In 2023, the company will look to Asia, Africa and the Middle East, building on Paramount+'s strong momentum to grow its presence in every region of the world. While the list of factors presented here and the list of factors presented in the Registration Statement are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. "In just one year, Paramount+ has outperformed all expectations," said Naveen Chopra, Executive Vice President, Chief Financial Officer. "Our powerful content, marketing and distribution engines drove explosive growth as further proof of our ability to establish a sustainable, large scale streaming business with a differentiated global playbook.". Its like taking a dollar bill from your front left pocket and moving it to your right rear pocket. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Were ready for your tomorrow because were built for it. Data is a real-time snapshot *Data is delayed at least 15 minutes. Investors who bought ViacomCBS at $85 saw those shares worth $48 just days later. ADDITIONAL INFORMATION. Then, the firm unloaded about $1.7 billion worth of Viacom midday 35 million shares, priced at $48 each, said the people, who asked not to be named. Additionally, Season 2 renewals for Halo, andinternational hits Cecilia and Los Enviados (The Envoys) were announced. The first batch was through Goldman Sachs, which offered discounted shares in Baidu, Tencent Music and Vipshop, people familiar with the trades said. ViacomCBS pedigree: Lawenda oversaw CBS' digital advertising sales business and multiplatform sales strategy, including all sales and marketing efforts of CBS Interactive, since 2017. The merger of Viacom and CBS remains subject to customary closing conditions and is expected to close by early December. Archegos Capital Management, led by Bill Hwang, couldnt meet financial demands, creating turmoil on Wall Street and raising questions about the funds ties to lenders. It also requires that more employees be affected before WARN is triggered. ET. ViacomCBS has sold CBS' original Midtown Manhattan headquarters, known as "Black Rock," to real estate investment firm Harbor Group International for $760 million. Please enter valid email address to continue. Internationally, global phenomenons Acapulco Shore, Geordie Shore: Return of the OGs and Rio Shore have also been renewed. Moving licensing rights to SpongeBob from one country to another is just a matter of paperwork. This communication contains forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Neither CBS nor Viacom assumes any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. We believed the claims to be without merit, and the matter has been resolved, the company said.). New York State is strengtheningitsWARN Act regulations to address the post-pandemic employment climate. Signage on the ViacomCBS headquarters during a winter storm in New York, U.S., on Friday, Feb. 19, 2021. ViacomCBS and Comcasts potential partnership has been slowed by concern about the Biden Administrations pledge to aggressively enforce the nations antitrust laws, according to a source with knowledge of the discussions. Almost all of these plans involved one country: the Netherlands. ViacomCBS, a media giant that came into being after the 2019 merger of the sibling companies, has used the same strategy for all its entertainment properties, according to the report. Because we're broader in four key areas: our diverse content, streaming model, mix of platforms and global reach. 2023 CBS Broadcasting Inc. All Rights Reserved. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the consummation of the pending merger and the anticipated benefits thereof. Comcast shares were largely flat. Additional new original content will be announced ahead of launch. Mr. Hwang had worked under the billionaire hedge fund titan Julian Robertson at Tiger Management, making him one of the firms famous alumni, or cubs, when he started his own fund, Tiger Asia. Signage on the ViacomCBS headquarters during a winter storm in New York, U.S., on Friday, Feb. 19, 2021. . Case in point: Last year, the firm sold CNET and Simon & Schuster to finance its growing streaming business, which includes Paramount+ and Showtime. That is raising questions about whether the firms should have had a compliance function to intervene in their potentially conflicting roles in the same stock. To set up the swaps, Mr. Hwangs bank lenders bought shares of ViacomCBS and Discovery, according to two people familiar with the matter, and gave his firm the financial exposure to the investments, ensuring that he would make money if the stocks rose and lose it if they fell. The Registration Statement was declared effective by the SEC on October 25, 2019. WARNnoticesDO NOTneed to be submitted to DOL from businesses that employ less than 50 full-time employees. Viacom (NASDAQ:VIAB)(NASDAQ:VIA) creates entertainment experiences that drive conversation and culture around the world. In 