, that media merger. viacom and cbs are reuniting after 30 years in a long-awaited $11.7 billion deal. what is interesting today is the market reaction to that. we are seeing both stocks coming under pressure. part of that is down to what is happening with the markets today. it would be tough to be positive today, but nevertheless, after finally getting this deal done, we are seeing these stocks negative. let's go to my colleague vonnie quinn, who is at viacom's headquarters in new york with the man who led this deal to combine these two companies. funny -- vonnie. vonnie: indeed it has been a torturous route, but we are here now in times square with the ceo of viacom, assume to be viacom cbs -- soon to be viacom cbs, bob bakish. i'm curious as to the couple of days that brought you to this point. you ended up making a deal on the shares. did you come down to meet cbs? bob: we are thrilled that we announced the combination of viacom and cbs. assets itook at the unites, the powerhouse cbs broadcaster, syndicator and studio, with paramount pictures, one of the most storied studios in ho

company and is complex and controversial business relationships. plus, content kings. cbs and viacom finally inked a 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 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 separate mass shootings in the united states. cloudflare stop providing services after the latest shooting in el paso, left two dozen dead, largely taking the platform off-line. so, is now the time to go public for cloudflare? i discussed it with liliana baker and will curtain. >> like many other tech 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 earlie

is complex and controversial is this relationships. plus, content kings. cbs and viacom finally inked a merger deal. we speak to buy comes a ceo about synergies and the road ahead. 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 hm -- 8chan. three alleged gunman posted manifestoes on 8chan before three mass shootings. cloudflare stop providing services after el paso, texas, largely take the platform offline -- 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 o

ahead. david: thank you both very much for being with us. arel ahead, cbs and viacom reportedly on the brink of announcing their merger. they are our stocks of the hour, they are next, and this is bloomberg. ♪ david: you're watching "balance of power." i'm david westin. time for the stock of the hour. viacom is one of the worst performers in the s&p 500, falling 4% on reports the company is close to a deal with the merger with cbs. i am baffled because everyone thought this was the salvation for viacom. wire shareholders unhappy? kailey: what is being discussed is not final. 0.595 tonge ratio is 0.6 which is closer to what they were talking about and only value via, the market value of the stock, about $12 billion. dow jones saying the cbs shareholders will get a premium. viacom has drastically underperformed cbs since these companies split in 2006. that story is not changing. david: that is the point. they originally were together. sumner redstone decided to split them. at the time people thought five, would outperform cbs. to what extent is the exchange rate a question of viaco

u.s. media as cbs agrees to merge with viacom in a long awaited deal. shares of apple and chipmakers soared in tuesday trading after the u.s. delayed a 10% tariff certain imports including smartphones as well as laptops. before boarding a helicopter in new jersey, president trump said "in case it has an impact on people, what we have done is delay it so they won't be relevant during the christmas shopping season." to discuss in washington, the president of the u.s.-china business council. ., bloomberg's l.a sarah mcgregor. sarah, do we have any idea what the motivation is for the change of heart? sarah: we do know that the news gave a bump to the stock market. we saw some retail and technology stocks go up today. there have been some declines in share prices in recent weeks since tariff announced -- since trump announced the tariff. of course, that is an immediate cheer from the market. what we don't know what was discussed between officials of the china and the u.s. on the phone call. we know that the trump administration was waiting out on purposes -- on purchases from china and ot

about phillip morris, and cbs-viacom. i want to ask mr. good belly -- mr. gabelli the idea of what you do to filter the political investment of this august, this 2019. how do you deal with a news flow and investment? mario: you want to connect a lot of dots. the more important one for me is the tax rates that corporate's have sustainable. secondly, what is global growth on a basis that i can understand, why the negative currency? impacting what is the impact of the dollar? that is important because the earnings of public companies, -- 40% are non-us, being thrashed by the impact of currency. companies we own like vivendi selling into the united states get the benefit of their weak currency. tom: so are you on the cusp of buying the emerging markets, of the others that are out there? mario: on the others height of the coin, a company -- the other side of the coin, a company in china is selling at a large market cap because they have a big share of the premium market in china. we have a lot of dots on a global basis. what we try to buy is good businesses run by people that come to wo

