liz: maybe to alibaba. >> obviously sumner redstone or shari redstone, whoever is calling the shots, it's unclear, they do not want that to happen. liz: thank you, charlie gasparino. charlie will be back in a bit in case he's got more here. thank you so much. and why does this matter? you watch paramount movie, mtv, you watch nickelodeon. viacom jumping 6% along with the markets up 77 points for the dow jones industrials. now more than 200-point swing here. we have charlie gasparino working on the viacom story and fox business and "countdown" working on the market story. a big move today, big reversals. we'll be right back. please don't go away, a lot going on, on this thursday, folks. ♪ in new york state, we believe tomorrow starts today. all across the state, the economy is growing, with creative new business incentives, and the lowest taxes in decades, attracting the talent and companies of tomorrow. like in buffalo, where the largest solar gigafactory in the western hemisphere will soon energize the world. and in syracuse, where imagination is in production. let us help grow your

look at that redstone. now we're talking redstone. whoo! happy redstone. all of these i think play a role in our perception of the man. >> this is some good b-roll right here. >> this is fabulous in is a guy who is feisty. feisty redstone. >> a lot of the discussion yesterday was when he visited paramount and didn't leave the trailer, if that was for security sake, was it age, was it just inconvenience? we don't know the answer to the question. >> it must have killed buzz feed. don't you think buzz feed had -- they're going to do the redstone wall. we did a pretty good job just now. >> good call. >> thank you. there's a lot of redstones. i'd like to know which is the real redstone. >> i'm told the white-haired photo is two years old. we should probably put some dates on those. >> maybe he went to allergen. they have everything. >> disney opening a new theme park in shanghai. we'll get a live report on what has been a tough week for disney here in the states. first five-day losing streak since february 11th. we look to continue it in the open. more "squawk

sumner redstone calling the shots.think is interesting here, it's not really a case of sumner or shari redstone. it's the national amusement's board. it's the board who made the vote. so they're really taking on that institution. shari redstone is on it as is sumner. but it's not a personal thing, which is what they're trying to make it into. >> i'm curious what you think is going to happen now. we know the legal process and what we have to get through. but after that, to you see consolidation happening in the industry and do you see cbs and viacom making sense together? >> i do see a consolidation taking place as a general trend. in terms of cbs and viacom, there's been speculation that moonves may not want to take on viacom. cable channels 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. >>

and now redstone and a former via com ceo are speaking out.wdy joins us with more. >> sumner redstone says he no longer trouss the board or feli felipe. redstone writing i no longer trust philippe or those who support him. he doesn'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 aske

sumner redstone, ms. redstone, or the board of national amu amuseme am when the story first came out it was billed as a national amusement board move. who do you think did it? >> i'm not sure if it matters whether it's sumner or daughter sherry at this point. i think that since they have this -- since they really control national amusements and the they have 80% control of viacom, again, i think that's what's going to speak here. >> what does this do for the company? does it basically release some value for the company? or not? >> 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 fe

redstone is being manipulated and used by his daughter.is a plot by shaarei redstone to take over the country. as for dauman no comment. eight months ago he had his 10-year contract extended through 2018. sumner redstone called him an extraordinary ceo giving him $17 million in stock awards at the time. his total compensation over the last four years has been 4d 25 million. the more this showdown rachets up, the more investors improve. shares up 14% in the last monday. by the way, there is a clause in dauman's contract saying if he is fired early without good reason he can be compensated as much as three times his annual salary and bonus. so tens of millions of dollars. melissa. >> quite a parachute. jane, thank you. >>> yesterday we spoke exclusively with voi com coe tom frese orrin who said a board shake-up was the key to saving viacom. he had choice words for the company and philippe dauman. >> they came in as a team and they can go out as a team if that happens. the board needs to be replaced, bring people from entertainment business,

