CBS News Chief Executive Officer Wendy McMahon announced Monday she is stepping down, the latest twist in a growing battle of wills between the company's news division and Paramount Global controlling shareholder Shari Redstone. Paramount Global co-CEO George Cheeks had a discussion with McMahon Saturday and asked for her resignation, according to people familiar with the matter. McMahon agreed to step down, and the Paramount Global board held a meeting Sunday at which members were made aware of the decision, according to those people, who spoke on the condition of anonymity to discuss internal matters. Spokespeople for McMahon, Paramount Global and CBS News declined to comment. "The past few months have been challenging. In recent weeks, Paramount Global's board had put increasing pressure on Cheeks and McMahon to know specific details about "60 Minutes" programming ahead of its air date in a divergence from how the show operated in the past, according to people familiar with the matter. Veteran "60 Minutes" executive producer Bill Owens resigned last month, citing Paramount Global's increased scrutiny on his journalistic independence. "Our parent company Paramount is trying to complete a merger," said Scott Pelley, a "60 Minutes" correspondent, on-air at the end of an episode last month after Owens resigned. Paramount began to supervise our content in new ways. None of our stories has been blocked, but Bill felt he had lost the independence that honest journalism requires." "60 Minutes" aired its final episode of the season on Sunday. It won't have live episodes again until September. There have also been several points of tension between McMahon and Redstone in recent months, including CBS's coverage of the Israeli-Palestinian conflict and a potential "60 Minutes" settlement with the Trump administration over the editing of an October interview with then-presidential candidate and former U.S. Vice President Kamala Harris. Redstone has also been unhappy with McMahon's leadership and the performance of CBS News from a business perspective, according to people familiar with Redstone's thinking. Paramount Global is trying to get government approval to merge with Skydance Media, run by David Ellison. She would not have a role at the merged entity going forward. FCC Chairman Brendan Carr has publicly urged media companies to curb diversity, equity and inclusion programs. In February, Paramount said it would end its DEI policies, citing an executive order by President Donald Trump that banned the practices. In October, she publicly criticized McMahon's decision to reprimand CBS News morning anchor Tony Dokoupil over an interview with author Ta-Nehisi Coates. CBS News said Dokoupil had violated editorial standards when the host pushed Coates on why he didn't include more of Israel's perspective on Palestine during the interview. Redstone said CBS News made a "bad mistake." "I think Tony did a great job with that interview," Redstone said in October during a panel at Advertising Week New York. Sign up for free newsletters and get more CNBC delivered to your inbox

This year's event kicked off on Tuesday with an opening ceremony and the premiere of the French film "Leave One Day." The festival will continue until May 24, providing nearly two weeks of French street style and red-carpet fashion. From Bella Hadid to Halle Berry, here are the best and worst looks we've seen. She arrived for "The Phoenician Scheme" screening on Sunday in a uniquely shaped Schiaparelli set. Her pants, on the other hand, were oversize and wide. Though her statement blouse had potential, Consani's pants were a little too big and needed tailoring. A form-fitting skirt might have looked better with the top piece. The actor could have looked classic with a traditional tuxedo for the red-carpet event, or he could have attempted a more daring style. Instead, he tried to do both at the same time. He wore a sharp Saint Laurent tux with his trousers tucked into thigh-high leather boots — a style the fashion house first revealed in its January runway show. The shoes were distracting and felt out of place with his otherwise basic look. For the "Die, My Love" screening, Hargitay chose an off-the-shoulder gown crafted with black satin and sparkling hot-pink fabric. While the rough style might have worked for a different event, it looked too casual at Cannes. His black loafers were also too harsh against the lighter outfit. Its silver top was covered in sparkles and wrapped with a black bow, while its floor-length skirt had Dior's classic Junon petals. Also on the "Eddington" red carpet, Jolie wore a strapless Brunello Cucinelli design. The same dress in a pink or lilac shade could have worked better. To accessorize the glamorous look, she added a sparkling diamond choker, matching earrings, a thick bracelet, and vibrant red lipstick. Statement jewels could have easily enhanced the look. She also draped a dark leather jacket around her arms, which was much more casual than the rest of her outfit. She wore a crystal-covered dress that looked like it was molded to her body with its form-fitting design. Its strapless, snake-print bodice was corseted with a deep plunge down the middle, and its floor-length skirt was pink and embellished with countless sparkles. Some of those details might have worked on their own. But together, especially with the gown's mermaid shape, its accents made it look more theatrical than glamorous. Cruise attended a promotional event for "Mission: Impossible - The Final Reckoning" at Cannes on Wednesday. He wore a fitted, textured knit polo and matching trousers with sharp pleats. The outfit was understated and vibrant on its own, while his brown dress shoes and dark sunglasses gave it an edge. She later told reporters that she'd originally planned to wear an "amazing dress" from Gaurav Gupta, but had to find a new look when Cannes announced a new dress code that prohibits voluminous gowns with long trains the day before the festival began. Unfortunately for Berry, the bold dress she chose was so flowy and oversize that it seemed to wear her, when it should have been the other way around. The gown was also adorned with a sparkling silver piece that covered one shoulder and was embedded with turquoise stones. The ensemble was elegant and fit Fontana perfectly. Saint Laurent designed her sleeveless black dress with some interesting details. It had an asymmetrical neckline that looked mishapen, and a thigh-high slit that was cut too far to the side. Even her massive emerald earrings from Chopard weren't enough to make the ensemble memorable. Her Tamara Ralph gown was strapless and covered in square metallic pieces that sparkled in the light as she walked. It also had velvet panels at the waist that gave the dress some shape and matched its glamorous train. She wore a statement necklace, rings, and earrings from Pasquale Bruni. The model arrived wearing a black Armani Privé gown with all-over white polka dots. On its own, the dress was fun, frilly, and perfect for Cannes. Where Big Tech secrets go public — unfiltered in your inbox weekly.

