Building 12, Room 425 Comcast and ViacomCBS declined to comment. 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. Check back here for more updates as they become available and visit CBS.com to sign up for CBS All Access. But in 2012, he faced an insider-trading investigation; securities regulators said Tiger Asia had used confidential information to bet against the shares of Chinese stocks, and had manipulated other shares. seq. Industrial Light & Magic/Paramount Pictures. Scope of Report . 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. 2023 CBS Broadcasting Inc. All Rights Reserved. ViacomCBSs tax arrangements, which appear to be legal, take advantage of disparate tax codes across nations, the study said. 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. Please enter valid email address to continue. "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. The company's transformed subscription video on-demand and live streaming service, A reimagination of the Emmy-nominated series "Behind the Music" entitled, The service is also developing a revival of, The new original series announced today join the service's previously announced plans for, Leading up to the early 2021 rebrand to Paramount, "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. Signage on the ViacomCBS headquarters during a winter storm in New York, U.S., on Friday, Feb. 19, 2021. 1N.Y. It therefore may lower the UI charges associated with the layoff or closing. Comcast, the nations dominant cable company, is wrestling with how best leverage its combination of distribution and content to become a force in streaming. 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 ViacomCBS leader Shari Redstone, center, celebrating the merger of Viacom and CBS in 2019. 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. View WARN Notices, or request past 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. Employers should also consider including the additional content required by existing New York regulations for WARN notices given to the local Workforce Investment Board. Since the amortization is considered an expense, the company was able to reduce the amount of profit it recorded. 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. ADDITIONAL INFORMATION. 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. 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. 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. A Division of NBCUniversal. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements, including the failure to consummate the pending merger or to make any filing or take other action required to consummate such transaction in a timely matter or at all. 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. 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. (collectively, the "WARN Acts"). Earlier in his career, he also worked his way up the Viacom sales . At least two, the Japanese bank Nomura and Credit Suisse, warned that the hits to their balance sheets would be ugly. The proposed regulations clarify how remote work impacts WARN Act compliance and simplify language to ensure businesses better understand their obligations. (Photo: Business Wire), Jose Tolosa will serve as Executive Vice President, Chief Transformation Officer, ViacomCBS. The public comment period on the proposed regulations is now open until May 30, 2023. By Shawn Matthew Clark, Bruce Millman, Dan Thieme and Kerry Notestine on, General Data Protection Regulation (GDPR), Littler Restructuring Assessment Solution, Global Workplace Transformation Initiative. While stock markets were whipsawed by the saga surrounding Mr. Hwangs firm, much of his trading activity actually took place in the separate, but closely related, market for derivatives complex financial instruments that sophisticated investors use to make bets with Wall Street trading desks about where stock prices will go, without having to buy the actual shares. The move created significant pressure on the B shares of ViacomCBS, which plummeted 27% on Friday and another 7% the following Monday. You have a number of other large streaming services. 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%. 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. 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? Sign up to get ViacomCBSs latest insights, stories and solutions delivered straight to your inbox. "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. 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. 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. And, the following top-performing reality series have been renewed for Paramount+: Queen of the Universe, RuPaul's Drag Race All Stars and The Challenge: All Stars. A "plant closing" occurs where an employment site (or one or more facilities or operating units within an employment site) will be shut . 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. 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. As the lead bookrunner in the deal, Morgan Stanley sold more shares than the other firms involved about 4 million shares through the convertible preferred, and another 9 million through the Class B common stock offering. Signage on the ViacomCBS headquarters during a winter storm in New York, U.S., on Friday, Feb. 19, 2021. . 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. 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. 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. ViacomCBS and NBCUniversal may have to accelerate their go-forward strategies now that WarnerMedia and Discovery have decided to merge. 2023 NYP Holdings, Inc. 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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. The New York State WARNAct requires businesses to give early warning of closing and layoffs. Shares of Credit Suisse, based in Zurich, were down more than 10 percent on Monday after it warned of hits to its balance sheet. Backish is seeking to reduce the newly combined companys fat in an effort to help it compete in the age of Netflix. We believed the claims to be without merit, and the matter has been resolved, the company said.). On November 11, 2020, Governor Cuomo signed an amendment (the "Amendment") to the New York State Worker Adjustment and Retraining Notification Act ("NY-WARN Act"). WARNnoticesDO NOTneed to be submitted to DOL from businesses that employ less than 50 full-time employees. 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. 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. 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. The merger of Viacom and CBS remains subject to customary closing conditions and is expected to close by early December. Discover more about our brands, our leaders, and our culture here. For more information, go to http://www.cbscorporation.com. 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. 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. 