mark warner for the u.s. senate. that kind of thing doesn't happen in politics too much these days. and i can remember up and down through the shenandoah valley there was one trip where senator kaine and i were campaigning with john, and he was at that point already in kind of his 80's with a walking stick. and let me assure you, we had both been former governors and we had both kind of thought we knew our stuff, but whenever john warner was in the room we were the junior guys and followed his lead. as a matter of fact in the last campaign where he endorsed me again, there was one fundraiser we went to. he introduced me. i did my little talk, and then he kind of took his walking stick and whacked me on the shins and said, sit down, mark, i have more to say. and got up and spent 30 minutes plus telling old stories about how the senate used to work. i never been at a fundraiser where people got more than their money's worth than that night. john was disturbed about where our country was headed, the lack of resp

warner: mr. president, i rise today you to mourn the -- i rise today to mourn the passing of a statesman, a patriot, a mentor, a friend, and someone who loved this institution as much as anybody i know. and that is the passing late last night of senator john warner. i'm joined here by my friend of 39 now, maybe 40, 40 years, tim kaine, and we're going to go back and forth a little bit as we talk about someone who played an enormously important role in both of our lives, i can say on a personal baifsz and a political basis. let 3450e -- me get some of the basic facts out. john warner was 94 years old when he passed. he was born in washington, d.c. d.c., a family from amherst, virginia. joined the united states navy at the age of 18 in the waning days of world war ii. served 1945-1946. left the military and rejoined the marines in 1950 when the korean war was started. after he left the military, he was a, worked for the u.s. attorney, worked in private practice, got involved in republican leader po

warner: mr. president, we're not in a quorum, are we? the presiding officer: correct. mr. warner: mr. president, i rise today you to mourn the -- i rise today to mourn the passing of a statesman, a patriot, a mentor, a friend, and someone who loved this institution as much as anybody i know. and that is the passing late last night of senator john warner. i'm joined here by my friend of 39 now, maybe 40, 40 years, tim kaine, and we're going to go back and forth a little bit as we talk about someone who played an enormously important role in both of our lives, i can say on a personal baifsz and a political basis. let 3450e -- me get some of the basic facts out. john warner was 94 years old when he passed. he was born in washington, d.c. d.c., a family from amherst, virginia. joined the united states navy at the age of 18 in the waning days of world war ii. served 1945-1946. left the military and rejoined the marines in 1950 when the korean war was started. after he left the military, he was a, work

deal -- time warner deal.ghts on warner, discovery striking as an obvious candidate to settle -- set off any alarm bells among the democrats the way, the sprint, t-mobile and comcast, time warner deal did. >> we talk about jeff bezos and bill gates and warren buffet and the smart business titans. the one that doesn't get enough discussion is john malone, easily the smartest media man, he's built many empires in the media world. he's on the board of discovery. i imagine anything that he's involved in, they they have several contingency plans to figure out whichever way the doj warrants to go, they have a well thought-out plan. he has a phd in organizational management. i say the deal will get done. there may be concessionses and spinoffs. i would imagine that anything that john malone has his name on has a high likelihood of getting passed. maria: katherine, we're putting it on the screen, at&t would receive $43 billion from the merger, discovery shareholders would own 29% of the new company. your thoughts? >>

at&t and time warner now verizon and at&t unwound those. meanwhile, on the tech side, look at amazon look at google look at apple. they all had these technology distribution methods, app stores, you know, prime, et cetera, that they continue to marry with content so i wonder, is this strategy on the media side going to play out better than it is on the tech side >> yeah. that's true. i mean, we had guests this morning on "squawk box" say, de, the era of vertical integration in media is literally coming to an end, but same time we're talking about other areas of technology, and apple is a prime example. getting vertical is actually what's happening right now >> yeah. amazon as well jon mentioned this amazon spent what? $11 billion last year up from less than $8 billion in 2019 and their cfo said they'll spend even more this year. perhaps the jury is still out here, jon and carl, maybe the prime ecosystem can show distribution and content will work blackburn back to amazon heading up media operations there. can he compete now with zaslav v jo