redstone quoted saying "mr. redstone was particularly displeased with mr.sion supported by mr. abrams" former trustee "to sell part of paramount pictures. mr. redstone said he clearly expressed his feelings about the sale to mr. dauman and mr. abrams but in his view they ignored his wishes." dauman is trying to speak loudly so sherry and sumner redstone can hear him. he can talk all he wants about the potential value of the deal but it appears based on the statements once it gets to the board level they're not going to vote in favor and it's unclear whether you get a buyer willing to engage in negotiations given that possibility. >> given the possibility it would be blocked. >> exactly. >> national amusements, redstone senior and sherry have the power to change unilaterally the bylaws of viacom without the rest of the viacom board -- >> that is correct. written consents to viacom that amended viacom's corporate bylaws effective immediately, that was june 6th when we first reported it. there has been no challenge, a lot of challenges on various things but no

redstone stayed in his vehicle while he met with executives. the rare appearances came in a heated battle between the ceo. both are fighting for control of the company. meantime, redstone's dollar reportedly met with the alibaba founder. as first reported by the new york post, the two spoke last week and the talks come as sherry gets up to speed to studio's sale process. something being orchestrated by via com's ceo. >>> and every twist and turn in the drama seems to come at the expense of morale at the company where executives are leaving at a rapid pace. here's more on the depart you of the top talent. >> morale is miserable, say sources at the media giant. under the cloud of a legal battle between controlling share holder,er redstone, and the ceo. plus, television ratings have been in decline and there has been a string of disappointments at viacom. all of this in a slew of departures. just this week the mtv executive lauren stepping down after 19 years. earlier this month, nickelodeon president are announcing his this departure. >> via com

advocating for selling a stake in the studio, that redstone opposes. question that the industry watchers are asking is whether it makes sense to recombine viacom with cbs and whether it would make sense to have the ceo of cbs run the company. >> as the season opera unfolds, we're joined in the exclusive interview with tom freston, launching mtv, and comedy central and vh-1. good to get your perspective here. there's the courtroom battle that is going on. all the elements, frankly, of a reality tv show, which ironically mtv helped to pioneer. what do you make of the situation of the decline the company has been in? >> the whole season opera of the redstone versus all these lawsuits has really been a side show compared to the real story, which has been the fall of viacom from grace over the last several years. that have been really one of the leading television networking companies in the business. and now it's fallen to a level below any of its peers on any metric plagued by all kinds of problems, including creative departure that you ran the story on.

charlie, you will be back later with a sumner redstone soap opera.emember, one week ago today charlie broke news on the drama that was happening with battle, battle for power at the top, going into last weekend. he has got more coming up. closing bell 27 minutes away. hillary clinton in california right now working for the women's vote in culver city but anti-trump protesters in san jose last night didn't treat this woman very well, throwing eggs and bottles and female supporter. we'll talk to the trump campaign member, yeah who happens to be a member of the biggest voting bloc in the country, women. trump spokesperson katrina pierson live next. how donald trump will flip the script to get people to vote for him. coming back in a minute. katrina. i have asthma... ...one of many pieces in my life. so when my asthma symptoms kept coming back on my long-term control medicine. i talked to my doctor and found a missing piece in my asthma treatment with breo. once-daily breo prevents asthma symptoms. breo is for adults with asthma not well controlled on a

. >> 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

sumner redstone's larger shareholder mr. kcal for directors and ceo.opment. stock index futures this final day of the week. dow futures relatively high this morning. you are watching "fbn:am," your first look at morning markets and breaking news. dow futures just when i put point. we got again. ♪ this is your daughter. and she just got this. ooh boy. but, you've got hum. so you can set this. and if she drives like this, you can tell her to drive more like this. because you'll get this. you can even set boundaries for so if she should be here, but instead goes here, here, or here. you'll know. so don't worry, mom. because you put this, in here. hum by verizon. the technology designed to make your car smarter, safer and more connected. put some smarts in your car. ♪my wish for you ♪is that this life becomes all that you want it to♪ ♪your dreams stay big, your worries stay small♪ ♪you never need to carry more than you can hold♪ ♪and while you're out there gettin where you're gettin to♪ ♪and wants the same things too♪ ♪yeah, this is my wish nicole: breakin

redstone against redstone and one family member could hold the key to bringing down the patriarch.ie breaks it down next on "countdown." . ashley: today the battle for viacom went from dramatic to bizarre. karen 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 d

