>> well, sumner redstone is very generous to the people he trusts. it's been a kick in the pants for shareholders for many, many years now. at viacom. fine when it's working and the stock's up, but you scratch your head when you look at the stock chart of viacom over ten years and in the last two years, as you said, the stock is down basically 50%, yet this guy is still taking home, you know, pay packages that put him at the top of all media ceos out there. the $72 million, it wasn't a surprise, because he had just signed an extension a year ago with this board to stay on another three years, and he's a corporate lawyer. so he put in protections for himself that if they axed him, he'd get paid. the question is, do you want, as a shareholder, turn the page and move on to what's next? that's what we want. we're happy with this outcome and looking forward to what is to come. >> you said in many ways, getting the ball rolling with that 99-page letter, what? about a year ago? maybe less. >> seven months. >> yeah. eric jackson, appreciate the time. >> than

billionaire sumner redstone has won. reports the chief executive is out, the big victory for redsto you can see the stock moving higher, up a percentage point. they are concerned about the mental capacity, a potential problem for the company. donald trump touring flood ravaged areas in louisiana while president obama is enjoying his time off. louisiana's larger family newspaper blasting the president saying vacation or not, hurting louisiana now. governor mike huckabee sending an open letter to mister trump writing, quote, maybe if it rains in martha's vineyard and you have to cancer a golf game you might fire up air force one to check on my friend in louisiana. louisiana needs you not because you can personally fix it but because you showing up means a lot of resources will show up as will cameras to help the nation see how bad it is. and 2008 when mister obama was running for president he blasted president george w. bush for not visiting new orleans quickly and a following hurricane katrina. listen to this. >> when the

there has been a lot better but again i think we now know effectively the power has moved from sumner redstoneredstone. you have to keep her confidence, keep -- she's got [ inaudible ] and that's the fate of les moonves. >> does it make you want to shy away from family either run or largely owned businesses? because the fox -- it's easy to draw parallels here. right? >> absolutely. not necessarily, but family businesses with aging moguls who show no sign or inclination for handing over power i would want to stay away. which does bring us back to the murdoch empire and what's been going on there. >> yeah. that's the subject of your column this week, secrecy and settlements hid bad behavior. what sort of digging did you do you? >> it got to me that they put out statements we have zero tolerance for sexual harassment and turns out we know at least two secret settlements with people where lawyers negotiated this millions of dollars were paid, sworn to secrecy, how many more were there? we have no idea because they're confidenceal. so i have scratched my head saying how can they have zero tolerance

sumner redstone has won the war picking who he wants to be the ceo.rlie gasparino with the exclusive details you hear only on fox business, as viacom drama comes at least to a near-term close. donald trump's campaign evolving, as he visits flood zone victims in baton rouge, less than 24 hours after apologizing in a speech incarolw campaign shake-up leave the billionaire feeling sorry for himself come november through know fault of his own? we're talking all things 2016. stay with us. >> sometimes, in the heat of debate and speaking on a multitude of issues you don't choose the right words. or you say the wrong thing. i have done that, and believe it or not, i regret it. i don't want to live with the uncertainties of hep c. or wonder whether i should seek treatment. i am ready. because today there's harvoni. a revolutionary treatment for the most common type of chronic hepatitis c. harvoni is proven to cure up to 99% of patients... ...who've had no prior treatment. it transformed treatment as the first cure that's... ...one pill, once a day for 12 week

we got an exclusive on the second-largest boating shareholder behind sumner redstone.view with bloomberg's betty liu, he shared what he would do. do is getng want to rid of both of them. i like tom -- the last thing i would want to do is get rid of both of them. i have a general contract and the architect is pulling the strings. ceo, this is a a perfect logical thing. he's got a contract, you know what going to cost you. you keep them on ap can do a good job, that's one wing, but if he cannot, the answer is, what do you do? the company has a certain attraction and it needs to be fixed. betty: so you're willing to give him a chance. or eight him six months back in february and march. so that is over. you have 50 new directors on. it's not costing my clients any incremental money because of the contract in place that has a parachute. he has until the end of the fiscal year. why would anybody in their right ceo,want to change the cfo, and coo all at once when you don't have to? work in progress. that: let's say he doesn't make the right moves in the next 6-8 months. then

