shari redstone is back on a deal she previously rejected. >>> southwest airlines adopting a poison pillo fend off activist elliott management. >>> let's start with the markets in record territory and new milestones for the tech sector. great to have two of the greatest, in terms of discussing the markets with me here onset. yeah. you. both of you. >> santoli, for sure. >> and so i'd just love to throw it over, get a sense, mike, as to what your thoughts are. don't seem to be taking a lead perhaps in the bond market as much as we have in the last two days. >> not as directly. although, yesterday, the bond market sort of calmed down a little bit. yields receded. yesterday's action was really slow in building. late in the day, we got this rally that was led by a handful of the megacaps, and what is interesting, too, is that the laggard among the megacaps get their turn, and that's what has been the story. nvidia was down again yesterday, and amazon, which, of course, has broken through the $2 trillion market cap level, but has really done very little, point to point, for 3.5 years or 3 yea

in a complex deal — paramount's non—executive chair, shari redstone, will sell her family's controllingt in a new business worth $28 billion. paramount says it expects to close the deal by next summer. danish brewer, carlsberg, has agreed to acquire british soft drink producer britvic for more than $4 billion. currently, britvic manages 39 brands — including the uk's production, distribution, and sales of popular drinks like pepsi and 7—up. the acquisition by the brewer is part of the company's larger strategy to accelerate growth in its portfolio outside of beer. currently, its �*beyond beer�* catergory accounts to only 2% of carlsberg's total volume. let's recap the market moves in the us now. it was another record day for both the s&p 500 and the nasdaq, while the dow jones index closed flat. investors have a busy week ahead, with the us inflation print forjune, which is due on thursday. i'll have more business news, thank you forjoining us. this is the catch up. russian strikes in ukraine, exciting baby news and torres gets soaked in barcelona. first the new chancellor rachel reeves

in a complex deal, paramount�*s non executive chair shari redstone will sell her family�*s controlling to close the deal by next summer. for more business news and updates, do log onto our website bbc.com. and that�*s it for this edition of business today. thanks for watching. hey. i�*m zof with the catch—up. tonight: russian strikes in ukraine. exciting baby news for grealish and taurus gets soaked in barcelona. but first, the new chancellor, rachel reeves, has announced plans to build loads more homes. she says the government will build 1.5 million in england over the next five years and will loosen tough planning rules. also today, the new prime minister has been in wales and northern ireland after visiting scotland yesterday. now to ukraine, where a children�*s hospital in kyiv has been hit by russian strikes. across the country today, at least 36 people have been killed by russian attacks. ukraine says they�*ll retaliate. russia denied targeting civilians. some other stories now. there�*s been a surprise result in france�*s parliamentary election after the far right were expected

that is shari redstone's controlling stake and not for all of paramount global. these this gives some shareholders some way to cash out at $15 a share and that may be the best offer they go. sony and apollo have taken a look the a this but the offer ner never materialized in so something that was more offer than the skydance offer. it may be you have to take building offer or take nothing at all and do you believe that paramount global with nothing at all ever gets above $15 a share? that is the question for. >> a lot of questions about that. one last question for you and we got to get going. yes or no. do you think the deal goes through today? >> i mean, look. i think this thing is probably been on a long train to acceptance but there have been so many twists and turns on this one that i'm hesitant to make a prediction one way or another. i would say it definitely looks good. let's put it that way. >> looks good. if you're saying it looks good, alex sherman, i think a lot of people will put a lot of stock on that. your news story is on cnbc.com right now. paramo

shari redstone of course of national amusements which had the real controlling shares of the class a group, we don't know what she got for her shares. you have said you're on this fish bowl, operation fish bowl you want to know what she got. my question to you is what do you think be an appropriate premium, because she got a premium. what do you think be an appropriate premium, mario, that she and national amusement should get relative to what you and your shareholders are getting? >> well, liz, two types of shareholders. the voting stock, there's 41 million shares in rough numbers of the voting. she has 31.4. let's call it 31. of the 10 million outstanding, 700 of my clients that i work for and that i will fight for basically own the voting stock, so under delaware law, some of it may be changed but under delaware law, does the majority or the minority have a right to vote on this? all i want is a fish bowl. liz: you want, well what's the premium? >> i'm not going to give you a number. liz: why not? >> the premiums are justified. well, because you know, until i dig in -- liz: does s

