how did viacom get here?get here from -- >> from the grace period when you were there. >> i think that, you know, i've got to say i've been gone for a while. a lot of my passion for the company has left. so i'm not really an insider. but you really have to be from another planet not to know some things. i think viacom got quite a bit more corporate. the culture that had been at the company, that had been so vibrant and profited was worn down gradually over time. i mean, litigation became a key tool at the top of that list would be a lawsuit that viacom launched famously against youtube for a billion dollars. a billion dollars, it turned heads everywhere in the digital world, at a time when viacom's competitors were learning. it froze viacom for years on the sidelines, unable to really make any digital moves. they suffered hugely in terms of their reputation. and at the end of the day, it was a total joke because they didn't get a nickel out of this. and probably spend tens and tens of millions of dollars over

we're watching viacom very closely.losing bell 27 minute away. >>> spacex conducts another successful launch but could it stick its fourth straight landing? what happened, after this. the difference is between tears and jeers. and donald trump telling republican leadership to get on board the trump train or zip it? two of our favorite former senators tell us if he can win without the gop elites. evan bayh and george lemieux up next. don't go away, the dow is up 104 now. n't have access to basic banking, but that is changing. at temenos, with the microsoft cloud, we can enable a banker to travel to the most remote locations with nothing but a phone and a tablet. everywhere where there's a phone, you have a bank. now a person is able to start a business, and employ somebody for the first time. the microsoft cloud helped us to bring banking to ten million people in just two years. it's transforming our world. the verizon win-win-win event is back with the iphone and ipad. win number one: you get america's largest, most rel

this would appear to be a good fresh step for viacom, a new viacom. >> you spoke to -- go ahead. >> iis going to be -- how this will translate in the courts. >> have you spoken to shari redstone, there's an allegation by salerno she's used by redstone. >> i haven't spoken to shari. i don't know anything about what's going on with shari and her dad. in a conversation a while ago she told me she was dealing with him. i didn't get specific information. i certainly got a sense he was aware of what was going on and not at the picture that had been painted by philippe. >> who do you think is calling the shots in this instance? >> i really don't know. i would like to think it's sumner. this would be in character, in line with the type of thing he would do, but i can't -- i don't even want to venture a guess who is calling the shots. >> yesterday during our interview you said dauman was not a good listener. he's not known to be a good listener. do you think he's been tone deaf at this point in terms of what his role at the company should be? do you think he should step down? >> well, i think

in terms of cbs and viacom, there's been speculation that moonves may not want to take on viacom.hannels aren't in vogue. many are declining. >> some cable channels are not in vogue. >> yeah, some. so a lot of things that we still don't know. more consolidation. >> david, thank you for your insights today. david lieberman, the executive editor of deadline hollywood. >> my pleasure. >> on the ongoing shakespearean story that is viacom. >>> next week's brexit vote? you may want to rethink that. mike santoli's story next. >> shanghai disney opens today. we're going to get a look at how this park could affect disney's bottom line coming up after this. >>> the british voters just one week away from voting whether or not to stay in the european union, and while they're deciding investors are placing big bets on different outcomes. mike, you've been looking at a few of the crowded trades, certainly shorting the british pound is one of them. >> exactly. so, look. crowded is in the eye of the beholder. sometimes it could be that the investors are getting the point. but i do think they have

. >>> and the war on viacom, and is there an end in sight?nd we will have an explanation of why the sumner redstone's latest move makes it a buy. >>> and the apple stock under pressure after reports that the iphone 6 was banned in beijing. we will separate fact from fiction, and next, it is coming up on the halftime report. the economy is growing, with creative new business incentives, the lowest taxes in decades, and new infrastructure for a new generation attracting the talent and companies of tomorrow. like in rochester, with world-class botox. and in buffalo, where medicine meets the future. let us help grow your company's tomorrow - today - at business.ny.gov [phone buzzing] some things are simply impossible to ignore. the strikingly designed lexus nx turbo and hybrid. the suv that dares to go beyond utility. this is the pursuit of perfection. they found out who's been who? cking into our network. guess. i don't know, some kids in a basement? you watch too many movies. who? a small business in china. a business? they work nine to five. t

