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Tag: Leslie Moonves

  • 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.”

  • 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.

  • 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.

  • CBS News extends David Rhodes’ contract through 2019

    CBS News extends David Rhodes’ contract through 2019

    MUMBAI: CBS has inked a new contract with CBS News president and CEO David Rhodes that extends his employment through February 2019. Rhodes has been president of CBS News since 2011.

     

    CBS president and CEO Leslie Moonves said, “CBS News is experiencing division-wide growth. David’s exceptional news judgment and competitive acumen has had a great impact so far, and we look forward to continued growth on all our news broadcasts as we move forward.”

     

    Rhodes is responsible for CBS News broadcasts and its global newsgathering. His emphasis on hard news and original reporting is evident across all platforms, including television, CBS News Radio and CBSNews.com. He also spearheaded the launch of CBSN, a joint effort between CBS News and CBS Interactive to create the first digital streaming news network.

     

    Rhodes was a catalyst behind the creation and launch of the CBS This Morning program, including the development of a new studio and newsroom at the CBS Broadcast Center in New York. He also helped to expand Face The Nation with Bob Schieffer to a full hour as the broadcast became the #1 Sunday public affairs show.

     

    Before joining CBS News, Rhodes held senior roles at Bloomberg and Fox News. At Bloomberg, he was head of US Television, overseeing all development, editorial, newsgathering, and programming. He also relaunched the financial news service’s flagship cable channel in 2009 and made important changes in the network’s talent and programming.

     

    Rhodes started his career in 1996 as a production assistant at the newly launched Fox News Channel, where he eventually became vice president of News. While there, he managed coverage of the wars in Afghanistan and Iraq, three presidential elections, and natural weather disasters, such as Hurricane Katrina. He also was the assignment manager on the Fox News desk the morning of 11 September, 2001.

     

    Moonves added, “I’m delighted that CBS News will remain under the leadership of one of the most accomplished young executives in the television news industry for many years to come.”

     

  • CBS launches streaming app for iPad, iPhone

    CBS launches streaming app for iPad, iPhone

    MUMBAI: US broadcaster CBS has announced the launch of the new CBS App for iPhone and iPad users, offering full-episode streaming of CBS programming from primetime, daytime and late night.

    The new app further extends the reach of the shows‘ audience, providing more flexibility and opportunity for catch-up viewing and opens yet another monetisation window for the company‘s industry-leading content.
     
    The CBS App is available for immediate download from the App Store, and offers original and second-screen features for CBS‘ shows such as ‘NCIS‘, ‘The Good Wife‘, CSI: Crime Scene Investigation‘, ‘How I Met Your Mother‘ and ‘The Young And The Restless‘.

    Daytime and late night programming will be available within 24 hours after initial airing, while most primetime programmes will be available on the eighth day after broadcast.CBS also announced it would introduce similar full-episode streaming apps for all major mobile and tablet platforms later this year, including Android and Windows 8.

    CBS president, CEO Leslie Moonves, said “We have been methodically and strategically finding new ways to satiate the appetite for our content on new platforms, while tapping into the tremendous revenue provided by doing so. Our announcement today achieves both of these objectives, while protecting our very healthy current ecosystem. In addition, by making our shows available on all the leading mobile devices out there, we are confident we will bring a whole new set of viewers to the CBS Television Network and build upon our standing as the #1 network in the business.”

    CBS Interactive president Jim Lanzone said, “Our online viewers not only want to watch their favourite shows on multiple devices, they want deeper engagement with the programs they love. The new CBS app gives them the best of both worlds, letting people watch CBS shows on the best screen available for them, with a host of extra features that give them a richer viewing experience whenever and wherever they tune in.”

    The new CBS App will integrate the existing CBS Connect App experience by the start of the Fall TV season. At that time, the CBS App will offer integrated social feeds; live events that allow fans to engage directly with talent; and second-screen experiences synched to the broadcast with additional content for select shows like ‘CSI: Crime Scene Investigation‘, ‘Criminal Minds‘ and ‘Hawaii Five-O‘.

    Buick is the official launch partner for the new CBS App, bringing users CBS programming with reduced commercial interruption for the first several weeks after launch.

  • 3 films nominated for PGA awards

    3 films nominated for PGA awards

    MUMBAI: The Producers Guild has nominated Oscar best film aspirants Bridesmaids, The Girl With The Dragon Tattoo and The Ides of March, for this year’s Producers Guild Awards (PGA).
     
    Not among the nominees were Stephen Daldry‘s Extremely Loud and Incredibly Close, The Tree of Life, Drive, Harry Potter and the Deathly Hallows, Part 2 and Tinker Tailor Soldier Spy.


    The PGA also announced nominees in the animated film category in which Steven Spielberg got a second nomination in addition to producing War Horse for The Adventures of Tintin. Other nominees include Cars 2, Kung Fu Panda 2, Rango and Puss In Boots. Among the significant omissions: Rio and Arthur Christmas.
     
    This year, the Producers Guild will also award special honours to Leslie Moonves (Milestone Award), Steven Spielberg (David O. Selznick Achievement Award in Theatrical Motion Pictures), Don Mischer (Norman Lear Achievement Award in Television), Stan Lee (Vanguard Award) and In The Land of Blood and Honey (The Stanley Kramer Award).
     
    For the last four years, the winner of the PGA Award has gone on to win the best picture Oscar. Last year, the nominees lined up nine out of 10 with Oscar‘s list (the Oscars went for Winter‘s Bone over the PGA‘s The Town).
     
    The 2012 Producers Guild Award winners will be announced January 21 at the Beverly Hilton Hotel.

