entertainment giants cbs and viacom have announced that they have finalised their merger plans. the new company will have more than $28 billion in revenue and comprise brands including mtv, paramount pictures and publisher simon & schuster. they will be latest in a wave of media mega—mergers as traditional media giants take on new streaming rivals. india's smartphone market saw record sales in the second quarter. almost 37 million handsets were sold between april and june, up around 10% on the same time last year. the us airline safety regulator has banned certain models of apple's macbook pro laptops on flights, after the tech firm recalled select units with batteries that pose a fire risk. the 15—inch models were sold between september 2015 and february 2017. the federal aviation administration says it has alerted major airlines about the recall. so let's check in on the numbers. shares on wall street and in asia rallied pretty sharply after the united states announced it's delaying imposing new tariffs on some chinese imports until the middle of december. let's go to our asia bus

think you have seen more commercials, you are not imagining it. viacom, 14 minutes of advertisement for our. -- per hour. executives are realizing this, and the viacom 2013 thatsaid back in the commercial minutes were unhelpfully high, but they have to pump in more and more commercials because there audience -- the audience is getting smaller. rather vicious than virtuous, but otherwise they have to charge the markets more per advertisement. scarlet: there is a great line in this story from someone who is observing all of this, saying that to many commercials is probably the main reason people cut the cord, but it is definitely in the top five. for younger generations, like my kids, too many commercials is why people do not even bother paying for cable tv service to begin for it. -- begin with. they see the commercials, i do not want anything to do with this. they either have to cut the advertisements out of youtube, getting premium services -- scarlet: just turn away for four seconds and hit "get add -- "skip ad." ads are so much longer in america than they are in europe. they go o

." 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

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

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

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.

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

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

viacom. 2, 5, 8 streaming services. cbs behind in streaming? out, thellion shares stock has 45. we are paying $40 billion for the entire enterprise. that enterprise, without a major success in streaming, but putting money into content. >> should they bring back gunsmoke? remember in childhood, they were apoplectic over all the old people. up a great point. "dark phoenix" lost a lot of money. you want to buy cbs because it is going to work. jerry is going to be in command. >> what happens next? they do have streaming services. hbo, cbs all access. >> they are not going to buy bloomberg. it is not going to work. that, if i am amazon, i am looking at how i get into this in a bigger way. witham sony, what do i do my music studio?may be the path is open . some further dynamic unfold. hopefully it happens a year from now. gamco chairman and chief executive mario gabelli. another sign that the u.s. housing market is cooling down. gains decelerated for the 15th month in a row and they were weaker than expected. that is according to the shiller index. property values rose 2.1% from a year earli

viacom finally reunite. wework unveils its plan to go public. chinese tech leads another parade of earnings and ad revenue. >> the focus is on the decline in online ad revenues. kailey: the week's important perspective. >> you look around the world, not a lot of great news lately. >> baseline does not suggest a . a recession, but these factors, keep an eye on them. kailey: it is ahead on "bloomberg best." hello and welcome. i am kailey leinz. this is "bloomberg best," your weekly review of the most interviews, business 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 hundreds of flights. and in argentina, a surprising result in primary reactions a set off a chaotic election. francine: argentina is at the crossroads. while the president is looking to us second term, his path to the presidency just hit a massive roadblock. at the moment, his main rival , the opposition candidate to grab the momentum and came in 15 pe

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

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

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.

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

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

, 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

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

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

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

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

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

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

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

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

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

. 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

. viacom. this is bloomberg. g. from the couldn't be prouders to the wait did we just win-ners. everyone uses their phone differently. that's why xfinity mobile let's you design your own data. now you can share it between lines. mix with unlimited, and switch it up at anytime so you only pay for what you need. it's 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 pre-order a new samsung note. click, call or visit a store today. ♪[music] news.omberg's first word british prime minister boris johnson is urging the european to show common sense on brexit. johnson wants the e.u. to says isthe deal, he unacceptable. the prime minister adds there is plenty of time to get a new before the october 31 deadline for leaving. the british parliament has deal three times. trade negotiators are currently meeting ino washington in september but recent escalations have raised the possibility that talks could break down once again. president trump spoke to reporters at the white house today. >> what is happening wit

studios. you will have what is left of fox and news corp., cbs and viacom. may be one with what we are seeing with drug , they are certainly involved in the business. there will be a few reports worth focusing on. of the point, the bulk numbers are out, we know earnings are up not a lot. the latest figures .1 .5%. the question is where do we go from here. dicey given a bit the potential on trade and other issues. vonnie: thank you as always. dave wilson with an update on what the market is doing. growing to $75 billion, coming to the market today. book is now basically the largest since aramco. i'm interested to which durations are selling the most. this is to find the anadarko deal. what the market turbulence over last couple of days, it is unlikely they were like to do it. softening does not look that great. islooks as if the order book substantial. i guess given the size of the acquisition, it has to be. let's look at where european markets have settled. we are through the auction process. a very negative session. we have come down. we started off positively this morning. the market

. 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

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

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

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

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

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

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

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

-- 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

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

investing at the largest independent holder of voting stock and viacom, who recently said he was exploring legal options after his shares were bought for less than he perceived its market value in the company's merger with cbs. vonnie quinn asked him if he is still considering litigation. ♪ >> as one of her teammates would say, all our options are still on the table. we want to see how far we go into it. number, there's only like 5 million, 10 million shares, it was selling at a premium, and if they pay you an extra dollars -- it's not a lot of money. >> are you actually going to take them to court? >> we will do whatever is necessary to help our clients who own the stock. of the 650 million shares that will be outstanding -- by the way, this is a buy. have in our homes eight streaming services -- is he bullish on streaming and is cbs behind? shares,00 million that's 25 billion, we are paying 40 billion for the entire enterprise without a major success in streaming, putting money into content will generate -- >> should they bring back "gunsmoke?" [laughter] >> that brings up an

story that was vesting that of cbs corporation and viacom announcing they're once again reuniting. they're part of the same company. g. they're part of the same company. a lot of the competitor in this media landscape, the parent company, these are huge, huge firms spending a huge amount of money on content. shari redstone, she's wanted to bring these two companies back together for quite some time. she now looks like she will succeed in doing that. she seems to think that scale is strength. if you them. and joining these two companies together will bring her a lot more scale. they will have paramount studios, and they will with refocussing, redoubling their efforts on streaming. that will be a big part of the multimedia platform. >> so hard to imagine that it was 13 years ago that netflix was sending us dvds in the mail. >> willem still has a dvd player. that's his mode of preference, right. >> true story. >>> axios has a look at this morning's one big thing. >> and the ongoing protests in hong kong boil over as demonstrators and police come to violent clashes. the latest on the