What’s next for CBS without Les Moonves?

Good Monday morning and welcome to today's DealBook Briefing. The New Yorker has just published a biting critique of Mark Zuckerberg’s struggle to fix Facebook, based on hours of interviews with the C.E.O. From the article: “The question is not whether Zuckerberg has the power to fix Facebook but whether he has the will.” (Want this by email? Sign up here.)

Les Moonves’s exit shows the power of #MeToo

CBS’s longtime C.E.O. stepped down last night after a 15-year reign that turned the network from an also-ran to a king of the TV industry. Sealing his fate was an article in The New Yorker with fresh allegations of sexual harassment, following a bombshell report in July.

Mr. Moonves’s severance package will depend on the result of the company’s investigation into the claims. He could walk away with over $120 million — or nothing. (The advocacy group Times Up demanded “no reward for Les Moonves.”) CBS will donate $20 million to organizations that support equality for women in the workplace.

The situation raises more questions about why Mr. Moonves would put himself under increased scrutiny by picking a fight with CBS’s controlling shareholder, Shari Redstone, this year. That legal battle was also settled Sunday night, and the company added six new directors, including three women.

Not much will change for CBS in the short term, with Mr. Moonves’s top lieutenant, Joseph Ianniello, taking over as interim C.E.O.

Ms. Redstone had wanted to merge the company with Viacom, but the settlement delays any such push for two years. Brian Stelter of CNN says that it now “seems inevitable” that CBS could be sold off separately from Viacom. Interestingly, one of the new CBS directors is Candace Beinecke of the law firm Hughes Hubbard & Reed whose specialties, according to her corporate bio, are “corporate governance & M.&A.”

Alibaba’s co-founder steps down in a time of turmoil

Jack Ma announced his retirement as the Chinese internet giant’s chairman today, 19 years after he created the company in his apartment. What began as a way for businesses to sell goods to one another online has become one of the world’s biggest e-commerce platforms. (And made Mr. Ma one of China’s richest men.)

Daniel Zhang, Alibaba’s C.E.O., will become chairman — though with a 6 percent stake Mr. Ma will continue to exert influence over the company. “Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba,” he wrote in a letter to employees.

His departure comes at a tough time for Alibaba and its peers. Beijing is tightening control of tech companies, which has squeezed a top rival, Tencent. And the Chinese economy is slowing, wounding competitors like JD.com.

Alibaba is faring better. But Tim Culpan of Bloomberg Opinion argues that the company needs a new business plan. So Mr. Zhang may have his work cut out.

Volvo delays its I.P.O. Blame the trade wars.

The Swedish carmaker had intended to go public by the end of the year, at a market value of $30 billion. But the company fears that the risk of its valuation falling below that are now too high, so it has paused the process.

Volvo’s C.E.O., Hakan Samuelsson, told the FT that “conditions right now are not optimal,” adding that outcomes of trade discussions between China, Europe, and the U.S. were “really difficult to predict.” He said that prospective investors, particularly Swedish pension funds, could be hurt by a drop in valuation. Instead, Volvo would prefer “stable market conditions.”

The company is taking steps to avoid U.S. tariffs, including shifting production of some models to Sweden to avoid a levy on Chinese-made vehicles. Mr. Samuelsson said that an I.P.O. was still in the cards — but that there was “ no hurry.”

America and Europe seek a trade pact

U.S. and E.U. officials are to meet today in Brussels in a bid to avert an all-out trade war. Here’s what to expect, from Jack Ewing of the NYT:

"Robert Lighthizer, the United States trade representative, and Cecilia Malmstrom, the European commissioner for trade, are trying to reach an agreement on a plan to cut tariffs on industrial goods to zero and prevent President Trump from carrying out a threat to impose 25 percent levies on car imports. An accord is unlikely on Monday, but businesses on both sides of the Atlantic will be looking for signs that the two sides are making progress."

More trade news: President Trump pressed Apple to move production to America. He also said that tariffs meant that Ford could make a new model in the U.S., but the company said it had no plans to do so. Beijing invited Wall Street C.E.O.s to discuss ways to end the U.S.-China trade war. And Iran is relying on its foreign investment fund to skirt U.S. sanctions.

