once again, shares of paramount surging with a possible agreement with skydance. i know you've heard this story before. it's wednesday, july 3rd, 2024. you're watching "worldwide exchange" on cnbc. good morning. welcome back. i'm frank holland. great to have you on board. >>> let's get you ready for the trading day ahead due to the shortened trading day due to the fourth of july area. s&p 500 closed above 5500 for the first time ever. they are in the green across the boards. dow looks like would open up 45 points higher. we are watching tech as well with the nasdaq 100 hitting 20,000 for the first time than aev ever. tesla closing up 10% higher up 23% the past week. look at the big spike on the better than expected delivery numbers. apple had an all-time high and up 15% the past four weeks. it's not just apple at an all-time high. megacap tech doing well. microsoft and amazon hitting fresh highs as jpmorgan chase. we hit the bank stocks earlier. fed minutes released at 2:00 p.m. eastern time today after the trading day closes. bench market 4.43 and easing slightly

the owners of skydance are redbird private equity firm that is a partner in the skydance investor grouphat's buying paramount. t the ellison family, led by larry ellison, and kkr. kkr is not a new investor in the additional transaction that follows that valuation. by the way, you value at $4.75 billion, so what do you do if you're paramount? you issue 317 million new shares. they go to redbird, ellisons, kkr, and then you turn around and you're the skydance investor group, you're not just buying nai for $4.2 billion. that does include debt. it's about $1.75 billion they're paying for the equity. you're also turning around and buying 48% of the b shares at 15 bucks a share or at least giving the opportunity to shareholders to sell that to you. that costs you $4.5 billion. then you're putting $1.5 billion on the plbalance sheet as well delever the company. the hope is that it will help with delevering. the new owners, and i'll get to them in a moment, they own all the a shares, because they're not just tendering, by the way, for the bs at 15. they're also tendering for the other as, the o

i think why sheri redstone prefers skydance is skydance will keep the company intact versus selling offarts of the company. that is really important to her and for her father and family's legacy. that is why she might prefer it compared to other bidders like sony or apollo or combination. katie: we will see if this can get over the finish line. this has been a drawnout m&a process. geetha, thank you so much will let's take the conversation to the broader markets right now. we do that with barbara ann bernard, founder, ceo and cio at wintrust capital. -- wincrest capital. maybe not the best call in your opinion. what is your current view on inflation and it is inflationary trend we have been seeing? barbara ann: growth is slowing. he had the pmi becoming the cpi. that is proof we will have slower growth and prices are starting to decline. ultimately, inflation is sticky and it impacts mindsets. we are seeing that not only in markets would also at the polls. katie: when you think about where we sit right now growth is slowing. it seems like the market is coalescing around a september rate

amusements, giving skydance full control of paramount.amountjumped in afterhours trade after the reports, but we have yet to get confirmation from any of the media entities in this potential acquisition. federal reserve chairmanjerome powell. speaking at a european central bank forum mr powell acknowledged there has been significant progress on inflation. however, he wants to see a more sustained downtrend before lowering the cost of borrowing, which currently sits between 5.25% and 5.5%. he said he wanted to see more sustained downtrend, it currently sits between 5.25 and 5.5%. the clock is ticking for chinese and the european union negotiators who are in talks over the eu's plans to impose tariffs on chinese electric vehicles. the provisional tariffs are expected to kick in, on the 4th ofjuly. last month, the eu announced it would impose duties as much as 38% on evs shipped from china. that's on top of the 10% levy on all cars imported to eu countries. these proposed tariffs vary depending on how much each car—maker cooperated with eu i

i don't know, it just looks like skydance.ce is going to get this -- >> if it blows up, are you going to be surprise after all this? [laughter] i mean, come on. liz: listen, john paul deyour row is with his blow dryer. thank you very much, charlie. >>> closing bell, folks, we are about four minutes away. we've got a big rally going on. but look at this, okay, yes, the dow is on track for its first record close since may 17th. but we've started the see a little bit of profit taking. want to to show you some intraday. high of the session was a gain of 503 points. we're now up 22282. high -- 282. for the s&p, up 71 is, now up 34. the nasdaq is getting hit although still gaining, 128 points, it had been up 273. but for the week it looks like the the major averages are all going to close higher and, again, this would be two straight the weekly wins for the dow9 and the s&p and six in a row for the nasdaq. let us not forget the small and mid caps, the russell 2000 still holding on to the biggest percentage of gains, 1.25%, a nice mo