redstone conducts all of his business in california. again, the main point, this is just the softening u. it was a week ago e was with you talking about the fact that manufacture of the board members at viacom were bracing for the possibility of being removed by mr. redstone. that hanls happened this week. but that doesn't mean it's not going to happen. and based on the reporting i've done, i expect it will happen in the not too distant future and much of this is targeting up, if you will, the target before they finally drop the big bomb. >> was going to ask. how is this expected to play out because right now you have this war of words and lawsuits and press releases and what have you between these two sides. >> i think what will happen is at some point we're going to get word that mr. redstone has replaced the directors of viacom that don't include himself and his daughter shari. that will be done by the lead directors going to delaware, petitioning that court where viacom, of course, is incorporated to issue a stay and say we're being

redstone's wishes regarding paramount and had filed suit against mr. redstone, mr.ved mr. dauman as chairman and ceo of viacom. mr. redstone seemed to ponder the point for a minute, but did not respond. and i did not pursue the issue. carl, that's where things stand. >> on the heels of the french open it's almost like the ball goes this way, you watch, you watch it that way. it's not going to end any time soon. >> no, and we're waiting for when the big move is made to replace that board and ceo. >> on that note we got about five and a half minutes until the opening bell. art cashin joins us here at post nine director of floor operations with ubs. >> good morning. >> are the feds whistling past the jobs number we got on friday? >> well, i think she's in kind of a difficult spot. i don't think she wants to write off the idea there might be a hike. everybody particularly stanley fisher is desperate to keep that up there. so they've got some of it. i think she's going to leave it as everything's a live meeting. if anything she may say we told you we're data dependent, s

sherry redstone remains in her current position.o a buys been raised from neutral perhaps in light of this news. to affirm thed validity of this action. five directors removed from the board of viacom. we will continue to follow that this afternoon. thestock up -- vonnie: stock up almost six percent. with the brexit vote a week away, it could create an investing opportunity. that is next. ♪ david: this is bloomberg markets. time for options insight with ramy: -- with ramy inocencio. ramy: joining me is the managing partner from options pit joining me from the cboe. brexit polls -- odds checkers are saying the other way. you say people are going to be buying in fear and the vix has been up and down. .uest: the vix has been way up i think it is well-known that it has had an outsized move relative to the moves on the s&p. we have not seen much of a selloff at all on the s&p 500 but the vix has gone from fort -- ato a high near 23 massive move and it points toward some sort of embedded strong move in the market. i think we could see a p

"teenag "teenaged mutant ninja turtles" has not really been a hit, and what redstone is saying or notaying, of course, nobody nose, but for the long term, you know, from the shareholders' perspective, it could be a good thing for the company right now, and looks like impossible for the moment though. >> yes. and finally, michal, your latest piece on the cover of "fortune" and how netflix became hollyw d hollywood's frenemy. you talked to hastings about the future of the group, and the up with the bails of money that the andy cohen said they would have to work with the other day, and thoughts on the piece and what we feed to know? >> well, it is a funny story, but ted sarandos said that he learned the word frenemy from les moonves. and so that number thrown at content is freaking everybody out, and changing how hollywood runs already. keep in mind, it is three years since netflix made the first foray into the original content with "house of cards" and the big question now is how do they do it on a global level. so far they have not proven that they can take that model and really disrup

redstone says he no longer trust the board or ceo.ner redstone who is the shareholder says his wishes as stockholder interests are being ignored. corporate clients push back after law firms hike starting salaries. bank of america: the decision to boost junior lawyers paid to $180,000 unjustified. it's been a tough week for disney that the company got a boost today as it today as it opened the gates to his first theme park in china. thousands of fans gather to be the first visitors to the $5.9 billion shanghai business or bar, the largest overseas investment. the middle-class and booming domestic tourism to make it the world's most visited theme park attracting as many as 15 million deaths a year. disney ceo bob igra says the company sees china as its greatest business opportunity since walt disney bought land in central florida. >> china obviously represents incredible potential for the walt disney company in the near term and over the long-term obviously because of the size of this market and the fact that generally speaking our stor

