> in silicon valley and beyond this is bloomberg technology with caroline hyde and ed ludlow. caroline: i'm caroline hyde in new york. ed ludlow is off. paramount and sky dance reach a merger agreement after last month. coverage ahead for apple and openai to