will sky dance meant to buy out sherry redstone. we've got some key political notes for you before we get all the markets we want to understand what's happening out of washington. the new york times reporting president biden has told an ally he is wondering whether to continue running for president. joining us is the host of david -- host of wall street week, david westin. this does seem to be the first time we've heard from biden's team of this question. david: a new york times report that a close ally. we now have a spokesman for the white house saying the president is not considering withdrawing from the race at all but the report was a little more nuanced which is he knows he is in trouble and will have to do something to turn it around, and that shouldn't come as a big surprise that the president understands there's a problem. there were some democrat and does he not get it. now they're saying i get it there's a problem, the question is what can you do to turn his perception around after that unfortunate for him debate. carolin

basically sherry redstone saying she was uncomfortable with the deal. our sourcing a number of reasons pulling out at the last minute. look. it's hard to sell a company that you have bad starts and she sort of felt like the skydance team retraded the deal on her and asking her to take less money for nai and kicking some of that money to class b shareholders in order for this deal to be accepted both by sherry redstone voting control of the company and other common share holders could go through the process of suing her. why did she say yes now? we learned she is given more money for her stake and given some indemnification so if she is sued she may be more protected and maybe what she needed to get the deal across the line if the committee approves the deal which we should know sooner rather than later. >> i know you're on the phone. shari redstone will receive consideration of $1.75 billion and 15 bucks a share. 36 percent premium to yesterday's closing price. is that a good price for paramount? is that a good price for all of these assets? >> it depen

in the initial proposal, a lot of people felt like it was a good deal for sherry redstone but less good for other shareholders. that is one of the reasons why this has been drawn up. caroline: to be specific, non-redstone voting shareholders can get $23 a share. lucas shaw breaking it down. we are going to get into the nitty-gritty of ultimately why perhaps shareholders aren't buying this deal today. john kline. we can talk about the vision and the ai proposition and the technology in a moment, but i'm interested as to whether shares are selling off and perhaps why these nonvoting shareholders don't like it, don't think it will go through? >> there is all this uncertainty still. it has been a messy deal getting across the finish line. there is still a chance of another party coming in. they have a shopping period where, who knows? larry dillard could jump in or edward is said to be interested. uncertainty causes that sort of phenomenon. they have to make sure -- investors have to make sure this is going to happen. caroline: we continue to question from whether it will go through and ult

>> this came together after sherry redstone walked away with david ellison sky dance media and that -closure agreement have been signed. >> isn't it interesting that barry diller lost out when wanting to get some of these assets previously. there's talk about paramount plus being weaved into another streaming company as well. >> there is something very nostalgic about this i think for him. he did have dutch head paramount pictures so i'm sure, we heard a lot of talk about a joint venture on streaming. it will be interesting to see what he's gravitating towards. it's film and television so what's not to love. ed: i feel it we've been talking about this for a long time. i've lost track of who isn't who is not trying to buy paramount, who are the other players still in the race. >> byron allen has made a bid and been very vocal about that. we also have bain capital but also put in an offer. sony and apollo they've had to rethink their strategy. there's a lot of bids and i've been hearing sun valley next week the conference will be really pivotal on this. >> you poetically yourself said t

redstone receive a reduced consideration of $1.75 billion other financial terms include sky dance willand shares and $50 a share for $4.5 billion in 1.5 billion will go straight to paramount ailing balance sheet redstone killing the bid last month as it was nearing the finish line and sky dance asked her to take hundreds of million of dollars less than previously agreed i look at paramount stock this morning pre-market looks to be trading higher, this is a deal that we've been talking about for some time on-again off-again abl happened maybe it won't but it brings together new media streaming in old-fashioned films we talked about the godfather for paramount. cheryl: top gun. >> indiana jones, the yellowstone series, on and on. sky dance known for streaming the tom clancy was there on prime. cheryl: what you make of all of this is. >> what a mess. it's been a soap opera to jerry's point but it looks like she's going to basically have to take it. >> there is some value but it's gotten so bad that the ceo resigned with four directors several months ago and now they call it the office of