charlie: david ellison from skydance is the ceo i guess.ry said to me that one of the problems during this whole interim when they were negotiating going back and fourth is that there was so many talks, so much talk about lawsuits they couldn't reach out to mario gabelli. liz: they weren't allowed to. charlie: that's what the lawyers told him and it's because he wanted to bring mario in. bring him in the room and they said you can't do it. you can't do it, you can't do it and then he said we're going to go out and we are going to bring him in the room now. liz: paramount's trading at highs in the wake of that hadsgabelli interview, the high of the session. charlie: i think a lot of the stocks are up, warner brothers, discovery. liz: okay. you always do it and then i do it and you're like well the rest of the markets up. charlie: the markets up 700 points. but you know, i think, liz, the story here is that when they never reached out to gabelli. that's what gabelli told me. mario told me this. they never said let's have dinner. let's have lu

you have a partnership at skydance does that extend and deeper with the paramount skydance?d i can't speak to but i can speak to what we're already doing with oracle. when you look at studio in the cloud, traditional wisdom when you look at animation was that it needed to be an on premises business. the thought process to be able to move that amount of data to the cloud from the artist's hands, everybody thought it was too expensive and slow. we partner with oracle on studio in the cloud and found out it was not only significantly more cost efficient, it was faster and that's scalable. and that level of technological touch point is going to transform every single aspect of the entertainment business. and given the background and technological prowess we have, it is that theme. i apologize for repeating it, of making paramount the number one home for artists, it's always going to be about entertainment, sports, video games these categories that i could not be more passionate about and the technology will support that, make it more efficient. make the experience better, the ad

the announcement that skydance will merge with paramount.id ellison will become the chairman and ceo of paramount and jeff shout will be the president of paramount and the deal is seen closing the first half of next year. it was a unanimous vote to approve the merger with skydance. it will be a vote from a special committee to look at the details of the specific deal on the table. we are looking at a transaction that values skydance at 4.7 billion u.s. dollars. get the other story we are tracking. samsung electronics and the labor action taking place right now. have a number to attach, shares trading flat. slightly bigger strike in terms of the number of people involved? annabelle: the union said it expected 5000 people. in the next -- and the last half-hour we are hearing that more than 6500 people are protesting outside of the companies chipmaking facility. the union organizing the demonstration is the biggest of the company. it is a step up in the demonstrations we have had so far. yet a one-day strike in early june. today it is the start

then you're merging the paramount entity into skydance. there is a lot of moving parts here. off to the deal-makers involved including who represented shari, and jerry cardinal of redbird he is behind the scenes. i think you know when people get to know david ellison, who is the head of skydance who is larry ellison's oracle fame son, he is not just lucky sperm kid. this kid really did bring this deal home at the end and you know, i'm getting this from multiple, multiple sources. we not only broke that story but we did break that it's jeff shell that will be running the shell. liz: former nbc-universal head. >> he is back. he was working for redbird. now he is back. another guy that deserves another shot. everybody i spoke to he made a mistake with something we don't have to get into. liz: he is very capable as an executive. >> he is nice guy basically. liz: i know him. >> he is a nice guy. he deserves another shot. he will get it. here are two headlines for your viewers that we want to throw out there, number one, jeff zucker works for redbird. he runs a private partnership.

and skydance controls.ens. this is an incredibly unpredictable type of deal, but this is the one that seems most likely. >> what about the shareholder piece of this? >> the real question is what is the shareholder lawsuit piece of this? the way this is structured is designed to make shari redstone less concerned. could there still be 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

skydance founder dave ellison set to serve as chairman and ceo of the new paramount.mbine company $28 billion and effectively ends the redstone family is decades of rain over cbs and paramount. the merger still needs approval from regulators and is expected to be finalized early next year. "eye on america" is next with a program designed to bring police officers and the people they serve together at where else? the barbershop. ♪ ♪ together at where else? the barbershop. ♪ ♪ [cough] flare-ups that could permanently damage my lungs. with breztri, things changed for me. breztri gave me better breathing. starting within 5 minutes, i noticed my lung function improved. it helped improve my symptoms, and breztri was even proven to reduce flare-ups, including those that could send me to the hospital. so now i look forward to more good days. breztri won't replace a rescue inhaler for sudden breathing problems. it is not for asthma. tell your doctor if you have a heart condition or high blood pressure before taking it. don't take breztri more than prescribed. breztri may increa

