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Tag: CBS

  • 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.”

  • Shareholder files lawsuit against Viacom & CBS over Sumner Redstone’s pay

    Shareholder files lawsuit against Viacom & CBS over Sumner Redstone’s pay

    MUMBAI: Investors targeted Viacom Inc and filed a lawsuit against Viacom and CBS’s boards on 19 January, alleging the companies improperly paid millions to executive chairman Sumner Redstone while he was physically and mentally incapacitated.

     

    Redstone’s health issues were heightened after his ex-girlfriend Manuela Herzer filed a lawsuit that raised doubts about the billionaire’s competence. Redstone’s lawyers have maintained that he is in full control of making decisions.

     

    The new shareholder lawsuit, filed in the Delaware Court of Chancery, says payments to Redstone “for services not rendered” amounted to bad faith by the two boards and also says the Viacom board misrepresented Redstone’s deteriorated physical and mental condition in a January 2015 proxy statement.

     

    The Redstone controversy began last fall when his ex-girlfriend was thrown off his advance healthcare directive and escorted out of his sprawling hilltop estate. She sued, contending the mogul was in no position to make such decisions.

     

    Redstone named Viacom chief executive Philippe Dauman as his new healthcare agent. Dauman filed a motion on 15 January in a New York court to stop his deposition in connection with Herzer’s case. 

     

    As per media reports, an attorney for Herzer had no immediate comment on Dauman’s filing. Herzer’s attorney has previously said she sued solely over concern for Redstone’s health.

  • Shareholder files lawsuit against Viacom & CBS over Sumner Redstone’s pay

    Shareholder files lawsuit against Viacom & CBS over Sumner Redstone’s pay

    MUMBAI: Investors targeted Viacom Inc and filed a lawsuit against Viacom and CBS’s boards on 19 January, alleging the companies improperly paid millions to executive chairman Sumner Redstone while he was physically and mentally incapacitated.

     

    Redstone’s health issues were heightened after his ex-girlfriend Manuela Herzer filed a lawsuit that raised doubts about the billionaire’s competence. Redstone’s lawyers have maintained that he is in full control of making decisions.

     

    The new shareholder lawsuit, filed in the Delaware Court of Chancery, says payments to Redstone “for services not rendered” amounted to bad faith by the two boards and also says the Viacom board misrepresented Redstone’s deteriorated physical and mental condition in a January 2015 proxy statement.

     

    The Redstone controversy began last fall when his ex-girlfriend was thrown off his advance healthcare directive and escorted out of his sprawling hilltop estate. She sued, contending the mogul was in no position to make such decisions.

     

    Redstone named Viacom chief executive Philippe Dauman as his new healthcare agent. Dauman filed a motion on 15 January in a New York court to stop his deposition in connection with Herzer’s case. 

     

    As per media reports, an attorney for Herzer had no immediate comment on Dauman’s filing. Herzer’s attorney has previously said she sued solely over concern for Redstone’s health.

  • Amazon inks deal for three CBS series on Prime Video through 2018

    Amazon inks deal for three CBS series on Prime Video through 2018

    NEW DELHI: Amazon and CBS Corporation have inked a new multi-year, multi-series agreement to make Prime Video the exclusive subscription streaming home for three new CBS summer series.

     

    The first new CBS series included in this deal that last till 2018 will be next summer’s comic-thriller Brain Dead, which prime members in the United States will be able to stream just four days after broadcast at no additional charge to their membership.

     

    Amazon vice president of digital video content acquisition Brad Beale said, “Prime members have loved having access to series like Under the Dome and Extant just four days after broadcast, and we’re excited to continue to offer in-season availability of more great CBS summer series over the next three years. We are also always working to ensure our prime members have the best selection, and we know they will continue to enjoy unlimited access to a wide array of CBS titles to binge-watch anytime, anywhere.”

     

    “We’re thrilled to build on our relationship with Amazon with new original summer series and more programming from CBS and SHOWTIME. With a truly original, genre-bending concept from outstanding creative auspices, BrainDead will be one of the most talked-about shows next summer by CBS viewers and Prime members,” added CBS Corporation chief corporate licensing officer Scott Koondel.

