CBS CEO Les Moonves. Photo: Greg Doherty/Patrick McMullan via Getty Images

CBS was all chuckles yesterday at its annual Upfront advertising presentation, even though the company's future was being decided in a courtroom 200 miles to the south.

Why it matters: The big takeaway from the night was that Madison Ave. loves CBS CEO Les Moonves and CBS execs seem confident in their future.

“So, how’s your week been?“
— Moonves joked at the top of the presentation
“CBS has some of the most exciting legal dramas and some great TV shows.”
— Stephen Colbert

But the bubble could be burst as early as today, as Delaware Chancery Court is being asked to rule on a lawsuit brought by CBS to strip company control from Shari Redstone (and, thus, prevent a merger with Viacom).

  • The court did grant CBS an emergency restraining order against Redstone after she tried to change company bylaws shortly before the hearing began. It's a small win from a legal perspective, but CBS execs were crowing about it during their afterparty at the Plaza hotel.
  • Remember that these sorts of legal disputes are almost unheard of in dual-class stock structures, but arose here because Sumner Redstone included a "nuclear option" in the CBS charter 12 years ago. It's unclear exactly why, but the bottom line it's certainly causing major headaches for his daughter.

Go deeper

Updated 17 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 32,870,631 — Total deaths: 994,534 — Total recoveries: 22,749,163Map.
  2. U.S.: Total confirmed cases as of 7 a.m. ET: 7,079,689 — Total deaths: 204,499 — Total recoveries: 2,750,459 — Total tests: 100,492,536Map.
  3. States: New York daily cases top 1,000 for first time since June — U.S. reports over 55,000 new coronavirus cases.
  4. Health: The long-term pain of the mental health pandemicFewer than 10% of Americans have coronavirus antibodies.
  5. Business: Millions start new businesses in time of coronavirus.
  6. Education: Summer college enrollment offers a glimpse of COVID-19's effect.

How the Supreme Court could decide the election

Illustration: Sarah Grillo/Axios

The Supreme Court isn't just one of the most pressing issues in the presidential race — the justices may also have to decide parts of the election itself.

Why it matters: Important election-related lawsuits are already making their way to the court. And close results in swing states, with disputes over absentee ballots, set up the potential for another Bush v. Gore scenario, election experts say.

Graham hopes his panel will approve Amy Coney Barrett by late October

Sen. Lindsey Graham during a Senate Judiciary Committee hearing on Sept. 24, 2020 in Washington, DC. Photo: Win McNamee/Getty Images

Senate Judiciary Committee Chair Lindsey Graham (R-S.C.) told Fox News Saturday he expects confirmation hearings on Judge Amy Coney Barrett's nomination to the Supreme Court to start Oct. 12 and for his panel to approve her by Oct. 26.

Why it matters: That would mean the final confirmation vote could take place on the Senate floor before the Nov. 3 presidential election.