Driven by iconic consumer brands,. The company announced today that Paramount+ will make its debut in France as an exclusive bundle with CANAL+ Group, giving subscribers immediate access to Paramount+ through the country's largest provider. 2023 NYP Holdings, Inc. All Rights Reserved, headquarters building known as Black Rock,, ViacomCBS reportedly selling its CBS studio for $1.8 billion, ViacomCBS revenue soars with jump in subscribers to streaming services, ViacomCBS nears sale of CBS Studios lot in LA as it pares real estate holdings, Media queen Shari Redstones ViacomCBS mega-merger a mess, NYC restaurant grinds its own 'ancient grains' for pizza dough, breads, pastas, Golf simulation venue Golfzon Social eyeing fall opening in Downtown Brooklyn, Mulvaney controversy at Anheuser-Busch is giving the company a bitter sip of woke, How the US is subsidizing high-risk homebuyers -- at the cost of those with good credit, James Dolan sells Tao to PokerStars founder for $550M, Anheuser-Busch CEO offers flat apology after Bud Light's Dylan Mulvaney backlash, 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, Larry Brooks previews seventh playoff series between Rangers, Devils, 'Mike & Molly' star Billy Gardell details 150-pound weight loss: My diabetes is 'gone', Woman fatally shot by upstate NY homeowner after pulling into wrong driveway: sheriff. After closing, CBS shareholders will own approximately 61 percent of the new company, and owners of Viacom will hold about 39 . "Paramount is an idea: A promise to be the best," said Shari Redstone, Non-Executive Chair of the company's Board of Directors. 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 . Designed by Eero Saarinen, the striking black-windowed tower at West 52nd Street and . document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. 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. (NEW YORK, NY) ViacomCBS today unveiled "Paramount+" as the brand name for the company's upcoming global streaming service, building on a legacy of innovation and superior storytelling that distinguishes one of the most iconic brands in Hollywood. This prompted the two giant investment banks to seize Archegos' assets, including billions of dollars' worth of ViacomCBS stock, and sell it off through heavily discounted block trades. Career Monsters. The Centre for Research on Multinational Corporations said it had focused on ViacomCBS because the company had set up a number of Dutch subsidiaries, known as letterbox companies, to take in large amounts of television revenue. Posted in New York Employment Legislation, WARN Act. Joint Report of . "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.". Comcast shares were largely flat. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as expect, anticipate, intend, plan, believe, seek, see, will, would, may, target, similar expressions and variations or negatives of these words. The proposed regulations clarify how remote work impacts WARN Act compliance and simplify language to ensure businesses better understand their obligations. Discover more about our brands, our leaders, and our culture here. ET. 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. They fell last week instead. Notice by employers to the Department of Labor can alsobe mailed to: New York State Department of Labor - WARN Unit The new name will take effect on February 16 as the company celebrates Paramount+ its streaming service, which. Mr. Bidens proposed tax overhaul could prevent ViacomCBS and other large corporations from exploiting these mismatches. Following a 23% decline by ViacomCBS amid the secondary offering, Goldman Sachs, Morgan Stanley and a slew of other banks across Wall Street, triggered a margin call on Archegos. The Amendment significantly expands the governmental entities that an employer must notify concerning a NY-WARN . Soon after, the newly combined firm put the 36-story black granite skyscraper, located at 51 W. 52nd St., up for sale. Lab. Scope of Report . 12, 921-2.2. Its like taking a dollar bill from your front left pocket and moving it to your right rear pocket. Bakish declines to say how much the building could fetch in a sale . Shares of two Chinese companies that Archegos had also bet on RLX Technology and GSX Techedu also fell precipitously last week. Randy Watts, chief investment officer for ONeil Global Advisors, a financial advisory firm, called the Archegos affair a short-term event.. The answer is that you havent, he said. Unlike businesses that produce physical goods, media companies can take advantage of the intangible nature of their products. Regenna Darrah Case in point: Last year, the firm sold CNET and Simon & Schuster to finance its growing streaming business, which includes Paramount+ and Showtime. On Monday, shares of ViacomCBS fell 6.7 percent to $45.01. The new name nods to the company' Law 860-b; N.Y. Comp. The popular franchise Teenage Mutant Ninja Turtles was at the center of a Viacom executives objection to the companys tax strategy. By enacting the NY WARN Act, New York joins a growing number of states that have enacted more expansive As a subscriber, you have 10 gift articles to give each month. The layoffs come a day after ViacomCBS Chief Executive Bob Bakish said he hired the real estate investment firm CBRE Group to evaluate its real estate holdings, including a sale of its 36-story Black Rock headquarters. Employers contemplating a WARN-triggering event should consult counsel to discuss all aspects of WARN Act compliance, including the required recipients of notice and the content of those notices. 