they're willing to pay more to get the owner of hbo, turner, cnn, warner bros.. over lunch in. new york, people whom i are with the matter say they were concerned about a number of factors including succession plans. previously at time warner investments where he worked with various operating groups like hbo, all that stuff. >> in the last 10 years, they shed for assets and increased shareholder value. they are buying a crown jewel asset and for time warner, they are pushing back on closing a deal at this point. >> you have been reporting on this from the very beginning and you know how this started to come together. give us some of the details. >> it starts with a friendly lunch in new york in early june. jeff bewkes gets together with chase carey and chase dropped the idea on him of a big merger. is, what is the plan for you? your contract is up in 18 months and i think my shareholders are going to have a concern about this dual class structure. and what is the future for cnn? ,hey don't get any feedback they are asking for more time and they send a letter around june 24 addre

former media exec, he has been at a lot of places and that box, warner bros., cnn and more.ing us exclusively in the next hour on "after the bell". don't miss it. closing bell ringing and 15-- make that 40 minutes. treasury secretary wants to close a huge tax loophole for big business and he's calling for a greater sense of economic patriotism by american companies. stick with america. don't move your headquarters elsewhere to sit on taxes. any discussion about-- changing the pacs system? we have details that. i had no idea i had shingles. there was like an eruption on my skin and burning. i'd lift my arm and the pain back here was excruciating. when i went to the doctor his first question was "did you have chickenpox?" i thought it was something that, you know, old people got. starts at 6:30 a.m. - on the (vo) rush hounose.und here but for me, it starts with the opening bell. and the rush i get, lasts way more than an hour. (announcer) at scottrade, we share your passion for trading. that's why we've built powerful technology to alert you to your next opportunity. because a

vieira: warner bros.'harry potter" franchise goes on to become the highest-grossing film series of all time, and the book series is the best-selling of all time, too, with more than 450 million copies sold worldwide. coming up... for their next act, it's back to orlando for a visit from the man who has designs on conjuring up an entire city. there must be a steel shortage in america. vieira: today is a big day on the lot in sunny orlando, florida, that's slowly but surely being transformed into a magical london alley. man: you like? craig: yeah, i love it. it's great. great. yeah. yeah. vieira: stuart craig designed the sets for all eight "harry potter" movies and has been working with universal creative for the past two years drafting sketches for the wizarding world of harry potter diagon alley. so, right about where i am is middle of the street. >> vieira: and now he is getting his first glimpse at what's become of his work. >> well, that's a good contrast immediately from the openness of this to the...

would bring under one roof some of the biggest sources of content, including hbo, fox broadcasting, warner bros and more. the initial offer was rejected by time warner after late discussion. it decided it was not in its best interests for shareholders to accept the proposal. where this goes next is yet to be determined. join me now, mario gabelli of gamco investors. henry blodget of "business insider." and, andrew edgecliffe-johnson of "the financial times." i'm pleased to have each of them here. >> since you are a stockholder, let me begin with this question. why does rupert want time warner? >> that's interesting. back in the early 1980's, rupert came after time warner. it was called warner. ago -- [indiscernible] television control a station. that's an easy way to do it. a year ago, there was an analyst meeting in los angeles where fox share their vision. they said look, we're going to do the following. havethe next 10 years, you a rising middle class in india and china. that gets you a need for content. content is king. he talked about the satellite business. deutche-tv. merging those toget

the parent company of hbo, warner bros., c and and, and other properties has rejected a $75 billion takeover1st-century foxx. murdoch is willing to raise the offer if time warner's show some interest. what are the chances of this happening? 20 next is a senior media and entertainment analyst at s&p capital. now is a senior media and entertainment analyst at s&p capital. what are the chances that there is a deal that this ends in something? >> there is a good chance that you will see a higher offer from foxx. look at the way their shares are reacting. 's you look at at murdoch history, i think when he sets his sights on something, there is a good chance that they will give it a good shot. the premium that was offered on the initial proposal frankly i thought was a lowball offer. a company like time warner should command a very very hefty premium given the collection of assets that they have. what i expect is something that could set the terms and that is likely to happen in foxx comes back with a sweetened offer. about comcast, at&t, they are currently occupied? what if they were available? >