and sumner redstone saying that he does not anything occurring with paramount, and mr.auman'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 at the value that we may bring to bear here, if you let us move ahead with the deal. in the change of the bylawmusem they they would rule against it, but they would approve it, and it does raise questions of the potential buyers of the 49% stake that mr. dauman has given details about would continue in the negotiation, guys, when it is likely that it would be stopped by the board of directors, and so very interesting and some real details here, and certainly trying to explain the benefits to viecome shaacom shareholders question if they can get to the finish line given the changes of the bylaws and of course what may be coming in terms of the open warfare. >> and the plot thickens, david. >> yes. >> and now, our eunice yoon is there in shanghai

and shar are redstone.ly 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 happen when by written consent they replace the board of directors. it has. happened yet but they're making sure no paramount deal is getting done. it would seem to me unless they agree it passes muster for both sumner and sharon. >> david, thank you again. it's a complicated one. now after matt damon bashing the banks for their role in the financial crisis during his commencement speech on friday. >> you've got that house in the hamptons that other people pay for and you might have their money but you don't have our respect. >> up next, the head of the independent community bankers of america reacts to day mon's comments and why there needs to be more than one part to the financial space. we'll be right back. ato speed up your car insurance search.r ways here's the latest. (f

the board still includes shari redstone and sumner redstone, hence seems nothing at all will happen withe company has been talking to potential bidders for a minority stake in paramount, maybe those talks will still continue. maybe this is a one-time only kind of thing that you could still get people to come to the negotiating table. but given what at least has been attributed to sumner redstone about his feelings about paramount, it's hard to imagine they would approve virtually any deal. this may have had the effect of stopping in its tracks any hopes philippe dauman and the board had in retrieving any 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

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 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

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 says her father is competent enough to run the company. philippe dauman is saying in the lawsuit, she is

liz: -- of the sumner redstone family.ughter. 22 lawyers. >> here's why. remember, he controls cbs and viacom via something called national amusements. the ownership is carved out into a family trust. and to him. he owns 80% of it, then some of it goes to his wife -- excuse me, to his daughter, and then rest of it to various members, various parts of the family that are part of the trust. and the trust, essentially, controls all that even though he's the main guy. so that's why him, you know, calling the shots is so important. liz: the question of his competency is still out there. >> that's what fred salerno and philippe dauman are saying right now. he is not competent to make the calls. he's not meeting with us. liz: that's the biggest red flag, don't you think? none of the board members -- this is weird, folks. if you are running a company and you're on a board, you get to meet the chairman on occasion. >> or the owner, or the guy, the guy that calls the shots. now, i'm going to say this, i know fred salerno a long time

>> sumner redstone and viacom. every time i say it, i laugh to myself. idea that these two would be like this is hard to believe. motor vehicles ago mr. redstone's lawyer filed a motion to dismiss the plaintiff's complaint in massachusetts. if you recall, philippe dauman and george abrams arguing in a massachusetts probate court that mr. redstone is under the influence of his daughter shari and he's been removed and as director of national amusements because of undue influence and therefore should be undone. in a motion to dismiss, redstone's lawyers say things like this, you say he doesn't have the capacity any longer is not even at issue here because the trust provides that for all purposes they're under, sumner shall be deemed mentally incapacitated only if he's judged by a court of proper jurisdiction, the board of trustees, the trust we're talking, the certifications by three doctors. plaintiffs are not alleged that neath ore f these conditions have occurred. kelly, they're saying get this thing out of court. dismissed judge. we don't want to be dea

sumner redstone removing five of via com's executives from the board.are expected to contest redstone's moves. what all of this means for the company, the machinations behind the scenes. as corporate governance, is this spectacular? is there a coupe? is there a coupe and it is spectacular? low you do look at it. >> first it remains to be seen whether the nai move to o ouster the via com board will hold up in court. basically there is a court battle in delaware and the mental competence of sumner redstone will be up for debate. >> did you see the pictures they were walking him around. >> -- claiming he's mentally ip competent. >> do you think or not. >> i'm not sure. there are different levels of awareness. basically the lawsuit that was thrown out the existing board is looking to that as precedent for him being mentally competent but i they that proxy standard is probably lower than a corporate governance standard. i'm not a lawyer i don't know. >> would you encouraged by sumner redstone is doing or not? >> i think via com's assets are very challenged r

sumner redstone pays a visit to paramount. >>> and also, the government officials are still trying tot 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 media news this morning summer redstone is making appearances in viacom and paramount within the last w

