Percent. Shanghai stocks down by close to 1 a decline of more than nine tenths in europe there have been some green arrows the dax is up by. 2 the cac is up by a quarter percentage points. Stocks up in italy, spain and london crude oil prices which ended last week just shy of 59 a barrel, check this out right now, down by about 44 cents. Still, wti trading above 58 at 58. 51 a barrel. Now this morning the big news of the day. Publisher meredith buying time, inc. , for2. 8 billion thats the price meredith will pay 18. 50 for time, inc. It publishes wellknown magazines such as time, peopl people. Meredith received 650 million a lot of people raising questions about what this means. Raising 650 million in backing from the billionaire Koch Brothers, charles and david koch are widely known for supporting conservative causes. They say the magazine business is a good investment in the press release koch industry says it will not have any seat on merediths board and will have no influence or editorial or managerial operations check out shares of meredith well talk to the former time editor youre looking at that stock up. Rich bautista, the ceo of time is on his way out. The next question is whether the meredith time inc. Keeps all of the titles whether time or Fortune Magazine which are not the cash cows of the company, People Magazine is the big cash cow of the company and Sports Illustrated and the swimsuit issue. The question is do those things get sold off do the Koch Brothers, by the way, end up buying time inc. Afterwards if you want to get not con spir spiritorial. Do they get first dibs. Do you like including debt in the deal is that what you think we should do the 2. 8 billion price is inclusive of debt. Right by about a billion dollars. What do you prefer . Im more of an equity guy sometimes i leike to see both. It sounds higher . No. 1. 8 in equity or a billion in debt. Its assuming debt, not really paying that i think its equity. Im equity. Go straight equity. Go straight equity. Dont you . You could add the Market Capital of both. Thats not ive seen some deals we could get this thing up to 12 billion. The other piece for those in the Media Business who are interested in this they do say the synergies are going to be between 4 and 500 million a year. What are the over liers. More on the behind, ad sales . Ad sales, subscriptions, circulation, all of that. You could bring in both Koch Brothers, bring bannon in and seann hannity, put them where time is right now and maybe get somewhere to the middle of the road if you put all those guys on one put koch in there, let bannon have some influence and put seann hannity, you might get somewhere in the middle, maybe just barely in the middle. I disagree. Have you seen times covers youre spending too much time on twitter. Have you seen times covers there are a couple of people who have done montages of times covers. I didnt see that i saw them when they happened. I saw them when they happened. I can i have eyes i have a brain. Youre a subscriber good no. No no, no, no, no, no, no okay. Other things to tell you the big other news, bitcoin surging past 9,000 to a new high over the weekend. It means it took seven days from the Digital Currency to go from 8,000 to 9,000 analysts cite the influx of Retail Investors and fear of missing out, ff omo. Coin base added 300,000 accounts in the last three weeks. Bitcoin has surged 900 this year i wish i was i wish i had done that, like the rest of us. The whole rest of the year thing, i dont want to get into the ridiculous controversy there. But you do. No, im not going to talk about that im going to talk about something even more insane, and that is you know how time has nothing to do with whether you have a good person or bad person zbliet hright. Hitler . Kim jongun hes not my pick. Weinstein thats interesting. Nkts stasht at the start of the this is a cultural you know what, that is reset of although time sometimes does those composites. You might do a Sexual Harassment composite i think Colin Kaepernick potentially in terms of the conversation im just if you think of the short list of who it could be. Kim jongun could be one trump was one until he wasnt or until he right took himself out, was dismissed, whatever happened im not saying hes good or bad but i dont think its influential enough. Youre talking about from the cultural watershed moment. I thought of that thats what i mean i thought of that in a sort of a you know as like you certainly have to qualify it even saying it if you think about where we are, what happened, i mean, what was it was conyers all weekend long and roy moore, everything else. Its just and, by the way, thats what most people talked about at the thanksgiving table is not even politics you know, if it was 27,000 for him and what was the what was the total number 30 million or something. Theyre trying to get all of that because its all top secret right now. Its shocking with however many millions, were going to know a lot of the names conyers says hes going to take a bunch of them down. If you force me, im going to tell everybody if you really do the most and you ascribe no good or bad to the person you pick, it could be kim jongun or Harvey Weinstein. Right or it could be this man whos been the time man of the year. He just surpassed 100 billion 100 billion man, jeff bezos watching his net worth soar. He was the time man of the year in 1999 he became the first person to reach a net worth greater than 