Elliott Management seeks to settle a score with VW

A German court will start hearing evidence today in a lawsuit filed by Volkswagen shareholders over the carmaker’s emissions-testing scandal. The plaintiffs say that Volkswagen violated its responsibility to them when it used illegal software to cheat on emissions tests — and they’re seeking billions of euros in damages.

Bankrolling one set of shareholders is the hedge fund Elliott Management. As Jack Ewing of the NYT points out, the firm would collect as much as 30 percent of any award in return for paying legal costs upfront.

A victory may make amends for Elliott’s failed bet in 2008 against Volkswagen shares. The hedge fund has claimed that market manipulation was to blame in that case, but courts never agreed.

Threat of inflation looms in China

The prices of pork, gasoline and more are rising in China. Government officials said today that an index of consumer prices rose in August for the third consecutive month. Keith Bradsher of the NYT explains what that could mean for the nation:

"Higher prices would mean China’s leaders would have to be careful as they seek ways to bolster slowing growth, lest their efforts drive up prices still further. The trade war with the United States could also lead to higher prices for Chinese consumers and companies as tariffs raise the cost of imported goods."

Chinese economists say that there is no cause for alarm, and that some price increases may be temporary. But the consumer price index may understate the situation, so expect close scrutiny of prices over the coming weeks.

Pinterest eschews Silicon Valley norms. Can it also redefine them?

Facebook, Twitter and YouTube come under fire every day over disinformation, harassment and more. But you can rely on Pinterest for cutesy design inspiration without fear of fake news. As Erin Griffith of the NYT writes, it’s different in other ways, too: It prioritizes “quality” growth and places huge importance on values.

Some investors and employees have said that the approach has stunted growth. But the company is worth $12.3 billion, its user base is expanding and there is wide speculation that it will go public next year. Which side is correct? As Ms. Griffith writes:

"If Pinterest continues its trajectory, it could change the narrative of what it takes to build a successful company in Silicon Valley, a meaningful feat at a time that the start-up world is seeking new templates for leaders. If it doesn’t, it’ll serve as another example of wasted potential, or worse, a cautionary tale."

Revolving door

Tesla named Jerome Guillen, who oversaw its Model 3 factory, to the new position of automotive president.

Mike Berkley stepped down as Moviepass’s chief product officer after just six months.

John O’Rourke resigned as C.E.O. of Riot Blockchain after the S.E.C. accused him of being involved in a pump-and-dump fraud scheme.

Daniel Michalow filed a complaint against D.E. Shaw over what he says were defamatory comments.

Imran Khan will step down as chief strategy officer of Snapchat’s parent company.

The speed read

Deals

• Inside the implosion of Social Capital, the V.C. firm founded by the former Facebook executive Chamath Palihapitiya. (Axios)

• India is in the midst of an M.&A. boom. (Bloomberg)

• European banks will have to consolidate to compete in an America First era, says the former Deutsche Bank chairman Josef Ackermann. (Bloomberg)

Politics and policy

• Banking regulators should be more transparent about changes to the Volcker Rule, according to Sheila Bair, the former head of the F.D.I.C. (WSJ op-ed)

• President Trump won’t seek to enforce a confidentiality agreement with Stormy Daniels, a move meant to avoid being deposed in her lawsuit against him. (Bloomberg)

• Federal, state and local governments now employ a smaller share of the U.S. work force than at any time in the last six decades. (Bloomberg Opinion)

• The E.U. is reportedly close to giving its top Brexit negotiator, Michel Barnier, a mandate to close a deal on Britain leaving the political bloc. (FT)

Tech

• Here’s a roundup about the future of wireless communication. (FT)

• Tesla needs to build investor trust, but that isn’t going well. Short-sellers are finally making money from the company.

• Citigroup has a new way to invest in Bitcoin where buyers don’t have to own cryptocurrency. (Also: crypto prices continue to slide.)

• Spend three hours up close with Alex Jones. (NYT)

• A court case this week could determine if Europe can export its privacy rules worldwide. (WSJ)

Best of the rest

• Nike’s online sales surged after unveiling Colin Kaepernick as a spokesman for its latest ad campaign. (CNBC)

• How the investment firm Abraaj fell from grace. (FT)

• Chinese markets could keep falling. (CNBC)

• Why the Fed might want to care more about finance. (FT Opinion)

Thanks for reading! We’ll see you tomorrow.

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