well, sherry redstone decided against it, perhaps at the advice of some of her attorneys, perhaps some others as well. it is unclear exactly why. i've been reporting on this thing. this is just my recent file. this is the last couple of weeks. and, you know, at the end of the day, some people say it was not about the economics it was about other details, noneconomic details, that may be the case. i go back to the fact that while originally red bird and skydance were offering $2 billion to sherry redstone for her -- for national amusements, they reduced that to $1.7 billion which they increased the amount they were giving to the b shares. that made the special committee happier, perhaps, and their advisers, but may have made sherry redstone unhappy, that reduction. i'm told it was coming back to her in other ways, indemocratny p im it is under duress this is much of the industry at least in terms of its position is and trying to fight for a relevance really in many ways. it has got an enormous debt load. and it is very much unclear what the future holds except they have a plan to contin

he's a lot of conversation with sherry redstone and turned her against the potential transaction thatemed quite sportive of. there are others that simply say that her lawyers at ropes and gray and lawyers at latham representing ellison were unable to come to some sort of an agreement on this minutia that i've heard about. but ultimately, it's her decision. and sherry redstone apparently said, even though you're willing to pay me $2 billion, we're not going to do it. there's a lot of other emotional factors that you might imagine, national amusement has been in her family for a very long period of time. this is about her children, as well, in terms of securing her, you know, their estate, so to speak. i can't speak to all of it, scott, but it is a curious, curious conclusion at this point, to what has been obviously quite a drama. >> some 11th hour chaos, i guess we can call it, david. i appreciate your reporting. and thanks for coming on with us and giving us the very latest. we'll see what the next chapter is in this ongoing drama, as you say. that's david faber with the latest repor

that's the deal as presented to sherry redstone.by a majority or minority of shareholders. the special committee has done their work and they've now passed it to the control shareholder. the expectation been from my reporting in the past given that i heard miss redstone is said to be favorable toward the red bird, skydance redbird transaction would be that she would approve it, but from what i hear lately it will be down to the wire and no shortage of drama, i guess, and there is a slight litigation risk it would seem in term of shareholders saying you didn't get the best deal and you did so and therefore we want to be compensated and there's no indemnification and therefore, will there be litigation risks that in some way would be a real concern for miss redstone and it's what you see at the typical end of the deal which i believe, should we really do this and it believes the company should, because if they thought the go it alone strategy was a good one, they didn't feel that was a viable strategy for the company at this point whi

caroline: with some key players and ultimately it comes down to sherry redstone and whether she prioritizeserself or some of the nonvoting shareholders here many of them being value investors rather than growth investors. many of join to show before talk about his frustration that the premium goes to the voting hold rather than himself -- rather than long-term investors in the nonvoting shares. what do you think needs to be articulated for the future of this business? is there a future of streaming for paramount? geetha: that is a great question and i think that's the question that's the burning question right now. with the merger with sky dance paramount will still very much remain a public company. it is not like the sony days where the company would disappear the question is do mergers really do anything, we've seen this over and over again even with the viacomcbs combination which resulted in paramount we see the destruction of 60% valuation, it was over 30 billion market cap when they recombined it 2019. today it's close to 10 billion so none of these mergers have really worked. you lo

. >> we are also talking about sherry redstone and basically the board and then everyone else come allis very complicated deal we have been tracking the past several months. when it comes to the nonvoting shareholders, who is looking out for them in this process? >> lawyers. there is a duty that sherry owes the debt she owes it to all of the shareholders. because she calls the shots, she can decide yes or no. she has to be careful to be fair , to run a process that is fair to the nonvoting shareholders. if you go online and buy a share of paramount, you are buying a share that has no votes. all of the votes are in shares owned by a group that ends up being controlled by sherry. so if the nonvoting -- people like you and i, if we own shares of paramount, our protection is the threat of lawsuits that say you lined your pocket at our expense and we are going to go to court and rectify that. >> given the possibility of litigation, and we seen were courts have been upset with what was done, how do they protect themselves? by they, not just sherry redstone, the board, maybe a special committ