at a larger company, fox studios and warner bros., very different cultures. you have different properties inside of the cable networks that would be difficult cultures. i think it's a really big question. a merger here would have to be done carefully and for a very significant time keeping the company separate is the likely outcome. >> what about the relationship between bewkes and murdoch? will executives stick around? would bewkes stick around? >> after they did not get a letter, rupert sent a letter back saying he would want him to stay on going forward but it was very clear that bewkes would not run the company. they would want him around whether it was an advisory role or on the board. clearly this is a murdoch and or chase carey operation to be run going forward. he would not be the ceo. >> neil, having worked inside this industry, how do you think a merger like this would reshape the industry for better or worse? we know comcast is trying to buy time warner cable and at&t trying to buy directv. we have not seen a focus of more players you. >> the distr

and warner bros..f you think about the natural buyers for cnn, disney is a natural buyer for a lot of reasons. because they own some of the largest cable properties that exist today. adding to that set of properties gives them more leverage for carriage agreements. is interesting to talk about google and yahoo!, very possible, those seem like stretches to me. >> what about the idea that rupert murdoch is doing this just to fend off other potential suitors for time warner, like google, facebook, and amazon? >> i don't think you would do the deal to fend off other people. they are past the phone hacking scandals that have been plaguing the family. between directv and comcast time warner, he is seizing on the situation where it is the right time. interest rates have remained so low, so a lot of things have come together in the same time to make it a deal that makes a lot of sense for murdoch. >> some of these mergers don't have a great track record. going back to more than a decade ago, he mentioned the c

hbo,eal crown jewel is turner, and warner bros..aturalhink about the buyers for cnn, disney is a natural buyer for a lot of reasons. they own some of the largest and most important cable properties that exist today. that set of properties gives them more leverage for agreements with ms owes and cable operators, whereas it is interesting to talk about google and yahoo!. cbs the other natural buyer. >> what about the idea that rupert murdoch doing this to just fend off other potential likers for time warner google, facebook, amazon. >> i don't think rupert would do the deal to send off other people. he feels like the timing is right. they passed a lot of the scandals that have been plaguing news corp. and the murdoch family. is this uncertain environment in d.c.. i trust the situation between at&t and directv. i think he is seizing on a situation where he feels it is the right time. it is the right time if you want to borrow a lot of money. interest rates have remained so low. a lot of things have come together in the same period of t

the complication that you could have with fox and warner bros.. warner bros.ld raise all sorts of questions. do they stay independent? that's another leg up this story. how big these two businesses are. why one of the potential responses by time warner, a logical partner historically for time warner has been cbs. what they are missing, time warner studios, one of the most electric users of television content on the planet -- they lack a broadcast network. a lot of us thought cbs with the natural partner. there are some who might speculate that maybe a response that time warner has. >> going on the offense of. -- offensive. great to have you here. we have some breaking news. let's go to olivia sterns. have all beeno we waiting for. what could be the biggest ipo in u.s. history. saying they will delay their ipo. it will start the roadshow after labor day. it will push it back to september. there was a lot of speculation that they would try to launch on august 8. alibaba now announcing it will delay its ipo and will start the roadshow after labor day. the company

. >> murdoch offered $80 billion to buy time warner, which also owns warner bros. music -- movie studio. over nearly five decades, murdoch has blocked -- bought a colossal media empire. in 2007, his tabloid folded after revelations it had been engaged in widescale eavesdropping on hundreds of people's voicemail, including politicians and celebrities. china's economy is bouncing back from its slowdown. new figures show it grew by 7.5% in the second quarter of 2014. >> that's in line with official growth targets, but analysts say that it is being driven by government spending. >> chinese construction workers putting the finishing touches on a new power transmission line. the government has been ivesting billions in infrastructure like this. in june alone, beijing increased its government spending to almost 200 billion euros, roughly 25% more than in the same period last year. but analysts are warning that excitement over economic growth figures released today could be premature. for the second half of the year, the situation remained -- looks set to remain complicate