defeated mark warner in 1996, no relation and mark warner won john warner's seat when he retired intimes with a pocket square and looking like he had just stepped out of a, you know, hunt country magazine. >> senate flags now fly at half-staff to honor warner. >> about the that the's work load warner once equipped we don't do a lot in the senate but when we do it, we do it all at once. bret? >> bret: chad, thank you. senator john warner was 94. well, well, well. look at you. you mastered the master bath. you created your own style. and you - yes, you! turned a sourdough starter into a sourdough finisher. so when you learn your chronic dry eye is actually caused by reduced tear production due to inflammation you take it on, by talking to your eyecare professional about restasis®... which may help you make more of your own tears with continued use twice a day, every day. restasis® helps increase your eye's natural ability to produce tears, which may be reduced by inflammation due to chronic dry eye. restasis® did not increase tear production in patients using anti-inflammatory eye dro

combine discovery with all of warner media this is not just part of warner media. this is all of warner media. effectively, warner media is going to get spun out of at&t effectively and what is a reverse trust. discovery gets merged into that and it gets effectively taken over, if you will, or run or operated by david zaslov it will be co- owned by at&t shareholders which will own more of the company all of this three years after at&t made an effort to try to make this work buying time warner you recall after a massive fight with the government over it. the department of justice tried to block that transaction. this ends what has been at&t's journey, if you will, into the media space with directv and so much more. this is a transformative deal in the media world. the question is whether by merging these companies together to take on effectively the likes of disney and netflix by putting all of this content together whether they have enough of it that was the big question for warner media in fact, the biggest conundrum that hbo max faced was given the d dividend and

and then to do this transaction, less than three years after completing the deal to acquire warner, time-warner, fighting through a regulatory disaster for them, in the courts, it took them two years to get it done, only to turn around and say we're out, now 71% of the combined company will be owned by at&t shareholders, remember, it's a reverse trust, tax-free to at&t shareholders, it transforms at&t of course, back to a pure wireless company, and it does make warner, discovery, a giant in the media business around the world. >> does that give the at&t shareholder the equivalent of the good dividend, because if you're targeting the dividend payout ratio of 40 or 43%, of anticipated cash flow of 20 billion, well, that's a dividend cut, from 15 billion to 8 billion. >> it's going to be a very different company. now, remember, they're offloading $43 billion in debt, that's kind of net of debt, right? >> and so towers. >> the new company, warner/discovery, basically is much more indebted it levers itself up. over time. and they say very quickly by the time, zaslav says as soon as 2023, they'll be

my name is a euphemism for a lot of great people at warner media.s over the last couple years. so i think we're now at this moment since we know what the domestic market is going to look like. you really have to start playing outside the u.s. and as a result of that, it's where this scale kind of comes in. and i think the reason why the pivot right now is a recognition that while we were creating value by having connectivity lean wireless plans and broa broadband together with the service that's warner media offered that, is one of the reasons why hbo max did incredibly well, there is so much value to be created from a global streeamer for wireless o broadband. i have to be sensitive to that. i have to allow the business to go out and seize that opportunity that is the best growth. and i think that's why we do this right now. >> i keep hearing the world global. you have had had immense success in terms of the global reej. hbo max going to push into a big push internationally. in 2008, i remember, david, you called media a street fight. and that's wh

you will have warner bros.ilms, cnn, scripted dramas, and you'll have reality shows, cooking shows from discovery, nature documentaries. it is a wide range of content and i think they think when they combine them together, we will givehem the scale in streaming to really compete with netflix, which is already a global company, and we disney, which is attempting to become one. >> will they achieve it? they will have an awful lot of content, but as we all know, when you try to look for something to watch, you can never really find anything. will they be able to address those kind of issues? alex: netflix has perfected the idea that they will always tee up something you will like. once your show is over, they have an idea of what you like and they will try to deliver another episode of something you will enjoy. that is a tough thing to do, it is a technology driven products, and media companies and entertainment companies, they have a legendary film studio, but they don't have experience building technology produc

discovery after the big deal is down almost 5% after it is going to be merging with time warner or warner markets right now, the s&p 500 also off of the session lows we're coming off of the worst week for stocks since back in february energy, materials, financials and real estate are all positive energy leading technology under pressure. communication services a lot of those media stocks are getting hit. utilities are also hurt today. israels, consumer staples as well the nasdaq underperformed -- underperforming value, it's that kind of day. and the russell 2000 is in positive territory small caps closing up about a tenth of 1%. there's the bell overall weakness, but it looked a lot worse earlier in the session. >>> welcome to "the closing bell." i'm wilfred frost along with sara eisen and mike santoli. the dow was down just 56 points at the close or 0.2% at the low the session was down 205 points the nasdaq composite down 0.4. energy, materials and financials the three positive sectors tech and communication services at the bottom of the pile. >>> coming up, the ceo of imax on the impact

