why does sherry redstone want to put them together so badly? viacom is not doing so well. a debatable question. i think syria redstone, arguably, could be looking at the benefits of scale. that's the big push in this industry. it often helps these companies to be bigger. that's the basic justification for it. david: that seems to be the trend these days, bigger media companies. we appreciate your time, analyst for bloomberg intelligence. sign up for the balance of power newsletter. get the latest on global politics in your inbox every single day. shery: coming up on bloomberg marketsshery:, what do blockchain and oil have to do with each other? company a blockchain joins us on commodities edge. if you missed any of our charts, you can get them on tv . this is bloomberg. ♪ squeezing production even more. oil warrants of a market deficit and potentially 98 dollar prices. blockchain for hire. the ceo of btl is working with energy companies to use blockchain's to cut costs. ♪ i am alix steel and welcome to bloomberg commodities edge. 30 minutes focused on the companies and

went to court on the last week and they on monday and they said sherri redstone at redstone is interfering in the interests of the shareholders of c.b.s. by trying to force a merger and by by basically acting as a majority shareholder of a company the judge said he didn't see any and. ference but basically reserve the right to come back so let me tell you before that there is a decision on wednesday sherry redstone decreed that any c.b.s. once issue a dividend c.b.s. wants to issue a dividend to shareholders which would effectively take sherry redstone out of the controlling interest seat weaken her voting position and and go from eighty percent down to about seventeen percent control of the company so sherry redstone issued an edict saying to do that the c.v.s. ford has to have a supermajority ninety percent and so that was wednesday thursday the judge said she's not interfering and i know you want to hear about what happened what happened at the border shooting. they had the board meeting on right after the court decision on thursday at c.b.s. and they voted eleven to three not ninety pe

[inaudible] and basically prevent what sherry redstone wants, a merger or cbs buying the other media property she owns. they think nickelodeon, why the good stuff with the bad stuff. >> you don't be hit by a lot of class-action suits. there are reports that they cbs together with viacom is worth 53. share but without $68. share. she is the controlling shareholder. wouldn't she won $60 a share. >> she think the long-term health will be her theory. i will say this, i think that's why the judge left the door open. he gave her a big victory but he left the door open for further litigation. one other thing i've been reporting on is the continued, the other war, the war between peter navarro and steve mnunchin over trade. i've never seen two big battle like this occur at the same time. peter navarro is still at odds with steve mnunchin saying he's been kept out of meetings and still trying to press this case that donald trump, the president should not. they are not just fighting with the chinese for the trump administration is fighting with each other and this will be a developing story. >

directors will have to consider at today's board meeting these measures.idends and sherry redstone hased they should consider. the judge has ruled that redstone is free to challenge the plan. that's a very interesting development and means you might see a very different kind of control over cbs later on. of sherrying the hand redstone in this sense. 4.4%he stock is down because it lost its offense of move. now the board today will have to consider this idea of controlling and diluting the control. control would go down for most a percent to 78%. that's an sherry redstone has proposed. we will see if that actually makes it through. is not helping cbs stock, it is down 4.6%. nejra: fascinating. let's get that to jeremy stretch and get back to fx here and in terms of italy. they were caught up hitting a fresh 2018 low with bond yields spiking across the board. especially on that bund spreads. how vulnerable is the euro to these spending plans proposed by populist parties? jeremy: we need to keep italian politics somewhat in context. they're clearly uncertainties in relation to the dynamic

wants to issue a dividend to shareholders which would effectively take sherry redstone out of the controlling interest seat weaken her voting position and and go from eighty percent down to about seventeen percent control of the company so sherry red zone issued an edict saying to do that the c.v.s. board has to have a supermajority ninety percent and so that was wednesday thursday the judge said she's not interfering and i know you want to hear about what happened what happened at the border. they had the board meeting on right after the court decision on thursday at c.b.s. and they voted eleven to three not ninety percent not a super majority but they voted to institute that dividend and strip her of her majority rule if you will when it comes to of voting influence as a shareholder majority shareholder of c.b.s. but that's not going to fly that's not going to fly at all all right so what do you expect going to happen here all right sherry read some says she will not force a merger but she is connected to a former special committee which will replace most of the board members of not all of

i will say that sherry redstone is committed to putting these two companies together whether it's delayed, i don't think they can stop her. >> well, she can do that, the weight, to do this, is not in the interest of shareholders based on the independent ones relied on here she could create new directors and they could put in a new committee. and that committee could say, oh, yes, this is in the best interest of shareholders one of the keys here, independents are able to assess this without coercion. and it would be hard to look at this to think that, geez, under that direction, these new independent investors were able to in that way succeeding after court review of all of this, i still would hold out that cbs would be able to defeat that. >> tom, thanks julia, again thanks, david. let's get over to the judge and "the halftime report." >>> it's actually michelle caruso-cabrera setting in for the judge. we're going pick that up, joe terranova is here, steve weiss,n >> a controlled shareholder operates in their own interest, not necessarily all. shareholders >> so, why did you buy the stock

