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Tag: CBS Corporation

  • Sumner Redstone steps down as CBS exec chairman; Moonves named chairman

    Sumner Redstone steps down as CBS exec chairman; Moonves named chairman

    MUMBAI: CBS Corporation has elected Leslie Moonves as the next chair of the CBS Board of Directors. Moonves was nominated by CBS Board vice chair Shari E. Redstone and his appointment was confirmed by a unanimous vote of the CBS directors. He also will continue to serve as president and CEO of CBS, positions he has held since 2006. 

    Moonves’ election by the Board follows the recent resignation of the 92-year old Sumner M. Redstone from his position of executive chairman, which was effective 2 February, 2016, and his appointment to the role of CBS Corporation chairman emeritus. Shari Redstone, Sumner Redstone’s daughter, will continue to serve as vice chair of the CBS Board, a position she has held since 2005.

    “I am honoured to accept the chairmanship of this great company,” said Moonves. “I want to thank Sumner for his guidance and strong support over all these years. It has meant the world to me. I am particularly grateful that Shari Redstone has agreed to continue in her role as Vice Chair of the Company. Her business acumen and knowledge of the media space remain very important to me as we move forward, and I greatly appreciate her support and invaluable counsel. I would also like to thank our excellent board of directors, who have contributed so significantly to our success. The people of CBS have achieved much together and I believe the best is yet to come.”

    Moonves joined CBS in 1995 after a career at Warner Bros. Television and Lorimar Television. He has held positions as president of CBS Entertainment (1995-1998), president and CEO of CBS Television (1998-2003) and chairman of CBS Television (2003-2004). In 2004, Moonves also became co-president and co-COO of Viacom and remained so until CBS’s separation from Viacom in 2006 when he became president and CEO of CBS Corporation.

    Before electing Moonves, the CBS Board offered the position of non-executive chair to Shari Redstone, but she declined in light of her other professional and personal responsibilities, and in recognition of her confidence in Moonves. Shari Redstone serves as co-founder and managing partner of Advancit Capital, a venture capital firm that invests in early stage companies focusing on media, entertainment and technology. She also serves as vice chair of Viacom, and as president of National Amusements, Inc., which is the controlling shareholder of Viacom and CBS, and owner of the international chain of Showcase and Cinema de Lux theaters.

    “I have been fortunate to work with Les and he has clearly established himself as a creative and effective leader who understands both the challenges and the opportunities that are shaping today’s media landscape,” she said. “I am sure he will make a great chair and I look forward to working with him for many years to come.”

  • Sumner Redstone steps down as CBS exec chairman; Moonves named chairman

    Sumner Redstone steps down as CBS exec chairman; Moonves named chairman

    MUMBAI: CBS Corporation has elected Leslie Moonves as the next chair of the CBS Board of Directors. Moonves was nominated by CBS Board vice chair Shari E. Redstone and his appointment was confirmed by a unanimous vote of the CBS directors. He also will continue to serve as president and CEO of CBS, positions he has held since 2006. 

    Moonves’ election by the Board follows the recent resignation of the 92-year old Sumner M. Redstone from his position of executive chairman, which was effective 2 February, 2016, and his appointment to the role of CBS Corporation chairman emeritus. Shari Redstone, Sumner Redstone’s daughter, will continue to serve as vice chair of the CBS Board, a position she has held since 2005.

    “I am honoured to accept the chairmanship of this great company,” said Moonves. “I want to thank Sumner for his guidance and strong support over all these years. It has meant the world to me. I am particularly grateful that Shari Redstone has agreed to continue in her role as Vice Chair of the Company. Her business acumen and knowledge of the media space remain very important to me as we move forward, and I greatly appreciate her support and invaluable counsel. I would also like to thank our excellent board of directors, who have contributed so significantly to our success. The people of CBS have achieved much together and I believe the best is yet to come.”

    Moonves joined CBS in 1995 after a career at Warner Bros. Television and Lorimar Television. He has held positions as president of CBS Entertainment (1995-1998), president and CEO of CBS Television (1998-2003) and chairman of CBS Television (2003-2004). In 2004, Moonves also became co-president and co-COO of Viacom and remained so until CBS’s separation from Viacom in 2006 when he became president and CEO of CBS Corporation.