about face from the $85 million purchase of time warner.em to focus on 5g, broadband and meeting with connectivity joining us is at&t board member, glen hutchins. glen, i know you don't speak for the company on these things, but you are a long-term watcher of this you are a long-term thinker of these things the criticism has been incredibly harsh with this about face do you think there was a problem with the thought process for all of this, with the strategy, with the execution on these things, how the market changed just looking at where we've come over the last four or five years. >> good morning, becky everyone nice to see you. becky, i think, first of all, i think one of the things that was missed in yesterday's reporting is that thetime warner transaction was undispute bring financially a good transaction for at&t it was a debt plus equity with roughly $100 billion yesterday's transaction was $43 billion of debt reduction. and 56 to $57 billion of equity value in discovery based on the close of price of discovery is about the same $100

and warner media all right it's a rapidly shifting media landscape court in new york thank you. well there are dangerous jobs and then there are dangers at jobs including overworking a new study by the world health organization draws on 16 years of data to put the official numbers to something that most of us already knew working long hours can be bad for your health and even contribute to an early death. according to the w.h.o. 745000 people died from stroke and heart disease associated with long working hours and 2016 an unhealthy workload not only killing people but also killing them years after being exposed to a grueling schedule. way farms working thank you 5 or more hours away increased risk of. heart disease by 17 percent. also found. thank you 5. awake increase their risk of having a stroke 5 percent. the study shows that people living in southeast asia and the western pacific region were the most affected with men middle aged or older the hardest hit group time to make a change says the world health organization not least because companies also benefit from their worke

warner died with his wife and family at his side.bs newshour, i'm john yang. >> woodruff: john warner was 94 years old. still to come on the newshour: the new push for infrastructure investment looks to correct past mistreatment of minority communities. the military coup in myanmar uses the bodies of its victims to intimidate the democracy movement. hate crimes legislation highlights decades of solidarity between black and asian american communities. plus, much more. >> woodruff: over the past 14 months, the u.s. government has allocated hundreds of billions of dollars to help small businesses survive the pandemic's economic hurdles. all that funding has been managed by the small business administration, whose head was on capitol hill today giving an update. and our own lisa desjardins has been following the money as well and joins me now. hello to you, lisa. so, lisa, we know several of these programs are ending, and we learned today that at least one of them is far short of the money that these businesses need. so tell us where all

stephanie: john warner was 94 years old.hor and illustrator of beloved children's books has also died. his works include the very hungary caterpillar and brown bear, brown bear, what do you see. he died studio at his studio in massachusetts. erik karlsson was 90 years old. still to come on the newshour, the new push for infrastructure investment looks to correct past mistreatment of minority communities. the military coup in myanmar uses the bodies of its victims to intimidate the democracy movement. and after recent attacks, a look at solidarity between blacks and asian americans. plus, much more. >> this is the "pbs newshour" from weta studios in washington and from the west from the walter cronkite school of journalism. judy: over the past 14 months, the u.s. government has allocated hundreds of billions of dollars to help small businesses survive the pandemic's economic hurdles. all that funding has been managed by the small business administration, whose head was on capitol hill today giving an update. our own lisa desj

so as much as -- as tough as ed warner, the old time warner has been under at&t, it is been quite the opposite at nbc u. so i think it goes to comcast management style and who they hire they've done a great job of integrating the businesses as well and i do think it is likely that they ultimately get big err bigger in -- there are a lot of company that's could fit in that could help the theme parks and business and stream content that would fit with them. >> jessica, it is tim, thanks for joining us fascinating day as you said in the sector now you're left with three, really four mammoth streaming plays and then a lot more consolidation possibly to go but whether it is netflix, disney plus, clearly peacock and now what we have here, what do you think is really the net end game for everybody are they going to sit tight or is there more consolidation because some have direct exposure and linear not so good and some have the studio or the content, and they all have different, call them advantages here >> i totally agree this is a chance to kind of rearrange assets but again scale matters