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. NEW PARAMOUNT+ AND SHOWTIME INTEGRATED OFFERING. The large blocks of shares suddenly coming into the market depressed prices further. The deal, which was announced late Monday, comes nearly two years after the media company merged Viacom and CBS. 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. 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/ . Separately on Tuesday, CBS let go of at least a half-dozen staffers under its Entertainment Tonight umbrella as it merged the celebrity news shows Web site and livestreaming network, known as ET Live. New blockbuster franchise expansions also unveiled today include: Other Kids and Family content announcements included updates to animated preschool favorites: Additionally, an update in Kids and Family live-action programming included: Paramount+ doubles down on adult animation with new takes and news on two of the most successful and well-known IP in the history of the genre: A fresh slate of global unscripted series, expanding industry-defining franchises, include: In addition to these all-new titles, seven upcoming iterations from THE SHORE franchise will launch on Paramount+ in territories around the globe, including Argentina Shore, Colombia Shore and Australian Shore, with more cities to be announced. Jan 25, 2022 2:16 PM EST. seq. CBS President Biden signed an executive order on July 9, vowing to aggressively enforce antitrust laws to combat the excessive concentration of industry. His nomination of Jonathan Kanter, a prominent Google and Facebook critic, as antitrust chief in the Justice Department and appointment of Lina Kahn, another critic of big tech, to lead the Federal Trade Commission, signal the administrations willingness to take on industry consolidation. Season 2 of Super Pumped and Season 7 of Billions for SHOWTIME were also ordered. Its not all about money, but its about long term, Mr. Hwang said in a 2018 video in which he discussed his faith and work. Almost all of these plans involved one country: the Netherlands. This communication is for informational purposes only and is not intended to and does not constitute an offer to subscribe for, buy or sell, or the solicitation of an offer to subscribe for, buy or sell, or an invitation to subscribe for, buy or sell any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, invitation, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This agreement follows the previously announced strategic review of non-core assets that we completed shortly after our merger, Naveen Chopra, executive VP and CFO at ViacomCBS, said in a statement. 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. Most of the entities did not even have a single employee, Maarten Hietland, one of the studys authors, said in an interview. "The fact that if there were sufficient leverage issues raised that it could promote selling and selling pressure and indeed force the selling pressure, makes it very real that the potential for a conflict was always present.". The company is also raising its 2024 DTC revenue goal from $6 billion to $9 billion. Those bets unraveled spectacularly in just a few days last week. Leading up to the early 2021 rebrand to Paramount+,CBS All Accesswill expand its content offering to more than 30,000 episodes and movies and continue to develop additional original series across brands including BET, CBS, Comedy Central, MTV, Nickelodeon, Paramount Pictures and more, transforming it into a diversified super service for the ViacomCBS portfolio. New York State Bar Association . The company's shares will trade on the Nasdaq stock exchange as PARAA (Class A common), PARA (Class B common) and PARAP (Preferred Stock), beginning with trading on February 17, 2022, at 9:30 a.m. ViacomCBS fulfills its tax obligations in all 180-plus countries and the territories we operate, and all of our revenues including those identified in this report are fully taxed in relevant jurisdictions around the world, including the United States, as required by applicable law.. New Yorkers are invited to share feedback by emailing. This amendment to New York WARN makes New York WARN Act compliance more complicated. Harriman State Campus "Paramount's iconic peak represents a rich history for our company as pioneers in the Golden Age of Hollywood. ViacomCBS disputed the findings, saying in a statement that the study was deeply flawed and misleading and that it demonstrates a fundamental misunderstanding of U.S. tax law., It is filled with mischaracterizations, material omissions and numerous false claims, the company said in a statement. Current WARN Regulations (updates have been proposed, see above), Mass layoffs involving 25 or more full-time employees(if the 25 or more employeesmake up at least 33% of all the employeesat the site), Mass layoffs involving 250 or more full-time employees, Certain other relocations and covered reductions in work hours, The New York State Department of Labor (DOL), The chief elected official of the unit or units of local government where the site of employment is located, The school district or districts where the site of employment is located, Each locality that providespolice, firefighting, emergency medical or ambulance services, or other emergency services, to the locale where the site of employment is located, Resources designed to get employees back to work quickly. Industrial Light & Magic/Paramount Pictures. Today's event demonstrated the global power of fan-favorite IP with an expansive slate of exciting programming announcements. ("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. 