Albany, New York 12226, Contact your Regional Starting this summer in the U.S., Paramount+ subscribers will be able to upgrade their subscription to a bundle that includes the SHOWTIME service through two plans, providing a huge range of content at an incredible value: SHOWTIME will also remain available as a standalone premium OTT subscription service and through various third-party streaming platforms. 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. 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. After closing, CBS shareholders will own approximately 61 percent of the new company, and owners of Viacom will hold about 39 . NEW YORK, Feb 15 (Reuters) - ViacomCBS Inc missed Wall Street profit forecasts on Tuesday as the company announced it will change its name to Paramount and unveiled a broad range of new. 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. Driven by iconic consumer brands, its portfolio includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV . Anyone can read what you share. 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. Using swaps allowed Mr. Hwang to avoid publicly reporting his exposure to the media stocks. 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. 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. How? Late last week, Archegos a more than $10 billion fund led by Bill Hwang, a 57-year-old investor who cut his teeth at the hedge fund Tiger Management before becoming embroiled in an insider-trading scheme couldnt meet the financial demands of several banks. Case 1:18-cv-06422 Document 1 Filed 07/16/18 Page 1 of 14 Copyright 2022 Paramount All Rights Reserved. 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 . 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. Those bets unraveled spectacularly in just a few days last week. 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 . 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. This advanced notice gives employees, their families, and communities time to transition, seek new employment, enter workforce training programs with assistance from the Department of Labor and Local Workforce Development Boards. Through television, film, digital media, live events, merchandise and solutions, its brands connect with diverse, young and young at heart audiences in more than 180 countries. 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. The firm's Viacom share sale a similar size to Goldman's was sold two days later, on Sunday evening. Earlier in his career, he also worked his way up the Viacom sales . WARN Notice Events. Those who had reportedly slower responses could be facing billions of dollars in losses. By enacting the NY WARN Act, New York joins a growing number of states that have enacted more expansive The family office was extremely leveraged to a long position in ViacomCBS and therefore, was open to pressure from even slight declines in the stock price. The transfer essentially a sale from one Viacom subsidiary to another created a tax benefit, the study said. 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. 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, the Bahamas, Luxembourg, the Netherlands and Britain, according to the report. Get browser notifications for breaking news, live events, and exclusive reporting. As a subscriber, you have 10 gift articles to give each month. ViacomCBS has sold CBS original Midtown Manhattan headquarters, known as Black Rock, to real estate investment firm Harbor Group International for $760 million. Dana McClintock, Executive Vice President, Chief Communications Officer 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. Please enter valid email address to continue. 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. 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. "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.". Shares of ViacomCBS rose nearly 5% at 2:15 p.m. They fell last week instead. 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. NY WARN also has a number of unique provisions regarding the content of notices, who must receive notices, the company official who must sign government notices, and the requirement of an original signature on one government notice. The New York State WARNAct requires businesses to give early warning of closing and 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. 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. 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. Both streaming services are struggling to match the success seen by earlier entrants including Netflix, Apple, Amazon and Disney. The popular franchise Teenage Mutant Ninja Turtles was at the center of a Viacom executives objection to the companys tax strategy. Jeffery Kadet, an expert on international taxation and an instructor at the University of Washington School of Law, said the moves are akin to self-dealing. Its like taking a dollar bill from your front left pocket and moving it to your right rear pocket. (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. Building 12 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. Because we're broader in four key areas: our diverse content, streaming model, mix of platforms and global reach. Unlike businesses that produce physical goods, media companies can take advantage of the intangible nature of their products. 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. 333 234238) (the Registration Statement) that includes a joint consent solicitation statement of CBS and Viacom and that also constitutes a prospectus of CBS (the joint consent solicitation statement / prospectus). "That promise has always been at the center of what we aspired to build as the steward of more than a century of cinematic excellence, and with businesses and brands that have defined and redefined entertainment for generation after generation. Mr. Hwangs firm did so initially, a person familiar with the matter said, but then it couldnt, at which point his lenders became unnerved and began a fire sale of those stocks. 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 move created significant pressure on the B shares of ViacomCBS, which plummeted 27% on Friday and another 7% the following Monday. The State WARN Act strengthens the provisions of the Federal WARN Act of 1989. New York State Department of Labor 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 . Labor and Employment Law Section . The company delivers the largest share of the U.S. television audience and boasts one of the industry's most important and extensive libraries of TV and film titles. (Photo: Business Wire), Jose Tolosa will serve as Executive Vice President, Chief Transformation Officer, ViacomCBS. ET. Most of the entities did not even have a single employee, Maarten Hietland, one of the studys authors, said in an interview. The amendment does not specify the content of these new notices. 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. Driven by iconic studios, networks and streaming services, its portfolio of consumer brands includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+, Pluto TV and Simon & Schuster, among others. 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. The new owners instead were reported to U.S. stock regulators as Nomura, Morgan Stanley, Goldman Sachs and others. 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