A Division of NBCUniversal. 2020 CBS Broadcasting Inc. All Rights Reserved. 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. State Office Campus ("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. Comcast, the nations dominant cable company, is wrestling with how best leverage its combination of distribution and content to become a force in streaming. Wall Street was still grappling with the fallout on Monday, but many analysts thought the worst of the danger had passed. Codes R. & Regs. 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+. Buying to gain scale or selling are both theoretical. ViacomCBS and NBCUniversal may have to accelerate their go-forward strategies now that WarnerMedia and Discovery have decided to merge. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. God certainly has a long-term view.. Investors and traders will look to see who may have extended their balance sheets too far for the bumpy ride ahead, he added. Disney, which acquired the entertainment assets of Rupert Murdoch's 21st Century Fox in early 2019, reported revenue of $65.4 billion last fiscal. Money from a potential sale of CBS' New York City headquarters may be used to repurchase shares, ViacomCBS CEO Bob Bakish says. 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. As a subscriber, you have 10 gift articles to give each month. Dutch authorities have created what tax experts call a conduit system where most if not all of a U.S. companys international income is funneled through a region with friendly tax codes. In the suit, the executive accused Viacom of hatching a plan to attribute the revenue from the popular franchise Teenage Mutant Ninja Turtles to the Netherlands for tax advantages. But Archegos pushed back, saying the battered stocks would recover, one of the people said. 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. . 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 . On November 11, 2020, Governor Andrew Cuomo signed into law Assembly Bill A10674a. The ViacomCBS leader Shari Redstone, center, celebrating the merger of Viacom and CBS in 2019. By Kate Kelly,Matt Phillips,Andrew Ross Sorkin and Alexandra Stevenson. 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. The impact of Archegoss stumble underscored the risks to the financial system from sophisticated investors who work with Wall Street banks to make bets using leverage. 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. 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.. INVESTORS AND SECURITY HOLDERS OF CBS AND VIACOM ARE URGED TO READ THE REGISTRATION STATEMENT, WHICH INCLUDES THE JOINT CONSENT SOLICITATION STATEMENT / PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PENDING MERGER AND RELATED MATTERS. 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 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. 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. ViacomCBS had revenue of $25.3 billion in 2020. 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. Since the amortization is considered an expense, the company was able to reduce the amount of profit it recorded. Banks Face Billions in Losses as a Bet on ViacomCBS and Other Stocks Goes Awry, https://www.nytimes.com/2021/03/29/business/archegos-hwang-viacomcbs-discovery.html. 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 marked a nearly 800% rise from its 2020 trough, almost exactly a year prior. Almost all of these plans involved one country: the Netherlands. ADDITIONAL INFORMATION. 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. Sign up to get ViacomCBSs latest insights, stories and solutions delivered straight to your inbox. Its like taking a dollar bill from your front left pocket and moving it to your right rear pocket. "Paramount's iconic peak represents a rich history for our company as pioneers in the Golden Age of Hollywood. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. The new owners instead were reported to U.S. stock regulators as Nomura, Morgan Stanley, Goldman Sachs and others. 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. ViacomCBS is beginning its first round of layoffs since merging less than a week ago. The deal, which was announced. 10 Columbus Cir, New York, NY 10019. Check back here for more updates as they become available and visit CBS.com to sign up for CBS All Access. By March 22, ViacomCBS shares had surged more than 165% in 2021, closing above $100 per . These appointments, which will be effective upon closing, will align key functions and operations to support ViacomCBS divisions and lines of business as the combined company pursues its differentiated growth strategy. "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. CBS Corporation (NYSE:CBS.A)(NYSE:CBS) is a mass media company that creates and distributes industry-leading content across a variety of platforms to audiences around the world. 2023 NYP Holdings, Inc. 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The company delivered more than 56 million total global streaming subscribers and 84% revenue growth in the direct-to-consumer segment in 2021. Minimum Number of Layoffs if it is a Mass Layoff : The federal WARN Act requires that organization comply if the layoff more than 33% of their employees, and at least 50 full-time employees, or more than 500 . He reorganized the firm as a family office, meaning it was no longer managing outside money, and renamed it Archegos Capital Management; archegos is a Greek word meaning leader or founding father, and is used in the Bible to refer to Jesus. They will identify strategic opportunities to grow and transform our businesses and ensure that we are fostering a dynamic, inclusive culture where our employees are empowered to succeed., Bakish continued, With todays appointments, we now have in place the entire senior management team for ViacomCBS, ensuring we will hit the ground running when the transaction closes in just a few weeks. Case in point: Last year, the firm sold CNET and Simon & Schuster to finance its growing streaming business, which includes Paramount+ and Showtime. Note that due to New Yorks arcane government structure, this could involve a multiplicity of government notices. 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. 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. Plum TV. 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. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. WARN Act compliance can be complicated, and if done incorrectly, costly. WARNnoticesDO NOTneed to be submitted to DOL from businesses that employ less than 50 full-time employees. It is common practice for multinational corporations to take advantage of tax shelters. A JPMorgan note estimated global losses for firms exposed to Archegos could be a combined $10 billion, with Nomura and Credit Suisse facing the bulk of the impact. The proposed regulatory text is linked below. The sudden upheaval was an example of what happens when a highly risky strategy meant to increase returns clashes with an apparent run of bad luck. 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. One Viacom executive objected to the strategy. 