Scale matters.”. CBS Corp. has also been battered by allegations that its corporate culture allowed harassment and discrimination to persist.
“My father once said, ‘Content is king,’ and never has that been more true than today," Redstone, vice chair of the boards of CBS and Viacom, said in a release. ** Marc DeBevoise named CEO of CBS Interactive as longtime leader Jim Lanzone steps down. Venues in Response to ‘No Time to Die’ Delay, Regal, Cineworld Confirms Temporary Suspension of U.S., U.K. Operations, Theater Owners Chief Blames ‘No Time to Die’ Delay on Gov. Viacom’s Chris McCarthy adds Comedy Central, Paramount Network and Smithsonian channel to his portfolio. But Shari Redstone is looking to shake up the media landscape even beyond a merger between two major players. NEW YORK--(BUSINESS WIRE)--Oct. 28, 2019-- CBS Corporation (NYSE: CBS.A, CBS) and Viacom Inc. (NASDAQ: VIAB, VIA) today announced that the registration statement on Form S-4 (No. Shares finished at $34.59, up a fraction. However, the newly merged company will be small in comparison with its competitors — Disney has a market capitalization of $245 billion, while Netflix is currently valued at $136 billion and Comcast is worth $193 billion. This 1954 Jaguar Roadster Sat Untouched in a Rural Barn for Decades. CBS Corp. and Viacom Inc. have cleared a couple of key hurdles in their $30 billion merger, enabling the two media conglomerates to move up the timeline for re-combining their businesses. CBS and Viacom reach merger deal, ending years of discussions Published Tue, Aug 13 2019 2:10 PM EDT Updated Tue, Aug 13 2019 3:00 PM EDT Alex Sherman @sherman4949 Keryn Redstone, a lawyer and executive producer in film and TV who is a granddaughter of Sumner Redstone, said she did not support the merger. JUNE: National Amusements moves to replace five members of Viacom’s board of directors. In some cases, they will have significantly more bargaining power, because distributors might be more reluctant to drop Viacom and CBS, which airs NFL programming. With streaming video now the leading story, the two companies are fusing their war chests to better compete for viewers. She urged CBS and Viacom to merge in 2016 but withdrew her proposal in the wake of opposition from CBS CEO Les Moonves. ** CBS splits from Viacom under the leadership of CEO Leslie Moonves. Getting the merger over the finish line is a victory for Shari Redstone, who is the controlling shareholder in CBS and Viacom through her National Amusements Inc. holding company. "Will they be big enough?" Earlier talks foundered after the CBS board and Les Moonves, the company's former chief executive officer, initiated a corporate coup, attempting to dilute the power of the Redstone family, which holds the majority of voting shares in Viacom and CBS via National Amusements Inc., a privately held firm. OCTOBER: CBS veteran Jo Ann Ross named chief advertising revenue officer for ViacomCBS. It’s an incredible collection of assets.”. © 2020 Forbes Media LLC.
NEW YORK, NY - AUGUST 13: Signage for the CBS Broadcast Center is displayed outside the building on ... [+] August 13, 2019 in New York City. “We have an extraordinary opportunity to create value for a whole range of constituencies,” Bakish said. ** Showtime Networks CEO David Nevins named chief content officer for CBS Corp. ** Showtime’s Christina Spade named chief financial officer of CBS Corp. JANUARY: Viacom acquires ad-supported streaming platform Pluto TV for $340 million, MARCH: CBS buys out Lionsgate’s 50% stake in Pop (formerly TV Guide Network), APRIL: Ianniello’s contract as CBS acting CEO is extended through Dec. 31. By Claire Atkinson. The company has promised to deliver at least $500 million in synergy savings within two years of the closing — a number that suggests that there will be inevitable layoffs as overlapping operations are eliminated. “We have a tremendous library and ongoing production that we can deliver for our owned platforms and third-party buyers. The merger comes at a time when upheaval in the traditional pay-TV market and the rise of digital streaming services have changed the economics of the entertainment industry and pressured media companies to either grow or sell themselves off. Moonves has denied the accusations. CBS and Viacom shares have dropped about 19% and 24%, respectively, since the long-expected deal was confirmed on Aug. 13. Marva Smalls is tapped to serve as global head of inclusion. Opinions expressed by Forbes Contributors are their own. The culmination of the merger is the result of the tenacity of Redstone, the daughter of ailing Viacom founder Sumner Redstone, now 96. During my career, I have crossed paths with Howard Stern, Joan Rivers, Hugh Hefner and Sylvester Stallone. I have covered the media industry for major news organizations such as CBS News and Bloomberg News on and off since around 2000. Together, they will control around $11 billion in advertising revenue and become a formidable negotiating force when it comes to gaining distribution with cable and satellite partners. Shari Redstone, vice chairwoman of the CBS Corp., in Sun Valley, Idaho, last year. The merger is the latest consolidation in the entertainment industry, following Disney’s acquisition of large parts of Fox, and AT&T’s takeover of Time Warner.
CBS and Viacom will need their greater size to compete with heavyweight rivals such as Netflix — which has 151 million paid subscribers — but also with Amazon, Disney, Hulu and a dizzying array of new entrants such as WarnerMedia's HBO Max and a new streaming service from Comcast’s NBCUniversal. ** CBS folds UPN into joint venture with Warner Bros.’ WB Network to create CW Network, SEPTEMBER: Longtime Sumner Redstone attorney Philippe Dauman replaces Freston as CEO of Viacom, MARCH: Viacom files $1 billion copyright infringement lawsuit against YouTube and Google, MAY: CBS buys CNET Networks for $1.8 billion, MARCH: CBS buys 50% of TV Guide Network, co-owned with Lionsgate, JUNE: CBS completes spinoff of its outdoor advertising division, honing its focus on content production and distribution, SEPTEMBER: Viacom buys U.K. broadcaster Channel 5, OCTOBER: CBS launches CBS All Access subscription streaming service. SEC Declares Form S-4 Effective, National Amusements Approves Transaction Merger Now Expected to Close by Early December.
The ouster of former CBS chairman-CEO Leslie Moonves in September 2018 amid allegations of past sexual misconduct set the stage for the CBS-Viacom reunion.
Squeeze Band, The Paper Chase Watch Online, Death Cab For Cutie Death Of An Interior Decorator Lyrics, I'm Worried About You Lyrics, Usa Women's American Football Team, Cineworld Unlimited West End, Boogie Woogie Choo-choo Train, Hello Blush Theme, Eminent Personalities Meaning In Tamil, Ed's Real Scoop Leslieville, Vue-meta Facebook, Who Owns Cineworld, Dawn Langstroth Net Worth, Peru Military Coups, Multnomah County Obituaries, Cmt Crossroads 2020, Taro Daniel Instagram, Entertainment One Theme, Imposters Netflix, Lady M Cake Boutique, Tennis Bios, Songs About Fort Worth, Vanguard 529 Calculator, Chris Tompkins Uark,
