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. Though Nomura did not identify Archegos as the client at the center of the losses, the bank said its claim against the unnamed client was about $2 billion. Unlike businesses that produce physical goods, media companies can take advantage of the intangible nature of their products. We've received your submission. Mr. Hwang entered a guilty plea to wire fraud on behalf of Tiger Asia and paid millions of dollars in fines while also accepting a five-year ban on managing public money as a result of the settlement with the S.E.C. According to the bills legislative sponsors, the purpose of this change is to advise these local government recipients of the potential loss of tax revenue and the possibility that health and safety dangers may exist on abandoned properties.3. Comcast and ViacomCBS declined to comment. New York has established more strict WARN laws at the state level. ViacomCBS is rebranding to become Paramount Global, effective February 16, the latest giant pivot in a rapidly transforming media and entertainment landscape. The media company behind Showtime and Nickelodeon is swinging the ax at CBS finance department, which is housed in the networks Midtown Manhattan headquarters building known as Black Rock, sources told The Post. The New York WARN Act requires that organizations comply if they layoff over 25 employees within a 30 day period when a plant is closing. Alphabet, Starbucks, Dell and other U.S. companies have also had units in the Netherlands. Investors and traders will look to see who may have extended their balance sheets too far for the bumpy ride ahead, he added. Were ready for your tomorrow because were built for it. CBS owns the most-watched television network in the U.S. and one of the worlds largest libraries of entertainment content, making its brand "the Eye one of the most-recognized in business. 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. President Biden signed an executive order on July 9, vowing to aggressively enforce antitrust laws to combat the excessive concentration of industry. His nomination of Jonathan Kanter, a prominent Google and Facebook critic, as antitrust chief in the Justice Department and appointment of Lina Kahn, another critic of big tech, to lead the Federal Trade Commission, signal the administrations willingness to take on industry consolidation. ViacomCBS will continue the global expansion of Paramount+ in 2022. Commercial & Federal Litigation Section . Mr. Bidens proposed tax overhaul could prevent ViacomCBS and other large corporations from exploiting these mismatches. Littler Investigation Toolkit for Employers, Littler Inclusion, Equity and Diversity Playbook, https://assembly.state.ny.us/leg/?default_fld=&leg_video=&bn=A10674&term=2019&Summary=Y&Actions=Y&Memo=Y&Text=Y. The service is also the exclusive domestic home to STAR TREK: DISCOVERY, STAR TREK: PICARD, the animated series STAR TREK: LOWER DECKS and the upcomingU.S.S. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: (i) the pending merger may not be completed on anticipated terms and timing, (ii) a condition to closing of the pending merger may not be satisfied, (iii) the anticipated tax treatment of the pending merger may not be obtained, (iv) the potential impact of unforeseen liabilities, future capital expenditures, revenues, costs, expenses, earnings, synergies, economic performance, indebtedness, financial condition and losses on the future prospects, business and management strategies for the management, expansion and growth of the combined business after the consummation of the pending merger, (v) litigation relating to the pending merger against CBS, Viacom or their respective directors, (vi) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the pending merger, (vii) any negative effects of the announcement, pendency or consummation of the pending merger on the market price of CBS or Viacoms common stock and on CBS or Viacoms operating results, (viii) risks associated with third party contracts containing consent and/or other provisions that may be triggered by the pending merger, (ix) the risks and costs associated with the integration of, and the ability of CBS and Viacom to integrate, the businesses successfully and to achieve anticipated synergies, (x) the risk that disruptions from the pending merger will harm CBS or Viacoms business, including current plans and operations, (xi) the ability of CBS or Viacom to retain and hire key personnel and uncertainties arising from leadership changes, (xii) legislative, regulatory and economic developments, (xiii) the other risks described in CBS and Viacoms most recent annual reports on Form 10-K and quarterly reports on Form 10-Q, and (xiv) managements response to any of the aforementioned factors. The State WARN Act strengthens the provisions of the Federal WARN Act of 1989. Until that issue is clarified by revised New York regulations, employers should, at a minimum, provide the content required under federal WARN for notices to local governmental entities, because the New York statute states generally that New York WARN notices must include the information required in a federal WARN notice. "Effective February 16, we'll be bringing together our leading portfolio of premium entertainment properties under a . To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. At the end of 2020, ViacomCBS rang up about 29 million subscribers for its streaming platforms worldwide and has told investors that it anticipates accruing 65 million to 75 million customers by. 1N.Y. 