be able to issue this dividend and, therefore, we're back to where we kind of were, which is sherry redstone odds of the composition of the board of directors and she is in a position where she can replace that board whether she chooses to do so is unclear. she had said previously or i should say national amusements has made it clear in their response to the complaint that they had no plans to do that many of my sources expect, of course, they are going to do that she will replace the board in due time and mr. moonvez as ceo and this attempt, some people saying, to blow things up entirely, will include blowing themselves up as well. >> we think this board meeting may be the last of this particular board >> i think it's possible, carl i don't want to read too -- again, who can say how things will go here i've tried to do a lot of reporting the last couple of days as to what may occur. first and foremost, though, is that cbs has lost on this tro, importantly. i want to read the rest of it. we rushed on air here, make sure we haven't missed anything of particular importance this basically says

sherry redstone has the right to protect her family's majority control of the broadcaster. says itnwhile -- cbs, remains committed to protesting shareholder interest and it may bring further legal action against the redstones. us.t to have you with let's take a step back because this is all centered around a possible tie up of viacom and cbs. what is this ruling mean? cbs directors on the week and came out and said they do not believe the merger is in the best interest of all shareholders. they were worried that sherry redstone would force the deal to go ahead anyway by -- they took this action to say, actually, what we are going to do is dilute her controlling stake so she cannot do that. before that, we will ask the court to give us a temporary restraining order. scarlet: the judge ruled in favor of the redstone family. what will happen at this board meeting? >> they are having a meeting at 5:00. all of the directors will be there. sherry redstone thing she can vote is down because she just change the bylaws of cbs yesterday, and she now thinks that all but one director --

charlie: temporary restaining order which would prevent sherry redstone from changing anything which more difficult for him to basically take the company away from her and here is the interesting thing. i talked to cbs people that they think even if it looks like they lost they actually won because if you read the judge's statements and his ruling, he basically said that i'm paraphrasing here but it's along these lines. i'm not going to grant you the t ro. you haven't met the bar for that but you do have possible color able claims here, and you can continue to fight this legally so this case is not over that's essentially what the judge said and right now after saying that both sides are plotting their next move, for all i know sherry redstone is going to fire the entire board of cbs. she can do that. they'll sue her but she can try to do that. liz: that would not make cbs shareholders happy. charlie: here is the thing. look at it this way. i have no dog in this fight but i'm just backing this out. if you look at one of the most successful media managers over the last 15 years, cbs h

there's also sherry redstone his once estranged daughter who removed the french sounding ceo has set moonves. with today's court ruling investors had simple but at the same time very hard questions. will moonves survive and what is happening to my money? joining us now is former tivo and current executive chairman and a cnbc contributor and now "fast money" bff this is his second appearance in one week >> how do you like that? >> few people can do that. >> cbs traded down as low as 7% interday finished down 4% what is the worst case scenario for cbs? that it is -- that it loses les moonves? >> yes i think cbs is a buy i do not think redstone is going to be able to force this merger. she may have won today but you had an independent committee vote already on this, five board members unanimously saying this thing is not in the best interests of the public shareholders of cbs. against that back rop, i have very hard time thinking that her lawyers are going to say, you know what, okay, force this through anyway lawsuits would be flying cbs is already down 5.5 billion in market cap since

family fighting and corporate court battles and under the backdrop of a shifting media landscape, sherry redstone powerful position of her family's media empire. she pushed the boards of viacom and cbs towards reuniting. that opposition led to the extraordinary attempt to limit the redstone family's voting power. despite thursday's ruling, appeals are possible, leaving the future of cbs, viacom and the redstone empire in question. after the board meeting, national mutuals issuing a statement saying it has no intention of forcing a merger between cbs and viacom that is not supported by both companies. national amusements said it is a controlling shareholder, indicating they don't want that to change while cbs said reducing national amusements control in the company is necessary to protect stockholders' best interests we could definitely assume that this battle will continue in court. back over to you. >> thank you, julia. so, what does this long and drawn-out battle mean for these media giants joining us on the phone, michael white, former directv chairman and ceo. thanks for being with us. >> hap

sumner redstone and his daughter sherry are the owners. they want to drop the current ting stake of 80% down to 17%. the redstone family has a lon history in the entertainhint ory going back to the 1930s when national amusements was foundedy summe redstone's father as a theater operator. they acquired viaco for more than $3 billion in 1987 and a little over a decade later viacom merged with cbs. the media industry's biggest deal ever. lseven yearser national amusements a cbs split viacom into two different coanies. after a dozens tumultu years, sherry redstone is pushing to combine the two giants. moonves is objecting. what happens next? the legal battle is just beginning and if ons loses, it could result in cbs its veteran leader and board. i'm julia boorstin in los angeles. >>> nordstrom reports disappointing same store sales, and that's where we begin ar tonight'st focus. the retailer said sales growth in the most recentuarter was weaker than expected even as more customers visited its stores. nordstrom topped earnings expectations but t