media deal being hammered out between the likes of cbs and viacom. viacom shareholders don't seem to be like the terms we are hearing about. reporter: some of the reporting out there, specifically dow jones, talking about a slight premium for cbs shareholders, and as far as the deal being finally done, if it gets done, this has been talked about so much over the years, it is kind of the challenge of putting humpty dumpty back together again because these companies were under the same corporate roof until the early to thousands when they were split 's when theyrly 2000 were split up. it shows you the difficulty they have been making it all fit, setting up the management, talking about a stock deal with the exchange ratios, all of these sort of details. let's just say it is not going easily. guy: i'm really curious about why not. since 2006 come of these companies are split apart. why is it so hard to put them back together again? what is it about these two businesses that don't fit neatly back together? what has changed? avid: it may be more of matter of personalities then the busines

." 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

trump will delay china.nal tariffs on markets rally on the news of apple surging 4%. the cbs-viacom romance leads to a waiting. the megamerger -- shery: breaking news out of south korea. we have the unemployment rate for the month of july coming in at 4%. that was as analysts expected. the third month in a row that stayed at 4%. south korea added 299,000 jobs in july, higher than the 281,000 they added in june. the south korean economy and job market being highly supported by government job creation. we are expecting the extra budget set to pass parliament at the start of august to also give more support for the job market. exportseantime, continue to plunge in south korea, now headed to the ninth month of export declines in august.we have seen the weakness in w theon throughout these -- the south korean won. in hongrn to sophie kong for a check on where markets are headed this morning. sophie: we have plenty more data to come through from asia including a check on china's monthly activities for july which could dampen some of the anticipated relief rally as industrial output and re

cbs and viacom worked through the night to try and determine a price for their long-awaited merger. determine chairman would be sherry redstone, whose family investment vehicle controls both companies. viacom's ceo would lead the new company. shares of germany's commerzbank fell to a record today. that cap they roller coaster ride that saw the stock more than double after -- that capped a roller coaster ride that saw the stock more than double after unannounced turnaround plan, although stocks have fallen over the last year and a half. we are seeing some earnings reportsd analyst waiting on retail data this week, specifically from china. guy: european stocks initially climbing this morning, but fading as the day has progressed. we are trading very close to session lows at the moment. however, i will put a caveat on that, and that is that volume is quite low today. this time last week, not the case, but now it definitely feels like august. we are seeing very light volume on this side of the atlantic. we will be back with more detail on what is happening with these markets. we are he

business flash with olivia hows in london. olivia: cbs has agreed to merge with viacom and a $12 billion transaction. the media giants split in 2006. ofadds them to the parent hair mount pictures and nickelodeon. it will be called the viacom-cbs. the federal trade commission is looking into allegations of the e-commerce site punishing merchants with lower prices elsewhere. of atc stop short formal probe in amazon. says theyrican group will allow the better parts of the business to grow, and help bring down debt. we spoke to the companies chief executive. >> on a vertical integration restructuring and that model is not sustainable going forward. at the operational management should be underlying businesses and we must act as ap are shareholder. -- we must act as a peer shareholder. matt: president trump has delayed some of the new china tariffs he wanted to put on september. farm goods, clothes are on the list, but levies on big ticket items such as smart phones and children toys as well as bibles will not come until the end of the year in order to allow the christmas shopping sea

. vonnie: i can totally tell. it sounds look a good proposition, actually. but elsewhere, cbs, viacom. what is the update on that situation? porter: it is imminent. i wouldn't be surprised if you didn't see an announcement today , certainly by the end of this week, that the deal is done. they are still debating exactly what premium cbs has to pay for viacom because viacom is losing money right now. they've been a little bit depressed in the share price market cap. so that will happen, but a lot of analysts are saying they are going to be another player in the streaming wars. that is not going to happen. they are too small. they don't have the financial resources. i think as soon as this deal is done and they are a recombined company again, the buyers are going to be in line, knocking on the doors. vonnie: and who might those be? porter: verizon a year ago made an offer. i think they need something to compete with at&t, which bought time warner. you have verizon, then there's microsoft, which has 80 million xbox users deployed around the world that can stream anything, but they don't h

