Photo by Jared Siskin/Patrick McMullan via Getty Images

In a new complaint filed Tuesday, National Amusements Inc. (NAI), CBS Corporation's parent company, now says that its vice chairwoman and CBS' majority stakeholder Shari Redstone advised Viacom’s special committee that NAI no longer supported a merger — prior to CBS' lawsuit against Redstone and NAI that attempted to strip Redstone of her voting power.

Why it matters: Today's statement solidifies what the media community has largely assumed for the past few weeks: the desire to merge CBS and Viacom is officially dead on both sides — not just from CBS' perspective.

The bigger picture: It's the latest installment in the years-long saga of the power struggle between longtime CBS Chairman Les Moonves and Redstone that's intensified over the past few weeks.

  • At the heart of the disagreement is whether or not Redstone was, as CBS alleges, trying to force CBS to merge with Viacom so that Redstone could retain control over the two companies. CBS says the merger isn't best for its shareholders and shocked the media community when it sued Redstone to strip her of majority share ownership so that she could not dismantle the CBS board.

What they're saying:

  • NAI: "NAI and Shari Redstone did not, and do not, intend to force a recombination of CBS and Viacom, whether by removing and replacing CBS directors or otherwise. In fact, prior to CBS’s action, Shari Redstone had already determined and advised a special committee of Viacom’s board that NAI no longer supported a merger."
  • CBS: “Today’s reactive complaint from NAI was not unexpected. The amended complaint filed last week by CBS and its Special Committee details the ways in which NAI misused its power to the detriment of CBS shareholders, and was submitted after careful deliberation by all involved. We continue to believe firmly in our position.”

Go Deeper: The Wall Street Journal has a good profile on the tension between Moonves and Redstone.

Go deeper

Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.