offcbs-viacom merger is the table for now.rg. ♪ alix: now for three company stories we are watching. first up, snap. shutters the officer said to be leaving the company to start his own firm, but the stock price was interesting. down 2% on the news. the assumption is they were losing their grown-up in the room, but now it is down only 9/10 of 1%. i also wonder is he leaving because his job is done? david: he was clearly brought in for the ipo. on walllished rancor street. he got the ipo done. -- he did somewhat not necessarily tell me he was a short term or. but he is moving on to other things. he is a very able banker. alix: good to see what else he will do. david: i am looking at volkswagen. one analyst from stanford bernstein -- his thing is vw. vwm considering taking private, making fun of elon musk. he is saying given what has gone on with vw shares, they are undervalued, and they should think about taking this company private. i look at the market cap. $69 billion. l went out at $25 billion. out at $.5 billion. alix: pri

viacom and cbs as reasonably fairly valued.he hard thing to know is what are the terms of a combination with viacom going to be. who will benefit from the synergies which are very real. of a wildfor a bit card valuation. you may have a situation where investors think it's actually possible that someone other than viacom could be a bidder. that seems very unlikely. both viacom and cbs are fairly valued. taylor: what about future mergers? where does cbs go next? we heard rumors about verizon. vertical integration is back in vogue. who do you see as an acquirer of cbs? >> if ultimately national amusements will have more than a bit of a say in what happens it's hard to say that anyone would seriously pursue a bid. it's not that cbs doesn't have desirable elements. because of the controlling shareholder controlling cbs who also controls viacom, i wouldn't count on it. i guess you can't rule it out but i wouldn't count on it. vonnie: the new board members include everything from bankers to people who have worked at the very high eche

why doesn't verizon say we have to match comcast, match at&t and pick off either cbs or viacom?us. >> because it's not working. >> oath is a loser can we all agree >> i just said that's not the way to do it >> it's content. >> you're using one bad content deal i would submit to you that -- >> aol, yahoo! >> just hang on a second at&t and time warner, disney and fox, comcast and nbc disney still is yet to be seen but they have worked and are working. you can find a verizon with aol and oath >> i don't know what you're talking about. >> content and distribution is what i'm saying. >> my own sense -- >> verizon or at&t >> oh, i own verizon and i would prefer buying verizon. >> me, too >> i give time for at&t to get the story out. stevenson has to put it together and we'll see what he says on the quarterly conference call now that it's nine months. i don't know about the justice department arm wrestling again on a re-examination of what the judge said i would like to get that out of the way after the election certainly. and in addition to that clearly columbia pictures owned by sony

viacom has not taken a between properties over the internet.t is still largely rely on the traditional tv ecosystem and the only growth you've seen it is international tv networks. bob bakish knows is going to have to come up with more to convince wall street that the company has a bright future. lucas shaw, thank you, coming to los angeles. three of the board members that have been added are female, one's a lawyer, was a banker, what is a management consultant. coming up, a hurricane bringing themile-per-hour wind and risk of devastating storms, rain, and flights to the united states. it's a category four storm. this is bloomberg. ♪ vonnie: this is "bloomberg markets," i'm vonnie quinn. florence.r hurricane florence is rapidly intensifying on its path to the east coast and is now a category four storm with top wind of 130 miles an hour. hurricane is inspected to make landfall somewhere on the southeast or mid-atlantic coast thursday night. tina davis joins us now to talk about the potential fallout from florence. tina, obviously, there's going

viacom up 0.4%. another piece of the story is they have settled with national amusements, the major owner of cbs and viacom. there will not be a deal for at least two years. finally, one reason to think maybe the gains will not stick around on the day. we take a look at apple down 1.3%. over the last four days, down sliding four days in a row, its worst four days since april. this on fears around technology and regulation from the government. also today, president trump more recently saying he is suggesting they bring their manufacturing to the u.s. some are saying that can raise the price of the iphone by 20%. vonnie: thank you, abigail. let's get the trade tensions that continue to hunt the global markets. michael zezas joins us now in studio. first, obviously trade. investors are waiting and seeing. no new announcement on china. just continued ominous almost threats. will we get something this week? michael: yes. i do not this week or next week or the next, but in the short term, that is $200 bill

the viacom situation is on hold. some are saying it's now more a done deal than ever. lucas.ean the important thing to note is while national amusement the company that controls cbs and viacom, has said it will not push for a merger of those two companies, that it is possible for the board members of cbs and the board members of viacom to pursue a deal on their own terms. what you've seen over the past 24 hours is essentially a clean slate at the cbs board. off lot of the people who have been on that board for a long time a lot of people close toast moonves and a lot of people who tried to dilute sherry redstone's control over it leaving and a number of people who have been sanctioned by national amusement, some with ties to viacom, the c.e.o. of hasbro has a close relationship with viacom over movies, and a lot of people have experience in transactions in mergers and acquisitions. u've seen analysts and other investors say you'll see some information about the merger in the next year or two, or if not that merger, another one because hese two companies are significantly smal