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

theme throughout europe at the moment. viacom weres and lower today. bloomberg has learned that the ratios being discussed would value viacom at current levels. the ceo would be the leader of viacom. a canadian company said a second ontario facility breached regulations. they had already been struggling from breaches in ontario. the national football league has taken its first major step in legal sports gambling it signed a partnership with sports radar. now, the company will have a right to distribute to the u.s. that is your business flash of. ate.lash upd romaine: let's go back to some breaking news. named a new ceo. david gibbs is going to be the new ceo, to replace greg creed. create has been there since -- creed has been with the company since 2015. gibbs is pretty much a lifer here. here at oneadership of the bigger fast food companies. caroline: ups is reaching for new blood, changing their cfo. they have brought in someone from outside, from pepsico. ryan newman will be appointed as ceo. crosswinds, all the winds for a company like ups. caroline: saudi aramco, no surprises

straight to the bloomberg business flash in new york city. >> cbs agreed to merge with the viacom in a $12 billion transaction. it combines the most-watched broadcast network the parent of paramount pictures and mtv and nickelodeon. the new entity will be called viacom-cbs. steinhoff sees its future as a hands-off holding company. they say the shift will allow the best parts of the business to grow, isolating them from legal values and bring down debt. we spoke to the chief executive. >> previously, there was a lot of impetus on a vertical d asgration and we realize part of the debt restructuring that that model was not sustainable. the management should solely be on underlying businesses, and from that perspective, we must act sap or shareholder. >> -- purely as a shareholder. ftc is looking into allegations amazon is punishing merchants that offer lower prices elsewhere. the ftc is conducting a broad review of the tech sector but stopped short of confirming a formal probe on amazon. that is the bloomberg business flash, francine. francine: thank you. in hong kong, the airport is resuming

viviana hurtado. viviana: cbs and viacom working through the night to determine a price for the long-awaited mark -- long-awaited merger. be sherryan would redstone whose family investment vehicle controls both companies. viacom ceo would lead the new company. for such is loss after one of its t-shirts sparked online controversy. the design lists cities and countries but shows both hong kong and macau as independent nations. verse she says it is "deeply sorry and resolutely respects china." -- he says he will continue at the swedish event company until a successor is in place but is looking for another challenge in his career. sharesis tenure, his have outperformed industry peers . ams has offered 3.7 billion euros for ashram light. -- osram light. the offer is higher than 35 euros a share. that offer was accepted by osram's board. it was rejected by top shareholder -- by the top shareholder. francine: thank you so much. the bid for full control has started on the beach. he is on the campaign trail after pulling the plug on bullish government last week. he is calling on swift electio

degree of uncertainty farmers are facing in the midwest. >> cbs and viacom finally reunite. work unveils its plan to go public. >>>> another parade of another parade of earnings and at revenue. ad revenue. >> the focus is on the decline in online ad revenues. >> not a lot of great news lately. >> baseline does not suggest a recession, but these factors, keep an eye on them. kailey: it is ahead on "bloomberg best." ♪ kailey: hello and welcome. this is "bloomberg best," your review of the most important news and analysis from bloomberg television around the world. let's look at the top headlines. we begin with investors jolted by political shocks. hong kong protesters forced the city's airport to shut down, canceling flights. and in argentina, a result in primary reactions a set off a chaotic election. >> argentina is at the crossroads. while the president is looking to us second term, his path to the presidency just hit a massive roadblock. his main rival, the opposition candidate to grab the momentum and came in 15 percentage points ahead in the nationwide poll. >> this was a m