    Before electing Moonves, the CBS Board offered the position of non-executive chair to Shari Redstone, but she declined in light of her other professional and personal responsibilities, and in recognition of her confidence in Moonves. Shari Redstone serves as co-founder and managing partner of Advancit Capital, a venture capital firm that invests in early stage companies focusing on media, entertainment and technology. She also serves as vice chair of Viacom, and as president of National Amusements, Inc., which is the controlling shareholder of Viacom and CBS, and owner of the international chain of Showcase and Cinema de Lux theaters.

    “I have been fortunate to work with Les and he has clearly established himself as a creative and effective leader who understands both the challenges and the opportunities that are shaping today’s media landscape,” she said. “I am sure he will make a great chair and I look forward to working with him for many years to come.”

  • Sky & CBS ink pan-European deal for Showtime programming portfolio

    Sky & CBS ink pan-European deal for Showtime programming portfolio

    MUMBAI: Sky and CBS Corporation have inked a long-term licensing agreement for Sky Atlantic to be the exclusive home to Showtime’s growing portfolio of programming across all its territories in the UK, Ireland, Germany, Austria and Italy. Previously, Sky has licensed select Showtime content from CBS on a programme by programme basis.

     

    The deal will span all new and future series including Billions, which premiered in the US with the best series debut performance ever for a Showtime original series. Other new series include the return of Twin Peaks and new seasons of hits such as Ray Donovan and The Affair. The agreement also means customers will have on-demand access to an acclaimed catalogue of premium Showtime programming including Californication, Dexter, Nurse Jackie, The Borgias and Brotherhood.

     

    Additionally, customers can watch these shows where they want using mobile TV service – Sky Go. Customers who use Sky’s streaming platforms, NOW TV and Sky Online also have access to this must-see channel live and on demand.

     

    The deal is the latest multi-territory agreement secured by Sky as it extends its market-leading offering across entertainment, sports, arts and movies. Alongside an expanding portfolio of the best shows from the US and around the world, Sky is also growing its investment in original production, which includes a successful partnership with Showtime to co-produce the gothic horror series, Penny Dreadful.

     

    For CBS Corporation, this is the largest and most expansive international deal to date for Showtime and the first time its content portfolio has been licensed to a single media company across multiple European territories. It also marks a significant next step in the company’s global expansion strategy to distribute Showtime’s prestigious brand and broad programming slate as a bundled offering.

     

    Last year, CBS and Bell Media announced a similar exclusive agreement for Showtime in Canada.

     

    Alongside scripted content, Sky will have an exclusive option to take all new Showtime distributed unscripted shows such as documentaries, late night and reality shows. Premiere dates for the programming may vary by country and current rights agreements with other platforms will remain unchanged.

     

    Sky managing director – content Gary Davey said, “This is one of the most important content deals Sky has ever agreed, cementing Sky’s position as the market-leader in Europe for world-class drama. We are enormously proud that Sky will be the exclusive home to new Showtime programmes for many years to come, building on a relationship that has grown over time including producing three successful seasons of Penny Dreadful together. The agreement means our customers can enjoy an incredible slate of upcoming new dramas like Billions, Twin Peaks and also explore hundreds of hours of amazing series such as Dexter, Californication, The Affair and House of Lies on demand from the back catalogue of one of the world’s most exciting pay TV networks.”

     

    CBS Global Distribution Group president and CEO Armando Nu?ez added, “This is the most significant international deal in the history of Showtime, and further signals the value and prestige of its content brand in the global marketplace. Showtime CEO David Nevins and his team have built an incredible roster of award-winning, critically acclaimed programming. This deal shows how robust and profitable Showtime has become as a stand-alone product and revenue stream. We look forward to working with our outstanding partners at Sky to present Showtime to its customers across Europe and on a wide range of their platforms.”