i know $13 billion of viacom is smaller than cbs but you have to admit that viacom is doing well rightd in terms of buzz, people won't own viacom because its got the amazon view of jack ryan can this be actually a possum that they are putting together i think it is potentially something you can view possibly. more time needs to go by before something you decide to engage on if they choose to do so but, jim, you are right, it is funny the conversation around viacom has changed over the last year certainly the resurgence of paramount to the point they are talking about it favorably of next year in terms of what they're doing to do and new leadership they put in place of certain areas and lig slight rebound and advertisements, i don't want to over state it. they still got their challenges as you know but so as cbs. how much are they going to have to pay for the nfl when those reds come backup and typically they are renewed years before the contract expires carl carl, we talked about this last year, maybe if the nfl was peaked, one of the story lines, is there a renaissance in the football

bob bakish, ceo of viacom.ank you very much s&p has gone negative to the tune of five points although the dow hanging on to minimal gains. a lot happening as we watch the interviews, waiting for more developments on canada trade, some comments from mexico's economic minister suggesting that things are moving along but nothing official, obviously. >> nothing yet just watching also shares of apple, the other big story of the day. biggest loser in the dow but has been such a winner leading up to this afternoon's event, up 15% over the last three months david's conversation there with viacom ceo bakish was interesting because it didn't hint at any sort of deal with cbs though he did talk about the merits of scale and david asked doesn't it help to get bigger. scale is valuable, perhaps a clue some were focused on. >> as we go to break, a quick check on neo-going public this morning. sometimes called china's tesla shares down about 3% don't miss an exclusive with david tepper tomorrow on noon eastern on the half. a

of course and the larger sort of scheme of things, carl, we'll also keep an eye on viacom and cbs as a potential entity at some point perhaps being recreated. we'll see. not any time soon, i don't think, given the tumult taking place at cbs but it is certainly not inconceivable that perhaps next year board members of cbs and/or viacom might think, you know what, scale is important perhaps given previous attempts, succeeded at least on the economics, it's worth taking another go at it we'll see. for now we'll keep an eye on that share price, which is having a good day, much of course to the happiness of mr. bakish. >> along with discovery and some other names too. what a well-timed conference good to have you there, david. >>> meanwhile dow popping up 127 now. s&p has about 4 pointsout of this coming up, ten years since the crisis and the fall of lehman. we'll talk to the former ceo plus david tepper will be on "the half" tomorrow, 12:00 p.m. eastern time for an extended interview. you do not want to miss that back in a minute >>> will you get your money back we hope so so the questio

that was something that has been tried at viacom several years ago and was lost.ust before that was set to trial, settling, moving on. playing it forward -- les moonves was set to go to court to dilute the shareholder, change the board, ending up looking like he is in a buyout. proposition in delaware to fight. it is clearly laid out in the bylaws what the rights of the shareholder is. les moonves never had a leg to stand on. he was going to lose anyway so rather than losing court, he is figuring out there is a better path, especially for the company, in fighting -- than fighting to the bitter end. vonnie: he had support of some of the members on the board. those were sticking points, to some extent, but now does he have that backing? --en the of allegations given the allegations that have come out since? richard: there is a massive consolidation process now. you're seeing disney in the process of merging with fox. we will see where sky ends up. discover and scripps have merged, at&t has bought time warner. you have this massive consolidation wave. you have viacom

perhaps there may be a willingness in the part of cbs director to consider it and viacom can decide it may want to push the matter. and for practical purposes, you are always going to need at least, in every deal you get every single director to agree you need two-thirds of those independence to agree and 50% of them after the two years period is over. cbs shares were up last week and they may be up again this morning on this belief somehow that cbs can be sold separately because nai says it will not stand in the way but will of course have the right to vote on shares one way or another. it seems unlikely there would be anybody out there for cbs. i think a bit more was made of verizon and at&t interests that was the case previously. the tax ramifications for nai or viacom separately are far worse than it would be if you put them together and sold the control position by selling national [ music playing men amusement we'll see what happens overtimes here >> in total the stock is up about 7% since thursday is closed you put it together with what's going on with nai, michael nathan, sa