     

    There will be no additional charge to membership for access to these new exclusives, and the agreement will look to build on the CBS and Amazon’s extant exclusive deals for Under the Dome and Extant.

     

    This deal will also extend and expand CBS and SHOWTIME titles available to Prime members. 

  • Japan’s Wowow acquires two shows from Sony Pictures Television & CBS

    Japan’s Wowow acquires two shows from Sony Pictures Television & CBS

    MUMBAI: Japanese pay TV broadcaster Wowow has acquired exclusive Japanese broadcast rights to two new US TV series namelyThe Player from Sony Pictures Television; and Zoo from CBS Studios International. 

     

    Set to premiere in Japan on Wowow in Spring 2016, The Player debuted in the US this month. Zoo will debut on Wowow later this year.

     

    The Player had its US network premiere on NBC on 24 September, 2015. The story tracks former FBI agent Alex Kane, who becomes a reluctant player in an age-old secret society’s perverse game of chance, where the stakes are measured in criminal acts and human lives.

     

    The lead cast of The Player includes Philip Winchester, Charity Wakefield, Damon Gupton and Wesley Snipes.

     

    The Player is written by John Rogers, who is also executive producer alongside John Davis, John Fox and director Bharat Nalluri. The series is produced by Kung Fu Monkey and Davis Entertainment in association with Sony Pictures Television.

     

    The CBS series Zoo will premiere exclusively in Japan beginning this New Year holiday season and will be presented as an ‘every night marathon,’ giving the audiences the opportunity to ‘binge view’ the popular program. Wowow will screen the 13-episode debut season over four nights – starting at 10 pm each night from 30 December to 3 January.

     

    Zoo, based on the #1 bestselling novel by James Patterson, is a global thriller about a wave of violent animal attacks against humans sweeping the planet. Among principal cast of Zoo are James Wolk, Kristen Connolly, Billy Burke, Nonso Anozie and Nora Arnezeder.

     

    Creators of Zoo are Josh Appelbaum, André Nemec, Jeff Pinkner and Scott Rosenberg, who also serve as executive producers with Michael Katleman, James Mangold, Cathy Konrad, James Patterson, Bill Robinson, Leopoldo Gout and Steve Bowen. The series is produced by CBS Television Studios and the first season aired on CBS in the US Summer 2015.

  • Q2-2015: Cable Networks props CBS revenue to 1% growth

    Q2-2015: Cable Networks props CBS revenue to 1% growth

    BENGALURU: CBS Corporation reported a one per cent growth in revenue to $3219 million in the quarter ended 30 June, 2015 (Q2-2015) as compared to the $3188 million in the corresponding year ago quarter.

     

    The company’s slight revenue growth was propped by a 19.2 per cent growth by its Cable Network segment, which is one of the four that contribute to the company’s numbers. Cable Networks segment reported revenue of $615 million in the current quarter as compared to the $516 million in the corresponding year ago quarter.

     

    The other three segments-Entertainment, Publishing and Local Broadcasting reported decline in revenue in Q2-2015 by 2.7 per cent, 5.7 per cent and 1.7 per cent respectively as compared to Q2-2014.

     

    Adjusted operating income was $641 million for the second quarter of 2015 compared with operating income of $730 million for the same prior-year period, reflecting higher investment in programming and digital distribution initiatives says CBS. Adjusted net earnings from continuing operations were $365 million for the second quarter of 2015 compared with net earnings from continuing operations of $418 million for the same prior-year period, as a result of the lower adjusted operating income.

     

    Company speak

     

    “CBS is at the center of the action during an extremely exciting time in media. We continue to succeed as a result of our world-class content, and Les and his team are positioning the Company to prosper in the quarters and years ahead,” said CBS executive chairman Sumner Redstone.