  • Sky & CBS ink pan-European deal for Showtime programming portfolio

    Sky & CBS ink pan-European deal for Showtime programming portfolio

    MUMBAI: Sky and CBS Corporation have inked a long-term licensing agreement for Sky Atlantic to be the exclusive home to Showtime’s growing portfolio of programming across all its territories in the UK, Ireland, Germany, Austria and Italy. Previously, Sky has licensed select Showtime content from CBS on a programme by programme basis.

     

    The deal will span all new and future series including Billions, which premiered in the US with the best series debut performance ever for a Showtime original series. Other new series include the return of Twin Peaks and new seasons of hits such as Ray Donovan and The Affair. The agreement also means customers will have on-demand access to an acclaimed catalogue of premium Showtime programming including Californication, Dexter, Nurse Jackie, The Borgias and Brotherhood.

     

    Additionally, customers can watch these shows where they want using mobile TV service – Sky Go. Customers who use Sky’s streaming platforms, NOW TV and Sky Online also have access to this must-see channel live and on demand.

     

    The deal is the latest multi-territory agreement secured by Sky as it extends its market-leading offering across entertainment, sports, arts and movies. Alongside an expanding portfolio of the best shows from the US and around the world, Sky is also growing its investment in original production, which includes a successful partnership with Showtime to co-produce the gothic horror series, Penny Dreadful.

     

    For CBS Corporation, this is the largest and most expansive international deal to date for Showtime and the first time its content portfolio has been licensed to a single media company across multiple European territories. It also marks a significant next step in the company’s global expansion strategy to distribute Showtime’s prestigious brand and broad programming slate as a bundled offering.

     

    Last year, CBS and Bell Media announced a similar exclusive agreement for Showtime in Canada.

     

    Alongside scripted content, Sky will have an exclusive option to take all new Showtime distributed unscripted shows such as documentaries, late night and reality shows. Premiere dates for the programming may vary by country and current rights agreements with other platforms will remain unchanged.

     

    Sky managing director – content Gary Davey said, “This is one of the most important content deals Sky has ever agreed, cementing Sky’s position as the market-leader in Europe for world-class drama. We are enormously proud that Sky will be the exclusive home to new Showtime programmes for many years to come, building on a relationship that has grown over time including producing three successful seasons of Penny Dreadful together. The agreement means our customers can enjoy an incredible slate of upcoming new dramas like Billions, Twin Peaks and also explore hundreds of hours of amazing series such as Dexter, Californication, The Affair and House of Lies on demand from the back catalogue of one of the world’s most exciting pay TV networks.”

     

    CBS Global Distribution Group president and CEO Armando Nu?ez added, “This is the most significant international deal in the history of Showtime, and further signals the value and prestige of its content brand in the global marketplace. Showtime CEO David Nevins and his team have built an incredible roster of award-winning, critically acclaimed programming. This deal shows how robust and profitable Showtime has become as a stand-alone product and revenue stream. We look forward to working with our outstanding partners at Sky to present Showtime to its customers across Europe and on a wide range of their platforms.”

  • 21st Century Fox CEO James Murdoch to speak at Ignition 2015

    21st Century Fox CEO James Murdoch to speak at Ignition 2015

    MUMBAI: Ignition 2015: Future of Digital, which is Business Insider’s flagship annual conference, will see 21st Century Fox CEO James Murdoch as a key speaker.

     

    The conference is scheduled to take place on 8 – 9 December, 2015 in New York City.

     

    Ignition has brought together the best minds in media and technology to share what they see on the horizon. Through unscripted interviews, cutting-edge demos, and insights from industry pioneers, they will highlight key trends to be aware of and what one needs to do to stay ahead.

     

    In his nearly two-decade career with 21st Century Fox, Murdoch has held an impressive succession of leadership roles. He has had direct responsibility for the company’s expansion, strategic transactions, and transformative growth. Under his leadership, the company’s cable and broadcasting networks reach more than 1.8 billion subscribers everyday. Murdoch previously served as co-COO, chairman and CEO for Europe and Asia, and chairman of BSkyB, Sky Deutschland, and Sky Italia.