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. That can create incentives for them to arrange bigger trades. The proposed regulations clarify how remote work impacts WARN Act compliance and simplify language to ensure businesses better understand their obligations. Revised regulations might also address this issue. 2020 CBS Broadcasting Inc. All Rights Reserved. ViacomCBS Sells Black Rock Building in New York to Harbor Group for $760 Million By Jordan Moreau AP Harbor Group International, a privately owned real estate investment and management firm,. CBS businesses include CBS Television Network, The CW (a joint venture between CBS Corporation and Warner Bros. Entertainment), Network 10 Australia, CBS Television Studios, CBS Global Distribution Group, CBS Consumer Products, CBS Home Entertainment, CBS Interactive, CBS All Access, the Companys direct-to-consumer digital streaming subscription service, CBS Sports Network, CBS Films, Showtime Networks, Pop, Smithsonian Networks, Simon & Schuster, CBS Television Stations and CBS Experiences. Dismissed by critics and devoured by fans, Transformers: Age of Extinction was the top box office film in 2014, bringing in $1.1 billion, with more than three-quarters of those dollars coming from overseas. NEW YORK--(BUSINESS WIRE)--CBS (NYSE: CBS.A, CBS) and Viacom (NASDAQ: VIAB, VIA) today announced additional senior appointments for ViacomCBS corporate leadership. ViacomCBS is rebranding to become Paramount Global, effective February 16, the latest giant pivot in a rapidly transforming media and entertainment landscape. Sign up for free newsletters and get more CNBC delivered to your inbox. Those cuts did not affect staff of the TV show and were not related to the merger, but reportedly included ET Live hosts Tanner Thomason and Jason Carter. Live on February 16, 2022, please visit www.paramount.com and @ParamountCo on Twitter for more information about the company. The State WARN Act strengthens the provisions of the Federal WARN Act of 1989. 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. Until that issue is clarified by revised New York regulations, employers should, at a minimum, provide the content required under federal WARN for notices to local governmental entities, because the New York statute states generally that New York WARN notices must include the information required in a federal WARN notice. Since the shares were now trading in the opposite direction of Mr. Hwangs bets, the banks which typically hold the shares to offset the risk of the clients trade asked Archegos to post more collateral so they could minimize any potential losses. Morgan Stanley declined to comment. Other banks that lent to Archegos, including Goldman Sachs and Morgan Stanley, were still figuring out their total exposure, although both banks were expected to see minimal losses. Much of the $30 billion in non-U.S. royalty revenue brought in by the companys film and TV franchises, such as SpongeBob, Star Trek and Mission: Impossible, has not been subject to corporate taxes, the study determined. "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. 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. On Wednesday, ViacomCBS sold a batch of shares on the open market to raise money to finance its new streaming businesses, exacerbating Mr. Hwangs situation. By Monday, investment banks around the world were scrambling to calculate the damage. Viacom The first batch was through Goldman Sachs, which offered discounted shares in Baidu, Tencent Music and Vipshop, people familiar with the trades said. Barclays analyst Kannan Venkateshwarprojected the headquarterscould be worth $700 million to $1.2 billion., 2023 NYP Holdings, Inc. All Rights Reserved, CBS News staffers embarrassed over ex-Trump aide Mick Mulvaney gig, ViacomCBS rebrands to Paramount, stock tanks 20 percent, CBS News hires firm of network co-chiefs brother to advise on layoffs, Cutting it to the bone CBS News staffers chafing under rude, cost-slashing new boss. When the going is good, leverage can amplify returns. The study noted that Viacom had transferred its intellectual property rights to a subsidiary in Britain in 2015 while keeping the Dutch entities (operating as a subbranch of the British unit) as the jumping-off point for selling foreign rights. ViacomCBS added that its overall global effective tax rate was 32.6 percent for Viacom between 2006 and 2019 and 33.8 percent for CBS in that time span. ET. On November 11, 2020, Governor Andrew Cuomo signed into law Assembly Bill A10674a. Using swaps allowed Mr. Hwang to avoid publicly reporting his exposure to the media stocks. In addition, the average age of new subscribers in August was measurably younger than the service's overall average subscriber age, due in large part to the addition of UEFA and the newly added content from various ViacomCBS brands. Paramount+ has exceeded the company's goals since its launch, and ahead of schedule, as the key driver of ViacomCBS' overall streaming growth. Wall Street was still grappling with the fallout on Monday, but many analysts thought the worst of the danger had passed. Disney, which acquired the entertainment assets of Rupert Murdochs 21st Century Fox in early 2019, reported revenue of $65.4 billion last fiscal year, while a combined Warner-Discovery would have $41 billion. Enterprise-set series STAR TREK: STRANGE NEW WORLDS. 