Closing Bell Overtime: Paramount Global CEO Out As Deal Talks Heat Up; Norfolk Southern CEO Fights Back Against Activist Investor Ancora 4/29/24

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 29 April 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Charlie Bobrinskoy, Ariel Investments Vice Chairman and a Paramount shareholder, weighs in on deal talks heating up, plus the news CEO Bob Bakish is stepping down and Q1 results. Plus, other earnings from NXPI Semi, Chegg, and F5 Networks. Norfolk Southern CEO Alan Shaw responds aggressively to activist investor Ancora’s calls for management changes and their courtship of unions. John Hancock Investment Management’s Emily Roland and Innovator Capital’s Tim Urbanowicz get you set for the market action in the week ahead. Plus, BofA Securities Euqity & Quant Strategist Ohsung Kwon on his one market move to make no matter what the Fed does.

Transcript

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0:00.0	Green on the screen ahead of a major week of catalysts for investors.
0:05.2	That is the scorecard on Wall Street, but the action is just getting started.
0:08.4	Welcome to Closing Bell overtime. I'm Werg and Brennan with John Fort.
0:11.6	Yeah, buckle up.
0:12.8	It is the busiest week of earning season with nearly one-third of the S&P 500 reporting results,
0:17.8	including Amazon and Apple.
0:20.2	This hour will get Paramount, as reports were all about a merger deal and the departure of CEO Bob Backish.
0:26.6	We'll also get numbers from NXP semiconductors, Chag, F5 networks, and Yum China.
0:32.1	Plus, the fight for the future of Norfolk Southern is heating up as proxy advisory firm
0:36.3	Glass Lewis-backed activist investor and Cora's plan to revamp the railroad.
0:41.1	We're going to hear exclusively from Norfolk Southern CEO
0:43.5	Alan Shaw with his response and more. But we already have news crossing the
0:49.8	wires. Julia Borson has more for us on Paramount specifically Julia.
0:54.0	The CEO of Paramount Global Bob Backish is stepping down the company announcing
0:59.0	that it is creating a new office of the CEO consisting of three senior company executives, George Cheeks, who's the
1:06.1	presidency CEO of CBS, Chris McCarthy, president CEO of Showtime, MTV Entertainment Studios, and
1:11.8	Paramount Media Networks.
1:13.0	And the third member of this office, the CEO is Brian Robbins,
1:16.0	who's president and CEO of Paramount Pictures in Nickelodeon.
1:20.0	These three men, they say, will work closely with the CFO, Paramount Global,
1:24.3	Naveen Chopra, as well as the Board of Directors.
1:27.0	This release goes on to say the Office of the CEO is working with the board
	...

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