     

    Apart from Murdoch, the other key speakers at Ignition 2015 are as follows: Sony Pictures Entertainment chairman & CEO Michael Lynton, Time Warner Inc. chairman & CEO Jeff Bewkes, CBS Corporation president & CEO Leslie Moonves, Comcast chairman & CEO Brian Roberts, BuzzFeed founder & CEO Jonah Peretti, TheStreet.com chairman Jim Cramer, Facebook VP of Global Marketing Solutions Carolyn Everson, Rent the Runway co-founder & CEO Jennifer Hyman, GE chairman & CEO Jeff Immelt, Verizon chairman & CEO Lowell McAdam, DraftKings CEO Jason Robins, Vimeo CEO Kerry Trainor, Sourcepoint Technologies, Inc. founder & CEO Ben Barokas, Interlude founder & CEO Yoni Bloch, GE executive director, global brand marketing Linda Boff, Breyer Capital founder & CEO Jim Breyer, Hulu CEO Mike Hopkins, Sharethrough president Patrick Keane, Getty Images co-founder & chairman Jonathan Klein, Blendle co-founder Alexander Klöpping, CBS Interactive president & CEO Jim Lanzone, RBC Capital Markets Managing director, Internet Mark Mahaney, Piper Jaffray Managing director & Senior Research Analyst Gene Munster, Smarty Pants Chief Brainiac Stephanie Retblatt, Gilt Groupe chairman & founder Kevin Ryan, Blue Apron co-founder & CEO Matthew Salzberg, Taboola founder & CEO Adam Singolda, The New York Times Company president & CEO Mark Thompson, Refinery29 co-founder & co-CEO Philippe von Borries and Roku founder & CEO Anthony Wood.

     

    Additionally, speakers from Business Insider will be editor-in-chief & CEO Henry Blodget, chief correspondent Nicholas Carlson, deputy editor, tech insider Steve Kovach, deputy editor, tech, science, and entertainment Alyson Shontell and executive editor Jay Yarow.

     

    In its sixth year now, Ignition 2015 aims to give a new understanding of the transformations taking place in the digital world. Close to 700 senior executives in technology, media, entertainment, investment, and finance will be discussing innovative ideas.

  • CBS revenue up 2 per cent for Q3-2014, operating income down 2.4 per cent

    CBS revenue up 2 per cent for Q3-2014, operating income down 2.4 per cent

    BENGALURU: CBS Corporation (CBS) reported a 2 per cent growth in revenue in Q3-2014 at $  3367 million from $  3302 million reported in the year ago quarter. However, 9M-2014 revenue fell 3 per cent to $ 10125 million from $ 10434 million in 9M-2013.

     

    The company’s operating income before depreciation and amortisation (OIBDA) in Q3-2014 at $ 814 million was 2.4 per cent less than the $ 834 million in Q3-2013. 9M-2014 at $ 2477 million was 2 per cent lower than the $  2527 million in 9M-2013.

     

    Entertainment, Cable Networks, Publishing; and Local Broadcasting segments contribute to CBS numbers. Poor OIBDA results from CBS Entertainment segment which contributes a major portion to revenue and OIBDA, resulted in lower operating income.

     

    Segment results

     

    Entertainment

     

    CBS Entertainment segment reported revenue growth of 1.4 per cent in Q3-2014 to $ 1911 million from $ 1884 million in Q3-2013. However, for 9M-2014, revenue at $ 6049 million fell 5.9 per cent from $ 6431 million in 9M-2013.

     

    Entertainment segment’s OIBDA fell sharply by 22.3 per cent q-o-q to $ 335 million in Q3-2014 from $ 431 million.  OIBDA during 9M-2014 fell 12.8 per cent to $ 1168 million from $ 1340 million in 9M-2013.

     

    Cable Networks

     

    This segment reported 4.7 per cent growth in revenue to $ 624 million in Q3-2014 from $ 596 million in the corresponding year ago quarter. Revenue during HY-2014 at $ 1677 million was 5.3 per cent more than the $ 1592 million in 9M-2013.

