Both streaming services are struggling to match the success seen by earlier entrants including Netflix, Apple, Amazon and Disney. The large blocks of shares suddenly coming into the market depressed prices further. New Yorkers are invited to share feedback by emailing. These margin requirements are adjusted daily to enable the bank to demand more cash if the trade goes wrong. The amendment does not specify the content of these new notices. "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.". 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. ViacomCBSs tax arrangements, which appear to be legal, take advantage of disparate tax codes across nations, the study said. Commercial & Federal Litigation Section . Mark Kauzlarich | Bloomberg | Getty Images, Former SEC chair on need to modernize disclosure system and Archegos fallout. Additionally, Season 2 renewals for Halo, andinternational hits Cecilia and Los Enviados (The Envoys) were announced. 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. *Click herefor image assets*Head to @ViacomCBS on Twitter to see all of today's announcements. Joint Report of . Using derivatives known as swaps, Mr. Hwang had bet that the prices of certain stocks, including ViacomCBS, would rise. Executives at ViacomCBS which Redstone successfully reunited in 2019 after more than a dozen years apart are worried that the company is becoming a smaller and smaller fish swimming in a media ocean dominated by great whites. All plans are being discussed as Mr. Hwang and the team determine the best path forward.. One of the key triggers that led to the unwinding of Archegos was a tepid market response for a multibillion-dollar ViacomCBS secondary offering last Wednesday. ViacomCBS is beginning its first round of layoffs since merging less than a week ago. 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. Scope of Report . "On Paramount+, we have something for everyone," said Tanya Giles,Chief Programming Officer, Streaming. ViacomCBS has sold CBS' original Midtown Manhattan headquarters, known as "Black Rock," to real estate investment firm Harbor Group International for $760 million. The New York State WARNAct requires businesses to give early warning of closing and layoffs. Kelli.Raftery@cbs.com, Viacom and CBS Announce ViacomCBS Corporate Leadership, Internet Explorer presents a security risk. 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. 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. "Paramount is an idea: A promise to be the best," said Shari Redstone, Non-Executive Chair of the company's Board of Directors. For more information, go to http://www.cbscorporation.com. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. Building 12, Room 425 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." 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. They fell last week instead. This amendment to New York WARN makes New York WARN Act compliance more complicated. Littler Investigation Toolkit for Employers, Littler Inclusion, Equity and Diversity Playbook, https://assembly.state.ny.us/leg/?default_fld=&leg_video=&bn=A10674&term=2019&Summary=Y&Actions=Y&Memo=Y&Text=Y. Notice by employers to the Department of Labor can alsobe mailed to: New York State Department of Labor - WARN Unit Under the New York WARN Act, covered employers (those employing 50 or more countable employees within the state) generally are required to give 90 days advance notice of certain qualifying mass layoffs, plant closings, reductions in hours, and relocations. Because we're broader in four key areas: our diverse content, streaming model, mix of platforms and global reach. The owner-occupied ViacomCBS said it will now lease back property on a short-term basis with the transaction set to close before the end of 2021. 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. Income that may be considered taxable in the United States may be deemed free from such levies in the Netherlands, for instance. 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. We've received your submission. The companies then used the subsidiaries as a springboard to sublicense those rights to other markets. One Viacom executive objected to the strategy. Paramount+ will also be available on an a la carte and direct-to-consumer basis in the French market. The sole purpose of transferring the licensing rights to the Netherlands company was to avoid the U.S. tax burden, the suit added. 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. Backish is seeking to reduce the newly combined companys fat in an effort to help it compete in the age of Netflix. 10 Columbus Cir, New York, NY 10019. In addition to the name change, the company detailed plans to accelerate the global momentum behind Paramount+, unveiling new content, enhanced product offerings and continued international expansion at its investor event. The New York State WARN Act requires private sector employers with 50 or more full time employees to issue a WARN Act notice 90 days before closings, mass layoffs, and other relocations and covered reductions in work hours. 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. WARNnoticesDO NOTneed to be submitted to DOL from businesses that employ less than 50 full-time employees. The WARN Act applies to private businesses with 50 or more full-time employees in New York State. The firm's Viacom share sale a similar size to Goldman's was sold two days later, on Sunday evening. Signage on the ViacomCBS headquarters during a winter storm in New York, U.S., on Friday, Feb. 19, 2021. "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. 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. 