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Chip Wars: Tensions over Huawei's next-generation of chips underscore how fragile trade talks remain between the US and China. Supply Lines is a daily newsletter that tracks global trade. Sign up here. The Chinese government accused the Trump administration of undermining recent trade talks in Geneva with its warning that using Huawei Technologies Co.'s artificial-intelligence chips “anywhere in the world” would violate US export controls.

Regeneron Pharmaceuticals on Monday announced it will acquire "substantially all" of 23andMe's assets for $256 million. The drugmaker participated in a bankruptcy auction for 23andMe, a once high-flying genetic testing company that filed for for Chapter 11 bankruptcy protection in March. Regeneron is buying 23andMe's Personal Genome Service, Total Health and Research Services business lines, according to a release. "We believe we can help 23andMe deliver and build upon its mission to help people learn about their own DNA and how to improve their personal health, while furthering Regeneron's efforts to improve the health and wellness of many," Dr. George Yancopoulos, Regeneron's president, said in a statement. Regeneron will not buy the company's telehealth subsidiary, Lemonaid Health, which 23andMe had acquired for around $400 million in 2021. Lemonaid Health will be shut down, but Regeneron has offered to employ all staffers of the acquired business units, according to the release. Pending approval, it's expected to close in the third quarter of this year, according to the release. 23andMe rocketed into the mainstream because of its at-home DNA testing kits that gave customers insight into their family histories and genetic profiles. The five-time CNBC Disruptor 50 company went public in 2021 via a merger with a special purpose acquisition company. The company struggled to generate recurring revenue and stand up viable research and therapeutics businesses after going public, and it's been plagued by privacy concerns since hackers accessed the information of nearly 7 million customers in 2023. In its bankruptcy proceedings, 23andMe required all bidders to comply with its privacy policies, and a court-appointed, independent "Consumer Privacy Ombudsman" will assess the deal, the companies said. Several lawmakers and officials, including the Federal Trade Commission, had expressed concerns about the safety of consumers' genetic data through 23andMe's sale process. "We are pleased to have reached a transaction that maximizes the value of the business and enables the mission of 23andMe to live on, while maintaining critical protections around customer privacy, choice and consent with respect to their genetic data," Mark Jensen, 23andMe's board chair, said in a statement. Sign up for free newsletters and get more CNBC delivered to your inbox

"Some uncertainty lingers, but favorable tariff developments and sales momentum should support shares," analyst Michael Lasser wrote in a Friday note. "While BBY's stock has rallied a bit in response to temporarily lowered tariffs on Chinese imports, we still see a risk-reward that's tilted to the upside." Shares are down more than 15% in 2025, but have advanced roughly 8% so far in May. Stock in the retailer surged 6% last Monday following news that the U.S. and China agreed to temporarily lower tariffs on each other from their highest levels. Even if the current tariff level of 30% on China remains in place, that is still a workable situation Best Buy can effectively navigate, Lasser added. "A ~30% tariff on Chinese imports and a lower rate for certain CE products should create a much more manageable backdrop for the retailer," the analyst said. "Even if temporary, it should put the co. in a better position to control inventory flow and pricing of its products over the next few months." We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox Get this delivered to your inbox, and more info about our products and services.