  • Mipcom keynotes celebrate power of the great story

    Mipcom keynotes celebrate power of the great story

    CANNES: Taking the cue delivered by CBS Corp. president and CEO Leslie Moonves at yesterday’s opening day main keynote, today’s keynotes harked on quality content as becoming ever more critical in a digitally enabled world.

    United Artists CEO Paula Wagner and NBC Entertainment NBC Entertainment & NBC Universal Television Studio co-chairman Ben Silverman both stressed on how important quality content would be in a world of infinite choice.

    Wagner pointed out how global box office receipts of American movies were worth $ 26 million last year, a growth of 11 per cent CAGR. Not surprisingly, more than two thirds of revenues from the movie business came from international markets.

    Wagner pointed to the days of the captive consumer being over and which in turn necessitated ever higher spends on marketing and distribution. 

    Wagner, who with business partner Tom Cruise reached a deal last November with Metro-Goldwyn-Mayer to take over United Artists, said her studio was committed to promoting original and daring commercial projects that would have one key underpinning – great storytelling.

    Wagner made it clear though that these were business propositions so there had to be clarity on the finacial aspects of any project that UA would undertake.

    Creativity with financial discipline would determine their business model, Wagner stated.

    Following on her talk on the movie business was Silverman who declared that his network was committed to and believed strongly that what would work was content built for the global market.

    Silverman cited the Bourne movies as an example of cinema that has an international outlook in terms of cast and shooting locations. He pointed to how that kind of international outlook was also coming into his network’s shows with more characters from the UK, India, Japan, China, etc having important roles in the shows that were being green lighted as well as those already on air.

    As did Wagner, Silverman also noted how important it was to help foster creative vision and ensure the servicing of creative voices.

  • CBS posts profit of $335 mn in fourth quarter

    CBS posts profit of $335 mn in fourth quarter

    MUMBAI: US media conglomerate CBS has recorded a profit in the fourth quarter from a year ago period.

    This included a major charge to write down the value of its television and radio businesses

    CBS reported net income of $335 million, or 43 cents per share, in the October-December period. A year ago, the company reported a loss of $9.14 billion, or $12 per share. That included a charge of $9.48 billion for the asset impairment.

    Operating income for the quarter is up 14 to per cent to $759.3 million. For the year revenues were $14.3 billion. This marked an increase of one per cent from the prior year, with increases of two per cent at television, eight per cent at outdoor and six per cent at publishing. This was partially offset by a decline of seven per cent at radio.

    For the year, television revenues increased by two per cent to $9.5 billion from 2005 primarily reflecting increases in television license fees and affiliate revenues partially offset by lower home entertainment and advertising revenues. Television license fees increased by 26 per cent primarily due
    to the 2006 availabilities of CSI: Miami, Frasier, Star Trek: Voyager and Without A Trace.

    This was partially offset by the absence of license fees from the prior year second- cycle cable renewal of Everybody Loves Raymond. Affiliate revenues increased eight per cent due to rate increases and subscriber growth at Showtime and the inclusion of the results of CSTV Networks since its acquisition in January 2006. Ad revenues decreased by one per cent from 2005 as higher political ad sales were more than offset by lower revenues from the absence of UPN and decreases at CBS Network.

    Home entertainment revenues decreased by 68 per cent principally due to the switch from self-distribution in 2005 to third party distribution in 2006.

    CBS executive chairman Sumner Redstone says, “CBS’ first year out of the gate was a great one. Our strong performance in the fourth quarter and full year of 2006 is the result of strategic vision and operational excellence. Leslie and his team are building our existing businesses to capitalise on the digital revolution and to position CBS for continued success well into the future.”

    CBS president and CEO Leslie Moonves says, “CBS’ fourth quarter results capped off a strong first year as a stand-alone company, Strong fourth quarter operating results at television, outdoor and publishing helped us surpass our key financial targets for the year.

    “Looking forward, we will continue to focus on running our core operations effectively; reshaping our portfolio into better-margin, higher-growth businesses; using the interactive opportunity to deepen and broaden our relationship with audiences; and receiving compensation for our content through retransmission consent agreements and new interactive platforms.

    ” I am confident that the company is well positioned to deliver long-term growth, strong cash flow, and increased value for our shareholders.”

  • CBS launches new music label

    CBS launches new music label

    MUMBAI: US media conglomerate CBS is launching a new music label that will draw upon CBS Records and the mass media assets across its company to market and distribute new music.

    An emphasis of the new label will be to build awareness for CBS Records’ artists and songs by integrating music into CBS television series.

    CBS also announced plans to make songs, music videos and other music-related content from CBS Records available for purchase and download at the iTunes Store. Offering an alternative approach to introducing music into the marketplace, CBS Records will build a select roster of artists from the limitless ranks of independent musicians who write and perform their own songs with an initial focus on digital distribution of their content.

    In addition to the iTunes Store, the music will be offered through www.cbsrecords.com , as well as other agreements with online and wireless providers that will be announced at a later date. CBS Records will also offer physical distribution through partnerships with outside companies.

    CBS president and CEO Leslie Moonves says, “CBS is one of the most powerful entertainment brands in the world, and music represents a natural and complementary extension of our content
    assets.

    “With more consumers choosing the online download model as the preferred way to purchase their favorite songs, we have an opportunity to use our unique and broad collection of media platforms to create a new music label paradigm for a small price of admission.”

    CBS Paramount Network Television Entertainment Group president Nancy Tellem says, “The marriage of television and music with CBS Records offers tremendous creative and commercial potential for everyone.

    “Our artists will have access to an incredibly powerful medium (television) to drive music sales; our television producers will have greater flexibility to use music as a creative enhancement in their shows; and our company will be able to reduce the Network and studio’s music licensing cost center while transforming it into a new revenue stream.”