company is run is diametrically opposed to the historic culture of hbo, the turner networks, and warner broswn distinct historic culture. i do think that could be a problem. one of the ironies here is that -- fox orther company time warner -- could be managed in a more interesting, forward-looking way by one of the digital players. i am not suggesting that google is going to come in and make an offer. entrepreneurship, their creativity in stealing the moonshot -- provide they are already in the business anyhow -- is an example of maybe the creative process needs to be more aligned with those companies that are delivering content to mobile consumers. just as an aside, where does news come from these days? facebookm linkedin and -- >> that's right. we are using our phones more in many ways before we use the television or the newspaper. or anywhere else to get our news. >> so i think this is changing our definition of what a company is. it is not just about we are in the period where conglomerates do not work and there is disaggregation. what is the core mission? , it something is digital can t

if you fold warner bros.x's film and television operations, that will be very accretive and synergistic mix. hbo, i keep saying, is really the plum in this deal. and there is no synergy, because they don't have a pay-tv network at foxx. >> variety has reported earlier this week that google was also interested in buying time warner. noting -- is denied knowing anything about it at sun valley. where does this play in the major merck -- in the mega deals in the merger sector? >> i would not be surprised if google did not snap up cnn. it is a perfect complement to you too, which is growing and is going to be a major content network distribution system. worldwide. >> porter bit, thank you so much. a wonderful perspective this morning, this entire interview with porter and brad. brad, thank you as well. >> our twitter question of the day was -- who is next after the apple and ibm partnership? given that time warner and foxx were not. >> well, that would be a takeover and a different answer to the question. witherso

fox and warner bros. ranked number one and number two.have more than 35% of the canadian box office. combining them could give more negotiating power than some of the competitors. dealing with revenue splits. the other items they might look at his forthright. a space where there is not a lot of competition right now. if it took over fox warner, that would take one competitor out of the picture. >> talk to us about the process. what would that look like? >> a lot of thinking that fox would not meet approval on the deal because time warner does not have broadcast licenses. what it means is a pure antitrust review. talking about either the department of justice or the federal trade mission. one big question a lot of people are asking, add this to the pending mergers and paid tv. how will they see this as part of a broader band gave? that is a big unanswered question right now. >> megan hughes joining us from washington. research.ey, head of thank you. time warner, what is it doing to fend off the takeover? >> i think they will have to appeal

youwork for warner bros. so understand the idea of connecting to consumers.on aunning a $1 year position for 28 years. when i would talk to the executives and say what makes onm or eric go to the movies friday night, everybody would shrug their shoulders and not know. i woke up one day and said there has to be a better form of advertising than one-size-fits-all. we ought to be able to say, hey , we know you like science fiction movies and so we want to let you know this movie is playing. click the button to purchase your ticket. we are all about engagement and activation. wherein, the older days it was about awareness. if you told someone there is a new chevy, you would eventually selbuy it. now we want you to test drive it. have celebrities, specific individuals who are part of this experience. >> we probably have 45 brands who rent our platform. they decide who they want to speak to their customers. some have celebrities, some just repurpose an existing commercial. hey, i thought you would want to know and then the commercial runs. bring their celebrities a

, but clearly is still a big business, especially when you look at the franchise potential, and warner brosc. 21st century doesn't have marvel of ip enginesort like they do at warner. on the other side, time warner has no broadcast network tofox has fox. time warner has no sports click. -- play. there is amazing synergy. scale in themuch production space. and nowros. television 21st century television at fox are massive producers to read they are the number one and number two producers of tv content for mainstream scripted programming. ilverman, can you describe the difference in culture at 21st century fox and time warner? >> i haven't had the privilege of working at either company, so i can't speak to it firsthand. both of them have an aggressive sales culture in terms of the distribution of their products and content. they really know how to monetize their content quite effectively. whether it is a diversification play -- obviously, 21st century hulu big early player with but held onto their rights in a smart way. on the other side, time warner really going toe to toe with , continuing t

