New York has established more strict WARN laws at the state level. God certainly has a long-term view.. 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. 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. (Photo: Business Wire), Jose Tolosa will serve as Executive Vice President, Chief Transformation Officer, ViacomCBS. The State WARN Act strengthens the provisions of the Federal WARN Act of 1989. (212) 975-1077 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. ViacomCBS will continue the global expansion of Paramount+ in 2022. 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. 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 . The new name nods to the company' 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 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. The 2019 merger of CBS Corporation and Viacom was announced on August 13, 2019, and was completed on December 4, 2019. Cautionary Notes on Forward-Looking Statements. Mr. Bidens proposed tax overhaul could prevent ViacomCBS and other large corporations from exploiting these mismatches. Investors and traders will look to see who may have extended their balance sheets too far for the bumpy ride ahead, he added. Shares of Credit Suisse, based in Zurich, were down more than 10 percent on Monday after it warned of hits to its balance sheet. CBS is a foundational name in broadcasting the Columbia Broadcasting System launch dates back to 1927 and the early days of commercial radio. A new report from a Dutch nonprofit examines ViacomCBSs strategy of licensing the international rights to Transformers: Age of Extinction and other films. Working together, these leaders will help us realize the full potential of our considerable assets and competitive strengths.. The Registration Statement was declared effective by the SEC on October 25, 2019. 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. NEW PARAMOUNT+ AND SHOWTIME INTEGRATED OFFERING. We want to hear from you. 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 . Revised regulations might also address this issue. 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). By Kate Kelly,Matt Phillips,Andrew Ross Sorkin and Alexandra Stevenson. Paramount+ will also be available on an a la carte and direct-to-consumer basis in the French market. Shares of two Chinese companies that Archegos had also bet on RLX Technology and GSX Techedu also fell precipitously last week. 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 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. Viacom 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. FEDERAL BILL The national law requires only 60 days' notice for employers with 100 or more employees. For investors like Mr. Hwang, the use of derivatives means that their total exposure to a stock can be far greater than the amount of cash they put up. 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. Their action paved the way for Goldman Sachs and others to do the same. -- With reporting from CNBC's Dawn Giel and Ritika Shah. NEW YORK--(BUSINESS WIRE)--CBS (NYSE: CBS.A, CBS) and Viacom (NASDAQ: VIAB, VIA) today announced additional senior appointments for ViacomCBS corporate leadership. He also said the company. The New York WARN Act requires written notice 90 days before a "plant closing," "mass layoff," or "relocation". Copyright 2022 Paramount All Rights Reserved. Licensing, or royalty revenue, has always been a significant part of the business, accounting for about 24 percent of yearly sales since 2018. Dlmcclintock@cbs.com Morgan Stanley declined to comment. Since the amortization is considered an expense, the company was able to reduce the amount of profit it recorded. 2023 CBS Broadcasting Inc. All Rights Reserved. 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. Banks stand to make big money from these types of trades by taking a commission and also by charging a fee usually in the form of an interest rate on the total size of the trade. Notice by employers to the Department of Labor can alsobe mailed to: New York State Department of Labor - WARN Unit Twitter. Alphabet, Starbucks, Dell and other U.S. companies have also had units in the Netherlands. For now, the companies will likely focus on bundling both services to improve their reach in international markets, as first reported by The Wall Street Journal, but remain interested in the possibility of a broader alliance. 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. Discover more about our brands, our leaders, and our culture here. Building 12, Room 425 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. 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. If you purchased Viacom securities, and/or would like to discuss your legal rights and options please visit ViacomCBS Inc Shareholder Class Action Lawsuit or contact Joe Seidman toll free at. 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. 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 . New York State is strengtheningitsWARN Act regulations to address the post-pandemic employment climate. How? They fell last week instead. The move created significant pressure on the B shares of ViacomCBS, which plummeted 27% on Friday and another 7% the following Monday. Morgan Stanley and Goldman Sachs, two of the firms at the center of the Archegos Capital Management unwinding, played a variety of roles before, during and after the margin call. 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. 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. 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+. 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. 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. 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. The public comment period on the proposed regulations is now open until May 30, 2023. Those bets unraveled spectacularly in just a few days last week. 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. ET. The banks specifically, Morgan Stanley and Goldman Sachs which were able to quickly exit those positions that they subsumed from liquidating Archegos came out of the event relatively unscathed. WARN Notice Events. 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 WARN Act applies to private businesses with 50 or more full-time employees in New York State. 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. Were ready for your tomorrow because were built for it. Class Act with Chris Wragge; CBS+; Kids in Crisis; . ViacomCBS has sold CBS' original Midtown Manhattan headquarters, known as "Black Rock," to real estate investment firm Harbor Group International for $760 million. Law 860-b; N.Y. Comp. The new original series announced today join the service's previously announced plans for KAMP KORAL, a new original children's series from Nickelodeon's SPONGEBOB SQUAREPANTS, and the service's role as the exclusive SVOD home to THE SPONGEBOB MOVIE: SPONGE ON THE RUN in early 2021. 