. >>> paramount global chairwoman shari redstone said sky dance video will acquire national amusementswns cbs news and merge sky dance's business with paramount global. the paramount office of the ceos said they will modernize the organization by streamlining teams and reducing the size of the work force. >>> if you're planning an alaska cruise, a measure that would ban cruise ships with 250 or more passengers from docking in juneau on saturdays has qualified for an upcoming municipal ballot. the measure would also ban ships on july 4th, that's a day when locals flocked to a downtown parade. the ship-free saturdays initiatives spurs from residents who have concerns about traffic and many sightseeing helicopters. >>> what? [ laughter ] >> and animated films are helping the box office bounce back. thanks to cartoons and sequels, movies are doing well again. "despicable me 4" led with $75 million in ticket sales from friday to sunday. but universal studios has raked in $123 million since opening wednesday. >>> next, americans make history at wimbledon. the big wins and tough losses for u.

the way this is structured is designed to make shari redstone less concerned.e shareholder lawsuits? yes, of course. >> there is going to be lawsuits, that's what happens. then there is the timing piece of how quickly a transaction like this could close. >> if they wait long enough, the fortunes or the prospects might improve. i don't know. obviously they didn't get top dollar. nowhere near it. it is sad, but it might be lower eventually. >> look at the stock now. the sftock is so far down off is piece. this is an effort suffering from cord cutting. >> is it the bottom or falling knife? i think it -- that's why barry diller is -- he thinks the legacy assets are undervalued? >> and in terms of the barry diller deal, multiple sources told me, this is a long shot, but he figures might as well check it out. they're always looking for new opportunities and worth checking it out when it was still in the market. we'll see how long -- see how long this all lasts. >> thank you, julia. appreciate it. and happy fourth of july. >>> talking about the fourth of july, the tra

shari redstone will agree to sell her stake.ount has lost almost $17 billion in market value since 2019. >>> boeing says it has agreed in principle to plead guilty to a criminal fraud conspiracy charge tied to two deadly 737 max crashes. the deal with the doj, which still needs the approval of the federal judge, will see the company pay a fine of almost $250 million. this is a massive, i suppose, deal for boeing in a sense that they've now admitted to something. of course, getting a fine. many will feel $250 million is getting off almost scot free. >> the loss of face, to an extent, is meant be compensated with the slightly lighter offer here which is what is on the table of $250 million which is what some of the plaintiffs were seeking in the order of $25 billion in terms of a fine. huge gap in terms of the penalty here. there will be some heat on boeing. that is through compliance officers who will be watching the company for three years. that is part of this deal if they accept it as well. independent monitoring, effectively,

operation fish bowl -- known as operation fish bowl where he wants to see exactly how much money shari redstone de facto other than of a paramount until this deal gets done. she has controlling shares through a holding company. a little complicated, but she basically was the other than. she's getting a good deal, something like $1.7 billion. he wants to know why she's getting so much money and the common share holders are getting very little. we should point out that the skydance, redbird people are saying you're getting a better balance sheet, we've got upside going forward, and gabelli could be convinced of that. at least that's what he told me. but the bigger point, liz, is this: this thing is not totally papered yet. there will be lawsuits, at least they're bracing for them. gabelli may or may not be part of those lawsuits. and i will say one other thing, i am not so sure that apollo and sony are out of it. at least on the apollo side. you know, they are still snooping around this, i heard as of yesterday, from someone close to them. let's say someone that knows what they're doing. they're

shari redstone will sell the family stake in the company.he breakthrough came after skydance sweetened the offer to the redstone family. now $1.75 billion. it enhanced legal protections from the shareholder lawsuits. the deal gives paramount 45 days, i'm sure they will, to find a better offer. >> this is the first time they've actually announced it. before, it's been sources say or speculation around. this was a pretty big deal for the redstone family to be able to say they have the legal protections because it is widely expected there will be shareholder lawsuits. you want to be protected from that if you are going to say okay, gohead with the deal. 45 days means game on. >> whether they are getting good deal now or not, i don't know if it is best deal. over the past five years, it hasn't been handled. >> rich greenfield said depending on who wins the next president election, maybe there is room for other days to come with a better offer. we will see where that leads. >>> hurricane beryl made landfall in texas a while ago as a category 1 st

the more it drags on, the last assets will be worth a and i think shari redstone realizes that.iconic assets. you have a huge film studio, some great broadcast network assets as well as stations in cbs. as a streaming business. the jury is out whether that is a good or bad business. there is the linear network business weighing the whole model down. but it would be an understatement to say assets like these are not going to come around often so everybody wants to throw their ring in the hat. jonathan: you make it interesting. geetha ranganathan, thank you. the latest on paramount. the saga continues. it is not over until it is over but a few of us are hoping it might be over quite soon. coming up shortly, we will get some jobless claims data for you and the views of thomas simons and mark mccormick. let's get some reaction to that. you have been looking forward to the ism services. particularly the employment component of that. lisa: this has been the pillar of support for the u.s. economy. we have seen u.s. manufacturing got lower. the revival has not taken off. if you see serv

