Joining a growing number of streaming services with a plus in their names, ViacomCBS VIAC +1.9% announced plans on Tuesday to rebrand its CBS All Access streaming service as Paramount+ PGRE +1.3%. 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. The exact number of layoffs could not be determined, but one source characterized it as a handful of people. Insiders said the newly beefed-up company also is expected to slash jobs in its administrative and back-office divisions in an effort to eliminate duplication. of the New York State 860 Labor Law. 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. Jan 25, 2022 2:16 PM EST. "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. With Paramount+ and SkyShowtime, the company will have streaming services available in more than 60 markets across the UK, Latin America, Canada, Australia, South Korea, the Caribbean and all major markets in Europe by the end of this year. Today, as we embrace the Paramount name, we are pioneers of an exciting new future," said Bob Bakish, President and Chief Executive Officer. 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. The proposed regulatory text is linked below. It is common practice for multinational corporations to take advantage of tax shelters. 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. "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.". ViacomCBS has sold CBS original Midtown Manhattan headquarters, known as Black Rock, to real estate investment firm Harbor Group International for $760 million. Case 1:18-cv-06422 Document 1 Filed 07/16/18 Page 1 of 14 With the addition of a diverse mix of content, including UEFA, BIG BROTHER LIVE FEEDS, STAR TREK: LOWER DECKS and more than 3,500 episodes from across ViacomCBS' brands, the service broke a new record for total monthly streams in August and experienced one of its best months ever in terms of new subscriber sign-ups. Those who had reportedly slower responses could be facing billions of dollars in losses. (Photo: Business Wire), Nancy Phillips will serve as Executive Vice President, Chief People Officer, ViacomCBS. 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 public comment period on the proposed regulations is now open until May 30, 2023. 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. 2023 NYP Holdings, Inc. 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The move comes as the New York-based media conglomerate is placing a huge bet on its streaming future with . For more information, go to http://www.cbscorporation.com. New York State Bar Association . 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. 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. 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. 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. The company is also raising its 2024 DTC revenue goal from $6 billion to $9 billion. Plum TV. The move created significant pressure on the B shares of ViacomCBS, which plummeted 27% on Friday and another 7% the following Monday. Note that due to New Yorks arcane government structure, this could involve a multiplicity of government notices. The study on ViacomCBSs tax structure has come out weeks after President Biden proposed a 15 percent minimum tax on overseas profits for U.S. companies, an effort designed to keep countries from competing with one another by lowering their tax rates. All plans are being discussed as Mr. Hwang and the team determine the best path forward.. 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. 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. Backish is seeking to reduce the newly combined companys fat in an effort to help it compete in the age of Netflix. Early on March 26, just two days after the secondary, the Archegos-related block sales began. The first batch was through Goldman Sachs, which offered discounted shares in Baidu, Tencent Music and Vipshop, people familiar with the trades said. 12, 921-2.2. 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. 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. seq. 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. Disney, which acquired the entertainment assets of Rupert Murdoch's 21st Century Fox in early 2019, reported revenue of $65.4 billion last fiscal. The Company has businesses with origins that date back to the dawn of the broadcasting age as well as new ventures that operate on the leading edge of media. Shares of Credit Suisse, based in Zurich, were down more than 10 percent on Monday after it warned of hits to its balance sheet. 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. Employers should also consider including the additional content required by existing New York regulations for WARN notices given to the local Workforce Investment Board. The deal, which was announced late Monday, comes nearly two years after the media company merged Viacom and CBS. 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. 2023 CNBC LLC. The companies then used the subsidiaries as a springboard to sublicense those rights to other markets. Shares of Morgan Stanley and Goldman Sachs are little changed over that same time period. 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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. The State WARN Act strengthens the provisions of the Federal WARN Act of 1989. Sign up to get ViacomCBSs latest insights, stories and solutions delivered straight to your inbox. 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,. The proposed regulatory text is linked below. 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. The 2019 merger of CBS Corporation and Viacom was announced on August 13, 2019, and was completed on December 4, 2019. "With the addition of even more content from across the portfolio as well as the new exclusive originals we are announcing today, we look forward to the early 2021 rebrand and bringing existing and new subscribers more of the compelling, genre-spanning live sports, breaking news and mountain of entertainment ViacomCBS has to offer.". 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 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. 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. His firm began fielding queries from worried banks. Signage on the ViacomCBS headquarters during a winter storm in New York, U.S., on Friday, Feb. 19, 2021. Joint Report of . 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. The deal, which was announced. As a subscriber, you have 10 gift articles to give each month. Mark Kauzlarich | Bloomberg | Getty Images, Former SEC chair on need to modernize disclosure system and Archegos fallout. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. 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. By Monday, investment banks around the world were scrambling to calculate the damage. 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. 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. State Office Campus Justin Dini, Senior Vice President, Corporate Communications Cautionary Notes on Forward-Looking Statements. Season 2 of Super Pumped and Season 7 of Billions for SHOWTIME were also ordered. It is not in any way reflective of any kind of systemic issue or instability, he said. Both companies were (and the merged entity continues to be . By March 22, ViacomCBS shares had surged more than 165% in 2021, closing above $100 per share. 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. tit. CBS Information contained in this publication is intended for informational purposes only and does not constitute legal advice or opinion, nor is it a substitute for the professional judgment of an attorney. I think this is unlikely to undergo any kind of a serious challenge, Sonny Allison, a partner at Perkins Coie, told Variety, when asked about the WarnerMedia-Discovery merger surviving regulatory review. ViacomCBS and NBCUniversal may have to accelerate their go-forward strategies now that WarnerMedia and Discovery have decided to merge. *Click herefor image assets*Head to @ViacomCBS on Twitter to see all of today's announcements. God certainly has a long-term view.. A new report from a Dutch nonprofit examines ViacomCBSs strategy of licensing the international rights to Transformers: Age of Extinction and other films. You still have the dollar.. By March 22, ViacomCBS shares had surged more than 165% in 2021, closing above $100 per . By Friday morning, when Archegos was unable to post additional margin, Morgan Stanley and Credit Suisse, two of Archegoss main lenders, had declared the fund to be in default, four people briefed on the matter said. 131 W 45th St, New . ViacomCBS, which is led by Shari Redstone, has sought to take advantage of ever-changing tax laws in other countries in a cat and mouse game, the study said. The service is also the exclusive domestic home to STAR TREK: DISCOVERY, STAR TREK: PICARD, the animated series STAR TREK: LOWER DECKS and the upcomingU.S.S. They fell last week instead. 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. Career Transition For Dancers. 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