. >>> and late lasig cbs board voted to dilute the voting power of sherry redstone. the vote willot take effect unless approved by a del acare court, as we've been reportin cbs and redstone are locked in a legal battle over control. cbs also postponed the annual sharehder meeting. >>> time for our weekly market monit monitor. he h a list of stocks he says could rise over double digits. last time he picket at&t, which is down 19%, walmart higher by 5%, and ibm down 2%. joining us is the chief investment officer at aviance incull management. welcomeback. >> good evening. >>> mathec is one of the teams is atrackedive valuations with a bullish horizon of one to two years. what do you like about mastec. >> all usa stock, so not really affected t by dollar that much. it's really a situation where you buy one, get o free. not only is it cheap and well known for the engineering and construction inned pipeline business, and servicing and doing infrastructure for unconventional oil services that's fracking and whatever, but also they're a huge player in thel- rt of 5-g. 5-g is

from the redstone family that have controlled cbs for decades. 11 board members voted to strip sherry redstonef majority control. redstones says that tally fell short of the threshold needed to do so. at the center of cbs' belief that they will force a merger with viacom, the family's other media company, mtv, nickelodeon losing ad dollars meanwhile cbs has flourished. they say it cannot wish away the reality it has as controlling shareholder. >>> preparations in the uk in full swing for the royal event. anna stewart is live with all the details. good morning to you. what are you following this morning? what's the latest scoop there? >> reporter: well, this morning i've actually broken into windsor castle, in the castle grounds away from all the public after the last few days of being on the streets. it's quite nice here. the grass is like a carpet, dave. it's lovely. in terms of release of information, we are expecting d dorian raglan, meghan's mother, to meet with the queen. she met with prince charles yesterday at clarence house as well as his wife the duchess of cornwell as well as prince

sherry redstone is willing to .ake concessions in the deal long as he said from the border, it would set up jump to succeed the current ceo. and coming up, trade talks break down. we look at what went wrong and what went right. this is bloomberg. ♪ mark: here is her first world news, and ruth to the nra convention to dallas, president trump told reporters he didn't trust the motives of robert miller's request for an interview. >> i have to fight will be treated fairly because everybody sees it now, and it is a pure witchhunt. why don't we have republicans looking also? republicanhaving people doing what all of these democrats are doing? it is very unfair. i would override my lawyers. the president's lawyers say they have concerns during extended questioning that robert mueller makeup president and committing perjury. international mediators gathered in france to and the end of a decades long campaign against spain that killed more than 850 people. mass civilians also participated and among those in attendance was gerry adams. the steps taken in recent days areyears and the process ex

this after reuters reports that sherry redstone is willing to make concessions of the deal.one had offered to drop the demand that viacom should become the second in command as long as jesus all the board. and coming up, trade talks break down. we look at what went wrong and what went right. this is bloomberg. ♪ mom, dad, can we talk? sure. what's up, son? i can't be your it guy anymore. what? you guys have xfinity. you can do this. what's a good wifi password, mom? you still have to visit us. i will. no. make that the password: "you_stillóhave_toóvisit_us." that's a good one. seems a bit long, but okay... set a memorable wifi password with xfinity my account. one more way comcast is working to fit into your life, not the other way around. >> i'm mark crumpton in new york. here is your first word news. as they left the white house en route to the inner a convention in dallas, president trump said he didn't trust the motives behind special counsel robert mueller's request for an interview. have defined we will be treated fairly because everybody sees it now and it is a pure w

listen to sherry redstone, it is the control area of both companies.e has a strong case. out yesterday and changed a bylaw on cbs that would allow her to actually vote the measures down. normally need a simple majority on something like this. she has changed the laws so they need more than 90%. she is on the board with a couple of people on her side on the board. she could potentially, definitely voted down. if that meeting goes ahead. changed, is it effective immediately, as an ia says it is? although they have started on that and think that is not correct. >> she has also tried to throw cold water on the idea. she is saying that is not true. there are directors there. how many issue -- welisten, she has said, always wanted special committees on the board. these are independent directors to decide whether a merger was in the best interest of shareholders. they are saying if they decided it was not in the best interest, she would not, although, as i said, she is a controlling shareholder. she did it at viacom. we will watch this all today. our cbs stor

