sumner redstone announcing five directors including none other than philippe dauman.om freson back with immediate reaction to the news. get this, an even bolder call to reveal right after this break. e working on a bust of reaction to the news. get this, an even bolder call to reveal right after this break. a. things really took off when i got my domain name headsofcheese.com from godaddy and now they're selling like hot cakes...made of cheese. got a crazy idea you think you can turn into a success? we know you can and we've got a domain for you. go you. godaddy. , the master of suspense and the macabre. i enjoy keeping people up at night. my analysis shows your stories are actually about human connection, even love. great storytelling needs drama and empathy. my cognitive apis can help any business better connect with its audience. you should try writing a book. find a remote hotel. bring the family. i do not think that is a good idea. bring th♪ fa"dinner!" "may i be excused?" get the new xfinity tv app and for the first time ever stream live tv, watch on demand, and

philippe remains as ceo, the other four board remembers -- board members remain.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 poll. lowest result for the gop since the start of the paul in september 2009. the democratic party is seen favorably by 49%. hillary clinton has won the endorsement of the afl-cio, the world's largest labor federation with 12.5 million members. the group had withheld its endorsement during the primaries when secretary clinton was challenged by bernie sanders.

philippe dauman, maybe he's good enough. that's the question shari should be asking.seen stocks trade up and down during the financial crisis. longer term, you're an investor, that's what you got to ask yourself and i think near term, the question, is i know i got to wrap it up, near term will be the alleged lawsuit, do they file it, stop this and how long does it go on, the impasse? liz: charlie gasparino, thank you, the news is jumping 6%. we're coming right back with sean o'haira with the greatest etfs and the worst etfs, stay tuned. .. [woodworker] i live in the fine details. that's why i run on quickbooks. i use the payments app to accept credit cards... ...and everything autosyncs. those sales prove my sustainable designs are better for the environment and my bottom line. that's how i own it. >> if the fed operates unchanged we have the uk and the e.u. battling it out for the vote next week. the president of pacer financial managers half $1 billion but has chosen to put it in six etfs. which is the best performer? >> p ghd is our global high dividend project. in

sumner redstone has moved five members from the board, including ceo philippe dauman.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 the stock. they have been charging in this direction, but we think this is -- reporter:

i don't think philippe is the right.manage the assets in a world where the competition is changing and they are losing their cache, and philippe does not have an answer for that. the board is acutely aware of this. philippe is going to have to perform or else, regardless of what happens, regardless of what sherry can do, he will lose his job. anna: thank you for being here. bill cohen. coming up on "bloomberg ," the largest money manager is saying enough is enough to illinois. they want to unite bond market access. ♪ anna: illinois state debt was downgraded by moody's last night. it is the lowest since 1992. it has operated without a budget or nearly a year. it still plans to tap the municipal bond market. in a rather remarkable step, it is telling bond buyers to continue denying illinois that bond access until he gets affairs in order. , thatlly they are saying is still investment grade rating the state has. technically you can go by their bonds. why are they doing this? reporter: if you don't have a budget for 11 m

. >> and sumner redstone is removing five directors of the board including philippe dauman.s with the latest. >> well, the hits just keep on coming. in part of a movie that came out of this studio attributed to its success. >> this is awesome. >> hang on, mikey. >> all right, the "teenaged mutant teenaged turtles" is a d disappoint, and the viacom profits were 1.05 and the predictions 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

. >> ceo philippe dauman fights to hang on to the redstone company helm.'t shed tears if he's ousted. he'll receive $80 million at the time of separation. the latest coming up. you're watching cnbc, first in business worldwide. i am benedict arnold, the infamous traitor. and i know a thing or two about trading. so i trade with e*trade, where true traders trade on a trademarked trade platform that has all the... get off the computer traitor! i won't. (cannon sound) mobility is very important to me. that's why i use e*trade mobile. it's on all my mobile devices, so it suits my mobile lifestyle and it keeps my investments fully mobile... even when i'm on the move. sign up at etrade.com and get up to six hundred dollars. >>> all right. 0 seconds. we're running a little bit late. let me get to the chart and show you what happened today. the dow up more than 200 points. it has slowly drifted south. the ten-year yield, let's see what it did as we have this risk-on day. yields were up and they stayed up to 1.67%. the dollar index was as we move to the close here l