     

    “This quarter underscores the key steps we are taking to build out our long-term growth strategy. Central to that strategy is the progress we’re seeing with our fast-growing, non-advertising revenue sources, and there’s so much more to come as our investment in global content and new distribution pathways pays off. We are now on target to surpass our goal of $2 billion in retransmission consent and reverse compensation revenue by 2020 – thanks to a series of recent deals that reset the value of our content in the marketplace. Additionally, the launch of Showtime’s streaming service and the rapid expansion of CBS All Access are generating incremental revenue streams that will continue to grow in the years ahead,” added CBS president and CEO Leslie Moonves.

     

    “Of course, our premium content remains the cornerstone of our success, and I am confident this fall’s new primetime lineup will lead us to another victory next season. In fact, our schedule is so strong that we achieved solid pricing increases and the highest rates overall in the advertising upfront, and we also expect healthy increases in the scatter market throughout the year. As we lay the groundwork for a lucrative 2016 and beyond, we are also holding the line on costs, and we remain as focused as ever on investing in the best content, enhancing our strong financial position, and returning value to shareholders,” Moonves said.

     

    Overall numbers

     

    Revenues for Q2- 2015 increased, driven by affiliate and subscription fees that grew 28.3 per cent to $752 million as compared to the $586 million, driven by Showtime’s distribution of the highest-grossing pay-per-view boxing event of all time, as well as 40 per cent growth in retransmission revenues and fees from CBS Television Network-affiliated television stations. Advertising revenues decreased 2.6 per cent to $1594 million as compared to $1636 million in the corresponding quarter of last year. Content licensing and distribution revenues were down 9.7 per cent to $815 million in the current quarter from $903 million in Q2-2014, primarily reflecting lower domestic television licensing revenues, which were partially offset by higher international television licensing revenues.

     

    Segment numbers

     

    Entertainment

     

    CBS Entertainment segment comprises CBS Television Network, CBS Television Studios, CBS Global Distribution Group, CBS Interactive, and CBS Films.

     

    Entertainment revenues were $1785 million for Q2- 2015 compared with $1835 million for the same prior-year period, primarily reflecting the timing of television licensing revenues. Advertising revenues were down two per cent because of a sale of an Internet business in China during Q1-2015 and the timing of certain sporting events on the CBS Television Network. Affiliate and subscription fees were up 50 per cent, driven by growth in rates.

     

    Entertainment operating income for Q2- 2015 was $262 million compared with $341 million for Q2-2014, reflecting lower revenues and higher investment in programming and digital distribution initiatives.

     

    Cable Networks

     

    Details of Cable Networks revenue comprising Showtime Networks, CBS Sports Network, and Smithsonian Networks have been mentioned above.

     

    Cable Networks operating income for the second quarter of 2015 of $220 million increased from $213 million for the same prior-year period, as the revenue growth was partially offset by higher programming costs for the pay-per-view boxing event.

     

    Publishing (Simon & Schuster)

     

    Publishing revenues for Q2- 2015 were $199 million compared with $211 million for the same prior year period. Digital revenues represented 24 per cent of Publishing’s total revenues for Q2-2015. Bestselling titles in the second quarter of 2015 included The Wright Brothers by David McCullough and Finders Keepers by Stephen King, as well as the continued success of the Pulitzer Prize-winning 2014 release, All the Light We Cannot See by Anthony Doerr.

     

    Publishing operating income of $25 million for the second quarter of 2015 increased nine per cent from $23 million in Q2- 2014, as the revenue decline was more than offset by lower production and distribution costs.

     

    Local Broadcasting

     

    Local Broadcasting comprises CBS Television Stations and CBS Radio.

     

    Local Broadcasting revenues of $654 million for Q2-2015 decreased two per cent from $665 million in the same prior-year period. The decline was the result of lower advertising revenues, including political spending from last year’s midterm elections. Growth in affiliate and subscription fees partially offset the decline. CBS Television Stations revenues were up one per cent, and CBS Radio revenues decreased five per cent.

     

    Local Broadcasting operating income for the second quarter of 2015 was down eight per cent to $198 million from $215 million for the same prior-year period, primarily reflecting the revenue decline.

  • Rentrak inks contract with CBS-affiliated TV station in San Diego

    Rentrak inks contract with CBS-affiliated TV station in San Diego

    MUMBAI: Rentrak has signed a TV measurement agreement with KFMB-TV, the CBS-affiliate in San Diego.