another twist in the paramount skydance merger saga, as the deal is called off by sherry redstone.ed down 8% yesterday after the news. they're fractionally barely higher today. let's see how we got here. the talks began on january 10th, when skydance submitted an all-cash bid for paramount's national amusement. but the two companies entered into exclusive talks in april and the merger seemed certain until yesterday. shares have fallen 22% since january when this began. my next guest says it's now arrived at a crucial point. joining me for more is laura martin, senior media analyst. great to have you here. wow, what a twist and turn. what now? what options does she have left? >> we need a new reality from here, kelly. mergers that collapse is my pitch. she has to do something. we have three ceos in the office of the ceo, and there's no harvard business school case ever that says three leaders is better than one. so she doesn't have -- she needs to do something. this walking away after six months after wasting shareholder and skydance's time really may rupture a relationship with a c

the deal is said to be awaiting final approval from sherry redstone who is expected to speak today at company's meeting. paramo paramount produced "top gun: maverick" and is worth $8 billion. now, from tv and movies to music. spotify is increasing its price in the u.s. again, just a year after it announced its last increase. but it is raising prices so the company can, quote, continue to invest in and innovate in product features. so, from july, the premium subscription will go up $1 to $11.99. and family is increased from $16.99 to $19.99. the student is the only one that is not changing and will remain at $5.99. as spotify has already increased fees to international customers last month. >>> now to the latest developments in the legal drama that rocked baseball. ippe ip ippei ip ippei mits hawra is expected top to toto bank fraud in order to pay off illegal sports gambling case. >>> mits hawra's case is not the only one involving baseball. padres infielder marcano is being investigated. nbc news has not independently confirmed that the probe is related to alleged bets last season. m

the decision is largely in the hands of sherry redstone who owns 77% of the stock should you are seeingamount global shares higher on the day by more than 7.6%. of course highly watched deal and a lot of twists and turns as we watch the way larry ellison's firm sky dance is planning to merge and a complicated deal with paramount. before we let you go, a quick check on the markets. a down day. the s&p 500 down 6/10 of 1%. the nasdaq 100 lower on the day. around one half of 1%. the sustained bid in the two year yield after the ism data five basis point move lower to 482 on the day. the 10 year standing at 440. a busy week ahead. that does it for bloomberg markets. this is bloomberg. ♪ food isn't just fuel to live. it's fuel to grow. my family relied on public assistance to help provide meals for us. these meals fueled my involvement in theater and the arts as a child, which fostered my love for acting. the feeding america network of food banks helps millions of people put food on the table. when people are fed, futures are nourished. join the movement to end hunger and together we can ope

we're not privy to exactly what is being pitched to sherry redstone. scale, that's all on the table right now. >> it's june 11th. do you think we have an answer in the next month? >> i think we will on the skydance element. i think at some point, the ellison people are, you know, put up or shut up here. they've been trying really hard to get this deal done. and if that doesn't work out, then we will go to plan "b," and we'll figure out how to get -- and sherry will have to figure out which of these other suitors to engage with. or say, you know what, we're going on our own. >> matt , it sounds like we nee to have you keep us on your speed dial as you hear things. >> no problem. it's the wildest deal i've ever seen. >> matt belloni, i have a feeling we'll be talking to you again soon. >> thanks. >>> it's just after 8:00 a.m. on the east coast. and you are watching "squawk box" right here on cnbc. i'm becky quick along with joe kernan and andrew ross sorkin. among today's top stories, gm shares are higher this morning. the automaker's board has approved

it seems like sherry redstone is still interested in selling her family holding company doing a simplerarily great news for the other shareholders at paramount but would be good for her and her family. if she re-engages with one of these other bidders, the film producer steven paul being another, then we are signing up for more weeks of negotiations and stories and all that. if she decides to let the current leadership take a real run at it i think you will see a painful but necessary change in terms of strategy the company which just can't figure out streaming right now. caroline: i'm to let the audience decide which versions of events you want to happen the most. certainly several netflix documentaries to be made of this saga. that does it for this edition of bloomberg technology, do not forget to check out our own podcast on the terminal. check it out online. this is bloomberg technology. ♪ s... ...to rising stars... ...to living legends. —you got this. —thank you. vanguard's retirement solutions can help all your employees be well on their way to their financial goals. that's the va