>> well, you know, viacom trades at about eight times its e.p.s. that's below 12, 13, 14 for other major media companies. part of it is their performance over the past couple of years. but it's also sentiment. the sentiment on the stock is terrible. so i think that what you've seen over the past month or so, what you're going to continue to see, is sentiment improving on the stock. >> what do you think h? >> i think the next event is probably the -- this new board trying to oust felipe delmon as ceo of the company. it would appear that they have been talking to other new potential ceos. maybe they're farther along than we had expected. >> the story when it came out today was that those directors were out, including delmon, and they were going to delaware court to have that declared legal. you think maybe there's a second chapter to that? >> well, you know, the provision in the delaware court that is different from other courts, it allows the individuals here to seek validation from the court. so both the national amusements side and the viacom boar

would that make viacom -- >> viacom is too cheap in my opinion. i think you can buy viacom against the rest of the sglpace. >> time for the "final trade." >> uk stocks have been sideways. they certainly sold off. the ewu is the way to play the uk stocks. i think you let the currency adjust a little bit and then buy this after brexit. >> grasso? >> my "final trade" a couple of days ago, if you were lucky enough to be in it and take profits, no one's going to think poorly of you. with the west lake acquisition that they just made, i think that ups the valuation on olin. >> stick around for "options action" right after the break. we'll talk about a way to use the iwm, the russell 2000, as a portfolio protector. >> we've got great people. another one is leaving us. anna is leaving, going to california. >> congratulations! >> great job she does. good luck, anna. >> that will do it for us. more "fast money" on monday. "options action" starts right after this. at horrible smells are really good at hiding. oh, boy. there it is. ♪ ohh. ooh. [ gags ] so whe

i also want to look at viacom because of the breaking news we had.n the order off its session highs. but this is its biggest jump in about two months. investors are a little happier here because sumner redstone has decided he wants to remove five board members, including the ceo who has often been described as a renegade. fallingine sector across the board. 4%.ican airlines down by bank of america merrill lynch cut it earning estimates for the in higher airline industry. scarlet: thank you so much. marketlarge, the breathing a little easier today. close, looknto the at how the dow industrials are doing, making it the come back from earlier losses. steely.g in joe you have been talking to investors and traders and notice the tread of the dow coincides with another index looking at the u.k. leaving the european union. joe: that has been driving a lot of the action we have seen and the wake of the fed not giving much guidance. being tabled or postpone -- they have been did the campaign and that is something that has given u.s. equity investors a chance

our road map begins with viacom warning on q3.the board drama continues, we'll go live to paramount pictures for the future. and microsoft wasn't the only offer on the table for linkedin. how sales force missed out. viacom issuing a warning for the current warner. they cite weaker sales after redstone moved to oust five board members. this is a significant warning on estimates. >> yeah. they blame one movie. they claim the slate is going to be very good going forward. but they said the slate was going to be very good going backward. this is a company that's in disarray. if you buy the stock, it's a complete crap shoot. it's rare you are say do we know what's going on in the company? i think they don't. and i say in a vacuum, the stock's a poorer vacuum. i think you buy it because you get a bid but that's just reckless. >> they're looking at $1 to $1.05. the street was at $1.38. a lot of people come in say a nice base had been set on this name. >> yeah. i just look at this situation and i just think that this is such a poorly run c

go long™. ♪ ♪ ♪ liz: the viacom soap opera getting more wild by the minute. its current ceo, philippe dauman, is pushed out by sumner redstone, the man at the top, there have been other names that have been floated as possible replacements. these guys don't want it. we can put them up on the screen. charlie and i have already eliminated the possibilities for most of these people, jeffrey catsen burg, dreamworks. he's not going to do it. chase kerry, executive vice chair of 21st century fox. the decision may come down to a man whose name has not been put out there yet, tom dooley. now, dooley's been involved with viacom since 1980, but he is a very close confidant of philippe dauman. interestingingly, he was not one of the names sumner redstone tried to boot off the viacom board yesterday. so what are you saying this really means, liz? well, you know, back in march he resigned his contract, and in that contract it indicated -- and it may very well affect what's happening now -- was a provisioning that possibly -- provision that possibly makes him one of the mo

a lot of what is a viacom product is no one knows is a viacom product. >> sure. >> any time -- executives hate when you say i watch things for free at home because, oh, don't say that. but it's true. but i do need wifi and hence a call about charter going higher. this was on a call where city says charter has new growth after the time warner acquisition. so there are absolutely winners and losers here but viacom, unless you think that all of this is going to precipitate a sale, of which i don't know who would buy, wow. it's a great source of key words and search engines. and can we get some uniformity? this is a plea. i have a plea. can we just get one shot of sumner redstone? i have shots when he's 30, 60, 80. >> the one we just used looks nothing like -- >> we got to have one standard redstone shot. it's too hard. i would like to do a wall of redstone. right? well, here we go. we could go with that one. how about the younger one. >> sumner would probably prefer we use another one. >> oh, i like that one! that's a good redstone. that's an okay redstone. that's the good, the bad and the u