one that would raise and i trust issues or not i don't know that it would raise antitrust issues viacomright now is operating i believe as the ninth largest media company c.b.s. certainly has big holdings in television and they both have properties in film so whether or not it reaches the level of some of disney twenty twenty century fox i don't think so but you know anytime you have you have one of the big submerging with one of the bigger i think that it's going to fail it's going to face some d.o.j. scrutiny we're going professorial i could never get the professorial lecture to where any university get better all the time thank you for being here so much by i think we should. be able company is making some big changes and throwing their healthier offerings overboard the company with the iconic suit faded by andy warhol and first displayed in one nine hundred sixty two began selling soup tomato soup back in eighty ninety seven and until recently that have been on a roll selling roughly four hundred forty million cans each year roughly forty five percent of that soup is what type her t

i think the bigger issue for cbs, i have never thought that viacom transaction could go through sincepecial board committee voted that down and i don't think there's any move here with or without les, with or without what happens in the delaware court that is going to change that result if the viacom merger isn't going to happen, and it looks increasingly unlikely a faang company will come forward and acquire cbs, what does a stand-alone media company as well as navigating tough waters, facing ratings decline and issues that traditional media companies are facing, what does it do to secure its future more than anything what they need is a visionary able to solve that problem. >> interesting tom rogers, deep knowledge of the industry very helpful great to have you. thanks >> thanks for having me. >>> coming up, fears of a trade war continue as some of the bigge biggest ports look to be hit by president trump's deal tariffs jackie deangeles is in new orleans for a closer look. >> reporter: morgan, that's right. u.s. port revenues represent about 25% of gdp here in new orleans, shipping

viacom is keenly in play in this scenario it is not a cbs or les moonves story. where will you vote? >> brian, i'm recommending that you pick up the phone and call your broker and buy cbs today. a strategy that is well placed there's a rule we learned in the second grade and that is if she has the gold, she rules. you have to give credit to sherry, she pulled it off. she has total flexibility with regards to what she wants to do. let's count money. national amusement owns $30 million shares of cbs. they own 9 million shares of the nonvoting. they have 40 million shares approximately so if they can get $80, $80 times 4 million shares is $3.2 billion. when you tax -- why would you want to sell the company for my point of view i'm trying to figure out what sherry is doing next you have two guys from columbia business school and you have ianelli running cbs. they have a good -- so where does the world want to buy this? i would start taking my japanese lessons and talk to those running sony and they're ready to do something. get more content on scale particularly if f

viacom has work to do to turn around. they certainly need to be part of a bigger media technology company. ofall eyes on verizon in all this. we thank you, of course, from bloomberg intelligence. >> all right. a big week for economic data. here's what i'm watching. you can go on to the terminal see this chart. my league, on bloomberg news, pointed out something curious, which is that age growth, as we mediocre, butof expectations for wage growth are at their highest in 15 years. gives? i have a theory that it has to do with this blue line and that is consumer belief about the strength of the labor market. when people are asked, do you believe it's a good time to find a job? that number is surging, basically since 2001. words, it is true that wage growth is still fairly slow standards.al but people do think the job market is very durable. security.job they feel if they were to lose their job, that they would be able to find another job quickly feels like -- that has an income effect. getting paidf more, knowing you're goin

sure she always wanted this viacom deal that is correct that's what the actual will be of the thirteenperson board will give them enough to move forward my understanding is that eleven members will be independent from national amusements and how that board will look at how they're taking shape is is i'm i'm i'm sure one of the board members is a former head of time warner who was credited as shepherding out shepherding them out of a disastrous deal with a.o.l. in two thousand and one of these are board members that know media these are also board members that include william cullen for. or secretary of defense a former dean of the harvard law school and we've got big names on this board in the new board members whether or not they'll be willing to entertain these mergers i think it's a wait and see time finally before we go margot you've helped us out on others the other mergers we've talked about in the media space would this be one. deal would that be one that would raise and i trust issues or not i don't know that it would raise antitrust issues viacom right now is operating i belie

it is better sold one day as a combination of viacom and cbs. it does appear that cbs is going to stay independent and moonves will not be the ceo. >> the stock is already down 10% coming in. you mentioned the fact that les moonves have not been at the helm for a little bit. is it possible that they literally were not able to complete an investigation for months what is going on it is obviously the man apologized and said he was wrong. david, are there moore thing tha is moonves did post marriage that they are worried about? otherwise, hey, let's part and say he did what he did and let's move on. >> i don't know the answer, jim. i think we made this point preserve previously when these kinds of things reported, there are more often than not allegations have been made. i have no idea of what this investigation is and they're not sharing and has turn up or what they are aware of or perhaps aware of and how that colors any discussions going on on the board or discussions of mr. moonves, it is not the compensation package he would be doing or simply

