viacom will talk about it. your local advertising restaurants, auto dealerships and the like, they're just not going to be there in terms of ads. certainly weren't there in april. probably not in may as well. >> all right remarkable fox, too, guys, which talked about ad revenue going down 50, but even as, jim, the nasdaq is now green for 2020 >> this is nothing short of incredible there are so clearly two markets. there are companies that are actually doing okay or actually -- i don't want to say benefitting because it sounds too mercenary, but you take a stock like paypal. i mean, they're just doing much better because of the way people buy things during a pandemic i mean, it's really incredible when you look at an etsy, i have etsy on today. that stock is down four. it wouldn't shock me if it's up by the end of the day because it's about how great things have done since the pandemic started. it is a weird world that the nasdaq is filled with companies that are zoom-like, where you just get -- you just have su

and i write about viacom/cbs. i think this actually works to their advantage.g money in television, it's the fact that investors seem not the least bit interested with traditional television, they only want to talk about streaming, and viacom/cbs' streaming services are showing rapid growth, better than 50% year-over-year. the stock jumped more than 20% in two days after the company reported earnings. jack: still a huge valuation between them and netflix. maybe that gap will close a bit. carlton? >> it may be starting to drum some of your winners. wayfair had a huge runup, but when the economy reopens, that made to order furniture online, i'm sure a lot of that was outfitting your home us as. you only need to buy so many office chairs for your home. some of that demand is probably going to taper, so so people who have had huge wins, it might be time to trim it back. jack: it went from 21 in march to 170 recently. ben, you got a much more well known brand to talk about. >> that's right. i went looking for stocks that had underperformed the s&p 500 but not by so

viacom, cbs buying some good good news.is it the start of a new content wave we'll debate that. >>> welcome back reality tv in the '90s unscripted, cheaper to produce, more authentic or something? during the pandemic homemade and shot from home content is getting the 15 minutes of fame julia boorstin is here with a hollywood star cashing in on the new craze. julia? >> that's right. the star is john krasinski with a deal of "some good news," the homemade show broadcasting on youtube for eight weeks. this subscription service will be the first to air the show which will be produced by john and have a different host. sources tell me that a flood of offers came in from digital and traditional content platforms, the appeal of the concept even without him hosting speaks to the growing value of content to be made quickly with a low budget and how ever streamer and network facing delays with production stoppages apple tv bought the rights to a podcast turning into a limited series starring paul rud and will ferrell and investing in

but i think people like viacom, cbs, they're producing movies. they'll have a march madness next year which they didn't have this year. they're going to have a masters, they're going to have political spending, which has been depressed. so you're seeing viacom/cbs today is i think up like 13%, as they have showed very strong resilient earnings today that business is going to be fine in the long run >> all right, scott. i want to talk to you about bonds, about debt. it seems like for especially bond funds, there's some unusual risk here. ratings are changing how are you assessing exactly what investors should be in, what they should stay away from, and how much they should trust the categories that have been set on these funds up to this point? >> thank you for having me and i appreciate the question. and i apologize for the lack of video. i had a technical glitch there down the home stretch. but wanted to go ahead and take that question head-on and share with you kind of our philosophy throughout bmo global management you mentioned the corporate

the viacom up, a great quarter for viacom cbs. the dollar index a little bit weaker.d slowly creeping higher. 71 basis points on the 10 year. gdp data next week. this is bloomberg. ♪ mark: i'm mark crumpton with bloomberg first word news. home construction in the united states took another dive last month. housing starts fell by 30% in april to an annual rate of 981,000, the lowest in five years. applications to build, a proxy construction built 21%. president trump is vowing to permanently cut off the was a two the who unless there are reforms. to the whoevances and reputed a previous demand that the organization demonstrate its independence from china. pressure is mounting on british prime minister boris johnson to be more open about his coronavirus strategy. a panel of lawmakers has called on the government to publish the scientific advice behind britain's actions. teachers are demanding clarity over plans to reopen schools next month. the leaders of germany and france have agreed to support a $546 million package to help the european union recover. that is a major