david: regaining control of viacom. who is running the company? vonnie: we are one hour to the close of trading. >> we're talking about the s&p of 1%.t losing down 2/10 the worst performer has seen the theaq 8/10 down -- seen nasdaq down 8/10 of 1%. the nasdaq holding near a four-week low. talking about tech, talking about health care. if you look at the function on the bloomberg, you can see that health care just leaving -- just leading that decline while tech is being led down by apple and some of its patent issues in china. we are seeing some weakness throughout the year in the sector. now that we have a potential brags it next week that could affect the industry, not to mention a sentence hearing on drug pricing next week. we are seeing some uncertainty growing in the sector. we are now seeing the dollar weakening for a third consecutive day and that is helping oil, paring some of its declines and oil reversing six days of losses to regain 3.9%. down for tenths of 1%. we have some speculation that the fed will only hike once more this year. >>

big changes coming at viacom.r redstone has moved five members from the board, including ceo philippe dauman. this is the result of the battle raging. these two men once they as these, but not anymore. lucas joins us from los angeles. why is this happening now and not six months ago? reporter: well, if you look at the way that national amusements has been, they have been very methodical. they have taken multiple steps to slowly cut philippe dauman and other board members, long-time allies of sumner redstone out of their lives. it all started about a month ago when they took philippe and george abrams off the board of national amusements and off a trust that will govern the redstone family's assets. since then, it has been a steady dribble of new statements. fighting back-and-forth in the press. this has been the big one that everybody has been waiting for, taking philippe off the board and changing the board such that national amusements has the vote to change management. cory: in terms of that, they own 80% of th

how much should viacom have, and how much is inevitable, because facebook is coming along, and viacomas not going to do that, and should they have done disney's playbook, and snap up marvel or lucas film? >> well, a lot of the acquisitions, and those are some of those across the board that you can go back to see the key ones. be but the key one is "the new york times" people used to talk about "the new york times" or the "l.a. times" or "washington post" should have created craigslist, and that ate away newspaper advertising and so on, and the same is for viacom, there was a big brew ha -- brouhaha about not creating face space, but they should have created myspace and facebook, and they didn't do that. the biggest mistake that the company did is that they never transitioned into digital in a way that made since for the young consumers today. >> and it is easy to say could have, would have, should have, nick, and now you have news that redstone himself is visiting the leaders of cbs, and paramount, and of course, those are the people who are not themselves in the headlines, but of cou

written consents to viacom that amended viacom's corporate bylaws effective immediately, that was juneirst reported it. there has been no challenge, a lot of challenges on various things but none to this as of yet from vie extra com's board of directors which stands in opposition to the controlling shareholder for whom they serve. >> a company will ultimately have underlying value but you wonder as a shareholder why would you bother when you have this situation so problematic. who is running the company? is he really clear in the mind? i'm not sure. i'm not convinced. >> no and obviously mr. dauman to your point and mr. abrams in their submission to a massachusetts court even spoke about dr. spar, saying it's materially contradicted by the stipulations made by defense counsel in a separate action in which they said he was a victim of impairment, mr. redstone and dementia was susceptible to undue influence. >> what if it is your baby? nobody lives forever. it must live beyond. >> the only word that comes to mind in this whole thing for me is internecy. you'll stab me, david, you'll stab

that's the new viacom board.in effect until we get the ruling from delaware. and then of course when they are seated as they are likely to be, as they are likely to be, then the question becomes who become the ceo, and frankly i believe it will be an interim ceo. >> one of these board members perhaps? >> yes, i think it's possible. it could even be -- here's speculation, i mean, would dooley, he's been the c.o.o., but would he take over at interim i don't know at this point. guys, the key question for many people is are they moving towards trying to put together once they have replaced these five directors with the asings of the delaware court, will they try to put cbs and viacom back together? >> that's what i keep hearing. >> i think that that is something that's got to be looked at very carefully. >> you do? >> yeah. i think that it is, again, the reporting is yet to be fully done. we're not down the road yet. but you have to consider that that is a strong possibility. let me leave it at that. >> but they do t

ashley: today the battle for viacom went from dramatic to bizarre. redstone has opted to go against the family and take the side of philip doleman and argue against the rston fami. she argued she is being manipulated to turn on the board. this is from karen's statement saying sherry and her family have managed to totally isolate and kidnap and brainwash and take advantage of my grandfather due to his debilitated state of mind and frail health. with us is charlie gasparino, this really is a soap opera and becoming more and more bizarre. >> this is a normal family! th. you think there is anything wrong with the family? ashley: money makes people do funny things. >> shari redstone is now -- ashley: the daughter. >> the daughter of sumner, the 20% owner of cbs and viacom via national holding he owns 80%, and what this presages is a battle between sherry and the board of directors to get rid of philippe dumond the head of viacom. she says she doesn't want to run it. ashley: she wants more control? >> i don't know, that's the one thing, they're not talking

