Cisco is laying off thousands (again); Settlement talks could boot Viacom CEO, and more news.

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The corporate family saga of the summer could end in a settlement. Talks resumed (though they could fall apart anytime) between Viacom and Sumner Redstone’s National Amusements, the WSJ reports. A deal would oust CEO Philippe Dauman and put COO Tom Dooley in his place, and boot several Viacom directors off the board.

Pending approval, Univision will acquire Gawker Media for $135 million, as my colleague Lorraine Lee wrote earlier. With this move, Gawker and its sister sites like Jezebel will join other Millennial-friendly digital properties like Fusion, The Root or The Onion. “Univision has been trying to expand its reach beyond its Hispanic audience, and adding Gawker Media fits in with that strategy,” Digiday’s Lucia Moses explains.

The Fed could raise interest rates in September. “We're edging closer towards the point in time where it will be appropriate I think to raise interest rates further,” said New York Fed president William Dudley, which in the arcane speech of central bankers is almost bold. Observers will unpack the latest Fed meeting minutes for more hints along that vein at 2 pm today.

Summer is coming: Cisco may sack a fifth of its workforce. CNR writes that the company, which reports earnings tonight, is preparing to suppress 9,000 to 14,000 positions as it pivots from hardware to software. Massive layoffs are a bit of summer tradition for Cisco, which let people go in the thousands in four of the past five summers.

Unicorns are going to lose their horns: About a third of US tech unicorns — venture-backed companies worth $1 billion or more — will lose their lofty valuations, according to a new report from SharesPost. About 30% of the 90-some US tech unicorns will either go public or be acquired at a lower valuation. "Not all of these companies will continue to go up and to the right," said SharesPost CEO Greg Brogger.

The trucking industry is on the spot. The US Administration issued new rules requiring a 25% cut in emissions from big tractor-trailers over the next decade — they account for one-fifth of CO2 emissions. This is gold for Tesla, which promises to eventually build a clean electric freight truck, but in the short term, it’s all about fuel efficiency. Even the industry says it’s not a bad idea.

#Quote

“I joke with Larry Page that his vision is of making the world more productive... and mine is making it in some ways less productive.”

Reed Hastings, Netflix CEO

Cover Photo: Executive Chairman and CEO of Viacom and CBS Corporation Sumner Redstone and Viacom President and CEO Philippe Dauman attend a ceremony honoring Sumner Redstone with the 2,467th star on the Hollywood Walk of Fame on March 30, 2012 in Hollywood, California. (Photo by Alberto E. Rodriguez/Getty Images)