viacom unchanged. whoop dedo. trying to get fire for our viewers wondering what to do with their money. how about this one? will you buy groceries through a vending machine? walmart hopes so. ashley: depend on the groceries. would you buy a salad in a vending machine? probably not. that's true too. >> we used to go get chicken. liz: get your salmon sandwich at vending machine. ashley: price and how it is presented. in this day and age, people pick up a phone, have it delivered to them. i don't know if you want a vending machine. liz: i want a vending machine in the lobby of my apartment. stuart: jack hough, don't want to talk about the deficit. >> i will not try to fight you. you want to be excited this morning. are you looking for -- on subject of hurricanes, did i tell you about hurricane stocks? you will hear about hurricane stock idea at some point later today. forget all of them please. it is utter nonsense. people will tell you insurers are in trouble. home improvement stores are a good idea. home improvemen

there is a standstill, the redstones cannot force them to merge with viacom. the other property that cbs holds and shari redstone was trying to get an active merger between both cbs and viacom. les moonves was against it. that touched off the legal battle that has been settled with the, with the departure of moonves and agreement from shari redstone, in two years she will not touch cbs what happens in those two years? from my sources are saying the board of cbs will likely be shopping cbs to a bigger player and then it become as guessing game who might buy them. i tell you this becomes fascinating, if you think about it, some of the biggest likely buyers are out. at&t can't buy them now, digesting time warner. justice department doesn't like the deal. they probably won't like this one. comcast, same sort of stuff. justice department has bull's-eye on comcast. think they are too big. i don't think they will allow them to buy cbs. leaves players like netflix an amazon. do they have the appetite now that they're developing their own content to buy old line media

that might force cbs in the end to merge back up with viacom, to do what sherri redstone wanted to dor in the beginning which caused the huge, i mean, remember, les moonves sued sherri red redstone. >> neil: of course won here separate issue in that sense forced out for other reasons. >> she won and she lost. she got rid of him. the board wants to sell the company and does not want to merge with viacom which she lost on and, you know, hopefully the shareholders win and they find a suiter that's going to pay up. i will say this though, if you think of the media landscape, there is not a lot of companies out there. does amazon really want to do apple. do these companies really want to step up to the plate and buy old line media? cbs is a cachet name. "60 minutes," cbs sports. some of that stuff on cbs is being impacted greatly by cord cutting and some of the technological advances that hurt the other. >> neil: saying nothing of the sexual allegations that could haunts it for some time. >> that's the other side of the story. i think at some point people are going to say what did the boar

they owe cbs and viacom.nvolved sumner, by the way, still technically in charge of that. >> we'll put a pause on this conversation talk about the hurricane for a second as hurricane florence continues to barrel toward the u.s., governors in carolina and virginia issuing hundreds of evacuation orders. jackie deangelis is live we the latest >> you can see the sun is starting to rise here. there are still people on the beach. they're walking with their pets. there are a couple of surfers behind me. this is what you would call the quintessential calm before the storm. but this is projected to be a very dangerous category 4 storm as far as the models and the forecasts can tell and of course local authorities and state officials are urging residents especially along the coastal areas as you mentioned to evacuate. we know the storm is coming. that's the message take the proper precautions. listen to what the governor of north carolina had to say. >> north carolina faces three threats here first the ocean surge along

viacom generally people are skeptical about the future could why are you interested in viacom?think they have done a good job of reordering -- reprioritizing the orders. in global movement, they are doing an enormous amount of work to get content global. at the same time, locally, the paramount picture studios what do a wonderful job, not only like wonderful movies like the last mission impossible, but creating product for television. there is so much demand for content now. was over theership top. at viacom, they had dora the explorer and mtv, and it lost a lot of those brands. does he have the wherewithal to re-create brands like that? john: i do not think they will build new ones, they will strengthen the old ones. things like nickelodeon can be a popular product. they learn how to stream it. they have terrific brands that can be utilized better. david: how about msg? john: we think it is a great company, owning the next and rangers and someday the next will come back to be world champions again. david: is that right? when is that happening? john: i think it is in a few year

agreement with the controlling redstone family where for two years, she can't force a merger with viacomther company she owns. they can go out and shop themselves, which they can do. here's the problem when you talk to a lot of people on the street, bankers and analysts who i have been talking to. they do not -- the buyout potential for them is pretty limited. take at & t off because of regulatory concerns. they are digesting time warner. take comcast off because donald trump despises comcast. liz: they also own nbc. >> they will stop anything getting bigger especially in a vertical merger. the real players here are tech. amazon, apple, netflix. the problem with that, when you talk to bankers, is they have been -- tech has been reluctant to get into the business of buying up big content provider. instead, they are putting money into developing their own content. i tell you, someone who watches a lot of the netflix original programming and some of the amazon stuff, it's pretty good. cbs in the end may be forced actually to go back and do what sherri redstone wanted it to do and merge with

