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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

Ina Fried, author of Login
1 hour ago - Technology

Google's parent shuts down effort to deliver internet via balloons

Image: Loon

Alphabet is shutting down Loon, one of its "moonshots," which aimed to deliver internet service via high-altitude balloons.

Why it matters: The effort was one of several approaches designed to get high-speed connectivity to some of the world's most remote spots and proved useful in the aftermath of disasters that shut down traditional infrastructure.

Dave Lawler, author of World
1 hour ago - World

What has and hasn't changed as Biden takes over U.S. foreign policy

Photo Illustration: Brendan Lynch/Axios. Photo: Chip Somodevilla/Getty Images

President Biden swiftly recommitted the U.S. to the Paris climate pact and the World Health Organization, but America's broader foreign policy is in a state of flux between the Trump and Biden eras.

Driving the news: One of the most striking moves from the Biden administration thus far was a show of continuity — concurring with the Trump administration's last-minute determination that China had committed "genocide" against Uyghur Muslims.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Health: New coronavirus cases down, but more bad news ahead — Fighting COVID-19's effects on gender equality.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: NYC postpones vaccine appointments following shipment delays — Private companies step in to fill vaccine logistics vacuum.
  4. World: Biden will order U.S. to rejoin World Health OrganizationBiden to bring U.S. into global COVAX initiative for equitable vaccine access.