liz: he want his gamco shareholders get same as shari redstone. >> he doesn't want the deal.elf. he will fight for every penny and that's what he is doing here. he knows that, you know, for a common shareholder there's not, i don't think there's a lot of you know alternatives here, you know. okay, does byron allen have the money? we don't know. he says he does, just so you know. i'm not saying he doesn't but a lot of questions about that. is this, there is a case to be made here that the redbird, skydance, redbird, i guess kkr conglomerate, consortium, better word, will be, you know, will be common shareholders when it's over. be with him and they will be all working together to make this thing happen if it can with a new generation of leader, meaning david ellison and a different business model and more capitalization. that's, they will make that case at some point to investors. here's the thing i will say as all the smoke clears on this thing, people will start saying les moonves was right. liz: former head of cbs. >> if you remember, i've been covering this for so long, th

in shari redstone's defense you knew going in.moonves wanted to extract cbs and sell it. he looks very smatter, put aside whatever you think of les moonves, his theory taking value of cb. is, back when it was in 2018 and 2019. selling it you would have gotten most bang for the buck in terms of assets then. you're not getting that now. the assets are deeply, deeply in trouble like cord-cutting. it is forcing huge recalculation of what these are worth. les, you have to give him credit, he had it right. that is what they should have done. it was the most valuable part of her empire and she could have gotten the most value for it then and she couldn't do it. now she is stuck trying to recoup, listen a lot of money she will get, 2.5 billion, 2 1/2 times what it is worth essentially, we heard 800 million-dollar stake, but, you would think that you know, when you talk about billionaires, we're talking sumner was up there in the 50s from what i remember. a lot of wealth has evaporated on this company. liz: a lot. can't imagine some people

will they walk away empty-handed to watch shari redstone make $3 billion? mr.ydance, merging it into paramount, would be like a five billion dollar valuation from zero? that's not going to happen. so what is likely to happen here, if this thing happens, and again it's an if, something will have to be done for the common shareholders because they will sue. mario gabelli, i'm not saying he is, i don't know, but he will probably sue. the best thing to say is this it where it was last week with a little tiny nuance maybe paramount is not interested now or maybe can't be interested now. there could always be a white knight here but it is a very complicated deal, liz. i don't know where to begin. how do you compensate the common shareholders on this? >> considering the high of the year for pay a mount was 24 bucks -- paramount. thank you, i have i have to get to the "countdown closer"? >> one thing, don't buy this on the rumor. be careful here f you're playing around in the stock. this is important. your count down closer will tell you that. liz: miramar capital is t

by the way shari redstone owns 80% of national amusements.iz: can i put this back on? okay, keep going. >> keith ellison of sky dance and redbird, they want to buy it. here is the question, does this thing making shari redstone rich, does it do anything for the common shareholders like your pal mario ga belly, your pal warren buffett, who will not just sit there and say shari gets all the fun and we don't. in that context, until the deal happens, it is not a done deal until you read the press release, the whole thing, go out and do a sales job. what will be the main sales pitch? by the way -- liz: what is david, not -- >> david ellison, is a new generation of leader. they're going to put him out front and center from what i understand to explain that, okay, you, the common shareholders, when we get this thing settled it i will be we buy her stake there will be a lot of financial engineering. somehow redbird and skydance and kkr, will come out, they will be common shareholders this new company that will be worth about five billion dollars. liz

one, this is just clearing an internal impediment to the sky dance merger, which shari redstone, theit doesn't happen, there is a separate potential offer on the table from apollo, which backish tended to favor, because that benefited paramount global shareholders in general, not primarily shari redstone. so there's one scenario where this is all just a placeholder until the merger or a deal can take place. the second is none of these deals work out. and they've got to figure figurs company. now they have an office of the ceo with two television leaders and one film leader who get along very well and they believe they can work together and they say they're going to put together a plan to run this company. >> we were talking about that earlier. rich pointed out with the three of us onset together, and we were talking about how insane it would be to have all three of us -- >> do anything together. >> call the shots. >> it's one thing for these guys to have a text message chain and they communicate. it's quite another thing to direct the strategy, even in its diminished state is a signi