. >> i think viacom should buy them viacom is doing incredibly well. are gripped and binged on "jack ryan." the idea that the viacom people don't know what the heck they are doing, the number defines that viacom should buy cbs, it is a nice combo >> that's right. >> one of these is happening everything that people say about this that's never going to happen happens les moonves. >> you don't think the two-year window is solid? >> they all write the rules and it is -- they can say whatever they want and suddenly they find something else is cbs attractive? it is such a small piece of paper. i am sure it is attractive to somebody >> compares to other assets that's been on the market >> the much revere/disgraced moonves did not create much value as people would like to think. there was a period where he created shows, "csi" and everything there is the kind of a sense that his time has come and gone, he was 68. wow. >> i will be curious to know jim tonight as you talked to lisa su of what you made of the overall action of semis which are having a tough day o

one chart i want to show you, you can see cbs and viacom split, cbs has outperformed my account.: the blue being cbs. when they split, most people thought it would be the other way around. >> one analyst speaking to bloomberg today is amazed to point out that there is no obvious bias for cbs. replacingtend to be television rather than buying them. david: much more reporting to be done. thank you very much. emma chandra. next, we are speaking to the jealous, democratic gubernatorial candidate from maryland. he faces in uphill climb against larry hogan. this is bloomberg. ♪ david: this is "bloomberg markets: balance of power." i am david westin. hurricane florence, but we want to get to first word news. mark: lawrence is picking up in intensity as it moves closer to the u.s. east coast. the storm has been upgraded to category 4. it could hit in the area from south carolina to virginia by thursday with winds up to 115 miles per hour. ishel barnier says it realistic and possible to get a brexit deal with the u.k. by the start of november. he says several issues have to be resolved, a

else merging with viacom it would be even less expensive.a comacquisition would slow down the growth rate of the company. >> do you think it's a done deal mr. moonves is leaving have you spoken to him at all recently >> no, i haven't spoken to les i think the question of is it a done deal probably is better answered by les more so than the board. les is a kind of an executive, the kind of a man that if he felt that his continued involvement with cbs would have a negative impact on the staff at cbs and to some extent on the shareholder and the future of the company, he loved the company, he believed in the company, and he will willingly step down if he believes there's going to be that negative drag for the board, i think the board has to examine the question. it's is cbs under les with whatever cloud you want to toss on les' behavior, imperilled for the long haul? you know, that's a tough question i'm not sure that's the case, but i'm not on the board and so that's a question and les himself is going to -- the thing to say is i'm going to be

these two companies now, cbs and viacom, have a combined market cap of $30 billion.the open march. maria: microsoft steps up, what about the other technology companies, amazon, apple? >> apple has stayed away from consistent at any time. they want to be services and hard wairmt it's nohardware. it's not impossible. i think there's private equity companies, guggenheim, for instance, is very savvy about content and they could step up. somebody's going to have to put up with the legal liabilities a and the treatise that will fall out. it's not just moonves. there will be other execs. jeff hager, the head of cbs news division is under threat right now because he's had some women up an step up and charge for molestation. maria: do you think cbs gets acquired? >> i think they come together. maria: you think cbs and viacom comes together and they get acquired. >> if they don't, the redstones will lose a lot of value in disposing of cbs and viacom because as standalones they're s vulnerable and they're not going to generate a great deal of market value. maria: we've got to g

network, he could walk away with zero other than benefits fully vested will cbs be sold or merged with viacom sherry redstone says she won't force it for two years if the new board decides to merge or sell, she's all ears. 6 out of 14 are women on the board. who will be the next ceo joe eianniello? untrue allegations from decades ago are being made against me that are not consistent with who i am it is the end of an era. in a telling moment last november, our julia boorstin asked him to describe his management style. >> i am very hands on. i genuinely respect the people i work with. i have been an employee, i know what it feels like to be an employee i think it's really important that people are not worried about politics either in the next office or from up above because i know and i have been in times of crisis like that you spend 60, 70% of the time thinking of the crisis and 30% thinking about your job, and the idea for me is to try to relieve that stress from them. >> reporter: again, that was last november. a few stars are speaking out, rachel bloom, co-creator, starve crazy ex-girlfrie

capital partners last hour and listen to what he had to say about cbs and viacom. >> cbs and viacom,inevitable now. sherry redstone wants to sell both companies.putting them together makes them worth 20% to 30% more than they would command as individual sales targets, and i think it is inevitable that they will come together in some near-term. lisa: inevitable. do you agree? nabila: the other set of negotiations being held right now is the court case and a controlling shareholder. exactly. under those discussions as it stands, she would actually promise not to merge cbs and viacom for at least a year-and-a-half. caroline: so not so short-term. nabila: exactly. but not because she does not think the companies make sense together and that they will be stronger together, but what she is saying and what my sources are telling me is she does not want to force a merger, and that was the big sticking point earlier this year. lisa: thank you so much. it is a drama she will continue to cover. coming up, bloomberg deals report. we will hear from the chief executive of vimeo. we will stick with