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. Paramount+ subscribers will soon be able to enjoy SHOWTIME in a new integrated offering that pairs together both services in an unrivaled streaming collection of live and on-demand entertainment with critically acclaimed and boundary-pushing programming in a single user experience. View WARN Notices, or request past notices. Season 2 of Super Pumped and Season 7 of Billions for SHOWTIME were also ordered. 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. Posted in New York Employment Legislation, WARN Act. 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. Anyone can read what you share. Soon, huge blocks of stocks were on offer. Paramount+ will continue to deliver the most diverse content offering in streaming across every genre at scale, including beloved franchise extensions and all-new buzzworthy originals spanning must-see movies, scripted dramas, unscripted reality TV, comedy, kids and family, sports, news, specials and events to super-serve the entire household. Early on March 26, just two days after the secondary, the Archegos-related block sales began. Lenders at Goldman Sachs urged Archegos to pare its exposure, said two people familiar with those conversations. The Amendment significantly expands the governmental entities that an employer must notify concerning a NY-WARN . Meanwhile, Morgan Stanley was busy offering blocks of its own that day, in names like Discovery, Shopify and Farfetch. Career Monsters. Investors who bought ViacomCBS at $85 saw those shares worth $48 just days later. All Rights Reserved. Were ready for your tomorrow because were built for it. -- With reporting from CNBC's Dawn Giel and Ritika Shah. First published on September 15, 2020 / 11:15 AM. The company is also raising its 2024 DTC revenue goal from $6 billion to $9 billion. New York has established more strict WARN laws at the state level. The Registration Statement was declared effective by the SEC on October 25, 2019. 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.). Shares of two Chinese companies that Archegos had also bet on RLX Technology and GSX Techedu also fell precipitously last week. 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. ViacomCBS had revenue of $25.3 billion in 2020. WARN Act compliance can be complicated, and if done incorrectly, costly. 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 ViacomCBS corporate leaders being announced today include: These corporate leadership announcements follow the previously announced appointments of Christa DAlimonte as Executive Vice President, General Counsel and Secretary; Anthony DiClemente as Executive Vice President, Investor Relations; DeDe Lea as Executive Vice President, Global Public Policy and Government Relations; Julia Phelps as Executive Vice President, Chief Communications and Corporate Marketing Officer, and Christina Spade as Executive Vice President, Chief Financial Officer. The new name will take effect on February 16 as the company celebrates Paramount+ its streaming service, which. 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. Shares of ViacomCBS rose nearly 5% at 2:15 p.m. Driven by iconic consumer brands, its portfolio includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV . A "plant closing" occurs where an employment site (or one or more facilities or operating units within an employment site) will be shut . 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. 12, 921-2.2. 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. According to four people familiar with the matter, Mr. Hwang had recently built large holdings in a small number of stocks, including ViacomCBS and Discovery, which also operates the cable channels TLC and the Food Network, and the Chinese companies RLX Technology and GSX Techedu. 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. "We see a huge global opportunity in streaming, a much larger potential market than can be captured by linear TV and film alone," continued Bakish. 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. 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. Randy Watts, chief investment officer for ONeil Global Advisors, a financial advisory firm, called the Archegos affair a short-term event.. 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. (212) 975-1077 Additional new original content will be announced ahead of launch. Effective November 11, 2020, New York amended its Worker Adjustment and Retraining Notification Act ("NY WARN Act") by expanding the government entities that must receive notice of a NY WARN Act triggering event, such as a facility closing or mass layoff. Among them: millions of shares of ViacomCBS, the corporate parent of the countrys most-watched network; the media company Discovery; and a handful of Chinese technology firms. Since the amortization is considered an expense, the company was able to reduce the amount of profit it recorded. At the end of 2020, ViacomCBS rang up about 29 million subscribers for its streaming platforms worldwide and has told investors that it anticipates accruing 65 million to 75 million customers by. Current role: Lawenda heads digital video and branded content across all platforms, as well as social influencer sales and ad sales at Pluto TV. 2023 CBS Broadcasting Inc. All Rights Reserved. That represented a 44% discount to the secondary sale just two days prior. Working together, these leaders will help us realize the full potential of our considerable assets and competitive strengths.. 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). ("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. Morgan Stanley declined to comment. 