shari redstone seems enthusiastic. will it get to the finish line? that is a key question.mi-offering from apollo of $26 billion, which was simply one letter, didn't do anything to help the special committee, which is going to be under a lot of pressure. it's going to want to establish a record in terms of decision making but there hasn't been any more delineation is my understanding. >> the thing we're looking at right now, the common stock, does that have anything to do with the things you're talking about? >> it does, because there will be dilution, but that will be taken on eventually, because you'll have a far stronger company. you'll have a merger of skydance and paramount studios. you'll have a completely different approach that perhaps current management simply is unable to do right now, given the constraints they're under. you will have a rationalization in some way of the streaming service, perhaps there will be asset sales of some significance. jim, you know -- >> there is a ceo by the name of bob bakish. i'm not hearing his name at all. >> no, no, no. if this pl

there does seem to be a real affinity in terms of shari redstone for the plan that's been put forwardor the synergies that would be available, the change in operations. interesting to watch and see, and always important to point out to people, when you have a control shareholder, you can't guarantee that you're going to come out on the right side here. now, there is going to be a need for potential majority of the minority vote. you have a special committee, as i've said, by the way, as part of the deal, they have to agree that sky dance could get merged into paramount, but keep an eye on that $3 billion in equity, jim, because it would potentially be dilutive, but my understanding is, even if this deal doesn't happen, there may be a need to raise additional equity down the road. >> obviously, let me just posit, we all know that the weakness at many of these different outfits, warner bros. discovery, us at disney, is linear. why would anyone want this property? >> it's a good question, and it's one that actually barry diller seemed to raise on his conversation with the "squawk" gang e

shares down since the news first broke shari redstone was looking to sell her stake. alternative proposals sometime this week. other key thing we're watching now. paramount's negotiations with charter. they hope to secure payment increases for distribution of all channels that deal set to expire tomorrow they can't come to agreement paramount's networks will go dark and this charter deal will impact paramount's value joe? >> 30% down since that -- i think we need to see all the media companies and see prices -- it's just, i don't know why so high an idea what it says, but very difficult macro environment. they're all navigating at this point. >> certainly a different, difficult macro environment, but the question here is where would paramount's assets perform best? the argument for the skydance deal is that skydance controls 50% of some of paramount's most valuable franchises such as "top gun pea "a huge success and question if you were to combine those assets, skydance has an animation studio that's been very successful. would that create more value there? also a que

mention on paramount to sort of -- we talked about it enough for now, but the -- i do hear that shari redstonether bids for just national amusements that don't involve any of the difficulties that we're -- difficulties or the complex transaction we're talking about. >> okay. >> maybe if they're real, she takes one and then there's somebody else who's a control shareholder of the company and they can try and figure it out listen, jim, there's no antitrust. >> meanwhile, if you want something that's really relevant today. >> tell me something relevant, please >> to your 10:00 >> just in general, tell me something relevant >> sofi is down 10%. >> oh. >> skpthe full year was good they did trim q2 guide >> i didn't expect that. what i want to know, i know that tony's going to be -- anthony is going to be very open, but did it hurt, you know, how much is the cancellation of student loans matter how much does that convert they did that's -- people are just leading on and banging it down that's going to be a very big interview to have because there's a lot of individuals that own that stock. >> any co

it is buying the holding company, shari redstone's stake in the holding company that owns paramount'ske and doing reverse merger, issuing new stock, there is a lot going on here. all that will be reviewed by the biden administration fcc, ftc, and doj antitrust. that is what makes what went down today very interesting. "the washington post" did a story that said, that, they cited the campaign filings and i looked it up myself, that he maxed out, gave the most money he can, i think it was something like 800, $900,000, almost a million to the joe biden victory fund which is soft money fund-raising enand gave it in the first quarter of this year. also noticed he gave first quarter, maxed out joe biden directly, $6600. there is limits how much you can give directly. a lot less limits how much you give the pacs. people are scrambling around, "washington post" and others, shows david ellison, who is larry ellison's son is giving money to biden isn't that crazy? they're missing the big story we're bringing exclusively on fox business, the confluence here has nothing to do with larry in my vie