and cbs voted to strip sherry redstone and her family of voting control.block a potential merger with viacom. while the * fights for peace on the korean peninsula. the national left-wing media the national left-wing media seems to be rooting for him to man: i got scar tissue there. same thing with any dent or dings on this truck. they all got a story about what happened to 'em. man 2: it was raining, there was only one way out. i could feel the barb wire was just digging into the paint. man: two bulls were fighting, (thud) bam hit the truck. try explaining that to your insurance company. woman: another ding, another scratch. it'll just be another chapter in the story. every scar tells a story, and you can tell a lot more stories when your truck is a chevy silverado. the most dependable, longest-lasting, full-size pickups on the road. . . david: tonight's quote of the evening is for president trump who continues to fight the bogus russia investigation and the left-wing smear campaign against him. harry truman said i never did give anybody hell. i just told

and cbs voted to strip sherry redstone and her family of voting control. meant to block a potential merger with viacom. while the * fights for peace on the korean peninsula. the national left-wing media seems to be rooting for him to mom? dad? hi! i had a very minor fender bender tonight in an unreasonably narrow fast food drive thru lane. but what a powerful life lesson. and don't worry i have everything handled. i already spoke to our allstate agent, and i know that we have accident forgiveness. which is so smart on your guy's part. like fact that they'll just... forgive you... four weeks without the car. okay, yup. good night. with accident forgiveness your rates won't go up just because of an accident. switching to allstate is worth it. as one of the nation's largest investors in infrastructure, we don't just help power the american dream, we're part of it. this is our era. this is america's energy era. nextera energy. david: tonight's quote of the evening is for president trump who continues to fight the bogus russia investigation and the left-wing sm

big story today, cbs after suffering first loss against sherry redstone. ejecting to dissolve, cbs trying to stop redstone to reunite viacom and cbs, stocks falling after the close. we will be watching closely. viacom shares ended lower. cbs changed meeting. let's bring in melissa armo of the stock solution, great to have you here, always a pleasure. >> good morning. gerri: good morning, let's star --t, he's challenging the owner to have company, he doesn't like a lot of brands, mtv, paramount. lots of luster there, does he have nothing to lose here? >> i have to be honest with you, he's done a great job running cbs. he's been there forever. he's done a great job, i don't think this is necessarily in cbs' interest to hook up with viacom. viacom in the last few years a lot of channels have in the done so great. mtv is going downhill, nickelodeon probably the most viable. the stock reflected the lack of interest really in those channels where cbs has tons and tons of hits. look at survivor, everybody knows survivor, the big bank theory at cbs. so i think, you

i think what this shows is just how bad things have gotten between sherry redstone and her interestss the .nterest of les moonves the days where we could get a nice merger of the companies appear to be behind us. balluestion now is the really isn't sherry's court. she probably has the decision to make whether she wants to get or evenhe board of cbs just les moonves as ceo to push her agenda forward. now it's in the court. vonnie: what is the likelihood? will the judge make a decision? >> he will certainly try to vote on whether they can have a special meeting tomorrow at cbs at which point they were going special implement a dividend that would dilute the redstone's holding so i think he's probably going to rule on whether that meeting can take place. the day after the regularly scheduled shareholder meetings -- i think that needs to be addressed as well as strong suggestion from the judge that just get this thing fixed. nejra: thank you, paul sweeney. let's talk more on one of our top stories. a senate judiciary committee has released transcripts related to the june 2016 trump tower

and cbs voted to strip sherry redstone and her family of voting control.eant to block a potential merger with viacom. while the * fights for peace on the korean peninsula. the national left-wing media seems to be rooting for him to fail. p of remarkable people. to help save the universe... from paying too much on their car insurance. hey, there's cake in the breakroom... what are you doing? um...nothing? marvel studios' avengers: infinity war, in theaters april 27th. now...where were we? running a small business is demanding. and that's why small business owners need more. like internet that's up to the challenge. the gig-speed network from comcast business gives you more. with speeds up to 20 times faster than the average. that means powering more devices, more video conferencing, and more downloads in seconds, not minutes. get fast internet and add phone and tv for only $34.90 more per month. comcast is building america's largest gig-speed network to give small businesses more. call 1-800-501-6000 today. feeclaritin and relief fromwsy symptoms caused by

just mentioning what and this on with cbs new lawsuit with cbs suing to block a possible move by sherry redstoneo ask some of the network directors before they can consider a dividend that would lessen the redstone's control of the company. this continuing back and forth appears to make it look like a viacom deal is less likely. cbs shares are up and viacom shares are down by nearly 7%. elsewhere on the host of individual corporate stories we're watching, we have got one deal that may be happening and one that is not. sears says it is considering asset sales now, including some of its key brands. kenmore among them. the shares up by nearly 9%. the man who runs the company heads up his hedge fund, which has set in the past that it might be willing to buy some of those assets. xerox on the flipside calling off its acquisition by fujifilm. this is a win for investors carl icahn and darwin decent, who control together about 13% of the company. carl icahn's appointee will take over as ceo xerox. we continue to watch the defense contractors. they have been on a losing streak here. again it's not very