this was a man we thought would be making some final decisions for sumner redstone," -- how quickly hen from grace. mario has seen the shares of this company underperforms significantly. he said that sherry redstone was welly and in her moves and look more to the future now, so what is going to happen with viacom? will it stay as a standalone company or might it come back together with cbs? saidt you to hear what he about who might get the job done if dooley cannot. >> let's assume you combine cbs with viacom. number, you talk about a company in three years with $20 billion.of you basically have one owner that controls both so there is no takeover premium necessary. betty: les moonves is one of the highest a ceo's. >> but there's no reason to put a ceiling on it. maybe give him in a $50 million a year because it is extra work, you have to then run both companies. moreuld have to be in cities and more private planes, more speeches. but i don't want to put a ceiling on it. betty: clearly if there was any kind of visual you could have on who has done the best job, i mean look at the stock

the judge in the massachusetts case involving sumner redstone has set a trial date. will run for five days. at issue, whether sumner redstone wrongly ousted him from a trust that controls by comp. that is your bloomberg business flash. scarlet: "what'd you miss?" productivity unexpectedly fell. while productivity has been week, tricky problem since productivity growth is a key factor behind rising living standards and wage growth, so how would this data factor into the fed's decision as hiring remains robust as well. we spoke to the global head of market economics. of the day, we can't pay ourselves more than we earn, so productivity is low, increase.ndards will investments are lower proportion of gdp than it used to be, firms are much more cautious about hiring people. .econdly, some changes 20 years ago, the guys who retired were replaced by younger people with higher standards of education. par for par.is there is not an upgrade in the educational standard. i think there is a lot of regulation that is making the world grow more slowly, and maybe it is making peopl

liz: despite behind the scenes leadership drama, sumner redstone viacom reporting a surprise up tickarterly revenue few to higher licensing fees in theatrical unit. earnings dropped 23% year-over-year but phillipe due monday deal is opposed by sumner redstone and his start sherry who control the shares. ongoing tv, ongoing saga and drama, continues right now. viacom up about a quarter of a percent, although the b-shares, are down about 1%. minder to stay tuned for all earnings action this afternoon. big names. linkedin, weight watchers, lions gate on tap. "after the bell" has you covered. >>> even as the stock market hits record highs wall street is bracing for more layoffs, including one of the top investment firms on the street, goldman sachs. lloyd blankfein already had four rounds of cuts but are goldman employees embracing for a fifth round? charlie gasparino, what is going on here. >> they are bracing. we're getting this from senior executives inside of goldman sachs. they say there is ongoing cost cutting effort going on. there will be a major round of layoffs. i don't have th

he was the first guy to go up and shake sumner redstone's and after he bought it.e's always been the number two or number three, and it's unclear whether he's really going to get a full vote to get a full vote because he's been closely allied with the law for the past 15, 20 years. philippe dauman's experience, isn't the ceos job at viacom a poisoned chalice right now? >> it's an uphill fight for anyone right now. i have to imagine that for someone with a lot of ambition, a lot of self regard, they would like to take on that challenge and take some of these brands that have melt so -- meant so much in pop culture for so long. erik: what's the bigger challenge, turning around a andodion --nickelodeon these other brands, or dealing with sherry redostonstone? >> anyone who ends up running the company full-time will end up having sherry redstone's confidence and trust. stone has picked five board members who are on the board. this is a company that has her fingerprints all over it. whoever ends up being the full-time ceo will be someone that she believes is capable of

a plan that sumner redstone has opposed. ll become interim ceo through the end of september. this deal puts sumner's daughter sherry in control of the trust and the board which will expand with five new members. with dauman leaving the board, it will have 15 members until they step down at the board meeting next year. this settlement does not resolve redstone's mental competency which has been at the center of several lawsuits with the addition about the direction of viacom. this idea we're expecting any time now does not override a lawsuit by karen redstone. she is planning to proceed regardless of any settlement. but certainly the end of a long, drawn-out saga. >> she won. basically. >> sherri won. yeah. >> thank you, julia. right now let's head back to rio. speaking of winners, andrew ross sorkin covering the olympics for us. andrew? >> hey, thanks, michelle. we talked about a lot of headlines this week. no matter what, the headlines may be taking the world's attention from rio. the real story here is the athletes. we've t