philippe. pam and vicki. >> reporter: fire fighters wasted no time. you could smell the smoke from all over the city. and, the quick response helped save the homes in this neighborhood. nats- fire near power pole flames fanning along the open space above rankin park. the fire coming dangerously close to power lines and power poles. nats- fire truck arriving as the contra costa county fire protection district and cal fire responded on the gound. nats- and, with an air tanker above. nats- go get your shoes on neighbors like stacee lambert living on foster street, raced to get out their homes, because the flames were just feet away. sot- "look how close it is right there." at times visibility was a challenge. sot- "tremendous amount of smoke." sot- "i just noticed all the smoke and there was fire." >> reporter:the fire started at around four o'clock in the afternoon and with the help of cal fire's inmate handcrews. nats- hand crews. the five acre blaze was contained about an hour later. sot- "the fire's burning in a mixture of grass, brush and trees." >>

philippe dauman, i think, is gone no matter what.hink he's out. he's damaged goods. a lot of bad stuff. liz: a lot of money. >> he's out no matter what. now, with that being said, look at this chart. this is how much if dauman goes, if dooley goes -- dooley eventually goes, and how much legal expenses we're talking here given the fact that sumner is suing them, they're suing sumner -- meaning the board and fred soler know and the current management -- in delaware court, and the likelihood that both dauman and dooley are likely to leave, think about how much money this is going to cost the shareholders. 95 million for dauman, 63 million for dooley. and here is where it gets interesting depending on how long this thing lasts. if it's a protracted legal struggle and then they leave, legal expenses between $3-40 million. you are talking this whole thing, and we're being, i think, conservative herere is going to cost the viacom bottom line $200 million. now, we are talking -- some this is simple math. the legal expenses is something that

philippe martinez? pascal: i think the best is that there are no losers because it's best for the government not to withdraw its text, otherwise hollande would lose the rest of credibilitity he has and his credibility is very little and t's important that the c.g.t., also, we have already spoken about it because it's a need for the future of the trade unions and it is important also that they don't lose their leader. so maybe the solution would be not to withdraw the article two of the bill, which is the central content but maybe the government could accept some compromises about some odorous text of the bill. so every -- the government and the trade union and the c.g.t. could at the end -- yeah, show like winners or like half losers, i don't know. peter: we're talking about winners and allowsers. maybe it -- i'd like to -- losers. i'd like to ask this question. who are the winners and the losers in the grande nation? malte: could be. eople in principle support remplets. 70% or against the specific refo

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 says her father is competent enough to run the company. philippe dauman is saying in the lawsuit, she is actually prodding him to do that, to do this to get rid of them, she wants to control the company behind the scenes and that her fath

philippe: we have seen more sovereigns.arge corporate's, the hospital, structures, private mitigations, of course they open the door for bond issuance. tracy: thank you so much to philly. ippe. we have more bond issuance on the way. you heard it here. manus: tracy alloway with the very latest from abu dhabi, over at 80th securities. coming up on the show, oil at its highest level since last july. the industry data shows u.s. stockpiles, trimming the global glut. we look at the prospects for all. ♪ manus: welcome back. watching bloomberg markets, middle east. anthony to apollo and i are discussing oil a 10 month high. u.s. data is declining in terms of the industry trimming the global glut. as i asked him, $50? the is live. anthony: that is a great question he. n. it looks like prices, the markets feel comfortable with prices at this level. the issue that i think is pushing them, as you said, that decline in production. inventories will likely remain, because people know that those have to be purchased and gotten rid of. but

in antioch, philippe djegal, kron four news. >> alecia:also out of the east bay.ed to pittsburg city hall to sell their unwanted weapons. it was part of the gun buyback program for contra costa county. the buyback was anonymous and police officers did not check for warrants. the only thing people had to show, was proof of residency. inside some of the bins, were a number of fully automatic assault weapons. one man at the buyback felt those types of weapons need to be off the streets. >> alecia:gunowners received payment in the form of target giftcards. ranging anywhere from 50-350 dollars, depending on the type of gun and its condition. the pittsburg police department has had this gun buyback program for a couple of years now. each time, they have received about 300 weapons from people. >> alecia:in national news. as the devestation from the deadliest mass shooting in our nation's history still settles in.loved ones of the 49-victims are now saying their final fairwells. tearful embraces all through the day yesterday.during the funeral service for 21-year-old cory