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speculation it could be the end of -- and it could be the beginning of the board being replaced by sherry redstonene. the bare case is this is really increasing the odds that a merger with viacom can be pushed through. it would be pushed through without les moonves. scarlet: you say this would be the beginning of the end of les moonves, meaning they would take steps towards getting rid of him, but he could be out of cbs? >> the could be if that is what shari wants. the question is, is there anything left to salvage? given what has happened between them, it is a wonder if they could ever work together, even if both companies were comfortable, it has been such an irreparable break, you cannot see them going back together. julia: he just dragged her through the courts, she put him in place, this relationship is completely toxic now. not a bad payday for lesnar does, if he does get let go. >> he said he is old enough and rich enough, if he cannot get the transaction on his terms he is ready to walk. that is not with a shareholders want, they want to see other cbs remain a standalone company, under lis

so basically sherry redstone has been diluted by a tremendous amount. >> she has.erfrom 18% to 17%, she doesn't think the vote count, because yesterday she came out with the nuclear option of changing the bylaws, so instead of a simple majority of directors to vote for this, you need 90% of the directors. wonon that basis, she has the vote because it was 11-3. >> for investors, it means further uncertainty. these companies have been out this -- have been asked this for two years now, and they need to get their act together if they are able to ca compete against the netflixes and googles and amazons of the world. ♪ ♪ >> i mentioned the euro. it actually hit a session low after we got the german gdp data coming in weaker than expected. then it extended the losses to go below 1.19, and i suspect a lot of that is to do with the stronger dollar than anything else. >> there are around 30,000 functions on the bloomberg, and we always enjoy showing you our favorites on bloomberg television. maybe they will become your favorites, too. here's a function you could find useful

shares of cbs and viacom are jumping right now on reports that sherry redstone, the daughter of the patriarch is making concessions on viacom in order to clinch three merger between viacom and cbs. reuters reports that they have offered cbs ceo and big-time leader to drop her demands to make viacom ceo is number two after the merger is complete. she is dropping that demand, that's why you see this big move at cbs moving higher by seven and three quarters percent and you got viacom jumping by five and a quarter. as we try to interpret these news pieces, we would definitely say that means less is fully in control if the reuters report is true. first i want to show you, hello everybody, foxbusiness is here, if we whip around, this is a shareholder meeting. i can tell you this is a crazy crowd. what we do as we look at all of the buffett businesses in right behind me is jerry, they are bringing in something like 40000, it's crazy the numbers they have but deadly bars and all kinds of ice cream, they will sell out. in fact we just talk to the people over there and they said it has been so unbeliev

meeting," and unless the judge says that, they think they should have the meeting, even though sherry redstoneay -- shari redstone -- redstone today has change the bylaws. lisa: we need to hit the other medianews, which is fox, locked the new headll be to read where are we with the drama? nabila: june 12, the at&t-time warner decision is expected, and we think comcast will make its play. we are expecting a bit of a bidding war. the question will be a regulatory issue, because they have already said no to a comcast bid, because they were worried about regulatory issues. lisa: we await that decision as they get their ducks in a row. scarlet: the would star as shari redstone and les moonves? thank you so much. media ahmed covers mood for bloomberg. jacker and square ceo dorsey says the internet deserves a native currency, and he hopes it will be bitcoin. dorsey was speaking at a conference consensus in new york city. earlier this month, he said it move more than $34 million in selling cryptocurrency. housing starts declined in the u.s. last month. they declined 3.7%. apartment construction declin

where cbs is in primetime during this 15 year tenure at the top versus the person he works for, sherry redstoneho put together this media empire that involves viacom and cbs. as you know, sherry wanted leslie nunes to buy viacom, they're independent companies controlled by sherry and national amusements. he is balking and instead of just saying no, neil he went back and he sued her for control of cbs and that's where we are right now. cbs voted last night the board of cbs, i think 73% of the board voted to diluent sherry redstone 's stake so they could control their own destiny. she had changed the by laws so it needed 90% which is effective ly impossible to get since she and a couple of her friends are on the board and right now cbs is trying to figure out its next legal move which will likely be before the delaware court, before the judge who will open the door for more litigation and i'll tell you i thought this thing would end quickly with the judge just saying okay let's figure out how to end this. you know, i'm getting a feeling just from my sources that this thing to be wrapped up in cou