., television, warner bros.way from re re reliance on tv broadcast business. >> rich greenfield joining us from btig. >>> new york city tackies aren't just competing with uber. now lyft to worry about. the new competition, what it means for its business, coming up next. "squawk on the street" will be right back. in new york state, we're changing the way we do business, with startup ny. we've created tax free zones throughout the state. and startup ny companies will be investing hundreds of millions of dollars in jobs and infrastructure. thanks to startup ny, businesses can operate tax free for 10 years. no property tax. no business tax. and no sales tax. which means more growth for your business, and more jobs. it's not just business as usual. see how new york can help your business grow, at startup.ny.gov my motheit's delicious. toffee in the world. so now we've turned her toffee into a business. my goal was to take an idea and make it happen. i'm janet long and i formed my toffee company through legalzoom. i n

we'll see you tonight [captioning made possible by warner bros. domestic television distribution] >> today on "tmz" -- >> so here's the evidence. charlie sheen goes to a taco bell late at night and is slurring his speech. >> not very cool, man. >> how are you? > his shirt is ripped. >> you know how they are. >> hillary clinton is out in new york city. coming out of the daly show with jon stewart. really good question. which song would she choose for her campaign? >> "stand by your man"? >> i think she should go with it bull. >> we have the friends out. lisa

many fox 29 news morning news comes your way warner bros.tic television distribution] >> today on "tmz," >> we got video of dmx almost pooping his pants. >> no! no! >> it is hysterical. >> have you ever wondered riding an amusement ride with dmx it's exactly what you think. >> are you more scared of the ride or dmx? >> right before you take off you should say, i undid your belt. >> we have all her demands for her tour. she wants popeye's chicken and she said do not substitute it for kfc. she said, we know the difference. >> who is we? we as in the entourage or we - chicken lovers, right? >> chicken lovers, righ- >> chicken lovers, right? >> andi dorfman and the guy she

[captioning made possible by warner bros.n distribution] >> today on "tmz," >> the president of the united states went to denver. someone offered him the weed. >> he laughed it off. >> deep down he probably wanted it. >> ah-ha, meet me around back. >> jared leto at paris fashion week. he's looking like jesus because he's hot. all these girls start following him around and he looks like jesus. >> where do you think he was going? >> to the crosswalk. >> i got rob reiner in new york. >> there is a new show where people meet at the alter. >> two people who have never met they get married? >> do they have sex? >> "naked and afraid" how long are they together and they never have sex. >> you have fire ants crawling

. ♪ ba da ba ba ba [captioning made possible by warner bros.vis ion distribution] >> today on "tmz" >> war in beverly hills. justin bieber is out of control. cops called again and the cops are about to revolt. >> that's the purpose of getting him the penthouse so he could do whatever he wants. >> you can't do that in a condominium. >> is he sharing any walls with anyone? yes! that's what a condominium is! >> we got cameron diaz with her new boyfriend. benji. what's your favorite cameron movie? >> "something about mary." "the holiday." >> cameron diaz was the first one to sue because somebody had video of her doing -- >> i remember this. >> like a bondage. >> so maybe that's her best movie is what we're saying? >> so we got video of the rapper

warner bros.levision distribution] >> today on "tmz," >> tim mcgraw had an interesting reaction in a concert. >> he's doing a song called "truck ya." >> truck ya! >> this aggressive woman grabs his leg and he's trying to keep moving and he smacked the crap out of her. >> oh, truck me. >> jason biggs caught heat for tweeting a joke about the malaysian airline crash. first he was very firm on the fact it wasn't too soon. do anything offensive. >> he said, truly you losers are trying to find [bleep] to get angry about. you don't have to think it's funny or be on my twitter page at all. follows jason

news at 4amg2 hours of new info taken many ahead beginning with tm seem, followed by inside he warner bros television distribution] >> today on "tmz," >> justin bieber ducked a punch from orlando bloom who is pissed over miranda kerr. >> he screwed up because he let him know it bothers him. >> the cooler thing is to act like you don't care. you go, yo, bro, it's all right. and then boom, you knock him clean out. >> gazelle in costa rica took her dog out and gets down on all fours and starts crawling down the beach with her dog. >> that looks super hot. and gisele looks good too. >> a.j. mcclane from the backstreet boys. there's a show and cancelled it because of the war. >> that sucks man. are you disappointed you can't perform there? >> he says it really sucks for the fans there. >> i think they have bigger problems.