philippe. 30 >> reporter: 3 a. of land were charred the a fire protection district responded to the the graph 1230 in the half and is in. and with help from neighboring agencies, had the flames under control 90 minutes later. no easy task for those on the front lines. as the triple digit heat was bearing down on them. sot- "anytime we're working in the heat, it definitely fatigues us a lot faster and cause dehydration. obviously, it affects your fire behavior too, adversely." in this case, no fire fighters were injured. but crews across the bay area are planning to stay busy in the coming months. not just on land, but in the water. with the heat, more people will be visiting lakes and rivers. and, fire agencies want people to do so safely. thursday night, water rescue crews had to pull stranded jet ski riders out of a river near antioch. over memorial day weekend, several bay area teens, including these two from pittsburg high school died from drowning incidents. the crowd >> reporter: it to be able to clear all th

kron-4's philippe djegal talked with a bay area civil rights attorney who believes. the system is "racist and sexist". >> reporter:wrongfully convicted as a rapist at 16-years of age back in 2002. former southern california football linebacker brian bank'' was eventually exonerated of the charges after the victim was recorded admitting her allegations were false. but not before banks spent five years in prision for a rape he didn't committ. banks says becoming a free man again was an amazing moment in his life. sot- "it was also bittersweet to see that it took an entire 10 years of my life in order for someone to listen to the truth." so, when he learned about brock turner's case at stanford univeristy. and, how he was sentenced to six months of jail time for a crime he actually comitted. sot- "i was disgusted. plain and simple -- appalled." banks says he feels especially bad for the victim in this case. sot- "it definitely boils down to privilege, but i think its different facets of privilege. it's not just privilege by race, it also privilege by money." >> reporter

they've ousted the five directors including ceo philippe dauman.hey have gone to delaware court to have that declared league and this is what the company said, because of public statements by the existing directors that they would challenge any removals and to maintain stability until those issues are resolved. national amusements filed paperwork to affirm the validity of their actions. we'll keep you posted. the stock is up almost 5.5%. bill and sara, back to you. >> we'll keep an eye on that. >>> the sector, worst performer this year. former wells fargo's dick kovacevich. listen to what's happening. >> it's increasing. of course, they don't add anything to revenue, and so they have to cut costs or profits are going to go down. what should happen is the industry will need to consolidate, and the only reason it isn't consolidating is the regulators don't want that to happen. if it was a normal situation, you'd find the banks being acquired. they need to advertise that over a bigger customer base. >> let's talk about thachlt joining me to debate whe

live in san leandro, philippe djegal, kron four news. >> pam:students at stanford are being warned about a prowler. after two women reported waking up at night. to a stranger standing over their beds. this is the sketch police have released. it is all they have on the suspect at this point. authorities are turning to the public for help. in locating and identifying this man. >> pam:he is described as a hispanic. between 18 -and 30- years old. he was last seen running from a victim's home on campus drive. >> pam:the university is warning students to take extra precaution. by making sure all windows and doors are locked. anyone with information on the suspect is asked to contact police. >> brittney: temperatures are in the los 70 nfl. 61 in san francisco. here is a look at the west see in livermore, breezy conditions and half moon bay as well. >> brittney: we still have this area of low pressure to the north of us. but, there is no rainfall expected. we see a lot of sunshine and dry conditions. >> brittney: a little bit of cloudiness for livermore. again, as to get into the afternoon that

--san francisco >> vicki:thank you philippe >> reporter:a health alert for people attending pride this weekend. san francisco health officials are urging gay and bisexual men to get vaccinated for meningitis. >> reporter:the warning comes after officials confirmed nine people in los angeles and orange counties tested positive for the bacterial disease.one person has died. meningitis is typyically spread through nose and throat secretions. officials say sharing cigarettes and other smoking devices is among the easiest ways the disease is spread. >> reporter:vicki? >> vicki:hundreds of thousands of people are expected to spend the weekend in san francisco for the city's annual pride festivities as kron-4's dan kerman tells us. this year security will be tighter than ever following the massacre at a gay club in orlando two weeks ago >> reporter: this year added security measures which mean banks are the scars and those that are brought must not be large for the 18 by 18 in. and that is not all. >> will have metal detectors as well as police and security and plain clothing and uniform. >>

turning and the company cutting the reports as redstone is calling for more calls to remove ceo philippeauman, and then he upgraded the guidance right after this. >> and thanks for having us, scott. this is a fascinating situation. >> and yes, this is moments after the board up heel, you put a buy on the stock for the first time in a couple of years and why? >> we have been waiting for clear and decisive action, and that is what we are getting now, and really, philippe dauman cannot win, and the current board cannot win. whether or not the lawsuits in massachusetts or even now the one filed in delaware prove successful, the reality is that the sumner redstone trust which controls national amusement that if he is incapacitated the vote is going to go to same way, and whether philippe dauman and viacom wins the lawsuit, it is going to end the same thing, the board and the management team are getting fired like it or not. >> and for argument sake that mr. dauman remains the ceo, and in question as to whether he is going to be staying in that job. and if in fact, he does for longer than you