the death of the senator from virginia, john warner.at to talk to the senators and politicians around the country. lisa: we will host surveillance from fargo, north dakota and you will be underneath the viking ship. tom: you will take me there in january. lisa: you will enjoy all of the weather. tom: an eventful day on bloomberg. amazon and mgm clearly front and center with breaking news. drama in washington. bankers in attendance. we are watching yields. 1.5655. the 125th anniversary of the dow jones industrial average. 34,349. that is last time you'll hear on tv for an hour. lisa: that is true. [laughter] ♪ (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aerotrainer, my back pain is gone. when you're stretching your lower

something with time or warner?on giving 20 years and counting. >> it just keeps getting moved around alex sherman, great reporting there on a potential deal to break within the hour. massive stuff there. at&t will be a phone company again. alex, thank you very much. >>> all right. huge deal. we head to break reminder that may is asian-american and pacific islan islander heritage month. we are highlighting our friends. here is out own eunice yoon. >> growing up, i remember my mom thinking of finances as tuition and school fees. asian culture is a key to success and more in the asian-american community where people are cut off from business relationships when moving to the united states. the intense education and work ethic and success shaped who i am today just over a year ago, i was drowning in credit card debt. sofi helped me pay off twenty-three thousand dollars of credit card debt. they helped me consolidate all of that into one low monthly payment. they make you feel like it's an honor for them to help you out.

was the hot company in town and bought time warner for $160000000000.00 and that they actually didn't really play that well and then in 2080 and that's when a t. and t. a bought at time warner well big then it took years for the deal to get approved and by then cutting was already on volk in the united states and then also combining content to gether with the wires from a t.n.t. obviously didn't really quite pay out and if you look what happened to the stock price from h e n t since 2018 when they bought time warner actually the stock didn't really move that much by the competitors like verizon or t. mobile us for example those stocks have gained quite a bit so definitely that that was not the best marriage that we had to in the past years between 80 and t. and water media all right it's a rapidly shifting media landscape in new york thank you. well there are dangerous jobs and then there are dangers at jobs including overworking a new study by the world health organization draws on 16 years of data to put the official numbers to something that most of us already knew working long hou

. >>> well, the merge erp of discovery and warner immediate w will create one of the world's largest media companies valued at $150 billion, including debt. the deal which is expected to close mid 2022 come bieps b-- combines the two companies with a combined $20 billion in conc content annually the deal aims to unlock the value in warner media direct to streaming consumer business. netflix has the broader streaming about 208 million streaming subscribers. disney plus has some 90 million. discovery plus has 15 million subscribers. at&t shares moving today they were up about 1% while discovery shares were up as much as 9% earlier this morning than falling down into the red. back over to you >> it was interesting to watch them turn negative when david was doing the interview with the ce ceo this morning was it something they said that seemed to not have gone over well shareholders initially cheered the deal it does make lot of sense for the companies to focus on what they do best >> it does i can't inpoint exactly what it was. i think the fact the dividend is being cut. i think that's

try to keep talent on, including jason, who has been running warner media. what do you expect and what do you think zaslav should do in terms of the more premium assets and more premium executives? neil: i think he has to keep some of these guys on. i won't say who specifically, but warner media has had a ton of trail in the last few years and it started to save lives. we have been seeing positive results in some tailwind. they have been talking about it and i think it will be tough with some of these people around. it will be people on both sides of this who think they should be running both sides or having a bigger say. so we will see how well david can hold onto these assets, particularly the next year as we wait for shareholders. emily: what do you think the biggest challenges are going to be? a lot of these folks signed on thinking they were doing one job, and now it has changed again? neil: when you are looking at interactive businesses it does , not seem to make sense to run discovery plus and hbo plus as different businesses. so there will be a lot o

hoops on discovery, hoops on time warner. and it was a good day for discovery. it got scale instantly. david and his peers get to run the place, which is a complement to david's management. john malone continues to accrue value. the other thing that happened, liz, is you've begun a redefinition of the streamers. there are now two kinds of streamers. there are those who produce content for streaming and there are those who acquire content for streaming. netflix, amazon, apple, they just acquire content. they stream it. disney, now discovery, they will produce content -- liz: well, leo, let me jump in here. netflix is creating content. they're going to spend $17 billion this year on content. and, you know, they're talking over at discovery that there will be $20 billion in free cash flow. we know they'll want to take on content. david zaslov has already said that news is going to be huge which means cnn is going to be a crown jewel. and this brings us back to some of the people involved in all this. who do you see running this whole thing? >> let me just correct y