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. ViacomCBSs Paramount Pictures, which distributed the computer-animated action-fest, saved much of that money by licensing the international rights through a complex strategy designed to avoid paying U.S. taxes, according to a study published on Tuesday by the Centre for Research on Multinational Corporations, a nonprofit group funded in part by the Dutch Ministry of Foreign Affairs. Albany, New York 12226, Contact your Regional "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.". Since 2002, ViacomCBS and its predecessor companies, Viacom and CBS, together avoided paying $3.96 billion in U.S. corporate income tax through a system that involved subsidiaries in Barbados,. Working together, these leaders will help us realize the full potential of our considerable assets and competitive strengths.. Today's event demonstrated the global power of fan-favorite IP with an expansive slate of exciting programming announcements. 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. Scope of Report . Paramount+ has exceeded the company's goals since its launch, and ahead of schedule, as the key driver of ViacomCBS' overall streaming growth. Get browser notifications for breaking news, live events, and exclusive reporting. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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 . 419 Lafayette St Fl 7, New York, NY 10003. Lenders at Goldman Sachs urged Archegos to pare its exposure, said two people familiar with those conversations. 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. It covers: This means that covered businesses must provide all employees with notice 90 days prior to a: Businesses that do not provide notice may be required to: Early warning gives the DOL and the LWDB the chance to work with the business early on and provide employees with information about: Early warning also benefits the business. But it misjudged the appetite: Investors were only willing to buy shares at less than market value for the company, which led to a sell-off. Under the New York State Worker Adjustment and Retraining Notification Act ("NYS WARN"), private employers with 50 or more full-time employees in New York State must provide at least 90 calendar days advance written notice for the following events. But last week, the prices of some of those companies fell instead ViacomCBS, for one, sold more than $2.6 billion of new shares, taking advantage of what appeared to be a high-flying stock price that had risen to $100 from $12 in under a year. Internationally, global phenomenons Acapulco Shore, Geordie Shore: Return of the OGs and Rio Shore have also been renewed. Assembly A10674 Summary, available at:https://assembly.state.ny.us/leg/?default_fld=&leg_video=&bn=A10674&term=2019&Summary=Y&Actions=Y&Memo=Y&Text=Y(last visited Nov. 11, 2020). View WARN Notices, or request past notices. Alex Berkett will serve as Executive Vice President, Corporate Development and Strategy, ViacomCBS. 1 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. 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. Revised regulations might also address this issue. seq. Meanwhile, Morgan Stanley was busy offering blocks of its own that day, in names like Discovery, Shopify and Farfetch. Season 2 of Super Pumped and Season 7 of Billions for SHOWTIME were also ordered. The purpose of this Part is to set forth regulations implementing the New York State Worker Adjustment and Retraining Notification (WARN) Act (Chapter 475 of the laws of 2008), hereinafter "Act," and amendments thereto, as set forth in et seq. You still have the dollar.. CBS The next day, GSX Techedu, a tutoring company that has been a target of short sellers in recent years who claimed the firms sales numbers were overstated, fell 12.4 percent. Shares of two Chinese companies that Archegos had also bet on RLX Technology and GSX Techedu also fell precipitously last week. "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. Deals like the proposed $43 billion merger of WarnerMedia and Discovery, and Amazons $8.45 billion acquisition of MGM, put pressure on ViacomCBS and Comcast to become more aggressive in the streaming wars. For more information, go to http://www.cbscorporation.com. As a result of its streaming momentum and incremental investments, the company is raising its global streaming subscriber goal from 65-75 million global streaming subscribers to more than 100 million subscribers by year-end 2024. A "plant closing" occurs where an employment site (or one or more facilities or operating units within an employment site) will be shut . The company sought to capitalize on its elevated share price to sell $3 billion worth of stock into the market; the underwriters hawking the stock included Morgan Stanley and JPMorgan as lead bookrunners, along with Citigroup, Goldman Sachs, Mizuho and others serving in a more passive capacity. The suggested global rate is part of a larger plan to overhaul the tax code that would raise corporate income tax in the United States to 28 percent, from 21 percent. The proposed regulations clarify how remote work impacts WARN Act compliance and simplify language to ensure businesses better understand their obligations. "We're excited about our ability to not just compete, but thrive, creating significant value for both consumers and shareholders. From 2015 to 2019, Viacoms British unit collected $4.5 billion in revenue and gross profits of $1.25 billion, but the U.K. corporate income tax on their profits during this period was only about $18 million, according to the report. As we look forward, the size of the opportunity we see is matched only by our ambition to seize it.". A major selling point of the $25 billion merger led by Shari Redstone, the media heiress whose family controls CBS and Viacom was the estimated $500 million in cost savings that could be wrung out of the combined companies. The firm's Viacom share sale a similar size to Goldman's was sold two days later, on Sunday evening. of the New York State 860 Labor Law. The company is also raising its 2024 DTC revenue goal from $6 billion to $9 billion. If you take money or other property like licensing rights and move them from one subsidiary to another subsidiary, have you done anything that changes the group as a whole economically? Shares of ViacomCBS rose nearly 5% at 2:15 p.m. New York has established more strict WARN laws at the state level. (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. We believed the claims to be without merit, and the matter has been resolved, the company said.). "There's definitely the potential for a conflict," said Harvey Pitt, former chairman of the Securities and Exchange Commission. Important Information About the Pending Merger Between CBS and Viacom and Where To Find It. 3SeeN.Y.S. New York State Bar Association . Even so, U.S. companies could still move much of their business abroad, since tax rates in other countries are likely to remain low, according to Mr. Kadet. Viacom While the rights to the franchise are owned by a Dutch entity, all of the business concerning those rights took place in New York, the suit read. 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. Has established more strict WARN laws at the state level saying the battered stocks would recover one! 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