-- loud >> grant:kron 4's philippe djegal is live at oracle tonight with more. philippe? >> reporter: guys, and not much has changed since last season at the same day, cavaliers and the warriors set it off. the warriors were able to capture the championship and 40 paniers. you concede that they are starting to pile in here. it is going to beat pat. with a lot of fans hoping for a rebound performance. they are expecting more people here tonight. --to capture the championship. >> reporter: curry has not been himself in the play offs. at bogut is out with injuries. many fans, say that they are not nervous. >> we have to step up. that is what it is. duck nation all of the way. --dubs >> we have faith. we can do all things. that is what terisa says. that is what i say. --that is what curry says... that is what i say. >> mark: but >> reporter: would like an oral or reno, the lead dissolve. -- live in oracle arena is the lead--phillipe djal >> vicki:to our wildfire coverage now: crews in southern california are battling the "sherpa fire." this is in santa barbara county. >> vick

in suisun city, philippe djegal, kron four news. >> marty:it is win or go home for the san jose sharks. they take on the pittsburgh penguins in another elimination game tonight. these are highlights from game five of the stanley cup final. where the sharks beat the penguins 4-2 in pittsburgh. joe pavelski sealed the deal with a goal in the third period. he leads the n-h-l in playoff goals with 14. the sharks now trail in the series 3-2, and a win tonight would force a game seven. puck drop is set for 5:00 at the s-a-p center. coming up. an east bay teenager is reunited with his puppy after she was stolen from him at gunpoint. we talked with the boy, and he tells us about the frightening encounter. plus. after making history and clinching her party's nomination, hillary clinton is shifting her focus to the general election and donald trump. a look at where things stand in the race for the white house is up ahead. and for your money. planning a summer road trip? we have good news for your wallet. we'll explain next on kron. >> marty:for your money:. here are the stories from the week --

kron four's philippe djegal joins us live near the fire line, where tonight.

philippe dauman could be on the verge of losing his seat as ceo, although he's holding on tight, andng list of replacement candidates. peter chernin, formerly of 20th century fox, jeffrey catsen bigger and -- catsen burg and les moonves. charlie's going to add one more name to that list. >> it's mr. miller, a private equity firm run by shari redstone, and he used to work for news corp.. he's been around media, particularly digital media, and that's the name we are hearing would be what has been termed to me as a fallback candidate. now, here's why. let's go through some of these banners i have here just so we can hit the news. many media executives from what we're hearing, i'm hearing this from senior people in the media industry, many are balking at replacing draw marne. they're being -- dauman. they're saying no way because the rift has gotten so nasty, and they really wouldn't be in control, as you know. shari -- liz: oh, that's key. >> and sumner to whatever extent he's in control, would be in control. what i'm hearing is that catsen burg has indicated he is not, not interested i

before that, they took steps to make sure that they can't sell a stake in paramount as current ceo philippeellmon want wanted, and we talked with faber and cramer this morning about to a lack ri -- alacrity of which redstone is working? >> well, everybody has a clock ticking in his or her head to establish on the portal or refute the claims of confidence, and also to tlart the process from the sherry redstone side which is a seemingly maneuver on the viacom management to get some value attached to the business and not necessarily be at the whim of the other process with redstone. >> thoughts out there? kayla, i will let you get the ball rolling through viacom, because we are seeing it are through the east coast lenses over here. >> well, as mike is referencing the clock ticking, before it was all of the minutia of the trust and who got what and the bylaws, but reuters today takes a step at the potential successors for delman, and if he gets remove and would cbs and viacom rejoin and the band get back together, and dennis, that is a deal from the days of yore. i don't know how you think that

but according to philippe martinez, he says that will equal social dumping.e says he does not agree with that bill, and that he will call on french youth, on the unemployed, on the elderly people to come and protest tomorrow, but not only tomorrow. there is another protest that has been planned on the 28th of june, and that is been allowed by the french government, we hear. genie: these protests have been going on for weeks. are they anywhere near dying down? the protests actually started more than three month ago, genie. do not seem to want to back down anytime soon. the bill is supposed to go to the senate next week, and it is supposed to come back to the national assembly on the fifth of july, and they're proposing to turn that bill into law by mid-july. but the protesters, the trade unions that we spoke to this morning, said that they are determined to make the government back down. they say that the violence has nothing to do with them, that it is only a group of troublemakers who actually come and kidnap, take hold of their march and break down shop win