. >> reporter: walid aly is works for viacom cbs. >> the result has been incredible flattening, almost a crushing of the curve here in australia. we're very proud of it. >> reporter: four months ago, prime minister morrison was heckled on the street for his response to devastating bushfires. >> you're an idiot. >> reporter: now after setting up a bipartisan cabinet to fight the virus, his approval ratings are up 30% since jan.>>is the b australian politics has worked for, well, forever really. >> reporter: forever? >> i i re seeg australian politics work as well as this. >> reporter: in some countries the new virus has pushed people further apart. but as australia opens up, its people seem to have been bound closer together. here's another cleaning tip from mr. clean. cleaning tough bathroom and kitchen messes with sprays and wipes can be a struggle. there's an easier way. try mr. clean magic eraser. just wet, squeeze and erase tough messes like bathtub soap scum... and caked-on grease from oven doors. now mr. clean magic eraser comes in disposable sheets. they're perfect for icky mess

in star trek picard a big boot of the franchise now streaming on cbs all access part of viacom. >> i don't want the game to end. >> reporter: stewart is an executive producer. >>> did you always want to contribute as an executive producer? >> no, i was too naive, too new at the game of serious television. and i had so much work to do. i mean, i really -- the first couple of years, i didn't have a life or social life at all. >> i -- don't -- love you! >> reporter: we worked five-day week, 14, 15 hour days especially toward the end of the week. and saturday morning i would allow myself a little sleep-in, then i would do my own laundry which, by the way, i still do. it's an obsession with me. >> reporter: long before he was knighted by the queen of england or hailed by a nation of trekki [ cheers and applause ] >> reporter: -- pea stew as they call him, his father was a war hero who brought some of the battle home. >> he was unfortunately a weekend alcoholic which meant weekends were often difficult, troubling. >> reporter: to escape the chaos and the noise, he would read in the only pl

a brighter tone on trade, but several companies beating the street, like viacom cvs. of course, the faang names doing well as well. we have a weaker british pound sterling. crude oil helping the oil companies as well today. fx.: big focus on in europe, we are trading higher. we are up by around 1%, as you can see. we got the retail sector, some of the mining, some of the oil and gas doing well today. health care is the lead losing sector. we will talk about that with the devil, -- with the telefonica/liberty deal. brutalbank of england, a session being forecast. we apparently have an issue here in london with manipulating the turkish currency, according to the authorities. local banks having interactions with a series of them. and the norwegians have cut rates down to zero. down despiteking -- the krona is knocking down to 1.96%. earlier, francine lacqua speaking to bank of england governor andrew bailey about open it do qe for the bank of england -- open ended qe for the bank of england. >> we've got a rapid expansion of stimulus, so we got a lot going on. we have al

are reactingstocks bad, especially viacom on a report that the upfront spending you're are talking aboutld plunge this year by perhaps as much as 30%. typically in a year, it is around $20 billion, the total upfront. perhaps 7% right off the table. as you are mentioning, longer-term where networks try to tie in advertisers at a lower rate, and then that way they have more of their advertising schedule locked in relative to the scatter market. these advertisers not want to be caught in a tight scatter market where advertising prices goes up. because of the uncertainty of covid-19 and the crisis and what it could mean for the economy, it seems like some of the big be -- it is hard to see how accurate, but the stocks are reacting like it is -- pointing to the uncertainty on the part of advertisers. ,he number of the report particularly viacom with nickelodeon and mtv. david: is a trade-off the advertiser makes where i give you money up front but you guarantee how many eyeballs i get. i do not think eyeballs are the problem. it would shake the foundation of the business if it happens. abigai

minute opportunity buying when companies purchase ads closer to the air date is also reportedly low viacom c.b.s. chief executive bob back is calling quarterly earnings on a call this week quote not pretty amc networks caution an ad revenue drop about 30 percent but it's not to say these companies in key and categories like automotive pharmaceutical food and beverage aren't spending some are taking their business elsewhere like facebook and google mexican food chain to pole is just one of many looking to shift their ad dollars into streaming videos on social media chris brandt to police chief marketing officer saying we've seen a lot of great returns with facebook and instagram serial jayanta general mills also transferring some of their t.v. advertising investments into digital video and e-commerce well some of these companies set up their ad contracts with networks well in advance it's certainly not business as usual during this pandemic as of right now fox is the only major network to release its fall lineup the future of ad spending could decline or shipped all depending on how the eco