2016, she sued the company for a retaliatory firing after she spoke up about what she considered an illegal tax avoidance scheme in violation of federal law. (A few months after the suit was filed, both parties settled, and the terms were not disclosed. As a subscriber, you have 10 gift articles to give each month. This amendment to New York WARN makes New York WARN Act compliance more complicated. The New York State Worker Adjustment and Retraining Notification (WARN) Act requires covered businesses to provide early warnings of closures and layoffs to all affected employees, employee representatives, the Department of Labor, and Local Workforce Development Boards. This programming will joinCBS All Access'robust existing offering of more than 20,000 episodes and movies from BET, CBS, Comedy Central, MTV, Nickelodeon, Paramount Pictures and more, as well as exclusive original series including THE GOOD FIGHT, THE TWILIGHT ZONE, TOONING OUT THE NEWS, NO ACTIVITY, WHY WOMEN KILL, INTERROGATION, THE THOMAS JOHN EXPERIENCE and TELL ME A STORY, as well as upcoming series THE STAND, THE MAN WHO FELL TO EARTH, THE HARPER HOUSE, and GUILTY PARTY. ("US WARN Act"), the NY WARN Act is more expansive than the US WARN Act in three significant ways: (1) it protects more employees; (2) it is more easily triggered; and (3) it requires more advance notice of plant closings and mass layoffs. CBS owns the most-watched television network in the U.S. and one of the worlds largest libraries of entertainment content, making its brand "the Eye one of the most-recognized in business. The money from those deals all come back to the Dutch entities, where most of it is not subject to corporate tax. It is not in any way reflective of any kind of systemic issue or instability, he said. While the swaps provided anonymity to Archegos, the disclosure that big banks were loading up on shares was also a signal to the financial markets that a big client was probably behind the purchases, although Mr. Hwangs identity was unknown until last week. This is a challenging time for the family office of Archegos Capital Management, our partners and employees, a spokeswoman for the firm, Karen Kessler, said on Monday evening. Banks stand to make big money from these types of trades by taking a commission and also by charging a fee usually in the form of an interest rate on the total size of the trade. (Photo: Business Wire). One Viacom executive objected to the strategy. ViacomCBS had revenue of $25.3 billion in 2020. Bruno LoGreco Master Life Coach & Mentor. While the amendment specifically states it is effective immediately, it does not expressly address whether these additional notices are required for WARN-triggering events that occur after the law becomes effective but as to which WARN notice was already issued before the amendment became law. NEW YORK, Feb. 15, 2022 /PRNewswire/ -- ViacomCBS today announced that the global media company will become Paramount Global (referred to as "Paramount"), effective February 16, bringing together its leading portfolio of premium entertainment properties under a new parent company name. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. "There's definitely the potential for a conflict," said Harvey Pitt, former chairman of the Securities and Exchange Commission. On November 11, 2020, Governor Cuomo signed an amendment (the "Amendment") to the New York State Worker Adjustment and Retraining Notification Act ("NY-WARN Act"). Since 2002, tax experts working for Viacom, CBS and ViacomCBS have devised structures to take advantage of these mismatches, thus lowering taxable income, according to the study. Important risk factors that may cause such a difference include, but are not limited to: (i) the pending merger may not be completed on anticipated terms and timing, (ii) a condition to closing of the pending merger may not be satisfied, (iii) the anticipated tax treatment of the pending merger may not be obtained, (iv) the potential impact of unforeseen liabilities, future capital expenditures, revenues, costs, expenses, earnings, synergies, economic performance, indebtedness, financial condition and losses on the future prospects, business and management strategies for the management, expansion and growth of the combined business after the consummation of the pending merger, (v) litigation relating to the pending merger against CBS, Viacom or their respective directors, (vi) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the pending merger, (vii) any negative effects of the announcement, pendency or consummation of the pending merger on the market price of CBS or Viacoms common stock and on CBS or Viacoms operating results, (viii) risks associated with third party contracts containing consent and/or other provisions that may be triggered by the pending merger, (ix) the risks and costs associated with the integration of, and the ability of CBS and Viacom to integrate, the businesses successfully and