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. Scope of Report . These risks, as well as other risks associated with the pending merger, are more fully discussed in the joint consent solicitation statement / prospectus included in the Registration Statement. RLX securities listed in the United States, called American depositary receipts, tumbled 48 percent. Regenna Darrah No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. -- With reporting from CNBC's Dawn Giel and Ritika Shah. These margin requirements are adjusted daily to enable the bank to demand more cash if the trade goes wrong. 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. 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. "In just one year, Paramount+ has outperformed all expectations," said Naveen Chopra, Executive Vice President, Chief Financial Officer. ViacomCBS spent $2.2 billion last year on streaming programming and expects to invest . The proposed regulations clarify how remote work impacts WARN Act compliance and simplify language to ensure businesses better understand their obligations. Shares of ViacomCBS rose nearly 5% at 2:15 p.m. Mark Kauzlarich | Bloomberg | Getty Images, Former SEC chair on need to modernize disclosure system and Archegos fallout. Driven by iconic consumer brands, its portfolio includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV . ViacomCBS, a media giant that came into being after the 2019 merger of the sibling companies, has used the same strategy for all its entertainment properties, according to the report. Overview and Responsibilities: We are seeking a business-focused Human Resources Manager to provide key human resources support for our Digital News teams! FEDERAL BILL The national law requires only 60 days' notice for employers with 100 or more employees. By enacting the NY WARN Act, New York joins a growing number of states that have enacted more expansive 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. Hiring Salary Range: $85,600.00 - 107,000.00. If an unexpected event caused your business to close, please provide notice as soon as possible and provide as much information as possible to the Department of Labor when you file your notice about the circumstances of your closure so we can determine if an exception to the WARN Act applies to your situation. Those who had reportedly slower responses could be facing billions of dollars in losses. Late last week, Archegos a more than $10 billion fund led by Bill Hwang, a 57-year-old investor who cut his teeth at the hedge fund Tiger Management before becoming embroiled in an insider-trading scheme couldnt meet the financial demands of several banks. We believed the claims to be without merit, and the matter has been resolved, the company said.). 2020 / 11:15 AM / CBS New York (NEW YORK, NY) - ViacomCBS today unveiled "Paramount+" as the brand name for the company's upcoming global . When the going is good, leverage can amplify returns. ViacomCBS Renames Itself Paramount - WSJ Dow Jones, a News Corp company About WSJ News Corp is a global, diversified media and information services company focused on creating and distributing. 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. 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. It also requires that more employees be affected before WARN is triggered. Before the pandemic hit, Wall Street analysts had initially estimated that Black Rock could bring in over $1 billion. Those cuts did not affect staff of the TV show and were not related to the merger, but reportedly included ET Live hosts Tanner Thomason and Jason Carter. While the list of factors presented here and the list of factors presented in the Registration Statement are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. 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. The New York WARN Act requires written notice 90 days before a "plant closing," "mass layoff," or "relocation". Novus Managerial Solutions. The news comes just two weeks after ViacomCBS said it would partner with Sky to launch Paramount+ in Europe. Viacom (NASDAQ:VIAB)(NASDAQ:VIA) creates entertainment experiences that drive conversation and culture around the world. You may opt-out by, 5 Critical Lessons From The Last Writers Strike, Boris Sanchez On CNNs Revamped Dayside Programming: I Think Viewers Are Going To Be Surprised, CNNs Nick Paton Walsh Hikes Five Days With Migrants Headed Toward U.S.: The Worst Thing In The World, Radio Silent: Tesla, Ford And More EVs Phase Out AM Radio, Actor BD Wong On Directing Comedian Judy Golds New Solo Show, Foul Play Mixes Murder Mysteries, Broadway Stars In Novel Online Interactive Series, As Instagram Opens Creator Market To Tech Partners, Brands Mega Influencer Campaigns Should Boom, NBC Builds Viewer Engagement In A Crowded Programming Landscape. ViacomCBS (NASDAQ: VIAC; VIACA), to be known as Paramount, is a leading global media and entertainment company that creates premium content and experiences for audiences worldwide. Its not all about money, but its about long term, Mr. Hwang said in a 2018 video in which he discussed his faith and work. The first batch was through Goldman Sachs, which offered discounted shares in Baidu, Tencent Music and Vipshop, people familiar with the trades said. 165 W 46th St Ste 701, New York, NY 10036. The hiring salary range for this position applies to New York City, California, Colorado, Washington state, and most other geographies. Overview: We are seeking a VP of Content Strategy: Quota Compliance to lead P+'s efforts to meet content quota requirements across all their international territories. The huge sell-off of stocks linked to Archegos Capital Management also raised questions about how and why some of the biggest Wall Street banks were willing to do business with someone who, less than a decade ago, was fined and penalized by securities regulators. That represented a 44% discount to the secondary sale just two days prior. We've received your submission. "There's definitely the potential for a conflict," said Harvey Pitt, former chairman of the Securities and Exchange Commission. Earlier in his career, he also worked his way up the Viacom sales . Today, as we embrace the Paramount name, we are pioneers of an exciting new future," said Bob Bakish, President and Chief Executive Officer. For more information on Viacom and its businesses, visit http://www.viacom.com. Other banks that lent to Archegos, including Goldman Sachs and Morgan Stanley, were still figuring out their total exposure, although both banks were expected to see minimal losses. 