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. As a country, he said, wed be better off overall with the same rate everywhere., SpongeBob and Transformers Cost U.S. Taxpayers $4 Billion, Study Says, https://www.nytimes.com/2021/06/01/business/media/viacom-cbs-tax-scheme.html. tit. 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. Under prior law, NY WARN notice was due to the State Department of Labor, each affected employee, each union representing affected employees, and the local Workforce Investment Board.1In addition, federal WARN, when triggered, adds the requirement of notice to the chief elected official of the unit of local government where the qualifying WARN event takes place and to which the employer paid the highest taxes in the preceding year.2As amended, New York WARN now requires that, in addition to these recipients, WARN notice be sent to: (1)the chief elected official of the unit or units of local government and the school district or districts in which the WARN event will occur; and (2)each locality that provides police, firefighting, emergency medical or ambulance services or other emergency services to the site of employment where the WARN event is occurring. The merger of equals reunited CBS Corporation and Viacom into a single company known as ViacomCBS (today known as Paramount Global) after their separation from the first incarnation of Viacom on December 31, 2005. 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. This communication is not a substitute for the joint consent solicitation statement / prospectus or Registration Statement or any other document which CBS or Viacom may file with the SEC. But on the flip side, it can enlarge relatively minor market setbacks and force a run of selling that takes on a life of its own. Money from a potential sale of CBS' New York City headquarters may be used to repurchase shares, ViacomCBS CEO Bob Bakish says. Investors who bought ViacomCBS at $85 saw those shares worth $48 just days later. 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. 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 . ViacomCBS had revenue of $25.3 billion in 2020. 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. It therefore may lower the UI charges associated with the layoff or closing. By Monday, investment banks around the world were scrambling to calculate the damage. The best of the big screen keeps coming to Paramount+. ViacomCBS Inc. (NASDAQ: VIAC; VIACA) is a leading global media and entertainment company that creates premium content and experiences for audiences worldwide. For the most part, this report does not address the concept behind the New York Worker Adjustment and Retraining Notification Act. ViacomCBS spent $2.2 billion last year on streaming programming and expects to invest . Meanwhile, Morgan Stanley was busy offering blocks of its own that day, in names like Discovery, Shopify and Farfetch. As a subscriber, you have 10 gift articles to give each month. ViacomCBS is rebranding to become Paramount Global, effective February 16, the latest giant pivot in a rapidly transforming media and entertainment landscape. 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. A Division of NBCUniversal. 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. 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. 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. 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. 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. Each of those terms has a nuanced definition under the law. Joint Report of . "In just one year, Paramount+ has outperformed all expectations," said Naveen Chopra, Executive Vice President, Chief Financial Officer. This amendment to New York WARN makes New York WARN Act compliance more complicated. The sole purpose of transferring the licensing rights to the Netherlands company was to avoid the U.S. tax burden, the suit added. Commercial & Federal Litigation Section . 1N.Y. ViacomCBS is beginning its first round of layoffs since merging less than a week ago. 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. "There's definitely the potential for a conflict," said Harvey Pitt, former chairman of the Securities and Exchange Commission. Kelli Raftery, Executive Vice President, Communications Mr. Hwang had worked under the billionaire hedge fund titan Julian Robertson at Tiger Management, making him one of the firms famous alumni, or cubs, when he started his own fund, Tiger Asia. Justin.Dini@viacom.com Internationally, global phenomenons Acapulco Shore, Geordie Shore: Return of the OGs and Rio Shore have also been renewed. Important risk factors that may cause such a difference include, but are not limited to: (i) the pending merger may not be completed on anticipated terms and timing, (ii) a condition to closing of the pending merger may not be satisfied, (iii) the anticipated tax treatment of the pending merger may not be obtained, (iv) the potential impact of unforeseen liabilities, future capital expenditures, revenues, costs, expenses, earnings, synergies, economic performance, indebtedness, financial condition and losses on the future prospects, business and management strategies for the management, expansion and growth of the combined business after the consummation of the pending merger, (v) litigation relating to the pending merger against CBS, Viacom or their respective directors, (vi) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the pending merger, (vii) any negative effects of the announcement, pendency or consummation of the pending merger on the market price of CBS or Viacoms common stock and on CBS or Viacoms operating results, (viii) risks associated with third party contracts containing consent and/or other provisions that may be triggered by the pending merger, (ix) the risks and costs associated with the integration of, and the ability of CBS and Viacom to integrate, the businesses successfully and to achieve anticipated synergies, (x) the risk that disruptions from the pending merger will harm CBS or Viacoms business, including current plans and operations, (xi) the ability of CBS or Viacom to retain and hire key personnel and uncertainties arising from leadership changes, (xii) legislative, regulatory and economic developments, (xiii) the other risks described in CBS and Viacoms most recent annual reports on Form 10-K and quarterly reports on Form 10-Q, and (xiv) managements response to any of the aforementioned factors. 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