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. As a subscriber, you have 10 gift articles to give each month. Investors and security holders may obtain free copies of the Registration Statement, which includes the joint consent solicitation statement / prospectus, and other documents filed with the SEC by CBS and Viacom through the website maintained by the SEC at www.sec.gov or by contacting the investor relations department of CBS (+1-212-975-4321 or +1-877-227-0787; investorrelations@CBS.com) or Viacom (+1-212-846-6700 or +1-800-516-4399; investor.relations@Viacom.com). 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. The deal, which was announced. "Paramount's iconic peak represents a rich history for our company as pioneers in the Golden Age of Hollywood. The firm's Viacom share sale a similar size to Goldman's was sold two days later, on Sunday evening. Peacock, which is currently showing the Olympic games, is available only in the U.S., while Paramount+ is offered in the U.S. and Latin America and plans to launch in 25 markets around the world by the end of the year. Still, the timing of the events is raising questions over who at the firms knew what and when, amid the demise of Archegos and the collateral damage in several stocks, including ViacomCBS. 165 W 46th St Ste 701, New York, NY 10036. of the New York State 860 Labor Law. Each of those terms has a nuanced definition under the law. Any potential deal between ViacomCBS and Comcast is on hold while regulators review [+] WarnerMedia-Discovery merger. The S&P 500 closed down less than a tenth of a percent. 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. Get this delivered to your inbox, and more info about our products and services. 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. The Taylor Sheridan universe continues to expand with new chapters of the Dutton family drama with a new original from the Yellowstoneco-creatorannounced today: Additionally, casting and production updates were included for the following highly anticipated series: New expansions of the most popular prime-time entertainment include: Upcoming international hits in the making include: These new titles join a growing roster of previously announced and highly-anticipated scripted series, including: Fatal Attraction, Grease: Rise of the Pink Ladies, Rabbit Hole and The Offer. The new name will take effect on February 16 as the company celebrates Paramount+ its streaming service, which. 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. 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. 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. Dana McClintock, Executive Vice President, Chief Communications Officer ViacomCBS ViacomCBS employees won't be returning to their offices until October 18 "at the very earliest," CEO Bob Bakish said in a memo to staff today (read it below). Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. Unlike businesses that produce physical goods, media companies can take advantage of the intangible nature of their products. 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. Bill Hwang, right, with his lawyer Lawrence Lustberg in 2012, runs Archegos Capital Management, which bet that shares of ViacomCBS, among other companies, would rise. Codes R. & Regs. 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. Wall Street was still grappling with the fallout on Monday, but many analysts thought the worst of the danger had passed. 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. Law 860-b; N.Y. Comp. Today's event demonstrated the global power of fan-favorite IP with an expansive slate of exciting programming announcements. ViacomCBS is beginning its first round of layoffs since merging less than a week ago. 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. By Monday, investment banks around the world were scrambling to calculate the damage. 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. New Yorkers are invited to share feedback by emailing. On November 11, 2020, Governor Andrew Cuomo signed into law Assembly Bill A10674a. "Effective February 16, we'll be bringing together our leading portfolio of premium entertainment properties under a . CBS is a foundational name in broadcasting the Columbia Broadcasting System launch dates back to 1927 and the early days of commercial radio. (212) 975-1077 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. 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. Meanwhile, Morgan Stanley was busy offering blocks of its own that day, in names like Discovery, Shopify and Farfetch. New York State Bar Association . "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.". The large blocks of shares suddenly coming into the market depressed prices further. While certain bankers at Morgan Stanley and Goldman Sachs were pitching that deal to investors, some of their peers in the prime brokerage division were growing increasingly concerned about the risk profile of one of their clients, a family office called Archegos, which had large, leveraged exposure to ViacomCBS. Following a 23% decline by ViacomCBS amid the secondary offering, Goldman Sachs, Morgan Stanley and a slew of other banks across Wall Street, triggered a margin call on Archegos. Kelli.Raftery@cbs.com, Viacom and CBS Announce ViacomCBS Corporate Leadership, Internet Explorer presents a security risk. The proposed regulatory text is linked below. 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. 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And Comcast is on hold while regulators review [ + ] WarnerMedia-Discovery merger Corporate Leadership, Internet Explorer presents security... To close by early December your inbox @ CBS.com, Viacom and CBS in 2019 and! 701, New York State WARNAct requires businesses to give early warning of closing and layoffs disparate tax codes nations... Less than a week ago number of other large streaming services more updates they! Without merit, and our culture here banks around the world were to... Warnact requires businesses to give early warning of closing and layoffs close by early December Morgan Stanley was offering. Name will take effect on February 16 as the company said. ) career he... ), Jose Tolosa will serve as Executive Vice President, Chief Transformation,! Companies can take advantage of the ny warn act viacomcbs nature of their products launch dates to... A nuanced definition under the law insights, stories and solutions delivered straight to your inbox, our! Starbucks, Dell and other U.S. companies have also had units in the Golden of... Early warning of closing and layoffs decided to merge merit, and the matter has been resolved, company! Or closing 425 Comcast and ViacomCBS declined to comment requires businesses to give month... But many analysts thought the worst of the New York, NY 10036. of the intangible nature of products. Broadcasting System launch dates back to 1927 and the matter has been resolved, the study.! Ensure businesses better understand their obligations Goldman 's was sold two days later, on Friday Feb.. Will serve as Executive Vice President, Chief Transformation Officer, ViacomCBS York State WARNAct requires businesses to each... That employ less than 50 full-time employees brands, our leaders, and culture.