. >> and now, redstone says that he no longer trusts the ceo, and he says that he is determined to trustn the company and not the shareholders to do the best for them. and so yesterday on "fast money" we spoke to tom freston. >> well, the lawsuits and everything else has been a side show compared to the real story which is the fall of viacom from grace over the last several years that have been really one of the leading television networking companies in the business and now it is falling to a level below the peers on almost every metric plagued by all problems including the creative departures. >> and freston is outspoken, nick, and how does this move the ball forward? to what degree will we see any resolution in this saga? >> i, all i can hope for is that there is someone in that building with a video camera filming this whole thing, because it is the pr fekt bookend to the real world years ago. it doesn't seem like it is going to end any time soon. and freston had a number of good point, and viacom was the number one in everything when it comes to youth. i remember growing up watching

they cite weaker sales after redstone moved to oust five board members.s 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 company that the earnings estimates mean nothing. there's a core value to it that we can't determine. i just think that this is a black box. but the stock is going up. it's been very hot. and it not going down big on this preannouncement, which tells me people feel like this company's in play.

inbe he has decided to throw with jerry redstone.hilippe and tom both left the company around 2002 form a firm together. joined 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

they: another twist in sumner redstone legal saga.ative that redstone be submitted to a medical exam. they are trying to block removal billion media empire. in court documents, redstone's daughter and others are trying to convince a calm examination. vonnie: facebook founder mark zuckerberg found his twitter account hijacked. he released a statement saying none of the victims nor their accounts were accessed. affected accounts have been resecured. that is the bloomberg business flash update. let's go to the markets desk where ramy inocencio has the latest. ramy: if it is from the ground up, it is up. let's take you to wti crude. more thany a little 2% right now. it has been jumping for the marked -- for the most we have seen in the past seven months. this is the first 2% rise in the past three weeks. we did see earlier when janet yellen was talking, a leg down. we have recouped most of that over the course of the afternoon. we did see this problem on signs supply isl oil receding. militant attacks in nigeria of course as well as the w

redstone has that right. let's pivot a little bit. play out in your sort of -- >> i think at this point whether sumner or his daughter exercising his influence, philippe is out. he's done. he's over. and i think the irony here is all the confusion, all the lawsuits going back and forth stems from the fact that, you know, all the power rests with sumner himself, and the fact that the board is basically saying i don't believe you are who you are. i don't believe these letters are actually coming from you. we think they're coming from sheri so why don't you tell us face-to-face and then we'll -- >> some of the very same people who are criticizing whether he is acting of his own free will were those who defended his capacity -- >> not that long ago, right, when there was a lawsuit. >> four or five months ago. >> it's clear they're just defending their own self interest and not the shareholders' interest. even in some profiles in "vanity fair" and other obligations over the past few months, they've been defending redstone's competence when

viacom.anges coming at sumner redstone has moved five members from the board, including ceo philippen. this is the result of the battle raging. lucas joins us from los angeles. why is this happening now and not six months ago? you -- well, if reporter: well, if you look at amusementst national has been, they have been very methodical. they have taken multiple steps to slowly cut philippe dauman members, board 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 gather the redstone family's assets. steadyhen, it has been a dribble of new statements. 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: a lot of the statements have been by representatives of sumner. there have been a lot of repres

sumner redstone trying to remove philip from the viacom board. saga ism, that continuing now.ent is being upgraded to sector perform from underperform at rbc capital admits this turmoil. -- amidst this turmoil. the stock has not been doing that much throughout this turbulence. david: microsoft's $26 billion acquisition of linkedin raises a question -- which other cash rich tech companies might be looking to buy and whom should they be buying? ted leonsis is the ceo of monumental sports and entertainment. he owns the washington wizards and the capitals. led at air well -- he --l before -- aol ted: i could see apple buying tesla. that would be a smart move if they want to get into driverless cars. tesla is a software company, a brand. they have innovative next and ration -- next generation leadership and management. company buying a car manufacturer. tesla is really a computer company, just has some wheels on it. you will see those kinds of bi ds going outside of your swim lane to try to get capability to try to get ip and management. everyone needs to grow into a different busi