paramount global agreeing to merge with skydance media.hat deal, which was approved last night by a special committee of parmamount directos is a two-step process. s skydance is run by david ellison and will merge with paramount and paying $4.5 billion in cash or stock to investors and paying $1.5 billion. paramount now has a 45-day window to find a buyer. the deal ends a four decade run of the redstone stfamily. that deal has to be finalized. we will continue to watch the developments as they develop. >>> turning to the gulf of mexico and the developing story as beryl makes status as a category 1 hurricane. it is expected to hit category 2 status over the next few hours as it tracks north. we are watching oil as drillers remain closed in advance of the storm. looking at the lows of the morning. let's send it over to jay gray live in port lavacca, texas. one hour from the eye of the storm. jay, good morning. >> reporter: good morning, frank. this storm has made landfall within the last 15 to 20 minutes here. you are looking at lava an ca b

skydance will bring that to the table. week, they gave their point of view. our point of view is, put it into were operation fishbowl so everyone can see what's going on, and add a.i. a.i. is where the challenges are. not in paramount mount. paramount, 25 billion, more details after the sale of indians operation and more obviously. i don't see that it as the challenge. >> back up a moment. i want to make sure i understand this clearly, because from people from the outside trying to figure this out you have a significant number of class a shares. what are you offered under terms of the deal? >> good question, becky. back up the truck. offering $23, if i don't take it for my clients i get 1.53 shares of the beat. we need to understand under what set of circumstances they can do that and is that $23, how does that compare with what nai is getting for their voting shares? >> okay. and then you don't have a problem with skydance being merged into this? do you have a problem with the price being paid for skydance? >> two parts.

and skydance.ad reapproached over the last couple of weeks, also a lot of conversations, my understanding, with shari's son, tyler, as well, and they got to a new agreement. very similar to the old agreement. in fact, when it comes to the common shareholders, who are probably watching right now, nothing really changes. the only change was the addition of a roughly $100 million in terms of what they were willing to pay for nai, that is national amusements, which holds the control stake, and the addition of another $100 million toward potentially indemnifying shari redstone if there is any litigation that arises from the transaction and should there be some sort of liability. $200 million more. remember, my reporting from some time back, i talked about the fact they took $200 million out to give more to the common shareholders, so in many ways, they restored that, at least $100 million for the equity and then, as i said, that $100 million in the indemnity fund, if you want to call it that. that was e

paramount and skydance media have reportedly agreed to join forces.orts say skydance would pay $1.75 billion in cash to acquire paramount, which owns cbs and mtv and nickelodeon. it comes amid talks about a possible merger in the streaming world between paramount plus and max. >> coming up, the new alert about mosquitoes and dengue fever here in the u.s. also ahead, two civil war heroes being honored today for a secret military operation to hijack a military operation to hijack a train ok y'all we got ten orders coming in.. big orders! starting a business is never easy, but starting it eight months pregnant.. that's a different story. i couldn't slow down. we were starting a business from the ground up. people were showing up left and right. and so did our business needs. the chase ink card made it easy. when you go for something big like this, your kids see that. and they believe they can do the same. earn unlimited 1.5% cash back on every purchase with the chase ink business unlimited card from chase for business. make more of what's yours. what's u

the skydance deal got pretty close.here then was the trigger to bring in some of these more bigger traditional media players that we've always wondered, oh, they'll wait to see what's happening, but they won't want to miss out on one of these deals. >> i think if you're warner bros. discovery, it's the antitrust concern. you're stilly not going -- you're going to fight a year and a half, watch a lot of that value start to evaporate over that period of time, so when you close the deal, the synergies available to you are no longer anywhere near what they were. i think that's the case for our parent company as well. these are tough deals to imagine doing -- that could change if we get a change in the administration. >> warner is restrictive for various reasons, not like they're soaring themselves. for comcast, our parent company, disney, netflix. this is kind of a drop in the ocean type deal. what's paramount's market cap right now? >> nothing. 7 bill. 17 billion in debt. >> can they take it on -- >> netflix certainly has