sumner redstone, 93 years old, retains control. shari redstone said she was never interfering with this, her father is making the decisions but creates a trust for the receivership or inheritance going forward should mr. redstone become incapacitated or unable to mak the decisions based on mental capacities. charles, back to you. >> thanks a lot. charlie gasparino is here, and he was ahead of everyone on this. you were calling this, man. >> not a surprise. there were very few options. the reason we knew he was out is when his advisers, and i spoke with a lot of them over the course of three, four months, basically threw in the towel. his reputation was shot. in the media, no way he could hold on. they were trying to have one last hurrah, which is the sale of the paramount unit because he's out for the sale. couldn't put that together. interesting story in the sense, i'll let the viewer decide where to go with this if you want to buy the stock, that's where we come out of this thing. part of our job is to tell viewers what are good i

sumner redstone reportedly near a deal to oust the ceo.possible settlement could mean for the country. >>> another prominent republican turning the back on donald trump and voting for rival hillary clinton. former treasurer who served under george w. bush explains why she is crossing the political aisle. that's coming up. what do you got to offer us today? ♪balance transfer that's my game♪ bank you never heard of, that's my name♪ haa! thank you. uh, next. watch me make your interest rate... disappear. there's gotta be a better way to find the right card. whatever kind you're searching for, creditcards.com lets you compare hundreds of cards to find the one that's right for you. just search, compare, and apply at creditcards.com. ♪a one, a two, a three percent cash back♪ >>> welcome back. we have a news ate le s alert o. sue? >> according to "new york times," lyft has had talks with several companies in an effort to sell itself to those companies. it has not, however, found a buyer according to "the new york times." the company which as you

reported yesterday, settlement talks are under way between viacom and controlling shareholders sumner redstone to end a very bitter legal battle. if as part of that deal viacom's ceo leaves, end reportedly be in line for the second biggest cash severance ever of fortune 500 ceos. golden parachutes can include cash and other benefits. >>> if you live in pittsburgh and use uber, you will soon be able to summon, yes, a driverless car. the fast-growing ride-hailing company is partnering with volvo to give it an edge in the race to make autonomous vehicles widely available. kate rodgers has more. >> reporter: ride hag disrupter uber making an even bigger investment into the driving experience of e future. the company announced thursday a $300 million partnership with volvo to co-develop autonomous suvs. as a part of that, uber will roll off 100 autonomous volvo sport utility vehicles on the road at the end of the year. uber is also launching an autonomous driver program in pittsburgh in the weeks to come. the initial pilot will be free for passengers but it's unclear how it may evolve in the future

viacom's founder and controlling shareholder sumner redstone is trying to fire his protege and longtime friend viacom ceo felipe domond while arguing redstone is incompetent to fire him. this morning viacom reporting modestly better than expected earnings, defending captain saying they were undervalued by the "teenage mutant ninja turtle." and domond is under fire for his management of viacom. >> there's still enormous heat on domond. they pre-announced a bad quarter a few quarter so they marginally beat the lowered expectations. compare what they did this quarter compared to a year ago period it's obvious that this company is still in difficult position. >> these mixed results come on the heels of reports that talks to settle redstone and domond's legal issues fell apart. now the question of who controls viacom's future, domond or redstone, will be decided by judges in three states in october. a massachusetts judge will hear the suit over redstone's mental competence. a delaware judge will hear lead independent director fred slarno's suit to direct the dismissal from viacom's board and

. >>> viacom and sumner redstone are reportedly back in settlement talks. according to the "wall street journal, their litigation, change the board, and lead to the exit of current viacom ceo, phillippe domon. as part of the compromise, viacom's operating officer, tom dooley, would be promoted to ceo. one roadblock is the potential sale of paramount, which redstone and his daughter, shari, believe is core to viacom's future. a deal would end one of the most bitter boardroom legal battles in history. >>> target slashes its full-year outlook and that's where we begin tonight's market focus. citing a difficult retail environment, the retailer said both profit and revenue declined in the latest quarter. earnings did, however, manage to top expectations, while sales were roughly in line. the company lowered its earnings guidance and said same-store sales are expected to continue to decline for the rest of 2016. shares finished the day down 6% at $70.63. >>> lowe's also cut its guidance for the year, after hosting disappointing quarterlies. sales rise, but ent co