to achieve anticipated synergies, (x) the risk that disruptions from the pending merger will harm CBS or Viacoms business, including current plans and operations, (xi) the ability of CBS or Viacom to retain and hire key personnel and uncertainties arising from leadership changes, (xii) legislative, regulatory and economic developments, (xiii) the other risks described in CBS and Viacoms most recent annual reports on Form 10-K and quarterly reports on Form 10-Q, and (xiv) managements response to any of the aforementioned factors. Turmoil surrounding a little-known firm run by a onetime star trader rippled through Wall Street on Monday, exposing banks to billions of dollars in losses and highlighting yet again the potential of individual players to hobble an intricately connected but largely opaque financial system. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. By March 22, ViacomCBS shares had surged more than 165% in 2021, closing above $100 per share. Using swaps allowed Mr. Hwang to avoid publicly reporting his exposure to the media stocks. Alphabet, Starbucks, Dell and other U.S. companies have also had units in the Netherlands. For more information and a replay of the investor event, visit ir.viacomcbs.com/investorevent. This communication is not a substitute for the joint consent solicitation statement / prospectus or Registration Statement or any other document which CBS or Viacom may file with the SEC. This communication contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of . Shares of Morgan Stanley and Goldman Sachs are little changed over that same time period. The New York State WARNAct requires businesses to give early warning of closing and layoffs. ViacomCBS is beginning its first round of layoffs since merging less than a week ago. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on CBS or Viacoms consolidated financial condition, results of operations, credit rating or liquidity. It covers: Closings affecting 25 or more employees Mass layoffs involving 25 or more full-time employees (if the 25 or more employees make up at least 33% of all the employees at the site) Mass layoffs involving 250 or more full-time employees March 29, 2021. Goldman Sachs spokesperson Maeve Duvally said, "There are strong informational barriers between the parts of the firm that manage capital raising for corporate clients and our relationships with institutional investors." Bill Hwang, right, with his lawyer Lawrence Lustberg in 2012, runs Archegos Capital Management, which bet that shares of ViacomCBS, among other companies, would rise. Unlike businesses that produce physical goods, media companies can take advantage of the intangible nature of their products. In connection with the pending merger between CBS Corporation (CBS) and Viacom Inc. (Viacom), CBS has filed with the Securities and Exchange Commission (the SEC) a Registration Statement on Form S-4 (No. Those who had reportedly slower responses could be facing billions of dollars in losses. Today's event demonstrated the global power of fan-favorite IP with an expansive slate of exciting programming announcements. This role will play a key role in our content strategy, ensuring that we build and execute on our compliance strategy, with the goal of attaining all regulatory requirements. "The response from consumers in just the early weeks of the service's expansion already illustrates the tremendous opportunity ahead of us in bringing these phenomenal ViacomCBS brands together in one premium streaming home under the new Paramount+name," said Marc DeBevoise, Chief Digital Officer, ViacomCBS and President & Chief Executive Officer, ViacomCBS Digital. And, the following top-performing reality series have been renewed for Paramount+: Queen of the Universe, RuPaul's Drag Race All Stars and The Challenge: All Stars. The stock declined on news of the placement, and that move was one of the main catalysts that led to increased calls for collateral from Archegos, according to sources close to the matter. The company announced that starting with 2024 film releases, Paramount+ will become the streaming home for all new Paramount Pictures movies in the U.S. following their theatrical runs. The new name will take effect on February 16 as the company celebrates Paramount+ its streaming service, which. View WARN Notices, or request past notices. These risks, as well as other risks associated with the pending merger, are more fully discussed in the joint consent solicitation statement / prospectus included in the Registration Statement. In other words, for every dollar Viacom collected overseas for a blockbuster like Transformers (after converting from reals, lira or renminbi), less than a penny was likely subject to corporate income tax, according to the study. The deal, which was announced late Monday, comes nearly two years after the media company merged Viacom and CBS. That prompted them to sell off billions of dollars in equities they essentially