     

    OIBDA from this segment rose 4.2 per cent to $ 272 million in Q3-2014 from $ 261 million in Q3-2013. During 9M-2014, OIBDA from CBS Cable Network segment rose 7.3 per cent to $ 750 million from $ 699 million.

     

    Publishing

     

    CBS Publishing segment saw a 11.2 per cent fall in revenue to $ 199 million in Q3-2014 from $ 224 million in Q3-2013. Revenue from this segment fell 3.6 per cent to $ 563 million in 9M-2014 from $ 584 million in 9M-2013.

     

    OIBDA for publishing segment remained flat at $ 43 million in Q3-2014 and Q3-2013. For 9M-2014, OIBDA was 5.3 per cent more at $ 80 million as compared to the $ 76 million in 9M-2013.

     

    Local Broadcasting

     

    Revenue from this segment increased 6.1 per cent to $ 680 million in Q3-2014 from $ 641 million in Q3-2013. Revenue from local broadcasting in 9M-2014 fell by a 0.3 per cent to $ 1971 million from $ 1977 million in 9M-2013.

     

    OIBDA for this segment rose 18.2 per cent in Q3-2014 to $ 214 million from $ 181 million in Q3-2013. 9M-2014 OIBDA rose 2.7 per cent to $ 652 million from $ 635 million in 9M-2013.

     

    Company Quotes

     

    “CBS continues to succeed on the strength of its tremendous content,” said CBS executive chairman, Sumner Redstone. “Les and his team are optimising the Company for future growth at every turn, and I have the utmost confidence in their ability to increasingly drive shareholder value in these dynamic times of great opportunity.”

     

    “Our third quarter growth reflects the success of our efforts to create and monetize our premium content,” said CBS president and CEO Leslie Moonves. “I am particularly pleased with the CBS Television Network’s encouraging start to the fall season, which has reloaded our owned content pipeline in a big way with Madam Secretary, Scorpion, and NCIS: New Orleans, along with new owned hits from Showtime and The CW. Our local businesses had a strong quarter as well, including increasing political spending and higher retransmission consent fees. Also during the quarter, we renegotiated new station affiliate contracts with LIN Media, Tribune Broadcasting, Media General, and Gray Television with more to come later this year, bringing us that much closer toward our stated goal of $ 2 billion in retransmission consent and reverse compensation revenues by 2020. We are also capitalizing on growing consumer demand by expanding into emerging platforms. This includes the recent launch of CBS All Access, which allows our “super fans” to watch CBS wherever they are. At the same time, we are returning more value to shareholders than ever before, and we continue to have great confidence in our future as a content company in this ever-expanding marketplace.”

     

    Company speak

     

    Revenues of $ 3.37 billion for the third quarter of 2014 increased 2 per cent from $ 3.30 billion for the same quarter a year ago. This growth was driven by a 4 per cent increase in content licensing and distribution revenues from higher international and domestic licensing of television programming.

     

    Advertising revenues grew 2 per cent, driven by the broadcast of Thursday Night Football on CBS and political revenues associated with midterm elections. Affiliate and subscription fees were even with the third quarter of 2013, because of a significant pay-per-view boxing event a year ago that affected the revenue stream comparison by six percentage points. Cable affiliate fees, retransmission revenues, and fees from CBS Television Network affiliated stations all continued to grow in this year’s third quarter.

     

    Adjusted OIBDA of $ 814 million was down 2 per cent as a result of an increased investment in television programming, mainly associated with new contracts with the National Football League (“NFL”). The investment in NFL programming contributed to the successful launch of three new CBS-owned television series in the 2014/2015 television broadcast season, which all generated higher ratings in their respective time periods compared with the prior year.

     

    Adjusted net earnings from continuing operations were $ 400 million for the third quarter of 2014 compared with net earnings from continuing operations of $ 431 million for the same prior-year period. The decline primarily reflects the higher programming investment as well as losses of $ 23 million ($ .04 per diluted share) associated with changes in foreign exchange rates. Adjusted net earnings from continuing operations per diluted share for the third quarter of 2014 grew 6 per cent, to $ .74, from diluted net earnings per share from continuing operations of $ .70 for the same quarter in 2013.