well, here's one of the real benefits of the tie in between discovery and time warner.he world. >> right >> so the ability to promote and advertise and introduce a new product or service from time warner internationally is going to get a huge leg up by the cross promotion capabilities that exist in this combination with discover. >> so you think there are revenue synergies is what it sounds like. >> i think there's enormous revenue synergies, particularly international. >> so far beyond the 3 billion in cost synergies. revenue synergies are hard to quantify, you don't know them until, i guess, you see them, right? >> exactly so, and it's hard to predict, but, you know, all you have to do is look at the revenue growth in discovery in the first quarter just from the launching of d plus, which, you know, is not block buster it's personality it's great entertainment, but it's not the kind of acquisition type content that time warner can bring to the table so you have to look at this game both from getting people to reach in their wallet and pull out their credit card point

you look at at&t and warner in discovery, that was a fascinating change in the market.scale matters a lot. at the same time, the access to the business is very distinct from the access to the content business. these businesses, they are connected but the kiss -- but the strategic leverage is actually not that strong and that is why you see discovery as acquiring warner. i'm pretty sure discovery and the people at warner, they are thinking about the same thing because they are combining it to. it is nonlinear, it's exponential. amanda: what does all of this doom? including these acquisitions and the way the industry is changing due to the content creators, in terms of empowering them or disempowering them. is it going to be a good or bad time to be a content creator? >> it is the best time ever for content creators. the demand is higher than ever. we have seen it in front of our own eyes. the number of shows we produce, we also produce with our partners. it's hitting triple digits very quickly. we have 90 projects we're working on simultaneously right now. demand is high

telecom giant at&t stormed into the media business, acquiring time warner inc.. but looking to invest more in 5g and facing 130 billion euros in debt, at&t is now shifting its focus away from entertainment. it is looking to spin off media and sports operations including cnn, hbo, tnt, and warner bros. studios to combine them with discovery think, which has channels in 2 -- discovery, which has channels in 220 countries. the combination of two of the largest media operations in the u.s. effectively creates a new standalone company with the goal of creating one of the largest global streaming players. in a joint statement, the two companies said the deal will see at&t receive 43 billion dollars. shareholders will receive stock representing 71% of the new company while dcovery stocolders will own 29%. the chief executive of the new company was upbeat about the news. >> it is super exciting to combine such historic brands, world-class journalism, and iconic franchises under one roof and unlock so much value and opportunity. >> the deal positions the company to become

that was the case when at&t announced the acquisition of time warner. collection of all of those content assets into one place is going to raise eyebrows. particularly, assure equal access to everybody in the market >> i want to come back to the comment around content we have the notion of content is king streaming services heavily investing in content what will it look like after five years how many major players will survive? >> that is a great question. too many companies chasing few dollars. the holy grail is content a aggregation. netflix is part of the household set up then you have disney plus and then amazon prime and a long tail of other services that's why we see moves by the content giants getting together. this is the start of consolidation. otherwise we will have casualties >> paolo, the top three are so far ahead. netflix and disney plus which surged in the last year. amazon prime so far ahead of the others it will be extremely difficult to make a dent in the market in this case, you have hbo max what will they get merging with discovery?

warner is merging with discovery.g the new company one of the biggest players in the content space. david farver - >> other news on ksu. >> it was a great interview. >> thank you we should have been focussed on the merger of warner media and discovery but as much for investors to digest is as you take a look at the details that is an all stock reverse morris trust. the shareholders will own 71% of the new company and getting $43 billion to help them reduce leverage or debt on the balance sheet. that is a big concern for many investors there. there's the projections. a nine multiple and you get a feel for how large the company may be in terms of market cap and will be led by david zaslav. it is a focus as what at&t is going the look like after this deal as it is what this new media colos sus is going to do to that industry i did have a chance to ask john stankey what does at&t look like and for example what is the capital structure going do look like and what does it mean for the dividend. >> taking the cash to go to t