deal is back on meantime between paramount global and skydance media. yeah, i know you've heard this before, but bear with me. talks fizzled last month, but reports say skydance, the production company behind the mission impossible movies, has reached a preliminary agreement to buy paramount's controlling shareholder, national amusements. now, skydance will then merge with paramount, a deal that must be approved by a special committee of paramount's board members. paramount owns its namesake studio, as well as cbs, mtv, nickelodeon, and paramount plus. we'll see how whether they can really close the deal this time. netflix, meantime, is starting to phase out the cheapest ad free plan for existing subscribers. the verge reports that some customers on the basic plan, which costs 11.99 a month, are being asked to choose a new tier. the choices are the 6.99 ad supported plan, the 1549 ad free tier, or the 2299 ad free premium plan. most users receiving notices appear to be in the uk and canada right now. last year, netflix discontinued that basic plan for n

hollywood's oldest companies — paramount global — has agreed to merge with independent film studio skydancenon—executive chair, shari redstone, will sell her family's controlling stake in the company. the merger will result 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

hollywood�*s oldest companies, paramount global, has agreed to merge with independent film studio skydanceolling stake in the company. the merger will result in a new business worth $28 billion. paramount says it expects 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 s

. >>> paramount global has agreed to merge with skydance. paramount signed off the deal on sunday. skydance's founder will take the helm after the deal closes >>> nascar is going electric, unveiling a prototypeprototype, accelerate twice as fast as the gas-powered car. plans to reach net zero emissions by 2035. >>> this weekend's release of despicable me 4 showed the box office continuing to make a comeback, according to studio estimates, the latest movie from our sister company universal debuted with $122.6 million at the box office. back over to you. >> love that. don't mess with the minions. >>> coming up, millions of americans are making their way home after the long holiday home after the long holiday oooh! this is our night! shingles doesn't care. but shingrix protects. only shingrix is proven over 90% effective. shingrix is a vaccine used to prevent shingles in adults 50 years and older. shingrix does not protect everyone and is not for those with severe allergic reactions to its ingredients or to a previous dose. an increased risk of guillain-barré syndrome was observed aft

paramount is reportedly nearing a deal to merge with skydance media. lauren: look at this..25% i was just scratching my head when i read the report, because i said didn't that exact deal fall apart last month? yeah, it did. now both sides are reengaging. skydance is looking to buy national amusements, the controlling shareholder of paramount, for $1.755 billion. the deal also includes a 45 day- go-shop period. look, paramount, most media companies have been struggling. they're the name behind cbs, mtv, the godfather, right? but if you look at a paramount+, it's got 70 million subscribers, netflix has 270 million. so they're struggling and they need some help. ashley: yeah. as paramount turns, it's the soap opera. all right, let's move on. [laughter] rivian just addressed reports that they were partnering with volkswagen to make cars. you know, what are they saying? lauren: reuters is reporting that is not the case. they will not producevehicles together. so this -- produce vehicles together. this $5 billion cash infusion is just a software-sharing deal. but a german newspap

paramount agrees to a merger with the production company skydance.a bay area connection here because david ellison runs skydance. he's from the bay area. he's the son of oracle co-founder larry ellison. paramount is a movie studio behind the godfather. it also owns cbs and networks including mtv and nickelodeon. regulators have to review the deal, which could take months. now we're going to take a live look at what's happening at the new york stock exchange as trading gets underway on this monday, you can see that we are up about 224 points. >> target is making an official change to something that most of us stopped doing a long time ago. no shade. if you still do it, but starting on july 15th, you'll no longer be able to write checks to pay at target. the company says the change is being made because of extremely low volumes of check writing in recent years. now, target still does accept several forms of payment, including cash and all major credit and debit cards. >> this morning, abc seven is getting an exclusive first look at this year's bart hol

skydance had assets directly connected to the global paramount assets.lf of "top gun" and others essential to the future. they would acquire national amusements to merge with paramount global. iac has a huge stake in mgm resorts and angi. they own all of the assets and what they traditionally do is expedia. they buy the assets, fix them up and spin them off again. this would be a different deal. the question as to whether they take paramount and improve the profitability to then sell it, from a regulatory standpoint, with media giants is very tough. >> julia, thank you. >>> when we come back, hurricane beryl strengthens to a category five overnight. that is the strongest we have seen on record. how does this change the entire industry? we'll talk about that when "squawk box" returns. what will you do when the power goes out? power outages can be unpredictable and inconvenient, but with a generac home standby generator, your life goes on uninterrupted. because when your generac detects a power outage, it automatically powers up, giving your family the sec