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

of the world a busy morning futures are red. meantime, cbs and viacom moving lower a day after announcing they agreed to merge bob bakish will be the ceo of the combined company to be called viacom cbs. this is what he told our andrew ross sorkin about the deal and about content scale earlier this morning. >> you look at content, we clearly have scale and content between the studios that we operate, paramount television, cbs television studios, nickelodeon, viacom international studios, a library of 140,000 television episodes, 3600 films, we have 750 series ordered to or in production. there is true content scale here >> obviously on a moment like this, got to bring in david on the phone, david faber joins us to talk about the deal and the mixed reception to the notion that cbs might have a big dtc offer. >> i think that's a key point, guys by the way, the show is really good i just want to say that, watching from my hotel room, i realize why it is so popular you don't even need me that said, sorry wasn't there to deal with what we have been waiting for, for years, the third t

. has agreed to merge with viacom in a $12 billion transaction. combines the broadcast paramountith parent pictures and mtv and nickelodeon. it will be called viacom-cbs. the trade commission wants to hear complaints from amazon sellers. they are looking into allegations of merchants being punished by lower prices elsewhere. the fec is looking at a broad review of the tech sector. the market rout in argentina is wreaking havoc on some of the largest u.s. money managers. it suffered its largest drop since the 2008 financial crisis. argentine sovereign and corporate bonds erased $16 billion of value on monday. that is your bloomberg business flash. matt: thank you. yields on 10 year treasuries have fallen lower again on weak economic data out of china. the rush for cover from global risk is overshadowed by u.s. inflation data. it hit a six month high in a broad-based gain. the pickup may limit the case for an additional rate cut, but scott minor told bloomberg a half-point reduction between meetings would send a clear signal. >> given the fact that the fed is boxed in the way it is, m

midwest. >> cbs and viacom finally reunite. another parade of earnings were ad revenues -- >> the focus is on the decline in online ad revenues. >> not a lot of great news lately. >> baseline does not suggest a session, but these factors, keep an eye on them. kailey: it is ahead on "bloomberg best." ♪ kailey: hello and welcome. this is "bloomberg best." the review of the most important news and analysis from bloomberg television around the world. let's look at the top headlines. we begin with investors jolted by political shocks. hong kong protesters forced the airport to close down. and in argentina, a result in primary reactions a set off a chaotic election. >> argentina is at the crossroads. there is a massive roadblock. his main rival, alberto, grabbed the momentum and came in 15 percentage points ahead in the poll. >> many analysts would say it is insurmountable. they like his policies. they are market oriented. fernandez, it is not clear what he would do with the imf. today could be carnage in the argentine markets. >> the peso has plunged to a record low against the u.s.

on the media merger that's now a done deal. charlie breaks it on cbs and viacom. what's the new name? less than an hour to the closing bell so let's start "the claman countdown." liz: breaking news. it's viacom cbs. yes, the media merger that charlie gasparino has been reporting on for months is finally done. really in just the last half hour, the details started to come out. cbs and viacom will combine in an all stock merger, and what will it do? it will create a company worth about $28 billion in revenue. the new company will be called as we said, viacom cbs. not cbs viacom. viacom cbs. the deal is expected to close by year end. bob bakish will, as charlie anticipated, he will be the president and ceo. shari redstone will be chairman of the board. joe ianniello, who was kind of the holdup, if charlie's reporting really comes through here, he is good to go as chairman and ceo of cbs, existing cbs shareholders will own 61% of the company. viacom shareholders, the rest. much more on this with charlie later in the show. as i said, some details still coming through. interestingly e

"closing bell." a long awaited, long rumored deal is finally official cbs and viacom announcing their merger championed by vice chair and controlling shareholder sherry redstone. bob backish will become chief of the company. sumner redstone split it apart more than a decade ago it's all about size and scale, negotiating with cable distributors and tech companies but now the key question, do they need even more size and scale, and who could they buy or be acquired by for that let's bring in alex sherman who's been reporting all the details around this deal and it is looking at whether we could see another wave of k consolidation. >> we've been able to stew over this merger for about an hour now so it's time to think about what the next one is the fact of the matter is if you put both of these companies together, cbs and viacom, you still end up with a company that is dwarfed in size by the biggest players in the content industry these days. our parent company, comcast or at&t that bought time warner or disney, these companies are much bigger throw in google, amazon, netflix, appl