first of all, warner media, parent company of cnn.you combine discovery and warner media. >> there's not enough room to fit all the logos on the screen. this is the proposed list, streaming brands, cable channels and hubs of programming. d.c. comics over there, a treasure-trove of potentially superhero stories and villains, adult swim and cartoon network, all these brands if brought together can create an even stronger, way to compete with disney and netflix. that's really what this story is about. this is about discovery and warner media trying to get more scale in the streaming wars. >> well who has more stuff basically? >> that's the thing. right now disney is in a strong competitive position because they bought rupert murdoch's stock. so disney plus in some ways created net streaming services created pressure on the rest of the industry to come up with ways to combine. >> you have these two mammoth enter enterprises. disney plus. what does it mean for the as to be yet unmerged? >> yeah. that's an interesting question. the nbc univ

senator warner from virginia is recognized for five minutes. senator warner, i am going to slip into the finance committee as you do, and if you would next either call on senator lomas if she's there or senator cortez if there is no republican here, if you would do that. thank you? >> thank you, mr. chairman. it's great to see you again. i'm going to raise a couple subjects i know we've talked about in the past. one is we know over the last year with covid we've seen a an economic effect, particularly communities of color hard hit. particularly women owned businesses hard hit. one of the things we've talked about in the past is the relatively small piece of the financing sector, but one i think that has great potential to grow is that cdfi, community development financial institutions. i work with folks on this committee, and including senator crapo last year. we got a 10 commitment to do grants and capital into the cdfis. i'm happy to see treasury rolling that out. the fed also has a role here in terms -- and i know senator brown raised this i

it will essentially be the warner business, which is the content piece of what they acquired throughe warner merger, is coming out of at&t, which makes sense, because it has been a disaster for them. according to a lot of people who worked there, they have stripped the dna out of it, so the business does not really fit them. they will spin that out and it will essentially merge with discovery, and my guess at this point -- just speculation -- as some part of that, there will be a cash payment to at&t, because at&t needs cash. they need to pay down debt, pay down dividends, and they will not get rid of this asset just for stock in a new company. jonathan: you sent everyone scrambling to get more details on this. before we get more of the details of who may run it, can we talk about who may put a bid on, a counter offer? ed: there has been talk about potentially other parties coming for some pieces of this. you could look at viacom coming in for some of it. it is quite hard to see any one buyer trying to take the whole piece, just as we know there was already a lot of antitrust pressur

president biden saying warner was guided by his conscience and our constitution. senator john warner was 94. >>> when we come back, a special honor for a beloved actor. that's why there's otezla. otezla is not a cream. it's a pill that treats plaque psoriasis differently. with otezla, 75% clearer skin is achievable. don't use if you're allergic to otezla. it may cause severe diarrhea, nausea or vomiting. otezla is associated with an increased risk of depression. tell your doctor if you have a history of depression or suicidal thoughts or if these feelings develop. some people taking otezla reported weight loss. your doctor should monitor your weight and may stop treatment. upper respiratory tract infection and headache may occur. tell your doctor about your medicines, and if you're pregnant or planning to be. ♪ ♪ otezla. show more of you. ♪ i've got nothing to eat. nothing. [crying] hold on, i can do something. ♪turning nothing into something♪ ♪i turned nothing into something♪ it's amazing what you can do with nothing, and a little best foods. we do it every night

in 2016, they spent a large amount on time warner.n 2017, they did not anticipate the trump administration's justice department would intervene and hold up the deal. in 2019, they could not have anticipated activist paul singer's elliott management would step in and set up the device to chair of directv. directv was spun off in 2021 at a fraction of what at&t paid for it. bloomberg began reporting at&t is in negotiations to combine we assets with discovery. a major deal in the works and one that would undo the powerhouse built by his predecessor. back to you. shery: su keenan in new york. you can get a round up of the news on your terminal. it is also available on the mobile app. you can customize settings so you only get the news on the assets you care about. this is bloomberg. ♪ shery: members of the u.n. security council, including the u.s. and china, have called on israel and hamas to immediately halt more than a week of deadly fighting. israeli airstrikes on the gaza strip destroyed three buildings and killed at least 42 people s

the solution, get rid of warner media, spin it off into a new company.of discovery media is going to be heading this company when it is all done. discovery shares halted. they were up about 17% in the premarket, set to reopen around 7:40, i'm told. at&t shares higher by about 4%. viacomcbs, a lot of speculation about where that is going to go, up about 3% in the premarket. we should also point out viacom shares getting a bit of a boost off the latest 13f filings that showed a few big funds taking a big steak. another story out there today, crypto. we had all of the rumblings over the weekend, a one-word tweet by elon musk upending the market, down about 10% on the major coins over the weekend. tesla down by about 1.6 percent. a lot of the concern is less about what this means for crypto coins themselves and really the idea that a lot of company's have started to put this thing on their balance sheet. the idea of whether they are as committed to it is some of -- as some others seem to make out. microstrategy seems to be the most committed of all. we will