paramount and skydance agreed to merge after months of talks.company for paramount. >>> over the weekend, four volunteers emerged from over a year in isolation simulating what it would be like to live on the red planet and they ran mock space walks and habitats. nasa is to send people to mars by the late 2030s. more than a dozen vehicles careen up and a cliff and down a hill and amusing cwdf thsas. oundlove that my daughter still needs me. but sometimes i can't help due to burning and stabbing pain in my hands, so i use nervive. nervive's clinical dose of ala reduces nerve discomfort in as little as seven days. now i can help again feel the difference with nervive. pain means pause on the things you love, but... green... means... go! ♪♪ cool the pain with biofreeze. and keep on going. biofreeze. green means go. skincare can start in the laundry room. that's why i always recommend all free clear for sensitive skin. it's free of dyes and perfumes. it's a key part of my self care routine. it's a clean that's gentle on my skin. for an effective clea

we know skydance. we're partners with skydance. they've done a terrific job with our relationship.o, we'll look at the structure of the deal. we'll see how it impacts us, see how it impacts our business, and we'll make the best decision for the nfl at that point. >> but given the fact that the nba is now negotiating for its rights, $75 billion package, roughly, do you think you're underpaid for nfl rights? i mean, you negotiate a -- >> there are probably a lot of people in the nfl think they're underpaid, but i think, listen, we have great relationships with our networks, and a lot of our media is not about the dollars as much as it is how do we reach more fans? that's the primary objective for us. obviously, we want to be paid fairly, but for us, it's about reaching fans and being on a free platform like we are allows our fans to see that, and i think that's what's led to the great not only popularity of the league but also the great ratings. >> speaking of new partners, netflix, announced christmas day, games on netflix. i saw one co-ceo here in sun valley. explain to me the stra

skydance is run by bay area native david ellison.n. paramount is a movie studio behind the godfather. it also owns cbs and networks including mtv and nickelodeon. regulators have to review that deal, which could take months. john deere is laying off hundreds of employees across the country. the farm equipment company is cutting 600 workers and three factories by the end of august. it says the changes are being made because of reduced demand for the products at those facilities. that decline in demand comes as the number of farms has fallen. apparently there were about 1.9 million farms in the u.s. last year. that's down from just over 2,000,000 in 2017. >> target is making an official change to something most of us stopped doing a while back. starting july 15th, you'll no longer be able to write checks to pay at target. the company says the change is being made because of extremely low volumes of check writing in recent years. now, target will still accept several forms of payment, including cash and all major credit and debit cards.

david, what is skydance that it would have synergies?ere's a lot of cost synergy, not as much merger sin verjee. it's mostly costs. it's mostly taking costs out. they have a large animation division or at least some under john lassiter. there is some, but most of it is cost. i >> any cruises in store, any theme parks? >> no. >> that's where disney is going. >> tomorrow i will be able to ask those questions because david ellison and gerri cardale will be on "squawk on the street." we'll be automatic to talk to those two gentlemen about their hopes and dreechls. as i pointed out -- >> just a shell. >> 100% of the voting stock and roughly 70% of all the economics will be there once this deal is completed. as i pointed out yesterday, mr. ellison's father, larry emily son, significant capital contributor to that. >> every single sentence is entertainment and tech, entertainment and tech. still when you look at the numbers, so much linear, david. >> i know. there's a lot of linear, not going in the right direction. you've got to at least cours

and the parent of cbs and mtv has agreed to take over skydance. deal ends one of the messiest demos dramatic mergers in recent history. orban is set to meet china's leader in beijing fresh from his controversial sit down with vladimir putin. orban called it a piece mission. leaders said he had no mandate to represent the bloc on matters like the war in ukraine. the indian prime minister will visit russia on monday for the first time in five years and he is said to be with vladimir putin the visit. russia is india's biggest supplier of weapons and oil but has been drawing closer to china. coming up, french bond futures slip, a surprise victory for the leftist alliance in parliamentary elections in france. more market reaction is next. this is bloomberg. ♪ tom: welcome back. french bond futures slips in the euro dips as people start to digest the election surprise. risks of expansionary fiscal policy remain and perhaps on the margins have picked up. let's get another take and bring in douglas yates qamar professor and member of the academic committe