the deal leading to the ouster of viacom ceo could be ehreatened by a legal battl between sumner redstoneranddaughter. it is unclear whether the granddaughter had to agree to back the ceo. karen redstone is challenging her grandfathers mental competency. $33 a share in cash, a $.38 premium to the stock price as of august 3. spotify has been retaliating against musicians to doesduce new motility or -- musicians who introduce new music exclusively on other platforms by making it harder to find their music. twitter has long been criticized for failing to protect its users from of postst and abuse from users have led to the departure of many celebrities. working on a keyboard-based tool. sarah frier joins us from san francisco. explain this tool to us and how it would actually work. sarah: on twitter, it would allow you to block certain keywords like racial slurs, perhaps, or derogatory sexist words. you can block them in your feet and to know anyone who might be harassing you proactively. in doing so, makes the trolls less powerful. this is an initiative i jack dorsey -- by jack dorsey to fi

in the case of viacom, it is a the ceod fight between and sumner redstone's family.there is 21st century fox, the fox news division after the departure of roger ailes. call today saying fox news will stay the course and try to maintain the same tenor in terms of its coverage. at the same time, profit was up, and it did beat analysts' estimates. ebitda fell. tda, "independence day: resurgence" was the failure here. looking at box office for each of these companies, 20th century fox is in white, paramount, which is viacom's them division division, who had no film releases. these numbers seem relatively low versus analysts' expectations, especially when you have a couple of big bombs at the box office. it is not great news. vonnie: that is for sure. julie, thank you. another big headline this week -- time warner is taking a 20% stake in hulu, they move giving hulu to access to all oof time warner's networks. it is all part of jeff bewkes' master plan. bloombergn with weeks's" gerry smith. will helpf said this them compete with netflix, and also the traditional cable com

julia boorstin looks at the quarter and what it means for the sumner redstone soap opera. > good morning. viacom reporting moderately better than expected earnings. and adjusted earnings per share of $1.05. they're in the midst of a legal battle between redstone and doman. he is under fire for his management of viacom. ratings trends in all of the company's networks showed sequential improvement and the company completed a successful ad period. the result were impacted by the ninja turtles sequel. this comes on the heels of reports that talks to settle the legal issues have fallen apart. now the question of who controls viacom's future, dauman or redstone will be decided by judges in three states in october. a massachusetts judge will hear philippe dauman's mental competence. will hear fred selerno's suit. and in california a judge will hear redstone's action to replace viacom's directors. on the earnings call which starts in about ten minutes, two key issues are in focus. one, dauman's plan to stake in paramount. and two, any update on a potential settlement between dauman

executive will step down as part of a settlement resolving the company's legal disputes with sumner redstoneidea is that it is designed to in litigation in three states against the redstone family. officer willrating serve as interim chief executive. step up and sprint battle for subscribers, revamping rates to appeal to users who want unlimited streaming and web surfing. new pricing for both carriers underscores a push to sign up heavy day to users to monthly plans. the news coming with sprint owner softbank keen on a merger. coming up, stopping the swings, a look at what hong kong is doing to slow the wild ride in stocks. this is bloomberg. ♪ rishaad: you are back with "trending business". uber fails to win court approval for a multi-million dollars settlement with drivers. that, uber may still come out on top the company is driving ahead with self driving cars. >> two big hits of news for herb or -- for uber and the self driving world. to putthey are ready self driving vehicles on the road in pittsburgh. you will still need a driver behind the wheel for safety, but uber customers will be

the judge in the massachusetts case involving sumner redstone has set a trial date for october 3.he trial over the ouster of the viacom ceo will run for five days. at issue -- whether he was ousted from a trust that would control viacom. that is your bloomberg business flash of they. now to the surprise from valeant -- they reported earnings that fell short of estimates -- of estimates that shares are climbing. and optimisticg view of the companies or action. guest: i'm looking forward spending more times -- more time -- vonnie: are bloomberg reporter spoke with him after the report. we have had many positive earnings reports from valiant. what makes you think they can turn things around in the second half? guest: i'm not entirely sure. they have a lot to do and they have to drive earnings growth and they have to drive it out of his this is that are declining more persistent as leader may have in the past. but what he has been sticking to is that there is a seasonality to their business and a natural pickup they will benefit from. some of the problems plaguing them in the first ha