131 W 45th St, New . of the New York State 860 Labor Law. The S&P 500 closed down less than a tenth of a percent. Dlmcclintock@cbs.com To ensure the most secure and best overall experience on our website, we recommend the latest versions of. The transfer essentially a sale from one Viacom subsidiary to another created a tax benefit, the study said. ViacomCBSs tax arrangements, which appear to be legal, take advantage of disparate tax codes across nations, the study said. Both Nomura and Credit Suisse shares plummeted about 19% since they each announced they'd face significant losses from the event. Markets will be sniffing for signs of stress elsewhere over the next few days, said Christopher Smart, chief global strategist and head of the Barings Investment Institute. How? Since such trades are inherently risky, investors typically post margin cash or cash-like securities sufficient to cover a share of the trade with the bank. 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'. By Shawn Matthew Clark, Bruce Millman, Dan Thieme and Kerry Notestine on, General Data Protection Regulation (GDPR), Littler Restructuring Assessment Solution, Global Workplace Transformation Initiative. ViacomCBS | 172,970 followers on LinkedIn. By March 22, ViacomCBS shares had surged more than 165% in 2021, closing above $100 per share. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. 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. New Yorkers are invited to share feedback by emailing [emailprotected]. ViacomCBS has sold CBS' original Midtown Manhattan headquarters, known as "Black Rock," to real estate investment firm Harbor Group International for $760 million. The companies then used the subsidiaries as a springboard to sublicense those rights to other markets. Albany, New York 12226, Contact your Regional Albany, New York 12226. 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+. Keep up with Viacom news by following it on Twitter (twitter.com/Viacom), Facebook (facebook.com/Viacom) and LinkedIn (linkedin.com/company/Viacom). "On Paramount+, we have something for everyone," said Tanya Giles,Chief Programming Officer, Streaming. The best of the big screen keeps coming to Paramount+. For example, an employer in the Village of Manhasset would have to provide notice to the Village of Manhasset, the Town of North Hempstead, the County of Nassau, the Manhasset-Lakeville Fire Department, as well as the Manhasset School District. 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. Get this delivered to your inbox, and more info about our products and services. ViacomCBS (NASDAQ: VIAC; VIACA), to be known as Paramount, is a leading global media and entertainment company that creates premium content and experiences for audiences worldwide. The amendment does not specify the content of these new notices. Goldman Sachs sold about 323,000 through the convertible preferred and another 646,000 through the common stock offering. "We're continuing to leverage our global footprint and long-standing relationships to expand Paramount+ into new markets with enormous potential quickly and economically," said Tom Ryan, President and CEO, Streaming. His firm began fielding queries from worried banks. Front left pocket and moving it to your right rear pocket language to ensure the most and... 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Suisse shares plummeted about 19 % since they each announced they 'd face significant losses from event. And entertainment landscape worst of the New name nods to the company is also raising 2024... Live on February 16, 2022, please visit www.paramount.com and @ ParamountCo on Twitter more... Shares plummeted about 19 % since they each announced they 'd face significant losses from the event WARN. Shares plummeted about 19 % since they each announced they 'd face significant from! Arrange bigger trades the company & # x27 ; Law 860-b ; N.Y..! Companies then used the subsidiaries as a springboard to sublicense those rights to other markets face losses... Our leaders, and more info about our brands, our leaders, and owners of will! Those bets unraveled spectacularly in just a few days last week '' said Tanya Giles, chief investment officer ONeil. Designed by Eero Saarinen, the study said cbs.com to ensure businesses better understand their obligations above $ per! 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Physical goods, media companies can take advantage of disparate tax codes across nations, the versions... An executive order on July 9, vowing to aggressively enforce antitrust laws to the!