to sell cbs, not merge it with viacom.te player. the way you get that is to have a two-year stand-still agreement with redstone. from what i understand, that is on the table. from what i understand, they are fairly close in getting that. that doesn't mean it's going to happen. it means they are close in getting that. redstone is somewhat open to it, from what i understand, as of now. who knows. this is a negotiating -- this -- neil: she would just be happy with him gone. >> maybe. but remember, he's gone, the board, if they get the stand-still agreement, can still do what he wants to do which is sell. neil: isn't the me too movement involved, too? >> he's gone because of the -- because of that, as you know, that ronan farrow piece which suggested he had sexual misconduct allegations against him. so that's where this is. two things going on here. there's the separation agreement and we might find out about this today, okay, and the stand-still agreement which is the reason when we first broke the stand-still agreement early

really the right move would be cbs and viacom to team up to find some synergies.ybe that would be a more attractive package for someone else down the road. connell: something moonves was saying no way. >> that is what he says. rich has a good read on it here. there are two stories. there is the les moonves story. we'll find out what the internal investigation says about the allegations. a lot of them were in the new yorker over the last couple months. then we'll find out, there is the corporate story about cbs we should look at the stock today? it was up last week when we reported about the stand still agreement. the shares spiked about two bucks. connell: down 2 1/2% today. so you had, i believe it was a tweet earlier, but you mentioned same run lift, rich had been talking about a moment ago. >> rich greenfield. connell: the illusion of financial strength at cbs. people were saying moonves was really running a successful company here. this is the highest rated networks. all the rest of it. what does ma mean the illusion of -- >> here is the thing. when you speak

coming up, one of the media industry's most bitter disputes, this cbs-viacom battle.time for three cover spirit on our radio cbs-viacom, a news story crossed yesterday saying they may come to terms on the dispute. she gets to appoint directors of they agree not to merge with viacom in spite of what happens with les moonves. blackstonewatching per they will be marketing some high-yield debt to finance its acquisition of thomson reuters. 3.72% is the high-yield trading market. what will they have to pay to do it? isid: meantime, joining us bloomberg opinion columnist, and that is dale. >> -- that is dell. >> what does this mean for holders of the stock? dell had the merger with emc, and dell wants to go public again. holders have not been happy with the price. i do not think these numbers today will change anything. guidance for fiscal 2022, 2023, a few years out. the fact that these numbers are good today i do not think what change the underlying valuation assessment here by holders. alix: what will change shareholder perspective? >> i think they are holding a for a hi

they essentially want to sell to somebody else, not merge with viacom.t's one of the reasons the stock is up. here's something interesting. cbs officials believe they have leverage here, the board, in negotiating with sherry. apparently -- not apparently, there is a tape of sumner redstone submitted to the court where he was not at his best, let's say. it lends some credence to cbs' allegations that sherry redstone hid or didn't properly disclose the mental state or deteriorating mental state of her father, the guy who created this whole media empire, when this whole battle began, so cbs thinks that tape bolsters their case in keeping cbs separate from redstones as they negotiate this thing out. here's something else that's interesting. cbs has consulted with a headhunting firm about finding moonves' replacement. in my view, that means, and some people at cbs say the interim ceo will be the c.o.o., moonves' close lieutenant but if they are looking for someone else, you think they want someone else in that job. this is the state of play. it's happening fa

this one involving the former paofnt company viacom, sor battle for control the that was settled thiskend. do we have any sense that the board's foot dragging in dealini mr. moonves and these specific allegations, was any of that wrapped up over that battle? >> a little bit it was separate from the sexl harassment charges. but last fall sherry reone who is one of the controlling shareholders of cbs as well as viacom, the other media company, started making-- for chappings on the board. and i feel like she felt che board needed a refresh. it needed new board members with different ethperience. an is what was the compromise they came to over the weekend. was that they would install six new board members in an attempt to ensure the board would have independence, not only for miss dstone but also from cbs management. i think that there was a feeling that the previous board, the one that was just aced, was a little too close to moonves. and that was part of the rough-and-tumble between sherrne redsnd less moonves. and he had had the intort of thc board, ourse, until-- the support of the bo