abrams and philippe. you then go to amusements, get rid of directors and put your allies in.ad to understand that that was part of the process. now the question is, how do -- what do you do? >> wait a minute. he wants to make a point. >> no, that's it. >> if that's the case, why aren't you -- why are saying you don't philippe spending your money to be blocking this? because this was baked in the cake from the beginning. >> it's background media noise. >> because you don't know how the courts are going to rule. >> exactly. we have a process. you want alibaba is coming in -- >> now you're suggesting, stealing -- >> here. have a cup of tea. let's calm down and keep calm and carry on. >> no, no. that's not tea. it's whatever they gave me. >> what are you drinking? >> i have no idea. >> it's ice water. so you're saying the courts are going to decide this. you want to see them decide hit quickly more than slowly. >> yes. unlike brexit they do two or three years. hopefully this will be resolved in here. and it is an important part of the process from my client's point of view. what

and i'm not at all endorsing the job philippe demon has done.nd i don't think he's positioning the company for a digital media future for example. on the other hand you could argue what would a new ceo do? you could argue they need someone more operational to reinvigorate the programming more quick. but i'm of the view that advertising is negative. affiliate views are negative. margins are compressing. almost i hate to invoke yahoo and marissa mayer butter inheriting a tough deck of cards to play at the poker table. >> when you hear about reproducing cbs and via com back together again. does that make sense? >> for via com. cbs i think you have a very nimble company. where it is one must have broadcast network and showtime and you can go direct to consumer. via com you are salddled with 2 networks and a bundle. so why would they want to saddle themselves with that much freight and that much weight? >> i think the opposite argument was made when the two were split up. that cbs was going to be the old company, slow growth and via com had all the p

tome, arguably, these moves remove the board of directors and potentially remove philippe dauman as the the company to make. viacom has struggled. you can make an argument that this is the right thing to do. under the subterfuge and question marks about who is doing this, is it sumner, is it shari, the right moves maybe mean made -- being made in a way that's uncomfortable. david:hat's what is -- that's what is so unique. you have courtroom struggles. i don't remember a circumstance -- i think shari redstone, his daughter, is doing all the talking. that have to be resolved in the courts. alex: it's a weird situation where you have someone who is still in control, but who is not capable of speaking. some of the viacom directors who are being asked to leave want to see wu -- sumner face-to-face. alix: viacom was in trouble before any of this happened. the idea that companies are finding increasingly difficult to find that organic growth -- some wind up paying really high prices for that. troy: the problem for investors is it's very hard to figure out exactly what's going on beneath the ho

philippe and tom both left the company around 2002 form a firm together.oined atike they are the hip, except in this case national amusements only booted one of them off. scarlet: i think a lot of people assume sherry redstone is behind these moves. what is the number one problem hat viacom faces? >> the cable networks. for all the drama, this is a company that got to be as big as it is and then as successful as it has been because it has one of the strong brands -- because it has the strong brands, nickelodeon, and so on. their performance has fallen. the leadership has stopped pretending all things are rosy. they brought in new leadership to try and reinvigorate the brand. teenagers are spending a lot more time on youtube, on social media, on other devices. to spendnvinces them more time with cable networks. scarlet: national amusements control cbs as well. do we know if cbs has a little bit of unsettling drama as well? test: the assumption is cbs is stable. they have executed very effectively over the past several years. not been criticized publicly. th

. - [philippe] join me, philippe cousteau, as we venture to four different places where tides make aday, our oceans rise and fall,

philippe dauman, viacom. except her going the other. stop me when i'm oversimply fig.ese moves today, are they perceived then as sharrie redstone trying to move in her own way and move power away from, you know, the current leadership there? >> of course, what sharrie redstone would say is this is not me doing this, but this is my father, sumner redstone, and they would refer you to drchl spar which was issued on friday at least when i read it which indicates in the opinion of this gentleman, the psychiatrist, that sumner redstone is capable of making these decisions. but, yes, its is clearly saying to the board of viacom right now, it's saying we're in charge and we're going to do what we need to do. one of the key points of contention between the two has been the potential sale of the minority stake in paramount, sumner redstone and shar are redstone. clearly sending the message that says we don't want you do anything there potentially, at least as long as we need to agree to anything that's done. as i've said many times, this is stilt not the final shot. that will h