15 bucks a share, this under the deal that's been agreed to by, of course, control shareholder shari redstoneunt special committee. it's official. skydance will take control of paramount when the deal closes. it's a complex deal, as we have splands to you many times. why is the stock down? the isn't any other expectation that a company will step up. you have to figure how long this will take to close and how much difficulty it's going to, you know, ensue, you're going to have the fcc involved, broadcast network being involved as well. all that said, the details are as follows -- they're value skydance, run by david ellison, created by him, funded in part by the ellison family, namely larry ellison, at $4.75 billion. and so paramount is going to get 317 million shares to the owners of skydance, basically the ellison, redbird, kkr. interestingly, kkr is not a part of the deal from there and kkr may sell some of those shares back to redbird and the ellisons when they tender for the 48% at 15 bucks a share. they are spending, it's really $1.7 billion for the equity, but when you include debt it g

billion and a half contribution to the balance sheet, and then the money as well going to pay shari redstoneo oracle's stock price, because larry ellison's likely to be a lot of that money. >> sure. >> and don't forget, as oracle now hits $400 billion in market value, he owns 41.69%. at least that's the latest numbers i see, mike. >> yeah. >> and so, it will be interesting when we sort of all is said and done and that transaction does get put into contract, larry ellison may end up being by far not just the control shareholder, so to speak, because of his ownership, but very significant capital contributor to the deal. >> you wonder what it means for the economics of the business. if he chose to, he could fund a lot of losses. he could actually backstop that company to a fair degree to a level that, you know, wbd doesn't really seem like it could keep up with. >> that is true. >> who knows if that's part of the plan. >> $14 billion in debt. we need to remind people. a tiny little market cap of some $7.7 billion. people try to weigh, listen, when this thing closes, half your equity, you're go

that lady, shari redstone ultimately rejecting that transaction.articularly given so many of the different pressure she may be under and it may be under, what would diller do if he were to take over? anybody can guess. you could expect that once the deal closed, replace management. i think there is this general sense that an over-the-air broadcast network such as cnbc is underutilized, still has more value. i was hearing that under the previous potential bids with skydance and red bird. so there's that. there's idea that you can get better at making successful programs and that helped. one thing you wouldn't get is synergy. there was some synergies of some kind with skydance being put into paramount. certainly one would imagine -- and this is not happening, the that if wbs discovery were to buy the whole thing, huge synergy. a company that many would say has been mismanaged for a long period of time, to get it back. that said, even with that so-called mismanagement, at least in the view of some, there is still viewed a great deal of value potential

that's when paramount's controlling shareholder, shari r redstone's national amusements did not moveskydance. barry diller has a long history with paramount global that goes back decades. he was named head of paramount pictures in the 1970s and built up the film and tv business. in 1993, when diller was chairman of qvc, he entered into a bidding war. iac has a stake over why this makes sense for them. its ceo joe yi levin is looking for assets in various industries. it is worth pointing out that various sources have told me a lot has to be figured out for the iac deal to be happen and it is in early stages. it could certainly not happen here. >> is this another deal for national amusements and we don't know what it means for other share h shareholders? >> that could be the issue. they journust started this due j diligence process. it seems because of the unique structure of the deal, it is more likely to do a deal with the national amusements. >> here is the thing i still don't understand. is whoever is going to buy national amusements take on the risk of what sharri was thinking abo

once again, maybe we get skydancy teaming up and taking shari redstone's holdings out.t answer. we will see if we can get daniel loria back. where you hearing me, daniel? daniel: i apologize. the lesson a bit i missed. we were talking about originals and sequels. caroline: what about the m&a and paramount? are they still going to be able to make movie magic when we are questioning their future? daniel: that's i think the biggest topic in hollywood right now. with the skydance acquisition on track it on think they will be a major disruption there. obviously, having a studio be a standalone studio rather than consolidate two studios into one is the preferred solution for this industry to move forward. i think paramount is well-positioned. we saw them with a massive hit like talk on maverick a couple of years ago. they just need to stability in the boardroom to be able to continue that. as soon as an acquisition happens or a strategic direction for the company happens they will have that stability to move forward. caroline: there was anxiety about skydance. many people lik