of sexual misconduct and harassment were levied against as well as an ongoing legal dispute with viacomr the future cbs. our next guest is one of the only analysts on the street with a sell rating. craig hubert. he joins us now. does any of them news moving on or a deal to be done with the likes of i come make you look more positively upon the stock question mark -- the stock? >> i think like him has not pushed upon cbs, that would be a positive for cbs. it is an unfortunate and into a great career if it is all true and he is leaving and stuff. he has some great job running the company, no doubt. it would be a big hit. >> it seems as though if indeed he will be stepping down, that wouldn't potentially make it more likely that we would see some sort of viacom cbs, nation, that we will see the ceo take you're cbs as well, already at a sell, do you go deeper at a sell, or do you think there is an opportunity for a bounce here at some point? why thatk the reason stock is up today is a change for family trust to make it -- we will see of that happens or not. in terms of who could actually ru

ment reached an c moonves would agreement that would keep a viacom/cbs merger off the table for two years. >>> president trump targeting apple and ford this weekend on twitter, telling apple to build following the tech giant's warning that proposed tariffs on chinese goods would impact several of its products. the president urged ford to build its focus active model in the u.s. after the automaker canceled plans to import it from china citing cost issues due to tariffs. ford is standing by its decision saying it wouldn't be profitable to built focus active here in america. pack over to you. >> interesting this call over twitter as opposed to setting up a meeting. thanks, kate. >>> in the week ahead, experts take another look at that cracked window at san francisco's millennium tower. in the past few days a worker will rappel down the side of that building to do another evaluation, this after an inspection saturday hit a snag. drone set up to inspect the glass crashed. two years ago nbc bay area's investigative unit broke the story the skyscraper was sinking and tilting. experts are trying

moonves does leave, does it make an eventual combination of viacom and cbs more likely, less likely,either? >> it's a great question as i've been reporting all spring, the key impediment to a potential deal was his objection to the management of a combined viacom and cbs shari redstone wanted backic involved that stopped their ability to get a deal done. you could argue, tyler, his going away might make it more likely as part of the settlement negotiations, at least as reported by t"the wall street journa journal", there would be a standstill nai would not be able to force a deal or bring one to the table to cbs for at least a year and a half cbs shareholders don't really understand that. they would much rather have a majority of the minority provision for any strategic deal in terms of their vote with national amusements. it doesn't seem, at this point, like cbs is going to be sold certainly not merged with viacom it would appear it's going to have new leadership. interesting times. >> very interesting. very complicated tangled web that they are woven over there david, thank you. >>

the clear winner is sherry re tone which owns most of cbs and viacom. she had been battling with moonves over whether to merge the companies. she wanted to and he didn't. cbs and national amusements ended up suing each other. th lawsuits go away and redstone will hold off any plans to merge for at least two years unless the new board at cbs decides the sale or merger would benefit the company and, oh, yeah, also new, half the board has been replaced with outsiders, with media veterans like dick parsons and nearly half the members are now >> this is really hard. this is. it's really hard for everybody at necbs . >> on cbs news anchor norah o'donnell found h self in th same position she was in ten months ago when co-host charlie rose was fired. >> women canno achieve equality until there is a reckoning and a taking of responsibility. >> moonv denies h forced himself on anyone and that the llegations are, quote, inconsistent with who i am. a search for a new ceo is o as coo joe ianello steps into the job at lst for now. 11 months after the me too hashtag w

we are seeing some clarity over the viacom and cbs drama that has been playing out.s been a quick moving story. reportthe new new yorker talking about another six women potentially coming out and accusing les moonves of sexual misconduct on top of the first six he had been negotiating the exit settlement four. some clarity at last. and there iss out a new president and acting ceo who has quite a task ahead of him to try to rebuild morale. >> let's talk about president trump and his threats to double down on china. our next guest says the escalating trade war presents the biggest threat to u.s. economic growth. let's introduce the policy director from the mitt romney presidential campaign. it is great to see you. last time we spoke you are confident that the republican party was being underestimated because of the solid economy. even the latest threat on trade and tariffs, is that still your assessment? >> yes. the question is when we will see the negative impact on the rhetoric on trade, when will it begin to show up in the u.s. economy? we have had several months in

includes a shakeup of theboard of directors and agreement not to merge with viacom.l could make cbs a target for a takeover. >>> trade talks between the u.s. and canada resume today in washington. talks to renegotiate the north american free trade agreement have been ongoing for more than a year. the main sticking points involve canada's dairy quota and autos. the u.s. struck a deal with mexico, the third nafta partner. president trump says he's ready to tear up nafta and push ahead without canada if necessary. >>> boeing has started bringing back retired workers to try and address production delays on its 737 aircraft. boeing says its plant in renton, washington, is experiencing shortages of engines and fuselages, and it's unclear how many retired workers bowing is hiring. today boeing releases order and delivery numbers for august. last month deliveries fell to the lowest level in years. >>> and the sandwich chain subway is no longer requiring franchise owners to offer the popular footlong deal. introduced five years ago, the footlong became a huge hit for subway.