shares of viacom cbs jumped. a surge in subscriptions during the pandemic.s, a new distribution deal with youtube. irnas of biotech firm mode rising today. given the ok for mid-stage trials. they are preparing an application for final approval as soon year. extrairlines make you pay for luggage and food. frontier airlines was planning to make you pay extra for a seat next to an unoccupied middle seat. it has since reversed course. the extra charge would have ranged from $39 to $89. that is your business flash update. recape: we just want to some of those uber headlines across the wire. gross booking for the first quarter, those numbers coming in at $15 billion, slightly above the consensus estimates on the street. a big part of the moves in the quarter actually did come from uber eats comedy food delivery company. sales did help offset the ride-hailing side of the business. you add that up together and what you get is net revenue on an adjusted basis, $3.26 billion. consensus estimate was for $3.02 billion. that is what you are getting on the headline number

this is turning into the viacom cbs segment. but this is a consequence. we pick our own segments.returned to his famous role and he sat down to talk to me with his wife sonny about being bald at the start of his acting career. >> i lost my hair at 19 and i graduated from acting school at 19. and i sold myself to regional theater directors, i would wear a hairpiece. for auditions and then i would take it off. is and then i'd do another piece without it and i'd offer myself to the director as two actors for the price of one. >> that's one way to do it. you have to turn a negative into a positive, if you have that particular predicament. he was in an amazing interview. we had him at the table not that long ago and he mentioned a chaotic home life. it is much more chaotic than you could have imagined. he is a knight. he has an amazing voice and you might think that he was born on the manor, not so at all and we go into all of that and the wig stuff is really interesting too. he kept all the wigs over the years. his wife says she has a huge closet full of them. she's going to throw the

them switch 12,000 customer care employees to work from home environment, obviously very challenging viacomthose two companies, keep going down the list, but the one that i would want to make sure i touch on is the department of veterans' affairs. they are the operator of the nation's largest integrated healthcare provider, the population they are caring for, disproportionately elderlily and economically vulnerable, and it feels great to be able to support them in this transition when their work is going to have such an impact on the lives of so many people. liz: stewart, thank you -- hey, listen, we use you at fox. slack is really embraced at fox. it is good to see you. please come back on the show. great to have you, thanks. >> thanks so much, liz. liz: of course. 18 minutes to go before the closing bell rings. we are heading back down to session lows. we are down about 643 points. i do believe that is 10 points -- 16 points away from the session low. we are also hours, maybe even minutes away from the second round of small business rescue loans running out of funds. we are about to take

companies like viacom, comcast. sports programming to help their business and it's an important element. that's why they spend billions of dollars for sports rights because it drives their business >> george can i jump i know the commissioner said i don't want you giving hypothetical plans but you talk to the team owners what is their sense of what they are thinking are we really starting in september or will we have to think about the superbowl that's much further down into the spring rather than the winter? >> i think about this every day. i think it will evolve over time anybody in sports has to have a plan a, b, c and d i think with the nfl you see out of the gates they said we have four weeks we could push it back. we could push the superbowl back i'm confident they will do everything they can to play and play in the game they will have various contingencies depending on the situation. the two that are most immediate, the nhl but he's talk about the nba and major league baseball. do you think the nba will resum

cbs sports is the crown jewel of viacom cbs that's place you can put some money. >> josh brown, weigh in on the same idea and question >> i had been in it months before i held it through the entire thing. i know the textbooks say that but it's not how it works in the real world if i want to do that it's because i think the stock is going up. not necessarily because i think it's cheap a lot of stuff can be cheap for ever the way i'm thinking about my portfolio now is more tactically than strategically and i'm not saying is now the time to get out of growth and bet on value i'm not saying that can't work i'm saying people that have pursued that, particularly holy grail over the last ten years have been losing their investors and closing their funds. >> it's interesting josh said today is a day where it's not a stick with what's working market day. >> netflix is down >> netflix is down apple was down amazon was down and you mentioned some of the unbelievable bids you had in some of these names that haven't gotten any love and have been worried about for so long now. >> i have value stock