. >> is it warner/discovery or warner media discovery >> i think it is warner/discovery don't poholde to it. >> what else could you do? discovery? >> no. that would not be great. >>> in the meantime, ron de santis signing a law to give the state the power to penalize social media companies it escalates the fight with the tech industry and the republicans. the law to deplatform is the first of the kind in the united states and may be a model for other states to follow although one argues the law is counter to the first amendment the law says that social media companies may not permanently delete or ban a candidate. 14-day suspensions are allowed over the law facebook, twitter, youtube and others blocked president trump after the january 6th attack on the u.s. capitol by his supporters they argued president trump violated the terms of service that barred the promotion of violence this is interesting to see how it plays out i don't know what those pl platforms will do. is this something where you block or don't delist the people in the state of florida? joe, you talk about your gambling

the decision to effectively merge warner media with discovery to survive the streaming wars may be the list of media action it's thought many a smaller player were under pressure anyway from the competition but now g themselves some time may be viacomcbs and nbc universal would do a tieup one other strategy may be to bulk up on to international markets. we're seeing european media move the stimulus checks fade, there may be another way to pay for a meal dairy queen has 20 lucky people to receive $5,000 in dairy queen gift cards you can enter the sweeps stakes through facebook and twitter that's a lot of brownie batter and cotton candy. >> and the oreo one, too, which is my favorite blizzard. thanks for the update. >> mine, too, oreo. >>> up next, "early today," janessa is tracking springtime warmup. >>> firefighters race to rescue a family trapped in swift water. four years clear. real people with psoriasis look and feel better with cosentyx. don't use if you're allergic to cosentyx. before starting, get checked for tuberculosis. an increased risk of infections and lowered ability to f

well, we were greeted this morning by some very sad news, that our former colleague, senator john warner of r, of virginia, had had passed away at the age of 94. a five-term senator, he was a consensus builder, authority on military affairs, one of the last world war ii veterans to serve in this chamber and he actually interrupted his law school studies to join the marine corps during the korean war. the kind of stature that he had, his great -- great, great reaching across the aisle in bipartisanship is something that this chamber misses and we miss him. at my request, the flags will be lowered to half-staff on behalf of his honor. on behalf of the senate i want to ex our condolences to his family. now, on the competition act, the senate today will continue work on the bipartisan u.s. innovation and competition act, legislation that will supercharge american innovation and preserve our competitive edge. not just for the next few years, but for generations to come. it will be true that our children and even our grandchildren will benefit from this legislation. right now this legislation

senator warner, chair of the intelligence committee.haring your views with us. >>> up next, breaking news on a federal judge's new ruling on evictions that could impact millions of americans right now on whether or not they will continue to have a roof over their head. ve a roof over their head we look up to our heroes. idolizing them. mimicking their every move. and if she counts on the advanced hydration of pedialyte when it matters most... ...so do we. hydrate like our heroes. ♪ the light. ♪ it comes from within. it drives you. and it guides you. to shine your brightest. ♪ as you charge ahead. illuminating the way forward. a light maker. recognizing that the impact you make comes from the energy you create. introducing the all-electric lyriq. lighting the way. ♪ this past year has felt like a long, long norwegian winter. but eventually, with spring comes rebirth. everything begins anew. and many of us realize a fundamental human need to connect with other like-minded people. welcome back to the world. viking. exploring the world in c

jack: so this week's cover story is about the at&t spin-off of time warner merging with discovery.n addition to clearly an admission that that was a really bad deal three years ago, $85 billion plus debt for time warner, what does this tell us about the streaming landscape now? >> there are two centers of gravity in streaming. they are netflix and disney. if you're not one of those, you better be doing something niche and weird like british comedies where your costs aren't too high and for reasons that i can't fathom people willing to pay for it. because if you're trying to be a third or fourth generalist, that's a tough position. customers don't want to pay for that many general streaming services. i think at&t understands that, and that's why it's fleeing hollywood. it raises the question of who is next to consolidate. it creates immediate scarcity value. we saw b -- bofa do a double upgrade or viacom cbs. they were get the healthcare out of it -- it the heck out of your portfolio. now one company with major network and nbc buying another one, but disney has paved the way with it