. >> thanks for watching the fox warner bros.c television distribution] >> today on "tmz," >> justin bieber parties one more time at his beverly hills condo and 85-year-old lady is going to say stick 'em up. you're under arrest. >> i have a question. >> if i were making a citizen arrest on you and i used reasonable force -- >> you couldn't use reasonable force on me. >> oh, please. >> selena gomez, she is celebrating her birthday over in san tropez on a yacht with cara delevingne. ating? are you intimidating? >> coolio's coming back. he teamed up with the porn site porn hub. they made a music video. erica was there. >> it's fun to work with him for an hour, but then you realize you're twerking with coolio in the valley and then you just get

after you've had [captioning made possible by warner bros.tribution] >> today on "tmz" >> how to say we got justin bieber by the short hairs. he's got a little teenie mustache. >> it was a rough estimation of a hundred hairs sprouted out. it looks like you're holding up a selfie, dude. >> during the annual zombie walk, car pulled up and went through the parade route. hits a person and her arm went under the wheel. >> because it's comic con not everyone's in the best shape. everybody gives up after like -- >> we got ke$ha at l.a.x. >> i love your story about prince how you broke into his house. >> she paid prince's gardener $5 to sneak into

. >> there's two hoursong made po warner bros.levision distribution] >> today on "tmz," >> it turns out there was a big difference between grabbing ass and grabbing boob because ray j has been slapped with a crime. >> there were witnesses there saying boob and somehow the butt and incidental touching. >> could you i objects dentally waking and if you're there's a narrow passage way. some >> people just walk like this. >> selena gomez and cara delevingne showering together. >> water trickling down their bodies. >> you guys are so lame. >> this is a little -- >> >> are you serious? >> would you stand like that if we were on vacation together? >> i think we might. >> ah, no. >> nico and vinz.

remember to catch the latest on [captioning made possible by warner bros.on distribution] >> today on "tmz," >> chris brown vowed that he would change his life and not associate with bad people. he throws up gang signs specifically the gang signs that he throws up is fruit town piru blood. >> one of their main rivals. >> they get along but their biggest rival-- >> anyway, they could do this and not mention more gangs? >> is there any way we could leave gangs out? >> ed sheeran. he's british. we ask if he's looking forward to thethf july. >> it is hard because we defeated your country at that time. >> kiefer sutherland is at the airport. >> george clooney might run for office. wod

[captioning made possible by warner bros.television distribution] >> today on "tmz," >> lil wayne making a huge play for jay-z's title. >> he is now having a sports management company. >> who has more raw power at this point? >> jay-z and he always will. >> jay-z and lil wayne are making money for c.a.a. run by jews. jews win again. shocker. >> joan rivers at the airport. >> i've been trying to get celebrity reaction as to what is going on with israelies and palestinians. >> if new jersey fired rockets into new york we would wipe them out. >> there were tunnels that were dug. >> we got selena gomez and cara delevingne aliving at l.a.x. >> they are trying to look like a couple.

warner bros. domestic television distribution] >> today on "tmz," >> here's the evidence.ll late at night and is slurring his speech. >> you're cool, man. >> how are you? >> at that moment his shirt is ripped. charlie's been through something. >> maybe he's holding one of his kids. oh, wait, he wasn't holding one of his kids atlanta had ip hop their ghetto cat it is a trophy reunion. really honestly the most craziest thing i've ever heard show period in life. >> in life, wow. serious.ad this is not an oversell. >> >> hilla c

foss and warner bros., you would the studio.t would be number one on general cable and entertainment. there are so many reasons to do the deal that they are hoping with $85,000 on the table, that more welcoming. john mentioned the offer was initially in june. rupert murdoch has not participated in the conversations yet because he was effectively waiting for an invitation for beauty is to comment. highly discouraging that murdoch has not seen the point of coming in yet. >> could the justice department be discouraged by this? >> no. they do not believe -- so long as they sell cnn, they do not think there is any regulation wrist whatsoever. they would not be this aggressive. they have gone public with an unsolicited offer of $85 in cash and stock and they would not be this aggressive about it. coverhink the regulatory for this transaction is on the distribution side. at&t, directv, it will be relatively easy for these media companies to go down to washington and talk to these we, thers and say, content side of this mess, need to bu