julia, firstly, so nothing from cbs viacom which i guess of the traditional tv companies at least is the one that jumps to mind of being very cheap and therefore might potentially consider this. are they, in fact, out there looking, hoping someone will make an offer for them >> well, you have to remember, so the companies that have a controlling shareholder are -- really don't need to do this so cbs viacom, of course, has sherry redstone. national amusement is playing a huge role in the company the shares are down dramatically this year, but you have to remember sherry redstone and her role there and her ownership stake. >> mike, i mean this hasn't usually been typical or popular, i should say, with the shareholder advisory firms, iss and other shareholder rights unless absolutely necessary. how should investors feel about it >> well, yeah, in normal times it is usually frowned upon it is seen as not particularly shareholder friendly, but when companies see their valuations go to very depressed levels, levels that they believe make them vulnerable to a hostile move, basically below w

is also unexpected is stewart's celebrated return in "t tkow seaming on cbs all access, a part of viacomreporter: stewart is also an executive producer. did you always want to contribute as an executive producer? >> no. i was too naive, too new at the game of serious television. and i had so much work to do. i mean, i really -- the first couple of years, i didn't have a life, or a social life, as all.♪e wked fiva week, 12, 13, 14, sometimes 15-hour days, especially towards the end of the week. and saturday morning, i would allow myself a little sleep-in, and then i would do my own laundering, which, by the way, i still do. >> reporter: long before he was knighted by the queen of england or hailed by a nation of so-called trekkies, p-stew, as friends call him, grew up in poverty in northern england. his mother was a textile worker, and his father, a war hero who brought some of the battle home. >> he also was, unfortunately, a weekend alcoholic. which meant that weekends were often difficult and troubling. >> reporter: to escape the chaos and the noise, he would read in the only place he

i would imagine another transaction you worked on, cbs viacom to bid on the nfl without shedding otherf their business disney is going to be challenged does that give opportunity to silicon valley folks, comcast, solid balance sheetduring this how do you see this all shaking itself out >> yeah. well, first of all, pretty incredible to see the silicon valley platform companies coming out of this crisis or the middle of this crisis thriving really i mean, i think the faangs are 20% of the market capitalization of our country which is unprecedented. they're well deserved. great. building businesses, cloud is great. all of them are doing well that being said, there has been no industry more disrupted than media now. the old music reorientation has kind of gotten reworked and built up after steve jobs wrote out itunes sports has to get reworked as part of this crisis. i think you'll see all of the ecosystems start to unravel a bit and new capital for labor contracts from the players, teams, media, broadcasters the way cbs viacom plays it will be interesting nfl in my mind is core to cbs and

it's published by an imprint of simon and schuster, a division of viacom cbs. >>> before we go, an 89th doing our part by staying at home. that could mean an increase in energy bills. you can save by setting your heat to 68 or lower... unplugging and turning off devices when not in use... or just letting the sun light your home. stay well and keep it golden. when you think of a bank, you think of people in a place. but when you have the chase mobile app, your bank can be virtually any place. so, when you get a check... you can deposit it from here. and you can see your transactions and check your balance from here. you can save for an emergency from here. or pay bills from here. so when someone asks you, "where's your bank?" you can tell them: here's my bank. or here's my bank. or, here's my bank. because if you download and use the chase mobile app, your bank is virtually any place. visit chase.com/mobile. >>> before we go, a hopeful moment during this uncertain time. ♪ happy birthday to you >> there is a birthday party for 89-year-old ilse gay in new mexico. she is apparently a big la

via also topping estimates on the top and bottom line -- viacom also topping estimates on the top and bottom line. bristol-myers up about 3%. they reaffirmed their full-year earnings forecast. it does expect the peak impact of covid-19 to be in the second quarter. it is a continuing story of the health care sector and drugmakers holding up pretty well. we will have an exclusive interview with rob lynch, papa john's ceo. for your market analysis in today's for stake -- today's first take. this is bloomberg. ♪ alix: time now for bloomberg first take. joining from our in-house team of altered veterans and insiders is michael mckee and damian sassower. mike, just want to start with you. we got a lot of central-bank action in the last 12 hours, with boe, the surprise cut in norway, huge cut in brazil. what was your take away so far? michael: central banks are on the job, and they are reacting to numbers that are as bad or worse than the anticipated. norway certainly a surprise. they said they didn't think zero, and certainly negative rates, work. but the contraction in the norwegian econom