a key reversal from sherry redstone has made her not just amenable but essentially saying yes, to thatported on for many, many months and was worked on since really the beginning of january in a significant way that involves merging sky dance into paramount and red bird paying 15 bucks a share for 50% of the b shares and pay some 1.75 billion for the equity of national amusements, national amusements the holding company. they have a number of movie theatre circuits in there as well. but the voting stake in pair mound, it's the deal we've discussed for some time that i give the details on weeks ago but it unexpectedly fell apart at the last moment when sherry redstone decided she no longer wanted that deal, she changed her mind. why? my understanding, david ellison who runs sky dance is talking to her and her son tyler about the deal and perhaps it didn't hurt that they were willing -- or she was willing to accept and they were willing to offer another 100 million for the equity portion of nai and add 100 million because this had been a key point of contention to a fund essentially arou

. >> if you are talking about a major media deal, they're hard to get done, because you have sherry redstonee controlling shareholder. she would have to be open to breaking up her company or merging with a giant. simply bundling assets, that's a lot easier to do. so the question is whether paramount plus, which is almost sm smaller, it has hard times competing with netflix or disney. could they bundle with max and offer their services together or even to combine those streaming services? i think now in this moment paramount global is going at it alone, they need to figure out other options to make their streamer more competitive. >> fascinating. we'll see what the next twist brings. >>> coming up, amazon hovering around an all-time high as the ai projects are nearing an inflection point. the stock is maintained as a top pick, but one professor warns that ai, in general, is overhyped and its contribution to the country's gdp will be relatively small. >>> plus, the home builders getting hit with two big downgrades today. is this a sign of more softness to come in the second half? we'll ask a f

now all of those talks hulted ahead of paramount sherry redstone's deal talks with skydance. now these talks about buying just the b.e.t. asset restarted. all of this comes as paramount global works to cut costs and to drive towards profitability. we have reached out to paramount global and have not heard back yet. julia, over to you. >> thank you, julia boorstin. >>> new reports some investigating anti-trust around nvidia. we'll get the details in tech check when we return. ♪ (♪♪) (♪♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com >>> welcome back to "power lunch." nvidia is just the latest big tech company to attract the attention of european regulators. deirdre bosa looking at that in today's tech check. deirdre? >> hey, kelly. so nvidia's rise to not just the largest chi

just three weeks ago, this deal was completely struck down when sherry redstone walked away. thing we know about sherry redstone, is that she is completely unpredictable. jonathan: you say just three weeks ago. yesterday, barry was going in as well. what is going on? geetha: a whole lot of players on the scene here. we know as of yesterday that sky dance is back in the mix. of course, this was the one party negotiating very aggressively with the redstone family. again, that deal completely fell apart three weeks ago but in the meantime, there have been so many others that have expressed interest for natural amusements, the controlling shareholder in paramount. you mentioned barry dillard. he expressed interest. he is a huge digital media conglomerate. there are reports of others being interested in a hollywood financier. we do not know what is going on. there are all kinds of different dollar values here. in terms of sky dance, they have come back with $1.75 billion. that seems like it is slightly lower than where initial news reports picked them up, which is 2 billion, but w

redstone's position, too. >> the only deal that can be done quickly is if it's not for control.unt, and so if somebody is going to buy all of her stake, 75% of national amusements, that's a 12-month regulatory review, and that fcc might change in november depending on who wins the presidency. that could happen very happenidly over the course of the next few months. i think that's probably the most likely scenario. there's also this sort of, hey, did somebody take the entire thing and get the clock rolling. it probably gets approved quickly under a trump administration. maybe somebody does take a run at the whole thing. i think this is a pretty unique opportunity. you have got an asset, and she decided she wants to sell at least a meaningful chunk of national amusements, and you have the potential, the regulatory shift that could open up not just for paramount. fox did a deal with disney under the last trump administration. there will be so muchurgency and rush to do m&a if we have a shift in the administration, everything will be in play in the sector. >> they are playing us out