The fallout from AT&T's $85 billion deal for Time Warner has begun, but maybe not how investors expected. 21st Century Fox has reached a preliminary deal to buy the 61 percent of Sky it didn't already own for $14.1 billion. But Fox may need to boost its bid to convince Sky shareholders they're paying a high enough price. Meanwhile, Shari Redstone, who controls CBS and Viacom with her father, Sumner, pulled the plug on her proposal to merge the companies. Bloomberg entertainment reporter Lucas Shaw and host Alex Sherman discuss what CBS and Viacom may do now without a combination, and why Fox moved on Sky.

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