daughter, sherri redstone.ake plays hardball to keep its athletes. nike is suing world indoor 800-meter champ did. after he agreed to sponsorship deal with new ballads. law firm kravis races starting salaries to 180,000. 12.5% move slowly in morris its first increase in nearly a decade and could trigger a wave of copycat hikes from the new york firm's competitors. after ms. barnett entrepreneur martin shkreli was back in court and back to his old ways. he wasted no time to brag about the hearing tuesday night dunkin donuts customers will live streaming on his periscope. >> i just came back from court. it went great. the judge -- the government again. nicole: he was in court to face criminal charges against them. adam shapiro has the story. reporter: good morning, nicole. martin shkreli will return on july 14th at 1:00 p.m. that is the date the judge has set for a hearing to determine finally when this could go to trial. possibly january february 2017. he entered a not guilty preemptively discharged out against

currently work ifs around if -- works for a firm run by shari redstone.ave 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 master or bob doll here, he's got the picks he says you need to buy right now to add major sizzle to take you all the way through any kind of fed drama or what have you. "countdown" coming right back with bob doll. ♪ ♪ . . . . liz: just as we're seeing major rallies, there is a sector not doing well at all. gun stocks missin

sherry redstone says shareholders want new management.emoved a her father director from their roles overseeing a trust that will eventually control redstone's empire. acauscene of revenue in mcca fell last month more than expected. an anticorruption campaign has kept many high-stakes gamblers away. latest bloomberg business flash for this hour. opec ministers meet tomorrow and be an optimal oil prices extending their 40 loss ahead of the event in anticipation iron't alter there strategies. -- extending their four-day loss. ryan: there is a debate where thein vienna opec ministers are staying right now as to whether the strategy that opec enacted back in november of 2014 is actually working. the oil minister told me it is, the venezuelan oil minister says not so fast, what is working is we have all these disruptions to supply around the world. who is right? julian: they both are. the strategy is clearly working. we are seeing u.s. production in .ecline related quite simply to the price of oil. we've seen significant disruptions in nigeria,

of sumner redstone who is trying to gain control of the company.ng to happen relatively quickly. we're going to get resolution quickly. investors will have to see whether it is a plus or minus. investors are looking for change at the top. they're looking for board change of management to turn this company around. francine: paul sweeney from bloomberg intelligence. and bhanu baweja, thank you as well or to spend is up for its second election in six months. another scandal hits the campaign trail. we're live in madrid next. ♪ francine: spanish voters head to the polls for sunday for the country's second election in over six months. the big question remains who is been to be running it? sales joins us from madrid. how is it going to affect the shootings? -- affect bhanu: --s? been: -- >> this is a recording of the interior minister in his own office. it is quite remarkable good in that conversation, the minister is asking the fraud investigator what sort of evidence he's got against separatist notations and discussing the best way to get that informat

i asked him about sumner redsto redstone, ailing sumner redstone.great this and that. usually people say, i -- i really love the guy, would do anything for him. trump says, i really love the guy really, he would do anything for me. >> [ laughing ] >> then he got to ari emanuel. it's really interesting because, a, ari is incredibly powerful in hollywood. and b, from a -- with deep democratic roots. >> right. >> and trump basically said he is one of my closest advisors. now, i suspect trump can say that about anyone at any time. but it genuinely felt -- felt that they had this kinship. and he -- trump said that he -- ari may make his convention film. as i was thinking about this, i thought, hmm, i wonder what ari will say about this. but it's an interesting thing to -- for that kind of -- i mean, i mean, the -- the emanuel family is a central democratic not only family but force in democratic politics. so to see this possible move, very interesting. >> you know, in terms of, again, what he brings to the table, what's different about it, you mentioned

and we will have an explanation of why the sumner redstone's latest move makes it a buy. >>> and thepple 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. they take lunch hours. like a job? like a job. we tracked them. how did we do that? we have some new g