or maybe off again, well it's certainly confusing again, a july ruling in favor in this suit, sherry redstone wins a big one or does she? what happens to leslie munes, has more headlines way out of everyone else than this guy charlie gasparino so what happens now? charlie: so the judge basically defined. yesterday the judge gave a, issued a temporary restraining order. that's how weird it was, to prevent any movement on the case until he decided whether to issue a temporary restraining order on to prevent sherry red stone from taking any action to prevent the cbs board to basically take her out of control of cbs -- neil: you'd even said historically this court loves to do that? charlie: so today they denied the temporary restraining order so what's going to happen next? we don't know exactly what's going to happen in the next, well what time is it now? it's 1:13? by 5:00, cbs is scheduled to have a board meeting which it's going to essentially try to vote in favor of diluting her shares meaning sherry redstone's shares and control of the company. it's an uphill battle because she just imposed

sherry redstone wants to prevent the board from issuing a special dividend would've diluted her familysically taking away her power. so in court today, cbs looked for that restraining order and also it looked to stop redstone from firing members of the board before they have a meeting tomorrow. so bottom line, liz, shaked up to be a very big day. the board will meet and, by the way, cbs ceo is here tonight prompting up the prime time for the annual presentation. liz: thank you, connell. i really appreciate you coming in. to the fight in seattle, taxing businesses to pay for programs, the city's going ahead with that tax despite strong push back from amazon starbucks and other businesses. a number of whom are threatening to leave seattle creating a major job loss. ironically that's the very same thing that causes homelessness. and here's how some people in seattle feel about all of this. let's watch. >> big business existing is not incidental to in our city. >> i wouldn't call it punishment. >> business as usual means death as usual. if they can't pay, who can? . liz: so it's a big deba

charlie: you see i think sherry redstone obviously wants to preserve her father's media empire.ll she's doing the opposite. charlie: now here is the reality that the markets are sagathies media empire doesn't deserve being preserved. markets are essentially saying we need to break you guys up and sell. i mean, they're not going to survive together that just the way everything is moving with cord cutting and the fact that people don't go to movies when is the last time you went to the movies? liz: yesterday i saw deadpool 2 and it's hilarious and awesome and i love ryan reynolds. charlie: of course you do. liz: let's make that clear. it's rated r, what do you mean i haveids? charlie: did you bring your kids to this? liz: yes. charlie: my mother brought us to deliver answer just so you know. liz: no wonder you are the way you are. charlie: and she thought it was this, you know, she liked bert reynolds and all them and thought they were great actors. liz: they are, it's a brilliant movie. how old are you? charlie: i was, young. liz: it's crazy. charlie: they also took me to all of

sherry redstone wants to merge cbs with viacom.oard is trying to dilute redstone's voting power. they called a time-out in the last week. joining us right now, steven batelli, a reporter for the "l.a. times. and ed lee is also here. steven, the question that we've all been grappling with is is there any way for either side to ultimately win at this point because we've talked about about it the idea that sherry redstone wins probably means that she sdut get less, which mieps that the stock goes down and people have questions and if les were to somehow win, it becomes very xwlikted ite possible the whole thing unravels. >> that's the win, right >> will he has done a very good job of tieing the success cbs to hi personality, to hi for of will he's done it when everyone said you can't do it. broadcasting is dieing he what -- he revitalized the company. he found a way to adapt it to the digital future while also respecting it traditions and the value of the ma appeal audience. >> is this really about the deal of viacom or is this more a

so sherry redstone has come out and said that she think it is because she shared concerns about a directorards her. david: this will get decided right quick. they go in next week and the court is going to rule one way or another. -- be allowed on that nabila: it will be decided quickly but whether the deal is decided is a big question. get think that viacom will to do it on their turns. viacomif you look at stocks compared to cbs stocks compared to cbs stock since they split, the comparison is remarkable. because viacom has gone nowhere. nabila: absolutely. done a terrific job. no one is questioning that. he would have got to be the ceo but he doesn't think -- they don't think it is in the best interest of all of the shareholders. and what it comes down to in court is whether they can issue the extra traditional stock to dilute -- david: but there are two classes of stock. they don't have economic control. they only have 20% of economic interest. nabila: right. so they are trying to reduce the voting control from 80% to 17%. but it is being said that the clause they are referring to has be

you are in the same place with sherry redstone, and you own both. are you happy or not?ng, david. biggest thing is that it was not a surprise. you are dealing with a situation where a significant shareholder has a certain desire. management of one company or both may be doesn't want to do this deal, but they are fighting against -- walking up the waterfall so to speak eventually. the legal ruling was no surprise . i do not think cbs has been wanting to do this deal for a while. they see better opportunities elsewhere. the controlling shareholder seems to want to get it done. as a shareholder in both, we are looking to maximize value in both companies. position to be in. i would not necessarily agree with the redstone family per se, but if it has to happen, both pieces might be better off with somebody else and not combined for we will wait and see what happens. david: i am going to pull a chart. toshows what has happened the stock of cbs viacom as opposed to the standard. since the companies originally separated, the white line is the lowest line which is viacom. cbs has