100 billion since bill gates in 1999 black friday rise of more than 2 in amazon stock pushed bezos over that. He spent some money on space no, on a personal trainer because he looks nothing like the guy we used to see as jeff bezos. He looks good healthy. He spent some money on a very good trainer. And hes followed the trainers regimen because he is now would you give him more credit if he didnt hire a trainer . No, im giving him credit. He looks buff. Im saying if he could get that on his own. That would be great. I dont think anyone can get there on their own, i dont. I now know. He has a trainer. Got nothing to do im going to use him twice hes going to show me what i need to do youre too easy. I dont need the last let me do one set oh, no. You need the guy you need help. No, i go to a cross fitty kind of class. We all go to pilates. No, like a cross fit class. Have you been to a pilates class . Never. Yoga . Ive never im so inflexible in fact, one of the new years resolutions for 2018 yeah. Frankly needs to be a yoga kind of thing because i need to stretch. Its a big problem. Do you mean what the word numastia means no. I only know that from curb your enthusiasm. What about a third eye has that got something to do with yoga, the third eye thats like ohhhmmmm. Im not a yoga person id like to be i dont know if i would like to be. You are a davos man. Germany and Angela Merkel is getting bad press. All right lets talk a little bit more about what happened over the weekend. Adobe says consumers spent more than 5 billion online on black friday that is up nerlly 17 from last year mobile shopping via smartphone accounted for about 2 billion of that spending strong black friday numbers follow a record 2. 9 billion in spending on thanksgiving day some Analysts Expect today, cyber monday, will be the Largest Online shopping day in history. Well be getting a live report from Courtney Ragan. People talk about records that theyre expecting records. We should expect records because this is still a growth industry. If you dont see records, youve got a problem. President xi. He could be it, too i put him on the short list. Definitely. I think the harvey and others i like the montage. You do . I could get behind that nobody is going to want to put Harvey Weinstein on the cover . Right they would do it as a montage to avoid putting anybody to make them more famous. Maybe so. Remember that stupid mirror when i was when you were the person in the mirror or the p. C. Was, the gimmicky stuff. I dont think a montage would be gimmicky in this instance maybe not its a person, not a concept of the year maybe harvey would no, maybe president xi. The most powerful guy since the leveling of mau. In washington showdown over the Consumer FinancialProtection Bureau. Two people claim the acting director job both plan to show up to lead the agency. Like cocounsels in ancient rome Kayla Tausche joins us. Reporter if they were cocounsels they would be on the same side. This is heating up and getting very bitter. Its a legal saga thats unfolded over the last day over the succession of the Consumer FinancialProtection Bureau following the resignation of the director on friday using a provision in doddfrank, he appointed someone but the white house used a different statute to appoint Mick Mulvaney they have 1600 employees and 600 million budget. Mulvaney is the only one with the authority to run it as of today. White House Counsel points to an obama era Court Decision as proof its authority would supersede any authority of that of doddfrank. The case theyre pointing to took three years to resolve. One simple solution would be to appoint a director a decision is close but its still months before that person would take office. Democrats in droves have thrown their support behind english President Trump calling the bureaus prior leadership a, quote, total disaster that has devastated banks under the new white house they could freeze imports from banks. The futures underscores an already bitter relationship between republicans and democrats that face this mounting yearend to do list two crucial items, raising the debt ceiling and avoiding a Government Shutdown require bipartisan support tax reform as we know is the chief priority which the senate hopes to pass this week. On that front, trump will meet with the Senate Finance committee today and congressional leaders from both parties tomorrow theyre going to try to find some Common Ground this certainly, joe, isnt making things easier yeah. Who are the two guys at citigroup, andrew . John reed and they had two of them, remember that . Reporter there are a lot of banks that had two people leading the investment banks. They were at each others throats and be cocounsel but not reporter coceos they hated each other. Kayla, can Congress Change the law very quickly on this reporter not very quickly. They could potentially change it the vacancies reform act that the white house is using is, of course, older and has much more legal precedent than any of these newer statutes i asked if anyone could dissolve the Consumer Protection finance bureau he supported a bill. They said, no, congress would have to put forth a bill to pass into law if they were to decide to do that the question is whether one of those cfpb hawks could be named as a permanent director which could tell you about the white hows intentions it could get nasty and be protracted. Did you see dickdurbin in the wall street journal. Theyre trying