a big show every day. you have backish today >> we have bob of the combined viacom cbs -- >> first on cnbc you got him. you have to leave to go to where he is. >> i have to leave i know you're excited about that wh >> what time is it >> we'll do that interview at the 8:00 hour. >> it's probably one block away. >> you can get this camera over there? you can see the viacom sign over there. we'll walk across the street >> these lights take forever i would say 6:30 is a good time to go. i agree. don't you agree? this is a big show today >> big show, not only backish but wilbur ross on the day that is the deadline for the waivers for companies to do business with huawei. that's the big thing happening today. >> it's a big show one other thing, you were talking about these electronics. i want to update people. my air pods -- >> what happened >> someone told me put the right one in the left ear, the left one in the right ear it worked for this person. they work for me it's a little uncomfortable. >> what was the issue? >> they don't fit normally right and left they're too -- i think they

flash headlines. cbsoff-again on-again viacom romance has finally led to a marriage. the all stop deal unites the most-watched u.s. tv network with the parent of paramount pictures, mtv, and nickelodeon. shareholders will have 61% of the company with the remainder going to viacom investors. .hery redstone will be chairman paul: the maker of hp laptop says it will shift production of u.s. bound computers out of china within months, as the trade war heaps pressure on the tech industry. ining into its home base taiwan as suppliers reassess their dependence on china. telling the earnings call that the escalating trade war is very painful. s3 partners say there have been three quarters of market gains in 2019 so far. musk took ton social media to attack what he called value destroyers. and to create -- to prepare for the short burn of the century. come, we weto talking chips and hot hi earnings.--honhai this is bloomberg. ♪ -- we saw a.m. time , andequities rally encouraging sign on the trade front. about .75% here in australia. shery: it's 6:30 p.m. in new york. you're watching "day

back. a check of the latest business flash headlines. the off-again, on-again cbs-viacom romance has led to a marriage. deal unites the most watched network with the parent of paramount pictures, mtv, and nickelodeon. have 61%holders will of the new company with the remainder going to viacom investors. sherry redstone will be chairwoman with bob bakish as ceo. moody's is warning exxon mobil its credit rating may be lowered as spending balloons and debt piles up. the agency assigned its highest rating of aaa to exons $7 billion offering of senior notes but the rating and stable outlook are under pressure because exxon is outspending cash flow and its refining and chemical businesses are underperforming. tesla's plunge has made it the most profitable it on wall street. $2.75 billion of mark to market gains in 2019. last year, elon musk attacked what he called value destroyers in order to prepare for "the short burn of the century. tesla remains on pace for its worst annual decline on record. founders featured in the latest episode of bloomberg studio 1.0. and an exclusive interview, th

corporate story we have been watching. cbs and viacom have reportedly agreed to an exchange ratio of 0.59625%. those decimal points are all important. it is an all stock merger. let's talk a little bit about this deal. the question i'm asking is, why is this so hard? they've been negotiating around the clock, and they've basically come up with an exchange ratio that kind of reflects where stock market values are now. reporter: it was very tough to get down to this, so don't underestimate how many hours of bankers and lawyers, heads and directors have gone into this decision. they've been negotiating around the clock since the weekend, but really they've been negotiating for about two years. these companies were separated into thousand six. sherry redstone, who's now in control of national amusements, which controls both of these companies, realized both companies needed scale to be able to compete with the netflixes of the world. they needed to get together so they could do m&a to bulk up a little more. that idea seems simple, but coming to terms on how you execute that has been a re

-- they may income chain. onestors continue waiting news of the cbs and viacom merger. the media giants were expected to announce as soon as yesterday but talks have drugged on. the discussions value viacom at the current level. they would not get the premium they would have liked. says about the timing of an anglo american trade deal after brexit, he made the comment after he met boris johnson. he said washington is able to offer britain a sector by sector deal to help the country after ray no deal exit. cathay pacific tumbling to a 10 year low, one of the biggest extendedom hong kong's protests. this adding to the woes from the company. employees joined anti-beijing protests in hong kong. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am viviana hurtado. this is bloomberg. francine: thank you so much. let's check in on what is moving with the markets. .ere is annmarie hordern annmarie: bernstein as talking about bookings which overshadows how the boeing fleet being grounded has been a b