i'm hearing from my sources that sherry redstone is kind of getting a bit fed up.ng concessions to les moonves and he says it's not enough. latest the greatest -- round of concessions is that he doesn't have to be on management and can be on the board, but cbs is pushing back on that point. that is where she is getting fed up and ultimately she will have to decide how far she wants to push it if he really does want to bring the companies together. she has wanted to say that they should decide themselves. cbs has said they understand strategic rationale, but they do not want to do the deal. david: more drama going on in media than i can remember. we are probably going to have a bidding war as a practical matter. paul: i think so. if you are brian roberts of comcast, the same reason bob iger wants to buy fox, the same thing applies to comcast and brian roberts. the have the ability to lever up. they can get the shareholders a clear path down to deleveraging. the stock has gotten crushed since he started announcing his intentions here. is shareholders really don't wan

. >>> and cbs asking a court to block controlling shareholder sherry redstone from interfering at a specialf its board. the meeting was called to consider a merger. sherry represents a significant threat, irreparable harm to the company and its shareholders, they say >>> we begin with the markets and mike santoli at the new york stock exchange what is different, do you think, this time around >> well, melissa, a few things and actually, most of it works to the benefit of thinking that this rally has a little bit of a better shot of heading and i would point first to what i would consider the market's vital signs that are back to a normal state, more steady, the volatility index is really back in the normal range, below 13 or thereabouts. you have credit spreads also kind of back to where you would like to see them, back where they were in january also, the market sectors, the way they're in correlation or not so much in correlation, shows you the market's a little bit less sensitive and twitchy to headline, so all that is to the good i also think just the benefit of time passing, we've gone

what i can say is sherry redstone and leslie moonves don't seem to have an agreement in the future ofinues to be the controlling shareholder here and the question simply will be is there going to be a wi that she is allowed under the law or i should say krshs is under the law to vastly dilute her effective voting control many people say no eventually, you end up in the same place which is the movie ends but the directors and moonves gone, but that movie has a long way to play and it's going to be great when you watch it on channel 2. i'm working on the screen play now. >> i have to say that jessica has seen the movie already and she correctly goes and it's too darn hard. >> i think it's just as fabulous >> she's just a very good -- she has three scenarios, the survivor scenario and the big bang scenario and the not so sure thing because she's always been clever and smart. i'm sure in les looked at this, he would say how did we get into this situation i just put up unbelievable numbers with march madness >> there were expectations on all sides that they would be able to figure somethin

does les moonves have a secret weapon in his battle with sherry redstone "the closing bell" with kellychange is back in two stock exchange is back in two minutes. not that kind of break. oooh! that had to hurt. aflac?! not that kind of hurt. c paid us cash in just one day to help with our car payments and mortgage. aflac! perfect timing! see how aflac helps cover everyday expenses at aflac.com. hey, want thedone.est internet? and now, xfinity mobile is included. you can get up to five lines. you can save 400 bucks or more a year, which you can spend on a funk-tastic music video. ♪ dance party boom. ♪ simple. easy. awesome. come see how you can save $400 or more a year with xfinity mobile. plus, ask how to keep your current phone. visit your local xfinity store today. >>> welcome back cisco just released its quarterly results. stocks recovering a little still down 3.5%. that's despite earnings and revenue beating estimates. daniel flax joins us more. dan, what's your take? >> the early take is positive and the guidance was solid the stock is perhaps selling off because it is done very w

sherry redstone.olling shares we get it but we look at the laws this way that you still have fiduciary responsibility to your shareholders to accept what is good for the shareholders, therefore, cbs merging with viacom not good for cbs shareholders so we're going to ignore your controlling stake and go out and try to change it. what steve ross is doing the head of comcast is telling our shareholders what rupert murdoch wants to do by selling to disney is against the fiduciary responsibility is bad for the shareholders and it doesn't matter he's the controlling shareholder. take our bid -- neil: we talking about brian roberts here? charlie: excuse me brian roberts neil: time-warner days. charlie: you understand what i'm saying he's saying rebell against rupert murdoch, we're going to give you a better deal. neil: what difference is all cash? makes it harder to turn down? charlie: it depends how you look at it. stock deals are more efficient. rupert murdoch would say i think we have a better chance. nei

well, cbs is nursing a black eye after first loss against sherry redstone, shareholder, the court rejecteddissolve redstone's control over the company. cbs is trying to stop redstone's plan. cbs canceled shareholders meeting, executives more time to figure out the next step here. shares of both companies falling yesterday for the year cbs is down almost 9%, for the year viacom is down 8%. twists and turns in the story. paypal shelling out big bucks to buy a start-up, acquiring the swedish point of purchase tech firm, $2.2 billion deal and paypal access to half a million small businesses around the world that use to process customer transactions and payments, of course, with credit cards, paypal going up against jack dorsey square service system. and it wouldn't be headlines, maria, without a royal wedding story for you. here you go. prince charles is going to be walking meghan markle down the aisle tomorrow when she marries prince harry. her father, of course, unable to attend wedding due to heart surgery. so we thought it was going to be her mom but prince charles has stepped up, maria. s