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 that aims to give them a bigger piece of the pie. >> also ahead, he's in the house, master chef eric. he's bringing us something to taste, i hope. are we lucky? back after this. real is touching a ray. amazing is moving like one. real is making new friends. amazing is getting this close. real is an animal rescue. amazing is over twenty-seven thousand of them. there is only one place where real and amazing live. seaworld. real. amazing in new york state, we believe tomorrow starts today. all across the state, the economy is growing, with creative new business incentives, the lowest taxes in decades,

redstone says the viacom shareholders want new management.verseeing ator trust that will eventually control redstone's empire. chinese mobile phone maker is trying to eliminate -- over intellectual property. they have bought almost 5000 technology patents from microsoft as part of a bigger deal that will result in microsoft office and skype being preinstalled on their phones. lack of mobile phone patents has kept them from expanding. david einhorn's main green light hedge fund lost money in may, even as equities climbed. einhorn's fun was down 9.9% -- fund was down 9.9%. the green light fund lost more than 20% last year. that is your bloomberg business flash, we will head back to the markets desk were julie hyman is looking at some specific stock particular, nike and under armour. julie: both declining for separate reasons. nike was downgraded. part of this has to do with the sports authority, and a company's bankruptcy and subsequent liquidation, essentially removing a big customer for both of these companies. a lot of new entrants are fragm

that is according to a statement from redstone through his holding company.w directors were elected. a judge to approve the ouster and replacement. topped estimates after cloud-based products pick up momentum with corporate customers. fourth-quarter revenue included some adjustments with $10.6 billion, exceeding estimates. cloud revenue increased 49% from a year earlier. revlon is buying elizabeth arden for $14 a share in an all cash deal. scarlet: revlon said it committed $2.6 billion in financing is looking for full-year combined sales of $3 billion. scott dede will be joining revlon's board is a vice-chairman, nonexecutive vice chairman. renewalon deal is a 50% over a elizabeth arden's last close. level.st to that that is your bloomberg business flash. joe: "what'd you miss?" of bitcoin has been surging lately, almost doubling over the last year, and up 6% since last may. "me suspect it is due to the halving". it, what isain about to happen in bit coin world that has everyone so intrigued and contributing to this recent surge? of issuance was determined by

redstone has legal mental capacity to make decisions according to his doctor.has the capacity to make these decisions he has made in recent weeks regarding oversight of his controlling interests in viacom and cbs and tribune changes its name to trump and its borders reelected. the name change is short for tribune online content. it did not indicate how much support there was for its takeover attempt, president obama tries to take in the economy. >> almost every economic measure, america is better off than when i came here. at the beginning of my presidency. that is the truth. lauren: not so fast. we will look at the numbers and find a different economic story. we will be right back. nicole: it is 5:45 in new york, let's get you caught up on what is happening now. hillary clinton in attack mode yesterday blasting donald trump in a speech calling his foreign-policy dangerously -- dangerous and incoherent. trump quickly went on the counterattack calling clinton's speech pathetic and phony and a hit job. trump held a rally in san jose california last night outside

vonnie: in massachusetts, lawyers are arguing over whether or not sumner redstone is mentally competenttonesuing pertaining to entities that control fire, and cbs. they say the 93-year-old redstone does not have the capacity to remove them and that he is being manipulated by his daughter. betty: that is your bloomberg business flash update. arees of valeant plummeting. i a conference call this morning, the new ceo aim to assure investors that he could help. >> we try to be realistic with what we know and where there is bee uncertainty, we tried to good with what we are trying to accomplish. if we get a quick resolution, if we get quick approval and get ready and get it launched on time, there could be some upside, but i think we try to be conservative in those assumptions where there is some uncertainty in the marketplace. reportere bloomberg who listened in on that call joined us, and investors reacted very negatively to that, despite what papa was saying. the problem is there were a lot more red flags raised, and they start to get this feeling that just when we feel we are getting out