consolidation in the media space. he referenced the viacom deal just announced. i think what is happening in the media space is media companies feel like they need to consolidate because competition isn't just with each other. it is with big technology companies like apple, like amazon, google, facebook that are much bigger than the traditional big media companies, and their global. they are really taking a lot of the ad dollars, a lot of the subscription dollars. they are getting into the con did business. if you are the walt disney company, you feel like -- into the content business. if you are the walt disney company, you feel like you need to compete not just against media companies, but technology companies. alix: they needed to launch disney+ to be able to compete with netflix at the end of the day. so is this the call, do not focus on tech? surprising,k it was but he's also talking about the loss of local journalism around the country, which is a significant issue. the issue there is simply economics. consumers do not want to pay for local news. they'd rather get it off the internet.

controversial business relationships. plus, content kings. cbs and viacom finally inked a $11.7 billion merger deal. we will talk to viacom's ceo about synergies and the road ahead. what slowing economy? chinese online retailer alibaba defies the slowdown amidst a trade war with sales surpassing expectations. first to our top story, it was a big week for tech ipo's with wework and cloudflare filing to go public. the web security company cloudflare has been in the news lately, given its relationship with controversial message board, 8chan. three alleged gunman posted manifestos on 8chan before three separate mass shootings in the united states. cloudflare stopped providing services after the latest shooting in el paso, left two dozen dead, largely taking the platform off-line. so, is now the right time to go public for cloudflare? i discussed it with liliana baker and will curtain. >> like many other tech ideas, -- ipo's, especially in software, it is not profitable. it has a pretty good growth rate though. it's really trying to look at its competitor, fastly. fastly went public

relationships. plus, content kings. we talked to the ceo about the road -- cbs and viacom finally inked a merger deal. we speak to buy comes a ceo about synergies and the road ahead. and chinese online retailer alibaba defies the slowdown of missed a trade war with sales surpassing expectations. first to our top story, it was a big week for tech ideas with fleet work and cloudflare filing to go public. the web security company cloudflare has been in the news lately, given its relationship with controversial message board, 8chan. three alleged gunman posted manifestoes on 8chan before three mass shootings in the united states. cloudflare stop providing services after el paso, texas, less than two dozen dead, largely taking the platform off-line. so, is now the time to go public for cloudflare? >> like many other tech ideas, especially in software, it is not profitable. it has a pretty good growth rate, though. it's really trying to look at its competitor, fastly. fastly went public earlier this year and is doing ok. there have been some sources who were asking me why cloudflare too

, content kings. cbs and viacom finally inked a merger deal. we speak to buy comes a ceo about synergies and the road ahead. and chinese online retailer alibaba defies the slowdown of missed a trade war with sales surpassing expectations. it was a big week for tech ideas with fleet work and cloudflare filing to go public. cloudflare has been in the news given its relationship with 8chan. three alleged gunman posted manifestoes on 8chan before three mass shootings. cloudflare stop providing services after el paso, texas, largely taking the platform off-line. so is now the time to go public? >> like many other tech ideas, especially in software, it is not profitable. it has a pretty good growth rate, it is really trying to look at competitors. fastly went public earlier this year and is doing ok. there have been some sources who were asking me why cloudflare took this long to get this point. they had been preparing since the fall of last year for a public offering. emily: cloudflare is a name we have heard of the companies that will go public soon. tell us exactly what cloudflare does. in the

the stomach for it. david: coming up, the merger everyone has been waiting for. viacom and cbs reunite after 13 years. more on what i'm watching, next. taylor: if you are jumping into your car, tune into bloomberg radio across the u.s. on sirius xm channel 119 and on the bloomberg business app. this is bloomberg. ♪ david: this is what i'm watching, cbs and viacom finally doing this deal after all. people might not remember, cbs and viacom started off together, and then they were separate companies. then sherry redstone said let's put them back together again. now sherry redstone has gotten her wish. taylor: we were speaking with our deals reporters, highlighting that they could save via synergy $500 million or so, but like you and i were talking about, saving isn't what you need to be doing. you need to be willing to spend billions of dollars to keep up with all the big streaming guys like netflix and disney. i don't know if they have the willingness to spend that type of money. david: and that is the key question. if you look at the basic deal points, the number one major as

." investors are waiting to see if cbs and viacom actually do agree to merge. the two media companies are both controlled by the redstone family investment vehicle. they've been in talks on and off for years. the exchange ratio in an all stock transaction has stalled the latest negotiations. a deal could be announced today. another sign verizon is dismantling its online empire, the wireless empire agreed to sell the blogging platform ownerr to publishing site automatic. sold for ats tumblr fraction of the $1.1 billion it fetched. shares of cathay pacific kept falling, closing down more than 2% a day after hitting a two-year low. thisy canceling hungered -- canceling hundreds more flights as protests continue at the hong kong airport. taylor: thank you. that story about cathay pacific, biggesthina's investment arms downgrading cathay pacific in part because of the protests and the unrest we are seeing within the hong kong airport. we had some conflicting reports. we saw that all the flights were canceled. now it seems that maybe check ins were postponed. we have a lot going on with hon

have had an annualized return of almost 18%, beating industry peers. the boards at cbs and viacom working over the night to determine a price for their long-awaited merger. the media companies were hoping to reach an agreement in time to announce a deal today. viacom's ceo would lead the new company. i'm viviana hurtado. that's your bloomberg business flash. david: of course, i've been watching cbs-viacom, but i've been watching it forever. it's surprising it took this long to get it done. the question is, what do they do with the combined firm? we are now with cinelli bostick to cover 3 -- with asak to cover three things worth talking about. first, the deputy ceo of natwest holdings is the next choice of rbs.r and saudi crown prince mohammad bin salman on's wealth is thought to been in the -- mohammad bin salman's wealth is thought to be in the billions of dollars. will have happens, we the first woman to run a major london bank. she's been there putting much since the beginning of her career. she is well-respected by regulators, which matters because so much of the government st

steak. disney, lyft, c.v.s. and viacom. joining us is an equity strategist and bob browne from chicago as well. so where are we? if you're a good company, are you getting rewarded? where are we sitting? >> you are. one word that sums up this earnings season and that is somewhat unexpiring. it's been a rally really good earning season for companies that come in with about a 2% overall gain in e.p.s. over year ago. four weeks ago, we were thinking earnings were going to fall in this quarter. so that's better than expected. the problem is that even when companies are beating expectations, they're not guide wag great deal of confidence, right if they're not increasing estimates going into the future. analysts are still losing their faith in the prospects and third quarter earnings are now expected to fall by about 1%. alix: it showed in the next three quarters and you can really see sort of the downward projection, particularly over the third quarter but the fourth quarter starting to roll over. the first quarter is rolling over too. >> yeah, and frankly, it's not that things are n