skydance media and paramount global announced they reached a deal.hari redstone will sell the family stake in the company. the 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 b

paramount global down 4% on news it finally agreed to merge with skydance, and a months-long negotiationontrol over the legendary move, that's your power check. we'll be right back. the moment i met him i knew he was my soulmate. "soulmates." soulmate! [giggles] why do you need me? [laughs sarcastically] but then we switched to t-mobile 5g home internet. and now his attention is spent elsewhere. but i'm thinking of her the whole time. that's so much worse. why is that thing in bed with you? this is where it gets the best signal from the cell tower! i've tried everywhere else in the house! there's always a new excuse. well if we got xfinity you wouldn't have to mess around with the connection. therapy's tough, huh? -mmm. it's like a lot about me. [laughs] a home router should never be a home wrecker. oo this is a good book title. >>> welcome back. s&p 500 hitting another new record as key inflation and data are on this week's agenda. our next guest says the 2% target won't be met without an extended period of -- i'm always trying to pin you down. i appreciate having you here. i thought, i

paramount came close to a merger deal, you recall, with skydance media.r ran paramount in the 1980s, but lost the bidding war in the 1990s to sumner redstone, whose daughter now runs the company. >>> and steven ballmer is the sixth richest company. the first time the former microsoft is worth more than his old boss. more than 9090% of his billionss tied to microsoft. ballmer's move comes as microsoft shares are at a record high up 21% this year. not a bad move. frank. >> bertha, thank you very much. >>> here in the u.s., americans get set to hit the roads and to the skies for the fourth of july holiday and china is trying to woo more. as eunice yoon explains, once tourists show up in china, they face hidden challenges. >> reporter: you want to see the iconic forbidden city on the ones once in a lifetime have a ta indication to china? they are not available. >> i tried booking for friends visiting china for three days in a row and could only get three tickets for a party of seven. i'm going try for a fourth time. >> reporter: this is being tarnished by the

s skydance and paramount agreed to a merger. 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,

bugger story for us, paramount and skydance have reached a deal after breaking off their negotiationsy? >> it's a great jolt of money, frankly, for the entertainment industry. paramount is one of the most iconic entertainment companies we have. "breakfast at tiffany's," "the godfather." there's a lot of competing. david ellison, son of larry ellison, he's a big tech guy. it's a combination of very old school and very new school. it will be fascinating to see how it turns out. >> "breakfast at tiffany's" and "the godfather." is there something more recent? >> i'm trying to underline the iconic movies. >> they're doing streaming. >> they're doing streaming. but there's a question because they've been knocked by wall street for investing a lot in streaming. one of the big questions is whether or not david ellison will look to pour money into that. >> what else does one do these days other than streaming? >> the question is who's watching? cy've cut down a little of my streaming. of course, nbc i always watch, but there's been a culle of others. >> it's interesting to see, david ellison,

but now just starting to claw back from the decline since june 11 when a deal with skydance fell apartrry diller had a long history with the studio going back to 1 1971. when he was just 32, he was named head of paramount pictures. then in 1993, when diller -- he entered into a bidding war for paramount. diller ultimately lost. so why would his iac be interested in paramount? they do own other assets in the media space. and the ceo joey leaven has been opportunistic in a range of industries. the company owns the majority of angie's list as well as a take in mgm resorts. the question now is, how much paramount global is under pressure. we know it's looking for opportunities in its streaming business and is looking to bundle. paramount plus potentially with the likes of max or others in order for paramount plus to better compete. i reached out to all the different media giants involved in this. no comment from paramount global or national asuzements or iac. >> it's what you said about potential partners. what are the options for this platform with streaming, are we talking about combinat

the name behind mtv and cbs, leading the market with a 6.6% gain on reports that a david ellison's skydancethe deal to buy paramount is back on. price tag, a reported $1.75 a billion. archer aviation, the flying taxi people, their shares are spiking today too after stellantis, the automaker, says it's investing another $55 million into this company. ashley: all right, very good. thank you very much, lauren. >>> coming up, as we know, it's the fourth of july tomorrow, and people concern lucky them -- heading to the beach. but guess what? there's a shortage of lifeguards, so how is that being handled? we're going to ask a spokesperson from the american lifeguard associate. >>> despite a wave of criticism, fed chair powell says he's not focused on what might happen if trump is reelected. we've with got his full meants. >>> and during the debate, president biden claimed zero service members have died on his watch. remember that? if congressman darrell issa met with the gold star families of those service members who died during that botched withdrawal from afghanistan. the congressman is here t

the latest twist in the skydance never-ending saga.r that broke the latest stories here. and is the musk derangement syndrome costing you money? we have some very curious headlines around just that. all that and more over the hour. as always, belly up or buckle up, even in a tesla."last call" is up right now.