two tier stock, sumner redstone ruled with an iron fist, paid people whatever he wanted to also gettingeave, can i get a job like that. apparently not. >> i don't think when you leave the times it will be that package. >> no one has ever paid me to grow anywhere. -- go anywhere. >> what would you like to see them do? do they need to buy someone big? can this be changed from within given that much thought? >> i think there's a lot of low hanging fruit here. the studio could be doing a lot better and take all their exists operations and do better with some, you know, frankly some reexamination of management. but they face the same problems everyone does. disney, fox, they're all looking at the aging audiences and the need to move into this digital era and nobody has yet quite come up with the answer for that. i think they have to get some really fresh thinking young people in there. i think it can be done but that is a long-term project. >> the times does today argue that the music video is relevant again. >> yeah. i saw that. >> because of beyonce. that's a start for mtv. >> it's a start

are founder sumner redstone and philippe dauman on the bitter edge of the final frontier? the details next on "countdown." stay tuned. to folks out there whose diabetic nerve pain... shoots and burns its way into your day, i hear you. to everyone with this pain that makes ordinary tasks extraordinarily painful, i hear you. make sure your doctor hears you too! i hear you because i was there when my dad suffered with diabetic nerve pain. if you have diabetes and burning, shooting pain in your feet or hands, don't suffer in silence! step on up and ask your doctor about diabetic nerve pain. tell 'em cedric sent you. perfect driving record. until one of you clips a food truck. then your rates go through the roof. perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. and if you do have an accident, our claims centers are available to assist you twenty-four seven. call for a free quote today. liberty stands with you™. liberty mutual insurance. . liz: we've got an alert on viacom. bitter board battle may be coming to an e

beyond that as the raging fight continues between felipe dauman and his controlling shareholder sumner redstoneements which owns the stakes in cbs and viacom. the stock not doing much at this point. the paramonth transaction as i many times the likelihood they'll get to the finish line seems to be small needing they need unanimity on the board in favor and sumner and shari are not involved in any part. >> another earnings mover at the top of our agenda is tesla. reporting a loss of $293 million. in the second quarter. that was well below what the street was expecting. but sales growth on the other hand continues to outpace rivals like ford and gm despite some production problems. >> basically we're in production for the first six months of this year, man it was hell. and just managed to sort of climb out of hell, and like basically through june. and now the production line is humming. our suppliers mostly have their [ bleep ] together. a few that don't. one i will be visiting on saturday. personally to figure out what the hell is going on there. >> production is humming along. let's bring in da

sources tell us that sumner redstone's ongoing legal battle with viacom ceo phillippe doman are comingan end. sources tell us agree to step down immediately as ceo and tom dually will become interim ceo. but dauman will take home a $72 million severance package on top of the $491 million in compensation he's made in his ten years running. that $490 million particularly stunning considering viacom's under performance of the s&p 500 as well as cbs, which is also controlled by sumner redstone. now, former viacom ceo tom freston telling me he believes this news is great although it's long overdue. he calls dauman's ouster a great victory for the people who've been so demoralized and demotivated. he now says it will be a lot easier for viacom to higher top talent. back over to you. >>> julia, thank you very much. viacom shares are higher today and actually up about 10% this year, but that is cold comfort for most viacom shareholders. the stock's gone from $88 to $48 in just two years. james dix, media analyst at wedbush security joining us onset. james, finish this sentence. the single bigg

steve forbes, i guess okay, the redstones won, sumner redstone but how deep are the problems at viacom? >> not a management problem, ashley. it's a fundamental problem caused by technological change. people have a lot more choices now. they haven't yet found a way to appeal to young people. until they find new sources they are going to have a problem. traffic's going down. ashley: yes it is. jack, does tom dooley the get for the long term? >> no. ashley: he will have to be approved by a board now 16 members. no? >> i don't think there is any change coming investors are looking for. if there were the stock would move higher. this company trades 11 times free cash flow. free cash half of what it was two years ago. a turnaround waiting to happen. the problem they skew very young and tv's pull is weakest with the young right now. doing fine with people my age. the young are doing different things. ashley: jack, just to follow up what about viacom and cbs join together and let whole thing run by les moonves? he is a good leader. >> i suppose. certainly buy it on the cheap right now. things