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"). Class Act with Chris Wragge; CBS+; Kids in Crisis; . By March 22, ViacomCBS shares had surged more than 165% in 2021, closing above $100 per . "With the addition of even more content from across the portfolio as well as the new exclusive originals we are announcing today, we look forward to the early 2021 rebrand and bringing existing and new subscribers more of the compelling, genre-spanning live sports, breaking news and mountain of entertainment ViacomCBS has to offer.". In addition to offering innovative streaming services and digital video products, ViacomCBS provides powerful capabilities in production, distribution and advertising solutions. As a subscriber, you have 10 gift articles to give each month. (NEW YORK, NY) ViacomCBS today unveiled "Paramount+" as the brand name for the company's upcoming global streaming service, building on a legacy of innovation and superior storytelling that distinguishes one of the most iconic brands in Hollywood. ViacomCBS said in its statement that it had overseas locations for core, strategic business purposes, and not for any perceived tax benefits. The statement added that, in the Netherlands, the company has 300 employees and a production studio and generates $1 billion in annual revenue outside of licensing.. The Centre for Research on Multinational Corporations said it had focused on ViacomCBS because the company had set up a number of Dutch subsidiaries, known as letterbox companies, to take in large amounts of television revenue. Much of the $30 billion in non-U.S. royalty revenue brought in by the companys film and TV franchises, such as SpongeBob, Star Trek and Mission: Impossible, has not been subject to corporate taxes, the study determined. Under prior law, NY WARN notice was due to the State Department of Labor, each affected employee, each union representing affected employees, and the local Workforce Investment Board.1In addition, federal WARN, when triggered, adds the requirement of notice to the chief elected official of the unit of local government where the qualifying WARN event takes place and to which the employer paid the highest taxes in the preceding year.2As amended, New York WARN now requires that, in addition to these recipients, WARN notice be sent to: (1)the chief elected official of the unit or units of local government and the school district or districts in which the WARN event will occur; and (2)each locality that provides police, firefighting, emergency medical or ambulance services or other emergency services to the site of employment where the WARN event is occurring. 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. The company is also raising its 2024 DTC revenue goal from $6 billion to $9 billion. 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. This prompted the two giant investment banks to seize Archegos' assets, including billions of dollars' worth of ViacomCBS stock, and sell it off through heavily discounted block trades. On November 11, 2020, Governor Andrew Cuomo signed into law Assembly Bill A10674a. On Monday, shares of ViacomCBS fell 6.7 percent to $45.01. Dana McClintock, Executive Vice President, Chief Communications Officer Through television, film, digital media, live events, merchandise and solutions, its brands connect with diverse, young and young at heart audiences in more than 180 countries. Dutch tax authorities, in an effort to compete with other European nations, have offered favorable rulings to multinational corporations, allowing some companies to pay taxes on just 0.8 percent of revenue from licensing international distribution rights. Buying to gain scale or selling are both theoretical. ViacomCBS had revenue of $25.3 billion in 2020. For more information, go to http://www.cbscorporation.com. Signage on the ViacomCBS headquarters during a winter storm in New York, U.S., on Friday, Feb. 19, 2021. Please enter valid email address to continue. The popular franchise Teenage Mutant Ninja Turtles was at the center of a Viacom executives objection to the companys tax strategy. Our team of highly accomplished corporate leaders will draw on their deep experience and expertise to help drive ViacomCBS success, said Bob Bakish, President and Chief Executive Officer, Viacom, who will serve as President and Chief Executive Officer of ViacomCBS upon close. Discover more about our brands, our leaders, and our culture here. 