shari redstone's people are saying their initial proposal included some reference to pif, saudi investmentght off the bat. you bring in sony. well sony is a japanese company. now why does anybody care about foreign ownership? this is a huge bugaboo with regulators t has gone back even with republican administrations, they don't want media assets owned by foreign entities, they don't like it. cbs in the past was owned by a foreign entity. i could be wrong, go back in time. it is not something they like especially the biden administration with the saudis, verboten almost. so, they're saying, this deal just can't get through the way it is. you have to ask yourself if someone is giving you 26 billion for the whole enchilada, you yesterday, signed it, got shareholders it is not being done because of that rule? keep that in mind. apollo is doubling down with sony they're saying. does that mean skydance redbird thing is going to happen? i can't tell you this is so complicated. it is going to be litigated and everything else but it looks like right now that's the only game in town. liz: well, may

. >>> well, harry are redstone facing -- sherry red shari redstone facing drama.t her plan leaving the fate of the home of blockbusters like titanic, the godfather and indiana a jones in limbo. "wall street journal"'s reporting that ceo bob bakish could resign as a early as today. you know, they're reporting after the bell. stock is up more than 5.25%. they lost 80% of their market value in just that last 8 years. >>> well, jamie dimon not only runs the nation's biggest bank, he's also a been crowned the country's to best dressed ceo. that is according to a new poll by custom inc. dimon, quote, sports professional attire. other names on the list, maria, number two, capital the one founder richard fairbank, number three, visa's ceo. foot locker chief mary dillon, the only woman making the list. they all look great. i'm sure you agree. [laughter] maria: yeah. nice accolade there for them. thank you, cheryl. >> you bet. maria: meanwhile, a new cnn/ssrs poll finds former president trump leading president biden by 6 points in a head to head match up, 49% to 43%. the sa

one of the things he represents les moonves trying to unwind shari redstone out of national amusementskelly: all this uncertainty if etherium ends up being declared a security. gary gensler doesn't have much love for the crypto space, that bitcoin etf, that makes bitcoin potentially skyrocket, the bitcoin etf become more attractive. >> if etherium is deemed a security, ripple is already, they believe it is a security again, half-baked victory. too complicated. they will appeal that, good grounds to appeal it. one crypto they'll will be legal so to speak. kelly: right. >> everybody has to go to the sec, pay money it will be crazy. it will be bitcoin and that will cabinet positive for bitcoin. kelly: definitely. >> i don't give investment advice but logically. kelly: logically that will make sense. thanks, charlie, we'll watch this for sure. the closing bell rings in just under five minutes. the major averages trending lower right now well off the lows of the session. the busiest day of first-quarter earnings season gets even busier after the bell with chipmaker intel out with earnings a

press, not my reporting, has played out in terms of tension between him and control shareholder shari redstone. his and/or at least the way some have said they have gone about trying to slow this process that is under way between skydance and paramount may have contributed to his exit. there's so much on all sides of this. he's out. they got three people running the company. if you are the special committee trying to decide between a skydance deal and status quo, my sense is the status quo went down a bit in overall value. i don't recall a lot of success when you have three people running a company. >> there was a franchise that was very good when i was growing up. it was called the three stooges. by the way, don't forget when shemp left, they had joe on hand. >> as for where things stand in terms of continued negotiations between the special committee and skydance, they continue to make what is progress. having gotten a sense from both sides, skydance side certainly will look at the current potential status quo and say, listen, we came up, we have a $3 billion pipe. we'll be paying a premium

you've got to deal with the control shareholder in shari redstone, and you've got to make sure that theumbers you're hearing from the skydance group, in terms of synergy, really cost-cutting, and i want to make it clear here in terms of previous reports, are real. i reported on synergies that could be as high as $3 billion. what i really should have said, and what should have been communicated more clearly was, that's mostly cost-cutting. the actual revenue synergies are smaller. 200 billion bucks, perhaps. the potential for significant cost cuts, that is major. floor of a billion is what i'm hearing to as high as $3 billion from any number of areas. you know, whether you're talking about the nielsen contract, the fact that the window on paramount movies to paramount plus, where it is, so many different areas, at least, that they believe, jim, there would be significant ability to cut costs. so, a lot to go here, and then there will be the question as to what happens at the sort of towards the end of the negotiating. my expectation in some ways is this special committee is going to look