versus the u.s. dollar. the s&p 500 down. plenty of stocks dragging today, including viacom and cbs. they are proceeding with that deal, but they are down 7% apiece. retail being dragged down lower by macy, which vastly disappointed investors. many other brands lower as well. guy: it is a tough market if you are long. it is not tough if you are long bonds, though. u.s.ections of both the and the u.k. yield curves invert. trade euphoria getting steamrolled by another round of disappointing global economic data, mainly out of germany and the united states. grant peterkin of man u life investment management -- of ,anulife investment management senior portfolio manager, joins us. seen the u.s. curve invert before, and generally there is a portent for some recession sometime after that. are seeing the central banks have economies' back. we are keeping longer dated bond yields relatively bid because of the collateral out there in the world. if the risks around the geopolitical tensions, whether in hong kong, argentina, or the potentiallyhey are bigger problems for us going forward. guy: w

is bloomberg. ♪ news, weust some fresh have been watching the cbs-viacom deal. we understand they have gotten closer to a price ratio. we expect a deal announcement today. the new company reportedly to be called viacom-cbs. that started today's equity rally come the trump administration said it would delay the 10% tariffs on some chinese products until mid-december. damian sassower is our credit strategist for bloomberg intelligence. the strong to watch intraday reaction. it tells you something about the sentiment in the market right now. that's right, look at the 2/10. it is almost inverted, and that has never occurred without the u.s. going into recession. stocks have rallied on the back of that news. it has been a risk on rally, ignoring what is going on on the ground in argentina and hong kong. shery: you look at the mexican peso and the brazilian real rallying. interestingco is an one. that is when we all have to take a look at. 8.25.ve rates around if they do a 25 or 50 basis point cut, that will be stimulative for our economy. real yields are wide in mexico. going back to t

one explaining why he bullish on the cbs-viacom merger. >> it is a good deal. it is a buy. taylor: up next, more of the week's top business headlines. india's government has promised fiscal stimulus. the central bank is helping provide the cash. >> it has cut interest rates and given a record amount of dividends to the government. taylor: this is bloomberg. ♪ ♪ taylor: this is "bloomberg best." i am taylor riggs. let's continue our tour of the stories with more from the g7 summit. discussion about iran was the top of the agenda. there was an unexpected twist when a top iranian official came at the invitation of emmanuel macron. foreign minister visited france for six hours. bilateral talks. we had a brief sit down with the french president emmanuel macron. officials said they gave the u.s. delegation a heads up about the surprise arrival. macron did face allegations he blindsided allies. >> president rouhani said he was prepared to meet any political leader in the interest of his country. pres. trump: if the circumstances were correct, were right, i would certainly agree with

breaking news on cbs and viacom, officially announcing a merger deal. let's go to alex sherman who has been monitoring this >> so yeah, this has been three years in the waiting, but it's finally official after several starts and stops cbs and viuconn officially agreeing to merge. it puts to rest a saga that has gone back and forth, of course, les moonves leaving as ceo of cbs last year, and then cbs refreshing its board, really talking to viacom's board all year long. exploring various different options, trying to figure out is this the best path forward it puts these two companies that were one for many years up until 2006 back together under the de facto control of sherry headstone, who controls national amusements, the holding company. sher shari redstone is the ceo of viacom and redstone. it shows so many mergers in the past two, three, four years now, and cbs and viacom are two companies, each less than $20 billion market cap, that need to get bigger to compete with the netflix and amazons and the other legacy companies that have already gotten bigger. this is a step forward, and it pr

it is beginning to wrap up because we now have breaking news, sending shares of cbs and viacom, both on your screen much higher. the two media companies reportedly reached an agreement on the merger deal that had been in and out of the works a long time. there were political problems there. there were personality clashes there. there were a whole lot of issues that kept them apart. in a world of increasing media mergers, to compete in the new world this probably had to get done. the question at one point were insurmountable obstacles apparently have been ironed out. as you can see cbs shares up 50 cents. more than a percentage point. so are viacom shares. all eyes where do we go from here? where do the merged companies go from here? where do they compete in a world where content is king and delivering content is king? a year ago, espn was a winner. now maybe they're not the winners. take it to charlie gasparino. he has been on top of this more than anyone else. charlie, give us some of the details, please. >> we were ahead of the story as we've been on the sprint t-mobile. it's a com