now all of those talks hulted ahead of paramount sherry redstone's deal talks with skydance. now these talks about buying just the b.e.t. asset restarted. all of this comes as paramount global works to cut costs and to drive towards profitability. we have reached out to paramount global and have not heard back yet. julia, over to you. >> thank you, julia boorstin. >>> new reports some investigating anti-trust around nvidia. we'll get the details in tech check when we return. ♪ (♪♪) (♪♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com >>> welcome back to "power lunch." nvidia is just the latest big tech company to attract the attention of european regulators. deirdre bosa looking at that in today's tech check. deirdre? >> hey, kelly. so nvidia's rise to not just the largest chi

. >>> paramount and skydance agreed to merge, but new drama among media giants may just be getting startedr one of her hometown's hottest restaurants. all that and more over the next hour. last call is

first, skydance will acquire national amusements for $2.4 billion.extra $6 billion. paramount media's empire includes cbs, mtv and a lot more. this deal ends years of speculation and some pretty tough negotiations. >> well, the santa rosa city school district may soon consolidate schools to save money. the santa rosa press democrat reporting that the district is right now facing declining enrollment and growing budget problems. and a committee is going to examine the projected enrollment at the district's current schools to see if some of them can be closed. that panel is going to meet during the next few months before setting out its official recommendation for possible consolidation to the school board. >> our time now 748. a growing number of younger san francisco residents live alone. san francisco chronicle examined information from the census bureau and found that 21, or about 1 in 5 people between 25 and 44 years old, live by themselves. that's up from less than 15% back in 2018. one expert says the pandemic contributed to smaller households,

to refute allegations, that he traded political favors for gold bars and cash a consortium led by skydanceia is nearing a deal now to acquire paramount global paramount's special committee has reportedly signed off on the agreement and celebrations in the streets of paris after a french voters rejected the far-right alliance and sunday, a second round parliamentary election crowds cheering and new popular front, hundred and 82 seats when we know that fall short of a majority that now leaves the government gridlocked. but did head off a takeover of sorts by the national rally, the far-right party president emmanuel macron's centrist ensemble alliance captured 100, 163 seats. the far-right finished third after a really strong showing in the first round, french prime minister gabriel or tau tendered his resignation sunday. although macron is asking him to stay on while while the far, while the leader of the far-right's at the country has been thrown in instability you see tonsil swab, the philippe tell you in all seriousness that the private millions of french people of seeing the possibility

company. >> i think the big issue, too, is the skydance valuation.ders do, too. they consider it kind of inflated valuation for that and that's put on to the shareholders. barry's words earlier when he talked to us, basically asking shareholders to be diluted fwli. barry i think used the term 40%. i don't know the numbers on that. that's a big part of the question, too. as you mentioned probably a pretty litigious outcome, no matter. >> interesting, thought a steel even at these prices. >> he likes legacy. i think it's just weird that barry diller's talking about paramount again. i mean, how many years -- >> been through it -- before with that. >> literally. how many years? do you remember, off hand? >> oh, i think it's 20-plus years now. >> more than that. >> 30. >> yeah. >> crazy. >>> well, tell me, we're going, big bitcoin conference. former president trump is going to deliver the keynote address at the bitcoin conference in nashville this weekend. he's garnered over $4 million in support from digital token contributions. joining us now, someone w

one thing skydance has been against is that shari redstone had been pressing for this majority of thesay in whether the dealer should be approved or not. it looks like that has finally gone away so that is no longer a sticking point. lisa: jon keeps making fun of me because i am are particularly interested in the ins and outs of this roller coaster we have been seeing or this pin turning kind of road. i just want to understand, is this billionaire poker or is there a deeper take away from this? geetha: the winds have been shifting in the media landscape here. it is obviously clear that the more and the more this process drags on, we have been seeing this thing play out for 6, 7 months. the more it drags on, the last assets will be worth a and i think shari redstone realizes that. she knows something has to get done. we know this is one of the last big 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 th