the data scientist ben warner was - data scientist ben warner was working at number ten and his brothery, was working with the nhs to help the 0hs with building a data dashboard to deal with covid. he had beenin dashboard to deal with covid. he had been in various meetings about the official plan and he said to me, i'm really, really worried about this. it seems to me that people, this plan could easily be mad, it could be incredibly destructive. has this been tested, have you thought it through? should i and some other start thinking about plan b? ibm;i through? should i and some other start thinking about plan b? by when did ou tell start thinking about plan b? by when did you tell the _ start thinking about plan b? by when did you tell the prime _ start thinking about plan b? by when did you tell the prime minister- start thinking about plan b? by when did you tell the prime minister we . did you tell the prime minister we had to change the reaction? fin did you tell the prime minister we had to change the reaction? on the mornin: of had to change the reaction? on the morning of the _

coming up, why executives won and inn vvestors lost with the t deal with time warner and who really gotd? by the way, it wasn't investors. >>> if you haven't already subscribed to our podcast, it is available on spotify and stitcher and other platforms as well >>> the dow futures are up 100 wow. it woucould be a big day for te. we're back after this. ♪ ♪ i had the nightmare again maxine. the world was out of wonka bars... relax. you just need digital workflows. they help keep everyone supplied and happy, proactively. let's workflow it. then you can stop having those nightmares. no, i would miss them too much. whatever you business is facing... let's workflow it. servicenow. another day, another chance. it could be the day you break the sales record, or the day there's appointments nonstop. with comcast business, you get the network that can deliver gig speeds to the most businesses, and you can get the advanced cybersecurity solutions you need with comcast business securityedge. every day in business is a big day. we'll keep you ready for what's next. get started with a great offer, and

did them, i sent ben warner to attend all of them and he did.— them, i sent ben warner to attend alle did. did you have the right to attend? you delegatedi the right to attend? you delegated but could you have gone yourself? in a sense, it is the opposite problem of cobra. lots of meetings are power points. the two meetings are technical and i am not a technical person. i could not understand a lot of photos that were being discussed. reading your blogs, we would say you had understanding of technical terms and discussions. that had understanding of technical terms and discussions.— and discussions. that is not a good description — and discussions. that is not a good description of _ and discussions. that is not a good description of me. _ and discussions. that is not a good description of me. i _ and discussions. that is not a good description of me. i sent _ and discussions. that is not a good description of me. i sent an - and discussions. that is not a good | description of me. i sent an warner because, and i involved outside is from the academic world and business later on becau

you covered john warner, who's passed at 94 years old.long with ted kennedy and these other giants, i have to say, i really miss figures like that in the senate nowadays. your reflections? >> kasie, i covered senator warner over three decades, going back to when i was a young college newspaper editor, a washington university, he spoke at my graduation. and as i came up through newspapers, the richmond times newspaper, i always covered john warner. and kasie, one of my favorite things from him, something that really summed him up with his agreeing. we would call him the senator from central casting. here's why, he would always say, i'm proud, but humble to be your senior senator. it wasn't that humble, but it was very john moore. >> for sure. mike allen, thank you very much for your time this morning. and as we do remember john warner, again, one of the things that has really changed about our politics over the years is the kind of people who are willing to get into politics because of the way we are so divided these days. we really need s

maybe it will be max plus, discovery warner or something else entirely. we don't know yet.deal is about creating more size and scale to compete with netflix and disney. >> this is the intention, right? we remember when at&t started with the purchase of time warner, the previous administration fought that. there's still some approval that must happen? >> yes, that's right. that's why it won't take effect for about a year. so far the regulatory environment is looking more favorable for this deal. we have had not had signals stating the opposite. however, there's questions about the news side as well. i discussed with discovery's ceo david zas law today. he will be taking over and running the combined company and pledging editorial independence for cnn. and we also spoke with holly pop low about what this means for global governorry, bringing disc discovery's assets around the world with hbo max. here's what he said. >> you take this incredible ip content at warner that people would pay for before they pay for dinner, like "superman" and "batman" and "game of thrones," and you