. >> reporter: waleed aly works for a network owned by viacom cbs. >> the result has been almost a crushingstralia. and we're very proud of it. >> reporter: four month ago, prime minister morrison was heckled on the street for his response to devastating bush fires. >> you're an idiot -- >> reporter: now after setting up a bipartisan national cabinet to fight the virus, his approval ratings are up 30% since january. >> this is the best that australian politics has worked for, well, forever really. >> reporter: forever? >> i mean, in my lifetime. i don't remember seeing australian politics work as well as this. >> reporter: in some countries, the new virus has pushed people further apart. but as australia opens up, its people seem to have been bound closer together. for "cbs this morning," holly williams. >> may be some lessons there for this country. >>> ahead, vlad duthiers looking at the stories you'll be never run dry of... killer attitude. good moves. or hydration. neutrogena® hydro boost. the number 1 hyaluronic acid moisturizer instantly delivers 2 times the hydration. and keeps hydra

navigating the new normal, parents edition, is a new special by the viacom cbs learning service nogginried about their kids' mental well-being. >> my son was crying in the pantry the other day. and i -- while i needed the relief, i felt bad because i felt like, oh, no, is he going to feel like i can't handle the situation. >> number one, that this does give us a chance to model for our kids what it's like. we're feeling really sad when we're feeling really overwhelmed. >> the special's lead expert is california surgeon general, that's dr. nadine burke harris. she joins us. she's a pediatrician, so she knows about working with kids. good to see you, dr. burke harris. that was jamie seigler from "the sopranos" who said my son saw me crying. i want to start with that. i think a lot of parents are wondering isou sh s o anxiokhat have these feelings, we have these emotions, and then what do we do about them. it's not that they can never see us experiencing stress or anxiety, but this is an opportunity for us to model for them, wow, you know, i'm feeling really frustrated and upset right now

. >> you keeping your numbers for viacom here? >> carl? save us. >> there's the opening bell. interesting session here i wonder, you know, we're looking at we're sort of in no man's land seeing states reopen, not knowing the impact on new cases. overall new cases are down 45% from the highs 25 days ago that's a nationwide number i wonder if you think if this continues to work where we see a continued drift lower, does the emphases on a vaccine get lessened and we think more about therapeutics and testing >> totally i think you'll get a cherry on top for the vaccine right now if this trend continues we've seen this trend in other countries. we're much more looking to see what happens two weeks from now. we still have a lot of cases if we got you something out of the hospital faster than a remdesivir cocktail and you take off the table, say, the people who are 65 and under, as opposed to just 30 and under, you say, you know what? this is a disease for older and pre-existing and for the unlucky. i don't want to say that because so many people got sick, it's a terrible thing it's

>> i'll never mention it again just like you told me never to mention bob bakish from viacom, how isdoing? how did you know that two for one split? how did you know that? >> i did not know that that stock is up nicely this morning after they reported that not terrible quarter recently. and, listen, the surprise name look at disney up 7%. >> so heavily shorted. people bet against them. next thing you know they'll have a saliva test to get in. why do people bet against -- when iger came back, wasn't that a strong signal that you shouldn't bet against disney i thought it was >> came back he never really left your point is that he was reported to have taken more responsibility again as you might imagine, given he's there, he's actively involved as is mr. chapek as the ceo talk about timing. what a time to take over as ceo. >> the stock is hot. stock bottomed there were a lot of shorts ahead of the quarter because people feel if you're getting rid of a dividend, shouldn't the stock be down didn't do that if you're a short seller -- imagine if you bet i'm going to bet that disney eliminate

next week disney and viacom. >> we have clorox tonight and estee lauder i can't believe that stock isn'town big and seattle genetics they're up the most because of some breakthroughs what a day what a week. >> yeah. >> we have these eight days a week things now. >> i know. it will be interesting to see disney next week i noted on our parent company numbers, the loss from having the theme parks closed that's a big number. and so it will be interesting to see what disney has to tell us on theme parks, on how they reopen them, on espn, on the closure of -- or lack of production right now disney plus has been a big plus for the company. it's down 26% for the year, but some say perhaps is being rewarded for being the icon that it is. >> i think that's why they can raise capital. stock was in the 90s, high 80s it bounced effectively but i have to tell you almost every one of their businesses with the exception of disney plus is challenged i've always liked disney, but this is a tough own right now. >> yeah. we'll keep our eye on any commentary for disney. any parties this weekend >> a boozy br