want to move on to viacom as well. ousted viacom directors can remain in place, at least for now. the judge said the five directors removed, sumner redstone and the board of national amusements can stay until the final ruling on redstone's competence comes down. and the two sides have to determine what the view of their status quo is. what is the current board going to be able to do and not do. this sort of paralittic state remains in place. yesterday's hearing, which we don't have the full transcript of was one of scheduling, though we did get this from the judge, which was somewhat important, on the idea of rule 225 and his ruling on the consents and whether they are deemed to be correct, he said, listen, even though 225 cases are generally narrow in scope, the underlying issue of competency may well be relevant here. if it weren't proceeding elsewhere, it would be a legitimate issue. but i'm not going to wade into that terrain right now because it's pending elsewhere and i'm not going to duplicate that. there are questions of human dignity to a very elderly person. of course th

viacom hand been a bastion of transparency. the question is who is running the show? plus, all your calls. rapid fire in tonight's edition of the lightning round. and a look back at the week that was. so stick with cramer! ♪ using 60,000 points from my chase ink card i bought all the framework... wire... and plants needed to give my shop... a face... no one will forget. see what the power of points can do for your business. learn more at chase.com/ink every year, the amount of data your enterprise uses goes up. smart devices are up. cloud is up. analytics is up. seems like everything is up except your budget. introducing comcast business enterprise solutions. with a different kind of network that delivers the bandwidth you need without the high cost. because you can't build the business of tomorrow on the network of yesterday. >>> the fed telling us it is on hold when it comes to raising interest rates any time soon. and everybody is worried about what could happen overseas if britain votes to leave the eu. you need to be focused on the stocks' consistent companies. t

let's take a look at viacom.nts ago the company was forecasting earnings below analyst estimates. this is a midst of battle between the man who controls the company, sumner redstone -- this a battle between the man who controls the company, sumner redstone, and dauman, who is in the process of being removed by the board. "e company is blaming this on teenage mutant ninja turtles: out of the shadows," which did not do so well with moviegoers. european banks are rebounding. the rebound is gaining some steam compared with when we checked earlier. rising about to the highs of the -- session. succe we talked about gunmakers who tend to see a bump up in their stocks when you see these mass shootings on speculation that there will be some sort of increased regulation. smith and wesson is rising on earnings as well as speculation. earnings per share rose i-65 percent, beating estimates -- rose by 65%, beating estimates. that's causing the big bump up in the stock. it turns outahead, microsoft was not the only one. we wil

it matters a great deal to viacom's shareholders and viacom's board that sumner red stone lacked capacityo make governance changes. under the law the implications would be grave if a court would are ruled recent changes were infected by sharry red stone's undue influence and any improper acts allegedly. sumner red stone's name. any vote made under these circumstances would be meaningless and here's their key thing, individuals who have taken part in such a scheme could and should be ruled unfit to serve as trustees or board members. so jim, the latest back and forth makes it clear, of course, why national amusement feels they have every right to have done what they did and doesn't matter if you were to have reinstated abrams and dueman as they want to be and the hearing is tomorrow in massachusetts court on this very matter, we'll see what we get or whether we get a dismissal, and viacom says we're saying if you did all this and were deemed shari to be exerting undue influence you can't be a trustee and that's what we're going to rely on. it's a stretch but gets to the heart of the matter

but remember, he'd be running cbs and viacom. he's going to give up cbs to run viacom?> i wouldn't. are you kidding me? [laughter] liz: you know -- >> have you seen cbs' stock? liz: it looks very good. >> that's not a promotion. so that's where we are right now. again, miller, a former news corp. executive, ceo of aol. currently work ifs around if -- works for a firm run by shari redstone. the redstones have declined to comment, mr. miller did not return a phone call, but there you are. that's the sweet stakes. katzenburg, i'm hearing highly unlikely. no one really wants to get involved in what is obviously a mess. the fallback position would be someone they're working with right now. even though she says she's not running it, she is running it, and it would be this mr. miller. liz: nice work, charlie. >> thank you. all in a day's -- liz: i mean, it's important here. closing bell, nine minutes away. summer technically just two weeks away, but the heat is already on for you, the investor. i know you guys are looking to keep the sun sun shining on investments. market mast

the holding company is national amusement controls cbs and viacom. >> they have been removed from the trust which is big blow to the power inside the organization by sherry redstone. this is the interesting box philipe dauman finds himself in? he can sue sherry -- liz: we can take the steak and sex down that had to dot his caretaker said he was into steak and sex. >> that he was really incompetent. liz: this is the new twist. >> the new twist that dauman is saying sumner is incompetent and sherri redstone has the personal ven debt -- vendetta against him. it was only nine months the housekeeper that mentioned the steak and sex. liz: she was the girlfriend. >> girlfriend/housekeeper. liz, caregiver. not the housekeeper. >> when the lawsuit first came out, dauman came out and no, sumner is okay. he is with it. forget about steaks and sex. he is not doing so badly. he is competent. now in a matter of months he is doing a 180. shows you the box he is in. he will have to -- the legal team, sumner redstone's legal team release ad deposition today from anot