to put an end to it the statute is specific and clear and says the deputy shall take over. I thought that was although the cfpbs own Legal Counsel said, no, the vacancies act should take precedent. It has to be adjudicated or congress has to make it clear. One or the two. I think we lost kayla kayla, thank you all right. Lets get to the markets on this monday morning joining us right now is ellen zentner. Chief u. S. Economist at Morgan Stanley. Jim urio is at Tjm Institutional Services and a cnbc contributor. Ellen, why dont we talk about where we are right now gains for the market once again last week. Getting towards the end of the year what do you anticipate, if anything, will be pushing direction . Well, you know, theres going to be a lot of volatility even though we only have just one month left in the year simply because theres going to be a lot of headline risk around what congress may or may not deliver this year. And how the expectations for that time line are adjusted. I think though we come in monday after thanksgiving, all of our 2018 outlooks are out. Fresh outlooks and were already looking beyond to next year where our chief u. S. Equity strategist mike wilson thinks the s p 500 peaks at 2750. That peak comes in the first half of next year. Basically downhill from there. What drops it from 27. 50 . Whats the problem its going to be a tough year for comps because were coming off a very good year in 2017 some of it is just that effect, right . Earnings beats will become tougher. I also think that the promise of tax reform is better than the delivery of. Either its a sell on the news event early next year or its disappointment because congress didnt do as much as folks thought that they would do so thats probably some of whats fwlapd there as well. But i think its difficult to get another surge like we saw in 2017 coming off the euphoria of a change in congress, change in white house and what that might lead to. And thats sort of lifted spirits and sentiment all year once thats delivered though in whatever form and shape that it takes, you can get a hole on the other side Economic Activity as well. Thats something we have to watch. Jim, how about you . Do you agree with that i agree with everything she said i think its difficult to talk about the next year in stocks without mentioning the fact we still have the back beat of ultra low rates when you compare it to the Global Economic situation. The fed just a couple of days ago talked been theyre being a little bit worried about the lack of inflation. We have a 235 ten year we have negative rates around the globe. To me, i look at everything. Everything seems good. Not only do we have good earnings this year again, were throwing another 1. 5 trillion into the corporate sector if this tax package gets approved thats not insignificant to think that just the 1. 5 trillion, thats going to show up on Balance Sheets and make the stocks go up is silly. There has to be a lot of other activity that comes through those things so i think everything looks good right now. I do think once it feels like the tax package is going to pass, i think it will be a buy the room or sell the fact thing. We could see a 5 point correction at that time. What if the tax package doesnt pass that could be devastating what i think would happen then is 10 to 15 correction but i also think the fed will quickly get on its horse to save the day as it has before the fed is terrified how its not going to lower rates. Stock markets breaking down institute another qe theyre not going to do another round of qe and they did another round of qe. You think because the stock market drops they would Institute Additional qe . Yeah. I can back that up two years ago in august we broke like 8 in one day, they had been on a tightening path. That same day fed representative came out and said the tightening is less compelling right away i mean, i think theyre terrified of being the ones sitting at the controls when we see a bear market ensue. I think they jump into that at 10 to 15 . I dont know. You i dont know. I think it takes more than 10 to 15 . Taken in a vacuum to get the fed to respond to that i think they would actually be a little bit more comfortable with some sort of selloff to me 10 , 15 is not enough its all about financial conditions for the fed. Right. What else is going on that is causing the markt selloff. Are other factors involved. Ellen and jim, its always good to see you. Thank you. Coming up when we return, were going to talk meredith buying time for 1. 8 billion equity, joe. Yes, i like that. Another 1 billion in debt. Backing from the Koch Brothers as well. Were going to talk to one of the magazines former editors. Were going to do that when squawk returns right after this and highdividend strategies. Sure, these are investments. But theyre not what people really invest in. What people really invest in, is what they hope to get out of life. But helping them get there takes a pure focus. 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Find your awesome, and change the way you wifi. Welcome back to squawk box this morning the big news of the morning, publisher meredith buying time inc. For 1. 8 billion excluding debt 650 million backing from the Koch Brothers. Charles alexander is joining us, 23 years with the company. Welcome to the program your initial thoughts hearing the news i know its now been out for close to a week in terms of the speculation that a transaction like