here's what moffit wrote in an e-mail to one of our producers today. if at&t loses and speculation will start that at&t will try to buy dish instead and i think that's bananas, but i don't doubt the market would leave it, even if it was wrongcot buy stod would drop its pursuit of sky2 what could this mean for the media space? >> that was a bik for me not th terribly long ago i don't know how much upside i still see in disney. i think that espn did get the boost because of the potential of gambling and the rest of that i don't think that's going to save the espn, but it certainly helps and they'll still have to execute on the disney side. >> outside of dish iesn't make sense that it will be a bid the sector. >> dan saw interesting action in time warner today. >> the judge will rule on this next week. june 12th and ops volume and there's positioning on here and it's one and a half times average daily volume there was one tre that caught my eye when the stock was trading at 93.70 and it looked like a sale at 10,000 of the june 97 half call and when you do

that seems to be the central part of moffit's piece. >> rigorous. look at the thing.ead through all of it and i said jeez i didn't know. they talked about the cash flow they get from time warner being a drop in the bucket. >> yeah.at&t is a widely held sr heaven's sake. it's interesting the verizon is unscathed because people just don't think -- people think their cash flow is better. and that the dish -- the direct tv deal, david. >> direct tv deal, retrospect. many people said it was done to support the dividend because of the cash flows, but clearly you would not pay what at&t paid for that company a few years ago given the erosion of the sub base. >> no. >> and as we pointed out many times, they're replacing the higher paying subscribers with lower paying oner direct tv now ich is a very successful so far over the top service that at&t has raises the larger issue of everybody wants to get direct consumer and netflix model but are they going to get the netflix multiple >> they're not this is alsobout millennial's. the cord cutting what do millennial's do? they orde

for more, we have craig moffit, welcome to you, both craig, what do you think is going to happen first i think the market seems to be somewhere around 80/20 that at&t wins. i'm actually not as convinced. i think the theory of harm is actually an easier argument to make than some seem to suggest -- >> the consumer? >> that's right, and while i think it's fair to say that judge leon was not persuaded by the quantify, he does not care here's the theory, they get a distributor, reach a price for the e quikwiequal, and say it's charter cable, it's felt by losing subscribers to other distributors, the pain to the programmer is felt by lost affiliate fees in advertising. if you can make the argument that any nonzero number of customers that leave that distributor go to directv and, therefore, the cost of the blackout to at&t is lower, then the price, by definition, is a higher number. >> my head hurts a little. so you're saying that -- so is it because directv is national -- >> no, because if -- >> because at&t owns it, and although there's small market share, they get some of the value. >> t

, bru the -- but in the regulatory timing >> thank you for phoning in, i want to go to kreg craig moffit has been about an hour or so since a decision was unveiled and released with all of the stock movements happening alf hour session. >> let's think of it as a stone thrown in the bond and the ripples expanding beyond it, the first ripple is comcast, fox, and disney the only question now is does the bid come or does it wait until thursday that bidding war is a virtual certainty. beyond that though, if you take a step back and you think about what is happening in the media eco system more broadly, no withstanding the promises, ewe seeing the whole content world around a closed vertical system. where disney is talking about going direct to consumer, it's on content for it's own customers. comcast is working for the bidding of it's own. all of those systems have to be very, very large the bigger question here to me is not just the short term dominoes, but it is stepping back saying you're seeing the entire concept of the media ecosystem being rewritten. and in those systems, almost by defi

that is lower than moffit. >> i thought it was funny the verizon upgrade one of the reasons they gives the relative simplicity of the verizon story. as everybody else is just just embroiled in the massive games. >> it is brilliant it's understandable, verizon and they got rid of the stuff that wasn't any good that interview with ivan. >> yeah. >> verizon doesn't get talked about enough. >> thank you. >> he's incredible ivan is forever long long time ceo. lowell mcadam has been the relatively short time ceo seven years is going to be handing the reigns to mr. vestberg you're right it's a similar story in they want you focussed on 5g. that's where they're focussed. >> right. >> it would seem their fortunes are going to rise or fall on that bet. >> 5g i think a lot people have to be more worried than they are about what it is going to be by the way, the companies in the tech sector that are 5g are not doing well they're going down today is a weird day the individual stocks are down much less than the future supply but it's a long day. it's a very long day and we're going to start putting

. >> i didn't see the leases and all the other points that moffit brought. >> he uses a much higher debt level than randall stephenson uses. >> yeah. randall was on tv and he was very happy. >> yes. >> did you miss that >> i read the transcript. >> that's ic. >> on my vacation. i enjoyed it, too. >>> cramer's mad dash and the count down to the opening bell in a minute. more "squawk on the street" in a moment arnings season once again. >>yeah. lot of tech companies are reporting today. and, how's it looking? >>i don't know. there's so many opinions out there, it's hard to make sense of it all. well, victor, do you have something for him? >>check this out. td ameritrade aggratthsandofnis estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah, me too. wow, you really did a number on this thing. >>sorry about that. that's alright. i got a boof 'em. thousands of opinions. one estimate. the earnings tool from td ameritrade. with the new chase ink business unlimited card i get unlimited 1.5% cash back. it's so simple, i do

what you read what moffit said this week about the $28 and possible dividends 7%.hink the story is the debt load and whether the carrying costs of the acquisition. >> and you're saying how you treat the stock, at this point. >> i like verizon more for yield. i like t-mobile more for growth. i think that this one is just okay it's a bit of a bond that has a little more worry than the traditional bond no, i mean, i'm concerned about this deal. i think be careful what you wish for. they got it. but at the same time the core business is doing not well and that's what i focus on it's just a very difficult place to be right now. >> i don't know if you saw some of the comments earlier. we've been going back and forth about the fox transaction and what kind of price disney has to come back with and whether they actually have to match the $65 billion offer from comcast he suggested if it was an all-stock deal given the tax structure is it could be less. does that make sense >> i'm not buying that at all. index funds and they are going for a cash bid that is high. ve jim cra