>> and when we come back, the drama at viacom continues.dstone pays a visit to paramount. >>> and also, the government officials are still trying to figure out how the russian hackers broke into the dnc. and we will talk to one of the stars of "veep" and our arrested development conversation with tony hale when squawk alley continues. incredible bladder protection in a pad this thin, i didn't... ...think it would work, but it does. it's called always discreet for bladder leaks, the super... ...absorbent core turns liquid to gel. i know i'm wearing it but no one else will. always discreet for bladder leaks. thank you. ordering chinese food is a very predictable experience. i order b14. i get b14. no surprises. buying business internet, on the other hand, can be a roller coaster white knuckle thrill ride. you're promised one speed. but do you consistently get it? you do with comcast business. it's reliable. just like kung pao fish. thank you, ping. reliably fast internet starts at $59.95 a month. comcast business. built for business. >>> in m

bought from the viacom shakeup.e sub and reporting on countdown to the closing bell at 3:00 p.m. we've got something so important. what is it right now? something fresh going on at this very moment. >> still the huge battle for control of the top of viacom. bran shorts broke the story yesterday about the board shakeup. here's what i cannot. the next ceo were pushed out, may have been decided. a lot of names have been floated, but there are unlikely choices so far. you've heard about peter german, having so much fun doing planet of the apes. making a lot of money, doing great. he's running dreamworks animation at the left would not make a lot of optic sense to move over to another big media giant. chase carey is one. the decision may come down to a man whose name is not really been out there yet. chief operating viacom, tom dooley. dooley has been involved in enough since 1980. by the way, he's been on the board for 16 years, longer than the current ceo has been on. he was not one of the names that sumner redstone an

, and now it is time to talk viacom. >> yes, thank you, carl.nd philippe the chairman of viecome speaking public ly for the first time since the controlli controlling owner redstone and his daughter. and this morning mr. dauman did not speak about the feud, itself, but he did talk in detail about the sale of a 49% stake in the studio. he said it would involve an investor coming in, and tax efficient, and the at a tributes of any party we are talking to is such that it will create more value operationally than if they were alone within viacom, and it would unlock what is $10 or more per viacom share if we with can bring it to the conclusion, and the big key there is "if" and given the bylaws set by the controlling entity would are require a deal with the paramount which includes a deal with sumner redstone and his daughter. and sumner redstone saying that he does not anything occurring with paramount, and mr. dauman's comment s th comments this morning may be one way for him to at least communicate with sherry redstone, and sumner redstone, becau

viacom. >> really. huh. >> part of that discussion was we know these names are cheap for a rb. why does this work. >> i saw the smirk on your face when he mentioned blackberry. you were thinking of me. >> i feel you. it is a great camera. >> it is. looking forward. 40 seconds left in the trading session because they took the other board down. the dow down 18 points. trying to crawl back all the way from a decline of 145 points on the open this morning. >> now the war of words between hillary clinton and donald trump is heath up. former massachusetts barney frank and larry kudlow coming up. >>> ed rensi will be coming up. will your business be ready when growth presents itself? our new cocktail bitters were doing well, but after one tradeshow, we took off. all i could think about was our deadlines racing towards us. a loan would take too long. we needed money, now. my amex card helped me buy the ingredients to fill the orders. opportunities don't wait around, so you have to be ready for them. find out how american express cards and services can help prepare you for growth at ope

viacom's board of directors vowing now to fight for control of the company. in a letter to shareholders, viacom's lead independent director said the board is preparing a legal battle in the event they are removed. there are reports last week that controlling shareholder sumner redstone, 93 and of indeterminate mental health, was considering just such a move. a spokesperson for him said he would act in the best interests of all shareholders. >>> still ahead, can cadillac overcome its challenges, become cool again, and keep pace with its rivals? >>> volkswagen is profitable again. the german ought toremaker proved it can still make money despite digging out from the diesel emissions scandal. results from audience and porsche helped offset its vw brand which is closely associated with the test rigging. the company says it's well-funded to teal with the costs of the recalls, fines and lawsuits. >>> cadillac may not be the first thing that comes to mind when you think of cool but the brand is trying to change that perception. and attract younger, helper buyers in