meantime, a judge is set to issue a ruling in an ongoing dispute against shareholder sherry redstone.ial board meeting. at that meeting, cbs would consider demoetding the national amusements ford announcing a restart on the production of the f-150 pickup tomorrow phil le beau joins us with a special guest. >> we have the headquarters in michigan, you restart f-150 production and monday in kansas city and louisville. this has been a scramble of over the last week-and-a-half, has it mot? >> well, we put all our people into action once we heard about the fire our team is good at reacting to these black swann events we're proud of the work they've done it's been a herculean effort we are ready to go as you said tomorrow in dearborn and monday in kentucky and kansas city. >> when it's all said and done, joe, how many units did you lose in terms of production i know you will make it up over the next couple of months, how much did you lose over the last two weeks? >> we are not giving out that number because we haven't gotten it all figured out we roughly build 2,000 f-150s a week you can do

. >>> cbs is suing sherry red stone in anpt att to block redstone's plan to merge cbs and viacom. national amusements controls both of those companies. cbs said the lawsuit was needed prevent the redstone family and nationalnt amuse from breaching their phi du dfiducias and forcing a merger at below market value. the s board isoing to meet this week to discuss substantially cutting national amusement's voting power. cbs shares finishe up2% at $56.5. $28.74 went down 5% to >>> shares of sim man tech recovered some of the loss it suffered last week when they said an internal audit could cause ame resta of financial results. investors got more details saying a former employee made accusations against the company r50e related to its financial planning. they seemed to like the transparency. they sent shares up more than 9 pers percent to $21.40. ter the bell the data center operator switch reported a stper than expected drop in profits as higher labor costs hurt results. investors didn't seem to care. shares were initially lower in after hours trading butis fd the regular session up 1%

unfortunately, sumner redstone who used to run the joint, and his daughter sherry are keen on that, and fact, they have already said if you get in the way of this, leslie moonves, you're out of a job, oh, yeah, and every single one of you on the cbs board, you're out of jobs. it has now gotten out of control, angry and childish, which is just where we like it sometimes in covering these things. more after this. ♪ ♪ with expedia you could book a flight, hotel, car and activity all in one place. ♪ and i recently had hi, ia heart attack. it changed my life. but i'm a survivor. after my heart attack, my doctor prescribed brilinta. it's for people who have been hospitalized for a heart attack. brilinta is taken with a low-dose aspirin. no more than 100 milligrams as it affects how well brilinta works. brilinta helps keep platelets from sticking together and forming a clot. in a clinical study, brilinta worked better than plavix. brilinta reduced the chance of having another heart attack... ...or dying from one. don't stop taking brilinta without talking to your doctor, since stopping it too

sherry viacome, part of the company, from voting. that shareholder was denied. cbs concerned that what could have happened at this board meeting is that redstone would have moved to disband. he would have been out of a job. headlines from cbs, they voted to dilute the shares to 20%. byt is subject to approval the delaware courts. there has been counter messages from aie the company that owns the majority control,. cbs is not dealing with reality. cbs sent a message to redstone. they will continue this battle both in the board room and the courtroom. this is about control of cbs. one, i will track the story as well. let's give it to oil. we touched $80 to barrel in london, first time in 2018. where do we go from here in oil prices? su: let's go to the chart of brent crude. you see the dramatic rise in recent weeks has to do with having decided to pull out of the iran sanction deal. if you go into the wti, which is traded here in new york, you can see the rises come dramatically. goldman sachs said it would be "dangerous." let's go into the bloomberg gtv. this is a diverting path chart, where inventories have fallen. we see production rise as prices have fallen. ag

redstone from stopping the move to dilute their control of the company. in other words, cbs is trying to say no we don't want to merge with viacom. sherryd zones by diluting their control of the company and the judge ruled saying now shea redstone can come in and fight total with cbs over the future of cbs. >> now the question becomes what happens now? >> look at that stock. that tells you a lot. >> it tells you a lot. it tells you possibly cbs will remerge with viacom. we are watching the story and maybe less walks out the door with a hundred 87 million in executive compensation. >> can they continue the legal fight at this point. >> yes, they can still take it, try to get shareholders a vote. shareholder in order to dilute the control. >> it's a corporate soap opera. >> it certainly is. a lukewarm forecast from cisco. as you can see that stock is down but not as much as it was, still down nearly 3%. take two revenue outlook is falling short but analysts are staying optimistic. the stock is applicable dollars at 115. jcpenney sales fell and it's off another 33 cents. that is how much but it's down 11 and half percent. more than a dozen