conflict ended in more than 15 years later he took up the cause of liberty finding in the jungles of viacommarch 29, 1973, sergeant max pelkey became the last american combat soldier to leave saigon. on september 11, 2001, master sergeant elke was among the first to be declared laws here at the pentagon. today on the september 11th, we mourn with those who mourn and grieve with those who grieve. but we do not grieve like those who have no hope because heroes give us hope. today we remember our beloved fallen whose names are enshrined at this memorial and will forever be etched in the hearts of the american people for as long as this nation endures. today we remember the families who endured this tragedy with strength and courage and today we remember the brave men and women who responded here and in new york city and in the air over pennsylvania and on fields of battle in the 17 years since. who considered our lives more important than their own. and today, we pray for all of them and all of you. a prayer that i am told master sergeant elke recited every time he spoke to veterans and gather

fightinge internal between cbs and viacom has really colored their performance in the stock, not thership of the stock performance. they need to move and they need to clean up. you talk about a new ceo. first they have to stabilize what they have inside. a rush to bring somebody in might not be the best thing to do right now. , thehem to get a grip board to get a grip on what cbs represents, and it might be assailed. david: and they appear to have put it to one side, their fights with their owner. they have a truce on that. they have a new board, six new members. if you are going onto that board and you are looking at the situation, what kind of person are you looking for in a ceo? is it informed by the possibility of a sale? kay: it might be. let's look at what cbs was looking to do during this fight with national amusements. they wanted to stay independent because did -- they did not think they would get their true value in combining with viacom. here they have a stand-alone business and it is a small business compared to some of the others. it is a $20 billion market cap valuation

it would dilute the redstone voting stake and postpone any merger with viacom.: asking big banks to cut cash -- put cash down, masayoshi son. shareholders are being asked to prepare loans. sources say banks offering anancing are likely to win slice of the softbank mobile ipo. jack ma ponders life alley bob life after alibaba. he how he plans to make a global impact through philanthropy. this is bloomberg. ♪ this is bloomberg. ♪ xfinity mobile is a new wireless network designed to save you money. even when you've got serious binging to do. wherever your phone takes you, your wireless bill is about to cost a whole lot less. use less data with a network that has the most wifi hotspots where you need them and the best 4g lte everywhere else. saving you hundreds of dollars a year. and ask how you get xfinity mobile included with your internet. plus, get $300 back when you buy a new smartphone. xfinity mobile. it's simple. easy. awesome. click, call or visit a store today. comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing

i think people will have to recognize that viacom is -- >> stitchfix, we've talked about this baskettoppled by amazon piper does cut it to neutral, as they argue competition from amazon will intensify. >> when you have a stock that red-hot, unlike roku, people want to make valuation claims, and i just find that you can't sell on a value ways claim and necessarily think you're going to be right. stitchfix is incredibly well run, as well as roku if everything goes perfectly for stitchfix, it's not overvalued it's got to go perfectly. >> >> if there is a trade war, maybe not. >> well, work, i looked for tepper, love him dearly. he caught me a lot of lessons, but look, i've been following stitchfix and recommending it on "mad money." if you look at nvidia, that is priced for perfection. listen, be careful, but if you read the whole report, it's actually not that negative they're say priced for perfection if things are priced for perfection, they will come under pressure, because a lot of analysts say i want to ring the register i don't mean tore equivocating, but these are not dot-comes,

redstone was pushing for cbs to merge with viacom. some embers of the board reported they suspected redstone was spreading rumors about les moonves to strengthen her argument. les moonves resign from cbs monday. cheryl: that's been a very bitter and ugly fight. reporter: we covered it am a huge argument whether to merger. cheryl: prices for apple devices, products can be going up because of tariffs. we have fear out there know we are getting numbers. reporter: we have more about the new iphone coming out. if you are an apple fan, get ready to probably pay more. cheryl: right here, adam. reporter: it could cost you 20% more if president trump gets his way with the average iphone price rising if production is moved to the us according to merrill lynch analyst to make up for labor costs and president trump has said to apple move production to the us to avoid chinese tariffs. lauren: could just happen like that; right? reporter: apple phones, like the phone. the service? lauren: subway scenes alone to to the 5-dollar-foot long? reporter:

stepping down as more sexual misconduct charges surface, the turmoil throwing a possible wrench into cbs-viacomet to be up better than 10 points this morning, nasdaq also strong this morning up about 36, the major market indices closed lower on friday, dow industrials gave up a third of a percent with 79-point selloff, in europe this morning take a look at the action and we do see moving money into stocks, asian markets overnight mixed, worst performers was in hong kong, hang seng down and china down a quarter percent. peril in paris to report, 7 people injured this morning in knife attack in city of lights. sour apple, the job that says will affect china pricing what the president says what the easy fix could be. bang for you