CBS, Sherry Redstone, Les Moonves discussed on P&L With Pimm Fox and Lisa Abramowicz

Automatic TRANSCRIPT

Shares of cbs they are down more than six percent after this ruling by the delaware judge a victory for shari redstone who happens to be cbs director and president of the of her family's movie theater operator national amusements of course they're pushing for merger with cbs and national amusements controls viacom here to tell us more about at all as paul sweeney director north american research for bloomberg intelligence and internet and media analyst for bloomberg intelligence paul is this the the conclusion de believe of leslie moonves his career at cbs well it it certainly could be i think we still have probably six months of litigation back and forth between the you know the all the parties here but this was a big blow for less and for the board that was trying to re assert some level of influence and versus its control shareholder national movement here and and that initial opportunity for them really took a big blow here so this is something that i think you know the neck the balls in the court of sherry redstone national amusements and what will they do with the board what will they do with management including less and i think what the stock down six percent at kind of tells you that investors think a deal is coming in mergers going to happen and it won't include les moonves so so basically shares down more than six percent on the expectation that les moonves will exit from the helm of cbs viacom and cbs will merge a lot of shareholders of cbs don't want just can you bring back the memory of y cbs so why cbs shareholders or against this merger at this point i think cbs shareholders view viacom is a flawed asset it's you know it's a company that's been struggling the cable networks are particularly prone to cord cutting because the the tv networks nickelodeon networks and all those they tend to.

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