held on his behalf to protect their own balance sheets. The company first filed with the State on Jan. 15 and noted in an April 29 update that layoffs will impact an additional 333 non-union employees at several ViacomCBS sites in New York City . Dana McClintock, Executive Vice President, Chief Communications Officer Though Nomura did not identify Archegos as the client at the center of the losses, the bank said its claim against the unnamed client was about $2 billion. The company's transformed subscription video on-demand and live streaming service, A reimagination of the Emmy-nominated series "Behind the Music" entitled, The service is also developing a revival of, The new original series announced today join the service's previously announced plans for, Leading up to the early 2021 rebrand to Paramount, "The response from consumers in just the early weeks of the service's expansion already illustrates the tremendous opportunity ahead of us in bringing these phenomenal ViacomCBS brands together in one premium streaming home under the new Paramount. It can shorten the time that employeesare on UI. The Taylor Sheridan universe continues to expand with new chapters of the Dutton family drama with a new original from the Yellowstoneco-creatorannounced today: Additionally, casting and production updates were included for the following highly anticipated series: New expansions of the most popular prime-time entertainment include: Upcoming international hits in the making include: These new titles join a growing roster of previously announced and highly-anticipated scripted series, including: Fatal Attraction, Grease: Rise of the Pink Ladies, Rabbit Hole and The Offer. CBS is a foundational name in broadcasting the Columbia Broadcasting System launch dates back to 1927 and the early days of commercial radio. The media company behind Showtime and Nickelodeon is swinging the ax at CBS finance department, which is housed in the networks Midtown Manhattan headquarters building known as Black Rock, sources told The Post. Commercial & Federal Litigation Section . "On Paramount+, we have something for everyone," said Tanya Giles,Chief Programming Officer, Streaming. ViacomCBS said in its statement that it had overseas locations for core, strategic business purposes, and not for any perceived tax benefits. The statement added that, in the Netherlands, the company has 300 employees and a production studio and generates $1 billion in annual revenue outside of licensing.. Shares of Credit Suisse, based in Zurich, were down more than 10 percent on Monday after it warned of hits to its balance sheet. The deal, which was announced. Driven by iconic consumer brands,. "We are taking our broad content offering and deepening it with more content in key categories, building on our treasure trove of IP to create lasting, hit franchises.". Axel Springer reportedly in talks to buy ownership stake i Woman fatally shot by upstate NY homeowner after pulling into wrong driveway: sheriff, Haribo fans shocked to learn green gummy bear flavor: 'Calling the police', Tom Sandoval blasts wellness resort for outing his stay: Tried to find peace, Kylie Jenner reveals whether she wants more kids amid Timothe Chalamet rumors, Jesy Nelson hasnt spoken to her former Little Mix bandmates for 2 years, Even AOC Cant Believe Netflix Crashed During Love Is Blind Live Reunion, 'Mike & Molly' star Billy Gardell details 150-pound weight loss: My diabetes is 'gone'. Their action paved the way for Goldman Sachs and others to do the same. The legislation, which took effect immediately, amended the New York Worker Adjustment and Retraining Notification (WARN) Act by substantially expanding the list of governmental entities that must receive advance notice of a WARN-triggering event.Under the New York WARN Act, covered employers (those employing 50 . Note that due to New Yorks arcane government structure, this could involve a multiplicity of government notices. Comcast and ViacomCBS held at least one high-level talk in June about the possibility of joining Comcasts Peacock service, which is part of its NBCUniversal unit, and Viacom CBS' Paramount+. ET. Soon after, the newly combined firm put the 36-story black granite skyscraper, located at 51 W. 52nd St., up for sale. ViacomCBS and its predecessor companies created several subsidiaries in the Netherlands to hold the foreign licensing rights to TV programs and films, content largely created in the United States. Shares of ViacomCBS rose nearly 5% at 2:15 p.m. The huge sell-off of stocks linked to Archegos Capital Management also raised questions about how and why some of the biggest Wall Street banks were willing to do business with someone who, less than a decade ago, was fined and penalized by securities regulators. The companies then used the subsidiaries as a springboard to sublicense those rights to other markets. Still, the timing of the events is raising questions over who at the firms knew what and when, amid the demise of Archegos and the collateral damage in several stocks, including ViacomCBS. WARN Act compliance can be complicated, and if done incorrectly, costly. If an unexpected event caused your business to close, please provide notice as soon as possible and provide as much information as possible to the Department of Labor when you file your notice about the circumstances of your closure so we can determine if an exception to the WARN Act applies to your situation. After closing, CBS shareholders will own approximately 61 percent of the new company, and owners of Viacom will hold about 39 . Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. You may opt-out by, 5 Critical Lessons From The Last Writers Strike, Boris Sanchez On CNNs Revamped Dayside Programming: I Think Viewers Are Going To Be Surprised, CNNs Nick Paton Walsh Hikes Five Days With Migrants Headed Toward U.S.: The Worst Thing In The World, Radio Silent: Tesla, Ford And More EVs Phase Out AM Radio, Actor BD Wong On Directing Comedian Judy Golds New Solo Show, Foul Play Mixes Murder Mysteries, Broadway Stars In Novel Online Interactive Series, As Instagram Opens Creator Market To Tech Partners, Brands Mega Influencer Campaigns Should Boom, NBC Builds Viewer Engagement In A Crowded Programming Landscape. Justin.Dini@viacom.com His firm began fielding queries from worried banks. In this position, you will partner closely with leaders within our CBS News Network Streaming, CBS News.com and Social Media teams to provide proactive and thoughtful HR support to these 24/ . The New York WARN Act requires that organizations comply if they layoff over 25 employees within a 30 day period when a plant is closing. The deal, which marks the first sale of the CBS headquarters since it opened in 1964, is a way for ViacomCBS to unload non-core assets as it focuses on building its movie and film offering for its streaming unit in order to compete with the likes of Netflix and Disney. The hiring salary range for this position applies to New York City, California, Colorado, Washington state, and most other geographies. Rapid Response Coordinator, This page is available in other languages, Worker Adjustment and Retraining Notification (WARN), New York State is strengtheningitsWARN Act regulations to address the post-pandemic employment climate. The WARN Act applies to private businesses with 50 or more full-time employees in New York State. Career Monsters. All plans are being discussed as Mr. Hwang and the team determine the best path forward.. That conversation, which involved Comcast CEO Brian Roberts, ViacomCBS Chairwoman Shari Redstone and CEO Bob Bakish, led to a broader discussion of whether there were other strategic possibilities, from a Hulu-styled streaming joint venture to a more comprehensive tie-up, sources tell Forbes. Both sides are waiting to see how the new administrations regulators react to the proposed merger of AT&Ts WarnerMedia unit with Discovery, says the source, before resuming discussions about ways the two sides could work together including any possible business combination beyond a possible streaming partnership outside the U.S. It wouldnt shock me if later this fall, we got back into a discussion of whether theres anything more that we can do together, said the source, who spoke on condition of anonymity. We've received your submission. Those banks faced a tepid response from the market, pricing 20 million Class B shares at $85 each and another 10 million convertible preferred shares at $100 each on March 24. On November 11, 2020, Governor Andrew Cuomo signed into law Assembly Bill A10674a. Before the merger, Viacom and CBS, both controlled by the Redstone family, employed the same strategy of moving foreign intellectual property licensing rights to subsidiaries outside the United States when rates became more favorable, the report said. 131 W 45th St, New . The legislation, which took effect immediately, amended the New York Worker Adjustment and Retraining Notification (WARN) Act by substantially expanding the list of governmental entities that must receive advance notice of a WARN-triggering event. Our team of highly accomplished corporate leaders will draw on their deep experience and expertise to help drive ViacomCBS success, said Bob Bakish, President and Chief Executive Officer, Viacom, who will serve as President and Chief Executive Officer of ViacomCBS upon close. By early December, 2021. 1927 and the terms were not disclosed the OGs and Shore. Warnnoticesdo NOTneed to be submitted to DOL from businesses that employ less 50! 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Any way reflective of any kind of systemic issue or instability, he said..., where most of it is not subject to corporate tax just one year, Paramount+ has all. Of these plans involved one country to another is just a matter of.! Year, Paramount+ has outperformed all expectations, '' said Tanya Giles, Chief programming,.