they say this is a power scheme by sherry redstone to get rid of them and control viacom and they are filing that suit. when we reported the story about the pending lawsuit some of the details were interesting. another intra-firing -- interesting theory about allegations about his mental capacity through his camp, he is mentally stable. others say no. from what i understand in this lawsuit, evidence that board members, the board will show independent directors that he is not mentally competent and essentially being prodded by his daughter to remove them so his daughter can control the company. advisors say that is not true. sharon redstone adamantly denies it, doesn't want to run the company but that is where we are right now. the lawsuit will be pretty interesting. >> we will follow that. >> smith & wesson reporting fourth-quarter results. let's go to lori, keeping their ion gun stocks. >> that is an important point. this is the fourth quarter ending in april but smith & wesson giving guidance, because of increased gun demand in the wake of the orlando massacre so 740 to $760 million

but we have breaking news on viacom. faber. >> david. >> it seems like every day at this time we get some new. this one is very interesting. it involves a change in the buy laws of viacom on national amusements that seemingly will make it much more difficult to get any deal involves paramount done. let me given you the specifics here. national amusements announcing today that as a majority of the viacom stock, of course, sumner redmond owns a share of it. it has delivered written consents. it's effective immediately in order to protect what they say. what they have done and this is kind of wacky stuff we're starting to see here. they have specifically changed the buy laws so that it requires that any sale or financial transaction affecting all or a portion of paramount pictures must be unanimously approved by the viacom board of directors. you may recall, of course, philippe dauman who has said they're in a process to sell what may be a minority stake in paramount that would then give effect to larger valuation overall f

looks like an entire board fired at viacom, charlie? >> more than that. what you have is philippe dauman the ceo fired today by sumner redstone or shari redstone, his daughter, depending who you believe here. interesting battle. the board knew this was coming down the pike. philippe dauman knew that as well. he was on the outs of shari redstone, trying to flex her muscles and take control of viacom and the holding company that controls viacom and cbs, they thought she was prodding her father to do this and she did it today. cheryl: does she want to run it? sorry to interrupt you. does she want to run it? >> i think you kind of got to let me finish. the facts are porn. what she did today is fired five independent directors, five directors including dauman which fires dauman as ceo. dauman and company are firing back. what we reported is we had a lawsuit prepared to enjoin her from doing, this they filed that today or filed imminently to prevent this, and here's the rub, depends who you talk to. shari redstone says she does not want to run the company. she

viacom shares jumping about 7% yesterday but they are still down 50% from their all-time high hit in march of 2014. nicole: two familiar names in beauty and cosmetic surgery and forces. revlon is eyeing its rival, elizabeth arden for $420 million in cash. the deal works out to $14 for each share. a 50% premium over yesterday's closing price. shares of elizabeth arden serving 48%. revlon says the combined company will have a presence in more markets worldwide get the deal comes months after revlon sergeant shareholder, ron perlman says he was peeking above putting the company up for a sale. lauren: chairman and ceo james crowe seldom one of the topics, the housing market and mortgage qualifications. >> qualification standards can be relaxed. one of the areas that has to be dealt with is the first-time buyer. the first-time buyer used to be 40% of new home buyers. it is now closer to 30%. what is going on? how many young people have a college dad? the college dad comes in front of the mortgage debt. how are they going to deal with that issue? lauren: you can see more at 8:00 p.m. easte

. >> all right, the "teenaged mutant teenaged turtles" is a d disappoint, and the viacom profits werepredictions were $11.38 and it is a controversy of the demandle deal delay, and does this give more fodder to shari redstone? philippe dauman and four other board members have been ousted, but a board in delaware has to approve it, and the ousted board members are saying we are still running the show, and they are asking the court to continue that for now, and they are arguing that shari redstone is manipulatinging her father, and they say that through national amu amusements she has changed the bylaws so that any decision on whether to sell paramount would are require unanimous board approval while the opposition is saying, hey, your father has to be able to vocallize his opinions on conference calls for that to happen, and it has not been happening, but perhaps the latest proof that the old board is still is the board, viacom has released a statement as the trash truck is coming by perhaps at a appropriate analogy here outside of paramount that the current board is approving paying t

redstone and his daughter shari are in favor of, namely making changes at viacom.re any of this matters. >> i don't even think there's a corporate analog. i mean, i'm thinking about unita and lpa during the great angolan civil war. >> i don't know what you're thinking of. >> the government which you were supposed to salute to. i mean, honestly, i think you have to go to geopolitical to find something this insane. i mean, honestly, who did you serve for in angola? i don't think there's a government. >> yeah, people are searching for historical parallels. >> in south carolina in 1861. >> and as salacious as it is and as much as they go back and forth, we're talking about two very large important media companies whose future certainly in play here. >> you don't know what you're working for. you don't know who's in control. >> you don't. >> alexander hague, i'm in control here. maybe it's one of those situations. alexander hague. >> saturday night massacre. >> yes. >> something like that. >> yes. out. >> out. >> we'll get cramer's mad dash and count down to the opening