paramount shares are hitting the lowest levels since 2009 less than a week after controlling sherry redstonehares are below $10 today and you see since 2009 until today they're down over 4% over the very long period of time. >> coming up, broadcom, the latest to announce a stock split joining the likes of nvidia and chipotle. shares are up 25% since then, our trader isn't entirely convinced. the name he is splitting with next. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. >>> welcome back. stocks blitz are certainly back. we're trading some of the biggest ones so far in today's three buys and a bail. our trader is jeff kilburg, founder and ceo at kkm financial and a cnbc kricontributor. thanks, jeff. appreciate it. broadcom is up. semis up 20% sinc

that's according to cnbc's david faber, who says that sherry redstone still has to sign off on this dealht shed partners. rich, why don't you think what we think we know and what we don't know yet about this deal. >> well, i think saying that this transaction is going to be announced imminently is a bit cart before house. i think there's been sort of some form of ruptures occurred between the two sides, and i think it is not clear that this transaction is going to move forward as planned. i think skydance very much wants this transaction to occur. the paramount special committee has certainly endorsed the current transaction. the key piece has alwaysd think some eason, i don't know what happened over the last week, but something's happened that has led to friction between the two sides. and i think the redstone national amusements group is actively looking for alternatives. it doesn't mean this won't happen, but i do think that it probably is, if it does happen, it may be happening on a slower time frame, because i think they are actively pursuing alternatives, despite how much sky dance

deal talks between skydance, its partner, redbird, and paramount and its control shareholder sherri redstone that she was not any longer in favor of a deal that she once had been in favor of, supportive enough that she actually asked for and took it to a special committee to the board of directors to negotiate with skydance and redbird. that they did over these many months. and of course, we've been reporting on all the ups and downs of a transaction where they finally did reach a deal. a deal that would have meant roughly $8 billion in new equity, some $2.3 billion being used to buy all of nai. that includes the indebtedness that they would have taken on there. another $1.5 billion put tonight balance sheet of paramount and $4.5 billion being used toll buy out the largely "b" shareholders at a premium, 15 bucks a share. none of that's going to happen. the deal's off because shari redstone decided and apparently changed her view on the merits of the transaction. why? can't say with any certainty exactly why. perhaps because of the reduction in overall value for nai. it had been 2.5 billion,

it's the latest attempt to court the nonvoting shareholders and a bid for the heavily favored sherry redstoness. jonathan: thank you. that stock is higher by close to 7% with more from dani burger in 30 minutes. up next, pre-committing to a rate cut. >> ecb has already committed to cutting rates in june. the inflation data that we got recently doesn't really justify to cut rates in june. jonathan: that's all coming up this week. from new york city, this is bloomberg. ♪ in the foreign exchange, the euro just had its best month of the year. euro-dollar positive on the month 51 point 7%. as the kickoff june it's a touch weaker. euro-dollar, 108.32. under surveillance this morning, pre-committing to a rate cut. >> the ecb is committed to cutting rates in june and they will do it, even though the inflation data that we got recently doesn't really justify them to cut rates in june. the question really becomes what comes after that. jonathan: that's the big question. here's the latest. the ecb is expected to kick off a rate cutting cycle on thursday despite recent upside inflation surprises for the

paramount global shares are down the premarket more than 2%, the drama continues with chair sherry redstoneho has walked away from a deal to sell the media empire. redstone rejected the latest proposal from sky dance tuesday after lengthy negotiations. there are other bidders waiting in the wings including apollo global management, seagram's and stephen paul. paramount is loaded with debt and is losing tv audiences. helping the s&p rise to a record yesterday was apple was shares soaring more than 7% to close at a new record high. gains added to hundred 15 billion dollars to the company's market cap, making it one of the biggest single day value add by any company in history. the record came after the company's annual worldwide developers conference where it showcased a number of features related to ai. that's your brief. jonathan: thank you. an odd session for apple yesterday. the stock did nothing in the morning. lisa: everyone was saying by the rumor and sell the news and then they said i'm in. jonathan: a record high. go figure. up next, property pain for regional banks. >> the fed proba