     

    KFMB-TV, which was the first local television station to air in San Diego, will utilize Rentrak’s massive and passive measurement system to provide their clients with more stable, accurate and comprehensive ratings information from more than 800,000 TVs in the San Diego market.

     

    Additionally, KFMB-TV will employ Rentrak’s single-source Auto and Political Advanced Demographics to target commercial messages to these two advertising categories: auto purchasers and voter segments.

     

    “We are pleased to offer Rentrak research and viewing data to our clients here in San Diego. There are many unique, compelling and differentiating features to Rentrak’s suite of offerings. We see great value and an opportunity to present additional metrics that will help target who is watching CBS 8,” said KFMB Stations vice president and general manager Pat Nevin.

     

    “We are thrilled to welcome KFMB-TV to Rentrak’s family of clients and look forward to a long and successful partnership with them,” added Rentrak executive vice president of local television, Steve Walsh.

  • Romedy Now to premiere ‘Jane The Virgin’ TV series

    Romedy Now to premiere ‘Jane The Virgin’ TV series

    MUMBAI: Times Network’s English general entertainment channel Romedy Now will be premiering the American romantic comedy-drama television series Jane the Virgin in India.

     

    Times Network senior vice president and head of English Entertainment cluster Vivek Srivastava said, “I am happy that our endeavor to bring in the latest and best in English TV series is being successful for the viewing delight of our audiences. Romedy Now will be premiering this hit and award winning CBS show on 5 August, 2015. It is an ongoing series in the US. This will be an India TV premiere. Jane the Virgin is a 1 hour comedy-drama format.”

     

    Jane the Virgin debuted in the US on 13 October, 2014. The series is created by Jennie Snyder Urman and is a loose adaptation of the Venezuelan telenovela series created by Perla Farias, originally known as Juana La Virgen. In this TV series, Gina Rodriguez stars in the title role of Jane Villanueva, a religious young working Latina virgin woman, who becomes pregnant after being artificially inseminated by mistake by her gynecologist, an event that sends shockwaves through the lives of Jane and everyone around her. 

     

    Set in the Alpha-World city of Miami, located on the Atlantic coast of beautiful Southeastern Florida, the series details the surprising and unforeseen events that take place in the life of Jane Villanueva, whose family tradition and a vow to save her virginity until her marriage to a detective are shattered when the doctor mistakenly inseminates her artificially during a checkup. To make matters worse, the biological donor is a married man, a former playboy and cancer survivor who is not only the new owner of the hotel where Jane works, but was also her former teenage crush.

     

    Jane the Virgin has received critical acclaim since its premiere. Rodriguez won the award for the Best Actress in a Television series – Musical or Comedy, at the 72nd Golden Globe Awards honoring the best in American film and television industry produced during 2014 on 11 January, 2015, while the show was nominated for Best Television Series – Musical or Comedy and was also nominated for the Critics’ Choice Award. The series has won the People’s Choice Award for the Favorite new TV comedy.

  • Mongol TV announces programme acquisitions

    Mongol TV announces programme acquisitions

    MUMBAI: Mongol TV CEO Nomin Chinbat has announced several acquisitions from the recent Asia TV Forum, mainly drama renewals and a new acquisition from the UK.

    From ITV, Mongol TV has acquired Mr. Selfridge. This apart the channel has also acquired Downton Abbey from distributor NBC. The Mongolian broadcaster also renewed popular American primetime dramas: from CBS, The Good Wife, Hawaii Five-O, NBC’s The Blacklist and ABC’s Scandal.   

    Well known for broadcasting live events, Mongol TV will air the 87th Academy Awards live on 22 February 2015, which it acquired from Disney. This is the second year the broadcaster will air the show live.

    “Mongol TV has been consistently top in ratings in Mongolia by providing our audiences with the best quality programming from around the world. We are fortunate that CBS, ITV, NBC, Fox , Disney and Sony provide us with their best shows for our territory and appreciate our ongoing partnerships with them,” said Chinbat.