. >> reporter: scott, a number of pretty shocking numbers in the last chapter of sumner redstone anddauman's leaving viacom. expecting him to be paid to step down

said the company board has approved an agreement after a month-long legal dispute between he and sumner redstonechief operating officer todd dooley will serve as interim ceo and could take the role permanently. islionaire paul tudor jones demanding that his managers take more risk in their pets according to an investor letter obtained by bloomberg. it also says the legendary macro trader has boosted the amount of money he is managing to more than 50% of his main hedge fund's net assets. the moves are scheduled to shake up the business, which cut 15% of its staff this week. a spokesman declined to comment. inle has hit a roadblock making major changes that would connect its watch to cellular networks and make it less dependent on the iphone according to people with knowledge of the matter. the tech giant still plans to announce new watch models this autumn. u.k. betting companies have abandoned their pursuit of william hill after it rejected their 3.1 billion pound bid. under u.k. takeover rules, they for ate a hostile bid least six months until someone else does. that is your bloomberg business

ashley, breaking news in the sumner redstone family drama, lawyers for karen redstone, granddaughterounder agreed to dismissal of claims against her grandfather's estate. the lawyers saying that karen agreed to remediate the remaining parts of family dispute and meet with her grandfather directly. earlier this week redstone's met with phllippe dauman after months of disagreement. maybe months being put to bed. we'll see. >>> carl icahn, bill ackman back bickering over herbalife for years. we're learning mr. icahn looking to off-load his stake in the company. here is the catch. ackman, his arch nemesis who labeled it pyramid scheme could be one. potential suitors. say what? here now to give his take, charlie gasparino. >> earlier in the week there was market rumor purely that carl icahn was selling his stake in herbalife. ashley: yes. did he say why? >> he never answered my call. i did a story that said this and you can rewind the videotape. herbalife, company officials said he is not selling the stake, they don't believe he is selling it. they were very honest. they said it on the re

viacom and sumner redstone have come to a settlement of some kind.ve got facebook, they want video game makers to make more games for its users. no impact on the stock, but it's still at 123. the hedge fund manager, a wealthy guy, he's got a stake in square. and the company reportedly ramping up its operations in europe and square is up 1 1/2% on that. got it. higher profit. better sales, essay lauder doing well with makeup, luxury fragrances. why is the stock down nearly 3%, he asks? i'm not getting an answer. it's down. it's an important story, a record number of orders for the chip equipment maker applied materials. i think that's important and nicole, the stock please. nicole: let's take a look right now. it's up 4%, not only is it up 4%, but it's also hitting a new annual high. so the stocks surges here on better than expected sales and the forecast going forward also beats the analyst estimates. they are in the chip business, they make the equipment na makes chips and the ceo today also noting recently, saying that we're in the best position in

and further, when you add to this i think one of the few people that sumner redstone reportedly visitingaking to dauman is brad gray. makes you wonder will national amusements have something to say about whether or not you make changes even if you think that was the right choice. it's an unfortunate situation for the near term. >> people talking about the possibility of deals down the road. we have the see if that comes to pass with the sale of a stake or merger. thank you. appreciate it. >> there's a studio and everybody's hand. you know? >> that's the bear case. exactly. made on the iphone. right? >> over facebook. >>> well, with 12 minutes to go before the bell, we see the dow is down 16 points. it's been really kicking around that range for a while. nasdaq is outperformer thanks to getting the lift. >>> central bank action over the weekend ahead of the big jackson hole speech on thursday of this week. we'll tell you what to watch coming up. you're here to buy a car. >>> welcome back. art cashin just mentioned about $450 million to buy on the bell. thank you. when bill's not here -- a

announced the resignation of dauman in the deal that does end the legal fight between the board and sumner redstone's national amusements. dooly has been coo will become interim ceo until september 30th when a permanent decision is made. he and dauman are like peas and carrots. >> i thought so. i think the chatter will be that cbs, that channel 2 -- not the drug story. cbs is going to be in there and something can be made happen. now if i were les moonves i would dislike that talk intensely. because i think that moonves has put together a company that's under valued, but the studio seems a little bit shy of hits, the stuff that viacom puts out is so easily time shifted that you can watch it years later. like i "i love lucy" but cbs has a lot of live sports. viacom is left behind. so i don't know. i think it would bring down cbs if they had to buy it. >> you seem to be saying the hard work begins for viacom. >> viacom, look, we've had some pretty good numbers in that space. time warner, jeff, he put up a good number. i think that disney when like at it, disney stock is not down. i mean again, we did g