it was april of 2015. >> want to switch gears quickly to viacom.we haven't talked about it this morning. they're up in that probate court in massachusetts. the analyst rich greenfield tweets 43 lawyers in small canton mass courtroom up from 23 in the initial hearing. >> 23 lawyers alone in that. >> viacom. >> in that courtroom. >> greenfield -- yeah, greenfield was talking about viacom/cbs and halftime. >> yeah, that seems to never go away. >> it won't go away. it won't go away. look at the lionsgate deal for starz and the multiple they're paying for no growth company really. >> right. >> doesn't make viacom look that bad. now that being the case, doesn't mean that viacom is ever going to get bought or be sold and it's not clear to me there's a buyer for that company in its entirety you will continue to hear cbs buying viacom, consolidating control of the national amusement run by leslie moon have overall and see if that comes. >> on the banks citi can sit there and -- >> as we approach the fourth of july holiday weekend we will discuss the busines

you remerge viacom and cnbc cbs, or cbs buying viacom. >> that's the most interesting one.adership, les moonves, everybody thinks he's the guy to turn both companies around, if you have to pick one guy, that's the guy to pick. >> les is more. >> les is more. >> interesting that paramount was at the center. >> and the guy who took over was martin davis. >> you're right, i did remember. i was -- what were you trying to say there, sonnenfeld? ed, jeff, thank you very much. stick around, folks. we have a big money trifecta coming your way. your best bets in bonds, stocks, and commodity looking at brexit. "power lunch" is back in two. the call just came in. she's about to arrive. and with her, a flood of potential patients. a deluge of digital records. x-rays, mris. all on account...of penelope. but with the help of at&t, and a network that scales up and down on-demand, this hospital can be ready. giving them the agility to be flexible & reliable. because no one knows & like at&t. >>> it's time for the "your business" entrepreneurs of the week. omar and camille brown knew nothin

francine, the new york gossip at the moment just on viacom? an important story because there are legal wranglings that make it more entertaining. this is a picture of the assets we are watching. a little bit more of a quiet day compared to the rest of the week, tom. global stocks seem to be rebounding from a week low. commodities also advancing. german bonds fall as demand for assets cool. brexit wasn on suspended for a second day. we are expecting it to resume with a different tone, possibly as soon as tomorrow. ♪ ♪ we are fortunate and you are fortunate. francine lacqua in london. tom keene in new york. stephen roach from yale university. dr. roche, you mentioned this, dare turn out with his book and write it up and project syndicate. this is blistering. the current official fiction however is that all dead will eventually be resold to private again, a realng public liability that must be repaid out of future, fiscal surplus. it must have no recognition that many debts, both public and private, since they cannot be repaid. dr. roach, from 20

the latest in the battle of viacom. what is happening there?inners and losers and the big media sector, viacom has emerged as a big loser. as you mentioned, the stock is down significantly. the fundamental issue there is both of the two big businesses are struggling. their cable business, nickelodeon and mtv, they has the declines over the last couple years, which has pressured the business. and then paramount studios has been on a losing streak over the last couple years. the this year, one of biggest movies to lead off the summer, "teenage mutant ninja turtles," that caused the company to cut its profits for the year. everywhere you look, there is fundamental problems and that is exacerbated by the turmoil with the executives. guy: is the top affecting the bottom? is it poorer market performance because of this? >> the poor performance of the company has given a lot of fuel to the critics of the board. had takenrry redstone the underperformance by the company as an opening for herself to come in and rearrange the board, the company that contr

brexit, bullard, viacom warnings all lead the headlines. our road map begins with viacom wa

>> we don't have an analyst that covers viacom. i now it's a board of director's nightmare right now. >> viacom is in the business of trying to make entertainment for the young. and the biggest thing coming from viacom is. >> squabble over a 93-year-old man controlling the company. everybody talks about it as a fixer-upper. i don't go to a 93-year-old to ask what kids are in to these days. melissa: you didn't see the sequel to "mutant ninja turtles"? reporter: two sides unable to agree on a distribution contract, and dish drops the nfl. is this two sides seeing who blinks first? >> our fundamental analysts have a neutral rating on dish. and this is one of the reasons. the royalty disputes with the nfl and the tribune and other people. and that's a red flag going forward. we have a market performer neutral rating on dish stock. >> who is the bigger loser? >> it's not both. it will be a fight over money. it will be short. dish will lose because no one cares about dish and everyone cares about the nfl. reporter: plus you can get nfl o