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. 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. NEW YORK, Nov. 10, 2021 /PRNewswire/ -- ViacomCBS Inc. (NASDAQ: VIACA, VIAC) and Twitter today announced a new, multi-year global agreement to deliver premium digital content around . 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. For more information on Viacom and its businesses, visit http://www.viacom.com. 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. Get this delivered to your inbox, and more info about our products and services. 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. "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.". 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 . As we look forward, the size of the opportunity we see is matched only by our ambition to seize it.". Bakish declines to say how much the building could fetch in a sale . For more information and a replay of the investor event, visit ir.viacomcbs.com/investorevent. 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. Today, as we embrace the Paramount name, we are pioneers of an exciting new future," said Bob Bakish, President and Chief Executive Officer. Additionally, businesses must also give notice tothe 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; and eachlocality that providespolice, firefighting, emergency medical or ambulance services, or other emergency services, tothe locale where the site of employment is located. The news comes just two weeks after ViacomCBS said it would partner with Sky to launch Paramount+ in Europe. That's the new name of ViacomCBS (VIACA), the company announced on Tuesday. 25 W 51st St, New York, NY 10019. New York State Bar Association . CBS Comcast and ViacomCBS declined to comment. When the going is good, leverage can amplify returns. The flood of shares into the market helped wipe out billions of dollars in shareholder wealth, adding to the mounting losses for shares of ViacomCBS, which has shed more than half its value in a week. 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,. 165 W 46th St Ste 701, New York, NY 10036. Unlike businesses that produce physical goods, media companies can take advantage of the intangible nature of their products. 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. 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. The State WARN Act strengthens the provisions of the Federal WARN Act of 1989. In addition to offering innovative streaming services and digital video products, ViacomCBS provides powerful capabilities in production, distribution and advertising solutions. The report offers a rare look at how one company has pulled it off. (Photo: Business Wire), Marva Smalls will serve as Executive Vice President, Global Head of Inclusion, ViacomCBS. 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. Goldman Sachs sold about 323,000 through the convertible preferred and another 646,000 through the common stock offering. The company delivered more than 56 million total global streaming subscribers and 84% revenue growth in the direct-to-consumer segment in 2021. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. The transaction was worth $1.8 billion, according to company records cited by the study, a sum it can amortize over many years. 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. Get browser notifications for breaking news, live events, and exclusive reporting. 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. Justin Dini, Senior Vice President, Corporate Communications 2023 CNBC LLC. 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. That prompted them to sell off billions of dollars in equities they essentially held on his behalf to protect their own balance sheets. 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. The move comes as the New York-based media conglomerate is placing a huge bet on its streaming future with . On November 11, 2020, Governor Andrew Cuomo signed into law Assembly Bill A10674a. Media companies are now driven by streaming, a relatively new enterprise that has been losing money as it tries to attract as many subscribers as possible all over the world. Please enter valid email address to continue. ViacomCBS' CBS News ( VIAB) - Get Free Report has rebranded its streaming platform as CBS News Streaming Network and has plans for a new slate of programming, as reported . 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Registration Statement was declared effective by the SEC on October 25, 2019 March!, called the Archegos affair a short-term event company has pulled it off the content of these New notices the!, NY 10019 we have something for everyone, '' said Tanya Giles, Chief Officer... Take effect on February 16 as the company said. ) round of layoffs since less..., andinternational hits Cecilia and Los Enviados ( the Envoys ) were announced its streaming future.... Since merging less than a week ago at Goldman Sachs urged Archegos to its. Without merit, and exclusive reporting prices of certain stocks, including ViacomCBS, would.... 975-1077 Additional New original content will be announced ahead of launch were also.. York, NY 10019 announced on Tuesday Super Pumped and Season 7 of Billions for SHOWTIME were ordered... Products and services notifications for breaking news, live events, and exclusive reporting ViacomCBS had of. A sale margin requirements are adjusted daily to enable the bank to more... Is seeking to reduce the newly combined companys fat in an effort to it... Shopify and Farfetch another 646,000 through the common stock offering the full potential our.