with late-breaking details on the excitement behind the scenes in the cbs/viacom merger with t-minus 48 hours to go until the media giant's self-imposed deal deadline. could a hollywood ending be in sight or will a cliff hanger be in store? charlie breaks it next. ♪ from the 5am wakers, to the 6am sleepers. everyone uses their phone differently and in different places. that's why xfinity mobile created a wireless network that auto connects you to millions of secure wifiot spo. and the best lte everywhere else. xfinity mobile is a different kind of wireless network designed to save you money. save up to $400 a year on your wireless bill. plus get $250 back when you buy an eligible phone. click, call or visit a store today. liz: all right. cbs and viacom both moving higher as talks rage on about combining these two companies. but could it be mission impossible for paramount's parent company to strike a deal with sister company cbs? to charlie gasparino. >> the timing is of the essence here in terms of what i'm going to report. we should put an intraday chart up because i think we mig

of their peers outside the block have flooded europe with cheap steel. media giants viacom and c.b.s. will merge to form a $30000000000.00 in entertainment conglomerate ending years of tie up talks viacom owns the movie studio paramount and t.v. channels comedy central and t.v. analysts have the merger will allow the new company to compete with streaming services. millions of muslims have made their way to mecca as part of this year's hodge pilgrimage increasingly saudi arabian businesses are finding ways to make the most of the vast numbers of travelers coming from overseas some hotels are now catering in particular to wealthy pilgrims and offering a very special experience a high end hodge. the kaaba in mecca is islam's holiest site for pilgrims it's the final destination at the end of a long journey and now the wealthiest among them can end a tiring day in a room like this. the crop of 5 star hotels now offer room with the who leave you to the select few who can afford it with prices starting at around a $1000.00 a night or reaching into the 10s of thousands these hotels a contrib

companies like viacom, madison square garden network, those stocks are really cheap. financial service companies that you know well like kkr. there are some sectors that seem to be totally neglected even as the markets recovered. david: the united states economy was in a recession that ended june 2009. for 10 years, we have been in a growth cycle. it is one of the longest in the country's history. but there has not been a lot of depressed stock prices for this time, so are you kind of hoping that at some point there is a recession so we can get lower stock prices? you can buy more things at lower value prices? john: we like to buy bargains but we don't want to see a recession. all of the turmoil that happens, the impact on our society and citizens, recession is not great for america. say i let's suppose i watched you and you are a good value investor. i will give you some money. what kind of rate of return can i expect from your products? john: over 36 years, we have been able to compound money at roughly 11% per year. that is something we are proud of. the ariel fund have been around

and controversial is this -- controversial business relationships. plus, content kings. cbs and viacom finally inked a merger deal. we speak to buy

delivery in 14 months. bloomberg has learned that cbs viacom are one step closer to a merger. a y could announce transaction as soon as next week. cbs would get six out of 13 seats and viacom gets four. apple will soon start handing out special iphones to security discoverrs so they can flaws first. apple is offering up to $1 illion to find problems in its operating systems. caroline, that is your business flash update. caroline: we're going to return to one of our favorite topics on the show. it's meatless meat. newcomers like impossible foods, legacy veggie burger producers are changing the recipes and the to keep up,d trying but have lost the market share. they have r farms, seen a massive growth in sales, pie is slowly e being eroded. joe: we both grew up in vegetarian families. think about all of those fake burgers and fake hot dogs and i those es feel sad for companies because they were so early, the classic too early thing. romaine: can we admit, some weren't very good. out, my mother own.d make her it was basically borderline child abuse. they got boca burger. go into stores now