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 White House National Economic Council Director Kevin Hassett outside the White House in April. Photographer: Will Oliver/EPA/Bloomberg White House National Economic Council Director Kevin Hassett criticized Moody's Ratings over its decision to lower the US credit rating, calling the move backward-looking and saying the Trump administration is committed to lowering federal spending. “Make no mistake, the US debt is the safest bet on Earth. There's no country that I'd rather have than the United States and so Moody's can do what it wants to,” Hassett said in an interview Monday morning on Fox Business Network.

In case you missed it, our new newsletter, Tech Memo, written by the great Alistair Barr, launched on Friday. And if you aren't already, subscribe here. In today's big story, we're looking at Big Tech's obsession with cutting out middle managers and flattening their orgs. Markets: When companies like Facebook and Zillow IPO, they turn to this man Tech: How one of the hottest coding startups almost died. Business: Gen Z is turning to blue-collar jobs. But first, no longer stuck in the middle. If this was forwarded to you, sign up here. Technology can quickly become outdated, but it's a job title in tech that's an endangered species: the middle manager. Big Tech is flattening its ranks to thin out layers of management in a bid to reduce bureaucracy, writes Emma Cosgrove, Tim Paradis, Eugene Kim, and Ashley Stewart. At the end of last year, BI's workplace expert Aki Ito detailed Corporate America falling out of love with the role. From Microsoft to Intel and Amazon, companies are shedding managers to make themselves as quick and lean as possible. The biggest immediate impact of flattening orgs is managers overseeing more workers. Others say you'll burn out the managers who are left behind. Big Tech is willing to take its chances, though. As Amazon CEO Andy Jassy said last fall: "I hate bureaucracy." Big Tech's middle-management purge speaks to a larger trend: Let the stars shine and get rid of anyone else. Part of tech companies' efficiency push is to identify top performers and weed out underachievers. With that approach, you could argue there is less of a need for managers. This isn't a foolproof strategy, though. Someone being extremely capable at their job doesn't always correlate with them being an easy employee to manage. In fact, sometimes the opposite can be true. But what other options do these tech giants have? The pressure from startups like OpenAI and Anthropic is undeniable. Their smaller size also gives them a massive leg up to move quickly. Meanwhile, middle managers seem to only be slowing companies down. That means another Trump vs. bond market showdown could be headed our way. Startups like Hinge Health put their IPO plans on hold when Trump introduced sweeping tariffs. Now that the stock market has recovered, bankers are telling companies to go public while they still can. This "hick from Ohio" is a big deal for IPOs. From free Davos advertising to NFL star appearances, here's how Healy lands companies major marketing perks. Raised in the age of the smartphone, a growing cohort of people, mostly millennials and Gen Zers, are opting for dumb tech instead. As the evidence of our collective phone addiction adds up, even tech lovers are embracing the digital detox movement. How Silicon Valley's favorite startup came back from the edge of disaster. StackBlitz was at death's door when Anthropic released its AI model Sonnet 3.5 in 2024. That led StackBlitz to create Bolt.new, a product that could write code based on prompts written in English — and the company's gold mine. Duolingo CEO Luis von Ahn thinks so. On a recent podcast appearance, he told venture capitalist Sarah Guo that schools will still be necessary in an AI-driven future — but mostly just for childcare. He thinks AI will do the actual teaching. Gen Z is dyeing white collars blue. That's led many young people to turn to trades instead, which can offer six-figure salaries and have a high demand for workers. Cable giant Charter is merging with Cox, posing a bigger rival for Comcast. The merger still needs the green light from the Trump administration, and it seems like Charter is leaning into pro-American rhetoric to get it, BI's Peter Kafka writes. In a lawsuit, Mah has accused Caldbeck of sexually harassing her, which he denies. The lawsuits against Mah, meanwhile, accuse her of misusing company funds, harassment, and age discrimination, BI's Rob Price reports. Dairy Queen CEO explains what a job interview with Warren Buffett is like. Where Big Tech secrets go public — unfiltered in your inbox weekly.