this morning, ceo philippe dow man said he's moving forward with paramount despite sumner redstone and his daughter's opposition to the plan. dauman said he narrowed down the process to a handful of prospects. >> the process has slowed down in recent weeks but we have reason to believe the favorable court developments last week will create a better environment to allow us to progress with several parties toward a highly beneficial transaction to present to our board. >> now, dauman's talking about the fact that judges have allowed cases to proceed. they're now three trials scheduled for october in massachusetts, delaware and california. these debates of redstone's mental competence and whether the dismissal of dauman and other directors can proceed. redstone's national amusements today issued a press release criticizing dauman's leadership and dauman is sticking with the plan to try to strike a highly beneficial transaction for paramount. guys? >> you know, julia, i guess the question still hangs over whether, in fact, even absent this dispute with the redstone family, it is a great id

a fight that ends the founder and board his company called national amusements talking about sumner redstoneoo thomas dooley take the role of ceo through september. >>> central banks close to hitting the target for full employment. also 2% inflation upbeat outlook yesterday. comes ahead of janet yellen's big speech friday at kansas symposium in jackson hole. traders looking ahead to that speech from miss yellen on friday. it will be in jackson hole. joining us now sri from global strategies and bruno ceo of global x funds. you know, sri, if we just forget about that one hike, you really, really, really have had the right overall call on this, haven't you? >> thank you very much, joe. i enjoyed the discussion with you late last year and i think i lichd to you a couple hours ago. seeing that again, i agree with you completely. the fed is stuck. it is not going to raise interest rates ahead of the november elections. then it is time for janet yellen to consider whether she's going it be nominated or not. we're in for a long pass. not just the theory you talked about the previous hour but the po

viacom and sumner redstone's nationals are back in talk.aid to be moving toward a resolution which would remove philippe dauman. >>> we mentioned the reports of cisco layoffs a few minutes ago. there will be more news on cisco later when the dow components report earnings after the closing bell. expected of 60 cents per share on $12.6 billion. >>> amazon owned twitch, a video platform and gaming tonight making a deal to expand its reach. it started curse which allows games to talk to each other and share information over the internet. it's been referred to as skype but for gamers. t >> curse? th is that is reference of how they talk to each other. >> probably. it's more than just playing and watching. >> who knew, joseph? >> nobody. not me. >> i bet your kids do. >> they probably do. >> but they don't curse though. >> that's a generational thing. >> the way you say certain things -- i'm going to start doing it. that time it was amazon. >> amazon. >> amazon. amazon. i know you know it's actually amazon. >> we go through this. i keep my pronu

former con fi don't at via >> sum mer redstone's national amusement and viacom ceo have reportedly agreed to settle lawsuits that have been hanging over the company. sumner and his daughter, sherry, coming out on top, putting to bed three lawsuits without testing redstone's mental competency, which has been called into question. sources say doeman will step co will bermuda interim ceo through the end of september. >> this is a day for shareholders. there are bright and competent directors coming in to join this board, so obviously, sherry redsten's played a bigger role over these montes! the question n who will become the permanent ceo. w leader.ay that viacom's >> there's renewed speculation that the ceo would be a good fit d cvs and viacom could be recombinant expected to walk away with a $72 million severance package on top of the $491 million doman has brought home running viacom. >> some big nu the cost of the company. was shakedown to get payments for these people leaving after disasterous performance. >> former ceo tom preston saying to lon and will now make it much easier to draw top employees to the co >>> a market monitor tonight likes dividend

redstone, paving the way for the exit. hn is written exclusively about.com and joins us now lost up this is turning between sumner's daughteren, her granddaughter, right? it is giving ever more concentric circles. >> that's right. that piece of the dispute continues to live on despite the settlement, which is very surprising considering that karen is sumner's ran daughter and sherri is her aunt. story is bothman incredible and inevitable. thinking adible that little more than a year and a quarter ago when i first wrote girlfriends's two in "vanity fair" it would inevitably lead to philip d auman's departure. stunning development. he decided to take on sumner after years of being his and signatory. it is shakespearean and you just can't make this up. vonnie: i remember when the reporting came out, it was phenomenal to read about the two girls. they are out of the picture it seems. the conciliatory tom dooley. >>tom dooley, the chief operating officer of five, and the right-hand man of philip da uman will remain as interim ceo through september. he will remain nonexecutive chairman of five, through september, giving him a cha