     

    The increase was driven by lower weighted average shares outstanding from the split-off of CBS Outdoor Americas Inc. (“Outdoor Americas”) on 16 July 2014, as well as the Company’s ongoing share repurchase programme.

     

    Operating income was $ 668 million for the third quarter of 2014 compared with $ 764 million for the same prior-year period. Operating income for the third quarter of 2014 included restructuring charges of $ 26 million and a noncash impairment charge of $ 52 million in connection with a radio station swap. Net earnings from continuing operations were $ 72 million for this year’s third quarter compared with $ 431 million for the same quarter a year ago. In addition to the items above, net earnings for the third quarter of 2014 included a loss on early extinguishment of debt of $ 219 million, net of tax ($ .40 per diluted share), associated with the Company’s debt refinancing and a discrete tax item of $19 million. Adjusted results exclude the impact from all of these non-comparable items.

     

    Net earnings per diluted share of $3.03 for the third quarter of 2014 include a gain of $1.56 billion recognised in connection with the split-off of Outdoor Americas.

     

    Click here to read the financial release

     

    Click here to read the consolidated results 

  • Nielsen and Twitter join hands to provide social TV rating

    MUMBAI: Global provider of information and consumer insights Nielsen and micro blogging site Twitter have entered am exclusive multi-year agreement to create the “Nielsen Twitter TV Rating” for the US market.

    Under this agreement, Nielsen and Twitter will deliver a syndicated-standard metric around the reach of the TV conversation on Twitter. The metric will be available for commercial use at the start of the fall 2013 TV season.

    The Nielsen Twitter TV Rating will serve to complement Nielsen’s existing TV ratings, giving TV networks and advertisers the real-time metrics required to understand TV audience social activity. These ratings will build on top of NM Incite’s SocialGuide audience engagement analytics platform.

    NM Incite is a joint venture between Nielsen and McKinsey & Co, and the hub of Nielsen’s social media analytics efforts.

    The proliferation of smartphones and tablets has generated a substantial ‘connected’ TV audience that is simultaneously watching television and accessing the Internet through these devices. This, in turn, will continue to create the opportunity for content providers to offer engaging interactive features for the viewers. As this form of viewer engagement evolves into a mainstream activity, it presents ways for content providers to enhance the viewing experience for our viewers and our advertisers.

    Nielsen Global Media Products and Advertiser Solutions president Steve Hasker said, “The Nielsen Twitter TV Rating is a significant step forward for the industry, particularly as programmers develop increasingly captivating live TV and new second-screen experiences, and advertisers create integrated ad campaigns that combine paid and earned media. As a media measurement leader we recognize that Twitter is the preeminent source of real-time television engagement data.”

    Twitter vice president of media Chloe Sladden said, “Our users love the shared experience of watching television while engaging with other viewers and show talent. Twitter has become the world‘s digital water cooler, where conversations about TV happen in real time. Nielsen is who the networks rely on to give better content to viewers and clearer results to marketers. This effort reflects Nielsen‘s foresight into the evolving nature of the TV viewing experience, and we’re looking forward to collaborating with Twitter ecosystem partners on this metric to help broadcasters and advertisers create truly social TV experiences.”

    According to a press statement by Nielsen, TV viewers discuss TV on Twitter, creating a new dynamic between audiences and programming. The service’s more than 140 million active users send one billion Tweets every two and a half days, the vast majority of which is public and conversational, making Twitter data a necessity in producing standardised metrics representing online and mobile conversations about television.

    CBS Corporation chief research officer David F Poltrack said, “We are already engaged with Nielsen and Twitter in a program of research and experimentation in this exciting new area. We are pleased to see Nielsen and Twitter join together to provide a comprehensive measurement system that will allow us to employ these social networking tools to their full advantage.”

    Fox Networks Group chairman and CEO Peter Rice said, “Twitter is a powerful messenger and a lot of fun for fans of our shows, providing them with the opportunity to engage, connect and voice their opinions directly to each other and us. Combining the instant feedback of Twitter with Nielsen ratings will benefit us, program producers, and our advertising partners.”