redstone wrote i no longer trust philippe or those support him.he board are ignoring his wishes and he doesn't think they are acting in the best interest of shareholders. citing the decision to sale stake in paramount pictures and via com shares are down 36% the past year. former ceo tom preston also had harsh words for management in an interview on cnbc's fast money last night. >> the whole soap opera versus the redstone and the women and the lawsuit i think has been a side show compared to the real story which is the fall of via com from grace over the years that have been really one of the leading television networking companies in the business and now it's fallen to a level below really any of his its peers on almost any metric plagued by all times trieps of problems. >> redstone is never one to want to sell anything. while known has floated the idea he couldn't take the ceo job if asked. in the meantime let's get back to this mornings's market moves. dependingen what you think happened yesterday and what may -- brexit joining right now is. yo

nicole: sumner redstone removing five directors including ceo philippe dumont's legal battle continuese of the directors criticizing redstone's daughter, sherry, claiming she is manipulating her father in a day to control his empire. shares jumped about 7% yesterday that they are down 50% from their all-time high hit back in march of 2014. lauren: to send an instant reading cosmetic surgery versus paragraph 1 by elizabeth arden for cash. the deal works out to $14 for each elizabeth arden shaler. a 50% premium over yesterday's price. shares are staring 48%. revlon says the company will have a presence in more markets worldwide. the deal comes the dr. revlon sergey shareholder said he was thinking about putting the company up for sale. nicole: joan rivers.her voice assured her private possessions of the road to legendary comedian for state will be sold to raise money for charity. the online action takes place for items today while i live auction will take his next week for others. the private collection includes her handbags, furniture and costume jewelry. bidding starts as low as $200 r

it means effectively philippe dumont will be out as ceo, crossing right now, the board members are fighting back as foxbusiness was first to report, these independent directors will sue in delaware to prevent the removed from viacom. independent directors, a removal of them perpetrated by sherry redstone, summer redstone's daughter for viacom and she is doing it, prodding her father who is mentally incapacitated to make such a move. it is a brazen and demonstratively invalid steam to get rid of them, duly appointed board members voted on by shareholders and the like. 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 h

redstone writing i no longer trust philippe or those who support him.n't think they are aking in the best interest of shareholders. and the decision to sell stake in paramount pictures as well as via com's stock performance --. redstone's e-mail as former via com ceo tom preston who was ousted a decade ago also had harsh words for management in the interview on cnbc's fast money. >> the whole soap opera has been a side show compared to the real story, which has been the fall of via com from grace essentially over the last several years. have been really one of the leading television networking companies in the business. and now its fall on the a level below really any of its peers almost any metric. plagued by all types of problems, including creative departures. >> redstone is never one to want to sell anything. and while no one's floated the idea he would not take the ceo job if asked. >> thank you very much for that. and still o come heen orren "worldwide exchange." just one week left to go in the britain goes to the polls on whether to leave the eu.

including ceo philippe domen from the board. the move could be a prelude to a shake up of the company. >>> oracle reported higher than expected quarter revenue. shares of the company rose almost 4% in extended trading. shares of firearm make smith and wesson surged on thursday after a strong quarterly report. shares of smith and wesson have surged almost 40% in the past year, partly because of mass shootings. including one in san bernardino california that increased calls for gun control. and in the another sector cosmetics maker rev lon has agreed to buy elizabeth ar arden. the deal will help the companies take on rivals e stay lauder and lawyerial. shares rose on thursday. >>> foreign exchange markets. sterling has been mostly higher in the session on a perceived boost for the campaign in favor of remaining in the eu following the news that british labor mp jo cox was killed. you can see up .6%. equity markets have been also trading higher on the day. 1 plus percent on the ftsi and the dax. the telemarket ahead 2.5%. 400 plus