the surprise was tom dooley, the ceo of viacom.emaining on the board will only fuel speculation that he will be the next ceo, whether interim or full-time. cory: it's quite a story. this has been a deliberate, kind of slow-moving mess. reporter: and truth be told, these board members have not actually been replaced yet. philippe remains as ceo, the other four board remembers -- board members remain. this does not change until a delaware court decides if it is legal. that could be days, weeks until that happens. cory: lucas shaw, thank you very much. can voice in ai recognition change the app landscape? we will discuss the biggest headlines. ♪ >> you are watching "bloomberg west." director john brennan updated lawmakers on capitol hill today on the islamic state. brennan says they are working to the employee operatives for further attacks on the u.s., and they are relying on guerrilla style tactics for territory losses in iraq and syria. of americans view the republican party favorably, include -- according to a bloomberg politics p

viacom. and if you thought corporate earnings were becoming increasingly difficult to interpret, you are correct. shows that out of the s&p 500 only 29 companies, that's about 5.7%, exclusively used general accepting accounting principles. >>> okay. and the brexit vote took a big bite out of the banking center. dominic chu is joining us. >> $3 trillion of global market value erased in the wake of brexit last week. a trillion nearly a trillion of that according to s&p dow jones indices was in the s&p 500 companies alone. the second biggest in the s&p are the financials, the banks out there. look at the picture of the financials just over the course since thursday. we've seen about a 6% drop here in that financial sector overall. again, carries a lot of weight in the s&p 500. there are a number of reasons we see these things happening. look at those among the hardest hit. bank of america down 11% during that span here. citi group shares down 9%. goldman sachs down 7%. even a more centered u.s.

we have to keep an eye on viacom, shares down about 2% after a nice rally. this could go on for a while longer but i would direct people to the latest filing if you're interested in the blow by blow in that massachusetts probate court. >> that run to 44, david, that's the kind of enough run i hate. we were there was never anybody that was going to buy them. the cbs so-called merger talks. never got there. >> there's no -- first of all it is early days and nothing is going to happen until this is resolved and until the new directors that they -- national amusement has elected to the board take their seats and the new ceo whether interim or not is put in, then we can start to revisit or talk about the idea of will they try to put cbs and viacom back together. does that make sense. some say yes, some say no. and what else conceivably could come up. there's not an expectation, jim, you're going to see a buyer for either one of those assets other than them being together. >> i'm glad you put that out there. >> you have the paramount deal, which i've reported peop

sumner redstone to like or the borders ceo of viacom.will have that another wall street journal. you are watching "fbn:am," it your first look at money market and breaking news. nicole: good thursday morning. 5:45 a.m. here in new york here that they've caught up on what's happening now. chilling new details about omar mateen during the shooting rampage on sunday. he paused to make facebook post. he pledged allegiance to isis. congress is asking base but to reveal social media information. the egyptian government says search team for egypt air flight 804 has done the plane's wreckage. officials said the wreckage was found in several places that did not pacify parts or locations that were found. search crews are still looking for the claims but boxers. federal reserve keep it on change. they raised rates twice this year. janet yellen acknowledged a possible exit not to raise rates. we continue to see markets under pressure day after day. dow futures down 57 right now. s&p futures down seven. lauren: today's edition of "the wall street jou

her statement comes from a letter of viacom's six mountain environment.ast week, a spokesman for red deny stone said the media goal was considering ousting aman and the board of directors. >> well, you would have to study to better than expected billings, but by a smarter margin than in previous quarters. >>> under our most cutting of sales guidance for the year citing sports authority bankruptcy and lick dade. the athletic apparelmaker says it will only realize about .25% of the revenue and it will take a $23 million charge. >>> staples ceo will step down after the company's annual meeting on the she of june. the move comes three weeks after a federal judge ordered to halt the company's measure with office depot on antitrust concerns. sashlth will stay on as chairman until january. it's just about flat in the markets. >>> boyd gain sg selling its 50% stake in atlantic city each top casino. for $900 million. boyd will receive half of any future tax settlement mgm reaches with the town. the borgata has been the best performing casino since it opened. tivo

viacom's paramount sale hit the wall.tening to the for the films you will require the backing of his daughter shari redstone. nike plays hardball to keep exactly suing world indoor 800-meter champion after he agreed to a sponsorship deal with new balance. the law firm raises are starting dollars to $180,000. the 12.5% move is its first increase in nearly a decade and it could trigger a wave of copycat hype from the new york firm's competitors. the entrepreneur martin shkreli back and quarterback to resolve this yterday. the ceo wasted no time after his court appearance to brag about the hearing to some manhattan dunkin' donuts customers for live streaming on periscope good listen. >> i just came back from court. we are great. the judge slapped the government again. lauren: while he was in court to face no criminal charges against him, adam shapiro has story. reporter: good morning, nicole. good morning, boring. martin shkreli will return here in july 14th at 1:00 p.m. that is the date the judge is set for a hearing to det