viacom cvs has been overcoming julia?pretty much flat today but down nearly 60% year to date that's more than double the percentage declines of some of the other media giants including disney that decline also erases more than cvss entire market value before the two companies merged. while the first quarter earnings beat expectations, its total advertising fell 15% and googen heim says it will drop 19% in part due to exposure to live sports but 44% of analysts now have a buy rating on the stock in part because of optimism around pluto digital streaming service as well as some of its other digital revenue streams. guys, back to you. >> this has been one of your favorite stocks happened >> this is a classic example of people extrapolate iing the curn environment into the future. we have the ncaa tournament cancel the masters get canceled cbsviacom has huge exposure to the nfl. this has been a terrible period of time but none of those things are going away permanently and the stock is trading about four times earning. the ea

v viacom, discovery, cbs, they're county way more than that for the year >> that's true disney showedhad the guts to go in transformation was gets a will the of transformation for this even though that's disapated. but just keep in mind yes, parks are going to come back movie theatres are going to reopen the key things that drive disney's film production, they're going to get back to film release but when you think of cord cutting and what we're around now, 80 million or so, we're going to pretty quickly get down to 70 million subs. disney from the median networks in terms of fees is get iting about 18 to $19 per user what that translates into is if you lose 10 million of those, which they will as cord cutting continues over the next ten years, i'm sorry, the next couple of year, you have to get 30 million full priced disney plus subs just to break even on that 10 million of loss at 18 to $19 a sub from all their other media network. that's just to deal with the 10 million loss and cord cutting loss is is going to ontinue. so what they're up against is huge and they have to consider d

. >> john filo is the vice president of photography at viacom cbs.970, he was a kept state senior also shooting pictures. he wanted to document the essence of the student protest, but instead found himself in the line of fire. >> by the time i got the camera back around to my eye, it was over. the shooting was over, you know. i never hit the ground, i never -- just stood there like a flat-footed idiot. >> in shock? >> yeah. you're looking and you see this body, you know, behind me, down on the pavement. and the blood is -- the volume of blood is enormous. >> reporter: it was something filo knew had to be seen to be believed. he took pictures. >> you could see in the one frame the girl's running up. she knees beside the body, and i said, i got to get -- got to get -- it was almost in profile, let me get more head on. then she let out with a scream, and you shot. >> this photograph of mary kneeling over one of four students killed that day would fin filo a pulitzer prize. what did you think when you saw the image that we now know? >> i was relieved. no

now the media giant that has suffered the most this year is viacom it's up over 10% today and a bullish analysts notes it's down b about 50% year to date guys, back to you. >> julia, thank you. scott, you want to bet op these media stocks right now and the hopes of reopening and recovery? >> well, we like communications services that's done well we know we've all been using the streaming services of a lot of these companies, com services have done well we expect it to continue to outperform >> mike, is this media sub sector we just mentioned kind of some of those semitelcos as well is that one of the areas that has suffered significantly both because of its value style and its underlying exposures >> cyclical exposed to advertise ing and have most of them a fair bit of debt so those have been the things that the market has tried to avoid during this period and so if there's a sense that there's going to be a change in tide and in fact leverage is not going to be you know an albatross going ahead and yes, in fact advertising might have a brief dip lower than they will benefit a lot of co

"cmt" is owned by viacom cbs, anthony, in case you didn't know. >> they're doing like breakfast, lunch cause, a great lineup. brad paisley, carrie underwood, billy ray cyrus. terrific show. tune in if you get a chance. it sounds fabulous. >> it's going to be awesome. i'm going to be on it after we're done with the show. >> all right. thanks. >>> ahead, we have an update on the flooding emergency in central michigan where a pair of broken dams left thousands in danger. stay with us. ke. thong fore i had psoriatic arthritis. i've always been a go-getter and kinda competitive. flash forward, then psoriatic arthritis started getting the better of me. and my doctor said my joint pain could mean permanent joint damage. and enbrel helps relieve joint pain, helps stop that joint damage, plus helps skin get clearer. ask about enbrel so you can get back to being your true self. enbrel may lower your ability to fight infections. serious sometimes fatal events including infections, tuberculosis, lymphoma, other cancers, nervous system and blood disorders and allergic reactions have occurred. tell