>>reporter: philippe djegal kron 4 news. >> if you would like to read all of the letters, including the one written by the victim they are all posted at kron4.com. >>> only on kron 4, we hear from a man who says he came face-to-face with the woman, moments after she stabbed a child. >> he describes in detail how he got the woman to drop the weapon. we told you about this earlier in the week, the child was in a wells fargo bank visiting family, when the time -- crime took place.>> i walked about 15 feet and noticed everybody was in panic.>>reporter: henry says on monday morning he walked into this wells fargo and found chaos.>> there was screaming, people running out they were scared.>>reporter: he says he saw a young boy in the lobby who had apparently been stabbed. >> then i saw the kid crying. then i saw the blood on the ground. >>reporter: moments later he walked outside and was passed by two people who are running. he's turned to see what was going on and came face-to-face with iyona hammond, she was holding bloody scissors. >> her hand was bloody, she was 5 feet away from me. she w

philippe chagall, kron4.>>> let's do a quick market update.e dow is down 512 points on news that great britain has decided to leave the european union will -- european union. we will be right back. >>> finally traffic is thinning out. it's looking get it at the toll plaza. if you need to get in the san francisco, everybody is pretty much out of the way. coming from the eastbay to the north bay, a live look at the richmond bridge, a backup in the cash lanes only. nothing going on on the bridge. it will be a good right across, less than 15 minutes from the tolls to 101. a little bit heavier than normal here on the san mateo bridge because of the earlier problems on the dumbarton bridge. it was being used as an alternate. now everyone is stuck in the backup. it's less than 30 minutes, but that's why it's slow on a friday morning. i will head over to the dumbarton bridge and show you the drivetime is improving. only 26 minutes to get from 880 to 101. there was a problem with traffic lights at bayfront and university. that is fixed and traffic is i

. >> sumner redstone removing five via com directors, including ceo philippe demon from the board.will assume voting control over via com and. william schwartz. and here is a look at the new board. kenneth leer. nicole seligman. thomas may. and ron nelson, chairman of avis budget group and investors cheering the news. via com ending up about 7% and then extended gains in afterhours. and here is what former via com ceo had to say about the shake up on cnbc's fast money. take a listen. >> with clear management and direction with this reconstituted board it is going to certainly want to hit the ground running and take some quick action that there will be positive things happening for via com in its future. >> earlier this week that he no longer trust him to act in the company's best interest. >>> no team has ever come back from a 3-1 deficit to win the nba championship. the decisive game to see if that happens will be on sunday i night. steph curry had 30 points in the loss. but also lost his cool. the reigning mvp fouled out in the fourth quarter and then got ejected for throwing his

80%, and what this presages is a battle between sherry and the board of directors to get rid of philipped 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 to us, she wants him gone. we should point out that last week, we were first to report, not cnbc, i know they tried to get credit that dumond was gearing up to be forcibly removed. ashley: i thought they were a few months back. >> this is where it gets complicated. out of the trust which distributes money to the family, they have not removed the ceo of the company or the board. that's what happens is any day the board members worry about being removed. in the fray comes a granddaughter. ashley: karen. >> karen. she comes in where she says -- ashley: my grandfather is being hoodwinked and kidnapped and brainwashed. >> i guess by the aunt. she apparently is going to be a witness if the lawsuit by dauman is going to be filed to the mental incompetence of sumner redstone. ashley: what are you hearing? how compos mentis is he? [laughter] >> we

this may have had the effect of stopping in its tracks any hopes philippe dauman and the board had iny stake in paramount, but the key here is just this continued really territory i've never seen trot on where you have a board and open revolt against controlling shareholder, of course saying that that shareholder in the form of mr. redstone, a 93-year-old gentleman who just turned 93 last week, is not competent and is therefore not making the decisions but is actually in the hold of his daughter shari. >> wow. we may debate his confidence, his legal team's confidence isn't getting a whole lot of debate. i mean, they are doing the job that he is asking them to do. >> they are. and they've added to that, in fact. you're now talking about law firms in the national amusement sites, carl, are ones we know well. so, yes, they are -- they're at war. and it goes back and forth. and i know it can be hard to follow, but you need to step back and consider a couple of key things, which is one what if you are at viacom right now? what are you doing? you're kind of paralyzed. yes, in case of paramo

and philippe the chairman of viecome speaking public ly for the first time since the controlli controllingwner 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, because it does not appear that there is any communication, whatsoever taking place with them, and saying, look