next, "vanity fair's" bill cohan will tell us why he thinks cbs and viacom may not be done with deals once their widely expected merger is announced. >>> also ahead i asked the ceo of adidas about the fallout from the trade war with china. >> there's going to be no winners if this were to continue, neither in china or the u.s. or for that sake in europe the quicker that everybody understands this is going to pull everybody down, the better it is. >> coming up, find out how much the trade war could impact his company's bottom line. do you have concerns about mild memory loss related to aging? prevagen is the number one pharmacist-recommended memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life. >>> welcome back we've got some news on j.c. penney seema mody has the story for us. >> j.c. penney has received notification from the new york stock exchange that it is not in compliant with the listing standards as its stock price is currently at 69 cents a share, which is below the $1. keep in mind it is required that listed c

it. >>> in corporate news, reunited and it feels so good cbs and viacom striking a deal to get back together after the media giant split more than a decade ago rahel solomon has the details on the entertainment empire >> cbs and viacom may be betting that a larger company can better compete in an industry dominated by bigger giants the new company will be called viacom cbs with cbs shareholders owning about 61% and have a market cap of $31 billion, still small compared to netflix at 130 billion. disney has nearly 250 billion, and comcast at almost 2 00 billion it will combine the cbs network with mtv, nickelodeon, comedy central and paramount movie studio they will own about 15,000 tv episodes and 3,600 films cbs and viacom split up in 2006. the holding compaprevious efforr failed because of price and clashes and who would run the company. bob backish will be president and ceo. joe ianello will be the chairman and ceo of cbs bob backish will be on "squawk box" this morning at 8:40 eastern back to you. >> thank you very much for that update. >>> in whale watching, trian partners stag

jersey. >>> and now to a big announcement for cbs. a new merger will bring the assets of cbs and viacom under one megamedia umbrella. the new company will be called viacom/cbs with viacom's bob bakish serving as president and ceo, joe ianniello, the chairman and ceo of cbs in charge of all cbs branded assets, shari redstone will chair the board of directors of the company, whose goal is to be a major provider of premium content to all media platforms. >>> so coming up on the "cbs morning news ," a new warning, a link to vaping. and a top immigration official puts his own spin on the statue of liberty's famed inscription, saying the welcoming message refers to people coming from class-based europe. class-based europe. clear skin. you see me. but if you saw me before cosentyx... ♪ i was covered. it was awful. but i didn't give up. i kept fighting. i got clear skin with cosentyx. 3 years and counting. clear skin can last. see if cosentyx could make a difference for you. cosentyx is proven to help people with moderate to severe plaqueue psoriasis find clear skin that can last. don't use i

he will take over the top dog from january 3. cbs and viacom are keeping investors waiting on murders sure news. that the current recession would value viacom at the current level -- investors may not get the premium they would have liked. the u.s. judge has reinforced in order for american airlines mechanics to end alleged slowdown. the carrier says it has a devastating effect and americans a suit of the union in may, arguing the labor group was doing it to pressure the airlines into a contract agreement. it is time to consider shorting u.s. tech stocks according to socgen which cites increasing regulatory scrutiny. last month u.s. justice department sent its strongest signal yet it is prepared to take on facebook and google. and that's your bloomberg business flash. >> thanks very much. olivia hows in london. minutes away from the open. up next, the stocks to watch, including the maker of the personal laundry detergent, cutting its 2019 guidance as quarterly profits missed estimates. this is bloomberg. ♪ ♪ welcome back. this is the european open. we are just about eight

david gibbs. the company announced he will take over the top job generate first. cvs and viacom are keeping investors waiting on news of their merger. the media giants work specter to announce as soon as yesterday for talks have -- but talks have dragged on. the current instructions -- discussions would value viacom are on the current level. five, investors may not get the premiums they would have liked. that is your bluebird business flash. -- bloomberg business flash. year bond yield falls to 3% for the first time since 2016. ask license and the trade war and fresh signs of a slowing economy have repelled a rally the government knows. data released on mondays suggest in july the country's credit demands fell to the second lowest amount this year. this is likely to increase pressure on chinese officials to boost their sales programs. roelof salomons it still whether us. if the fed is considering boosting stimulus, you would see investors piled into u.s. stocks. is he going to work the same way ?n china yucc >> the chemchina's to watch the monetary data. growth is slowing. they prob