shares of paramount global down 5% today after it was announced over the weekend that skydance mediahollywood studio. why were the shares down today? it's the old adage buy the rumor, sell the fact that's what we see here. and speaking of facts, here's one for you to watch out for job related scams are on the rise. in fact, the volume of scams out there related jobs more than doubled last year. according to the identity theft resource center, the federal trade commission says many of these scams result in losses of about $2000. you want to be wary of them, need to say ai is playing a factor in this. it helps the scammers create realistic, looking bogus, job offerings and it helps them look more like we'll recruiters. many of these scammers are based overseas. ai allows them to smooth over any problems with grammar or spelling or things like that. what you need to watch for don't go for any job that is exclusively playing out in texts and emails. if there's no zoom call, you're not going to be interested. moreover, any job that requires you to put up a little money before you're going

caroline: there was anxiety about skydance.t was fueling people going on strike and wanting a new deal. how is that playing out in the movies we are seeing now? daniel: i think it played out in the first six month of the year. decreased production and release schedule impacted by production delays. the first six months we had a very decreased output in movies that performed longer expectations but not along the expectations of memorial day weekend. i think right now since we have been able to turn a corner. we have seen titles that were able to enjoy a longer production cycle and a real marketing campaign behind them. we did not get that between september and may from last year to this one. we have been able to turn a corner. there is stability in the industry we have not had since 2019 now that covid is behind us and the strikes are behind us. i think the entire industry is looking forward to a very healthy and successful 2020 five and beyond. caroline: is ai going to be used in gladiator 2? i have a feeling it might. daniel:

. >> the redbird and skydance comments coming into the paramount world if you manage it right, jeff shellht. jeff worked at nbc. i have to tell you that this could be linear's time. it works. i mean having done local news, it works. that's how you reach people. >> it would confound a lot of expectations. jim, we're going to talk to bristo brian moynahan in a moment. what's important. >> brian moynahan has been able to make money where others haven't. interest income, kinard about his bond portfolio was something i think the federal reserve propagated, which was wrong, and the tenor of the company's business. if you look at the stock this is the big winner for a long time. brian moynahan is not a promoter, he's an operator. he's a darn good operator. >> expenses up only 2 as well, the inverse of the conversation we were having on friday with other names. >> and digital, they got the best digital and people don't realize they've spent a lot of time on technology and they have the best ai. they use ai in a very progressive, productive way. they do a lot of things great, and it all came toget

of course skydance has won the bidding, but there still is a -- and it's not over yet and could somebodyt's hard to predict, but i think it is over. it was over for us when when the -- it's unwise to get in an auction with someone who has a pretty much unlimited balance sheet. >> in addition, david, as you mentioned we did have a really fascinating opportunity to spend time with bernard arnault of lmvh who has rarely given an interview over the past decade and sit with him actually in the christian dior apartment, the original apartment, where he lived and we talked about so many different issues about geopolitics, about the luxury market and everything else, but perhaps one of the most interesting comments was actually about profit and money and i want to play you that for a moment. there's a lesson inside it. >> and i say all the time to my teams, don't think of money. profitability is a consequence of desirability that you create, that we create together, on your brand. >> and we talked about what creating these long-term brands are and, you know, when you ask him about this quarter's

i don't blame skydance for negotiating the best deal for them. >> who do you blame?ent didn't do their job in positioning this company well. they passed at the sale of b.e.t., they passed on the sale of showtime. they made so many different strategic errors along the way that made them get into this problematic phase. and i think that the process was not run smoothly. as we all know, all the leaks that happened, it's just something that was just out of this world. >> do you think it's over in terms of the ghost shop. anybody else potentially looking at it? >> i'm still hopeful. you hear rumors that different people are looking at it. it wouldn't shock me, some of these large streamers that have so much money this they could go out and why it for a rounding error. you just think about a netflix, they need sports, you know, cbs -- >> do you think a regular ltor under this current administration, under the administration you would like to see get in place, or even in a trump administration, which i think you probably don't want to see, do you think any of those administ