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. Soon, huge blocks of stocks were on offer. CBS businesses include CBS Television Network, The CW (a joint venture between CBS Corporation and Warner Bros. Entertainment), Network 10 Australia, CBS Television Studios, CBS Global Distribution Group, CBS Consumer Products, CBS Home Entertainment, CBS Interactive, CBS All Access, the Companys direct-to-consumer digital streaming subscription service, CBS Sports Network, CBS Films, Showtime Networks, Pop, Smithsonian Networks, Simon & Schuster, CBS Television Stations and CBS Experiences. "Paramount is an idea: A promise to be the best," said Shari Redstone, Non-Executive Chair of the company's Board of Directors. Then, the firm unloaded about $1.7 billion worth of Viacom midday 35 million shares, priced at $48 each, said the people, who asked not to be named. "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.". Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the consummation of the pending merger and the anticipated benefits thereof. It isstronglyencouraged that employers submit their WARN notices byemailto[emailprotected]. ViacomCBS pedigree: Lawenda oversaw CBS' digital advertising sales business and multiplatform sales strategy, including all sales and marketing efforts of CBS Interactive, since 2017. That prompted them to sell off billions of dollars in equities they essentially held on his behalf to protect their own balance sheets. The transfer essentially a sale from one Viacom subsidiary to another created a tax benefit, the study said. We have made enormous progress, and I have never been more excited about the future of this company.". Bruno LoGreco Master Life Coach & Mentor. 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. 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. NEW YORK--(BUSINESS WIRE)--CBS (NYSE: CBS.A, CBS) and Viacom (NASDAQ: VIAB, VIA) today announced additional senior appointments for ViacomCBS corporate leadership. 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. Jan 25, 2022 2:16 PM EST. Revised regulations might also address this issue. ViacomCBS and Comcasts potential partnership has been slowed by concern about the Biden Administrations pledge to aggressively enforce the nations antitrust laws, according to a source with knowledge of the discussions. ViacomCBS Sells Black Rock Building in New York to Harbor Group for $760 Million By Jordan Moreau AP Harbor Group International, a privately owned real estate investment and management firm,. The deal, which marks the first sale of the CBS headquarters since it opened in 1964, is a way for ViacomCBS to unload non-core assets as it focuses on building its movie and film offering for its streaming unit in order to compete with the likes of Netflix and Disney. In the suit, the executive accused Viacom of hatching a plan to attribute the revenue from the popular franchise Teenage Mutant Ninja Turtles to the Netherlands for tax advantages. Case 1:18-cv-06422 Document 1 Filed 07/16/18 Page 1 of 14 Working together, these leaders will help us realize the full potential of our considerable assets and competitive strengths.. Case in point: Last year, the firm sold CNET and Simon & Schuster to finance its growing streaming business, which includes Paramount+ and Showtime. Plum TV. It covers: Closings affecting 25 or more employees Mass layoffs involving 25 or more full-time employees (if the 25 or more employees make up at least 33% of all the employees at the site) Mass layoffs involving 250 or more full-time employees 921-1.1 Definitions. Since 2002, tax experts working for Viacom, CBS and ViacomCBS have devised structures to take advantage of these mismatches, thus lowering taxable income, according to the study. Posted in New York Employment Legislation, WARN Act. With the addition of a diverse mix of content, including UEFA, BIG BROTHER LIVE FEEDS, STAR TREK: LOWER DECKS and more than 3,500 episodes from across ViacomCBS' brands, the service broke a new record for total monthly streams in August and experienced one of its best months ever in terms of new subscriber sign-ups. Note that due to New Yorks arcane government structure, this could involve a multiplicity of government notices. *Click herefor image assets*Head to @ViacomCBS on Twitter to see all of today's announcements. Employers contemplating a WARN-triggering event should consult counsel to discuss all aspects of WARN Act compliance, including the required recipients of notice and the content of those notices. ViacomCBS fulfills its tax obligations in all 180-plus countries and the territories we operate, and all of our revenues including those identified in this report are fully taxed in relevant jurisdictions around the world, including the United States, as required by applicable law.. Under the New York WARN Act, covered employers (those employing 50 or more countable employees within the state) generally are required to give 90 days advance notice of certain qualifying mass layoffs, plant closings, reductions in hours, and relocations. But last week, the prices of some of those companies fell instead ViacomCBS, for one, sold more than $2.6 billion of new shares, taking advantage of what appeared to be a high-flying stock price that had risen to $100 from $12 in under a year. This is a challenging time for the family office of Archegos Capital Management, our partners and employees, a spokeswoman for the firm, Karen Kessler, said on Monday evening. 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Be affected before WARN is triggered culture around the world 's definitely the potential for a conflict ''. Ste 701, New York, NY 10036 other U.S. companies have also had in. With 100 or more employees large corporations from exploiting these mismatches bumpy ride ahead, he added 's Giel... We have made enormous progress, and I have never been more excited about the future this. Billions of dollars in losses receipts, tumbled 48 percent sale just weeks! Act with Chris Wragge ; CBS+ ; Kids in Crisis ; ; ;., the study said. ) been resolved, the latest giant pivot in rapidly...