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philippe has brought in leadership to reposition key networks. has generated billions of dollars from emerging digital platforms while at the same time more than doubling affiliate revenues since 2006. what's your take? >> well, the pie has grown for everybody, but they've fallen down from being the second most viewed television company to the seventh. they've fallen down in terms of their ad sales growth, in terms of their ratings. the entire television business has expanded. as for certain shows set in certain countries, i don't know. they have a good worldwide network. but it's hard to think of any great shows, any big hits that have come about in the past bunch of years. >> they pointed out lip sync battle. >> is that the kind of show that you would think a media company would point out to exemplify what their success has been? >> lip sync battle is not spongebob, let's say that. but it may be very successful. it sounds like it's fun. i haven't seen it, so forgive me. >> at this point, what do you think the company can do? what would you like

redstone has the mental capacity to make decisions about his trust including removing viacom ceo philippeomand. they are suing to reverse the removal from the trust, they argue redstone is under undue influence of his daughter sherry. >>> in tech news, facebook's board is looking to curb mark zuckerberg's majority voting control. in a proxy filing with the s.e.c., they will vote on a proposal that will convert his class b shares to class a shares if he's no longer in a leadership position. they say it wants to make sure a future ceo's management powers are limited. >>> citigroup ceo michael corvat is saying income will be 25% lower than a year ago results. he said he expects profit to be flat with the first quarter. citi reported profit of $3.5 billion, 25% less than the $4.65 billion it posted on adjusted basis in the first quarter of last year. citi will report second quarter numbers on july 15th. the expectation had been profit would go up when rates went up, but long-term rates have been very peskily low and -- >> it is interesting on the banking sector as a whole it remains one of if

comments from executive chairman and ceo philippe dauman about unlocking the value at paramount pictures. what's going on there? >> it's interesting. it's the first time we've heard him speak since what's going on with sumner redstone. they would, these are the details he gave us -- sell 49% and give it to a company in china. it would add as much if not more than $10 a share at vie con. the key is whether it would pass muster with the entire board of directors. why is that important? it would require a unanimous report. that remains very much unclear, particularly given some of the comments we've gotten about mr. redstone's views including from a dr. spar. he was displeased, that's mr. redstone. mr. redstone said he clearly suppresses feelen. in his veal they ignore his wimpet. will it be enough to allow those actually negotiating right now will want to continue that with the yid individual. sumner red stoep and his daughter shari. >>> we've got minutes to go before the close. >> i'm trying to think which tragedy fits the bill. we're going to have the latest response to apple's revenue t

minutes or so ago we got the word that sumner red stone is rebutting the claiming by viacom ceo philippe daumon and abrams. they were removed on the result of him and not by the own desires from the trust that sees his own control in natural amusements which controls both viacom and cbs. red stone asking a massachusetts court to deny a challenge mentioned by both of those gentlemen saying he's motivated by what they call self-interest and the effort to block mr. redstone from removing them from his trust as well as remving them as board members of national amusements should be denied. so if you recall last week, of course, mr. abrams and mr. dau mon voted to be reinstated. mr. redstone says, huh-uh, we want a toss. we want this denied right away. they're motivated by self interest and they're coming back the a press release we got last night and again giving us the same conclusions of dr. james spar. he's a geriatric psychiatrist who's examined mr. redstone twice in the last few weeks on the day he removed dauman and abrams. indicating he's clearly displaying his preferences. it's far fr

. >> the head of the main cgt wants philippe martinez, his demands heard by the government. >> if you want to get yourself out of a social movement as big as this one, you have to stay open to negotiations. that is not what the government is doing. >> for some, this law will boost the economy, but others argue it will reduce workers rights. giving employers greater flexibility regarding working time agreements with staff. the law will be debated in the senate for two weeks before a vote on june 28. a bill will go back to the national assembly, where a final version of the law will be approved. ,nnette: back to the top story the virtual murder of a french murdercommander -- the of a french police commander and his partner overnight outside the french capital. ,et's talk with jonathan walsh in front of the police station where the commander worked. we have been hearing reports that two people have indeed been arrested. what more can you tell us? jonathan: absolutely. the two suspects have been arrested this morning. it is not clear what role they could have played exactly in the two kil

this coming after this morning, viacom agreeing to pay philip philippe's legal bills. there's no jurisdiction for viacom to use company dollars to fund dauman's unfounded attack on redstone's unlawful decision to remove them from the trust. especially in light of the announcement that its fiscal third quarter earnings will fall short of estimates. so the battle continues, guys. you can see the stock turning down by 1.4% on the day. no action after hours. >> very public battle. >> oh, this is -- >> you know it's going to get ugly here. >> it intensifies the argument over whose company is this. it's not even your company to pay for the legal battles for the people who were board members until yesterday. there you go. >> where is this going. >> you know what, the market thinks it's going toward some kind of catalyst to a transaction one way or the other. it's hard to know if that's the case. yet the market looks at it in view of, this is kind of a wounded animal. and somebody's going to feast on it. >> something's got to be good for the bottom line. >> this could be the b