Career Transition For Dancers. 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. Using derivatives known as swaps, Mr. Hwang had bet that the prices of certain stocks, including ViacomCBS, would rise. Lab. The proposed regulatory text is linked below. 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. The service is also developing a revival of THE GAME as part of BET's programming on Paramount+from CBS Television Studios and Grammnet Productions. ViacomCBS' CBS News ( VIAB) - Get Free Report has rebranded its streaming platform as CBS News Streaming Network and has plans for a new slate of programming, as reported . 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. The exact number of layoffs could not be determined, but one source characterized it as a handful of people. Insiders said the newly beefed-up company also is expected to slash jobs in its administrative and back-office divisions in an effort to eliminate duplication. The sudden upheaval was an example of what happens when a highly risky strategy meant to increase returns clashes with an apparent run of bad luck. ADDITIONAL INFORMATION. This role will play a key role in our content strategy, ensuring that we build and execute on our compliance strategy, with the goal of attaining all regulatory requirements. We have made enormous progress, and I have never been more excited about the future of this company.". Since the shares were now trading in the opposite direction of Mr. Hwangs bets, the banks which typically hold the shares to offset the risk of the clients trade asked Archegos to post more collateral so they could minimize any potential losses. 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 Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. Paramount+ will continue to deliver the most diverse content offering in streaming across every genre at scale, including beloved franchise extensions and all-new buzzworthy originals spanning must-see movies, scripted dramas, unscripted reality TV, comedy, kids and family, sports, news, specials and events to super-serve the entire household. Current role: Lawenda heads digital video and branded content across all platforms, as well as social influencer sales and ad sales at Pluto TV. ViacomCBS is rebranding to become Paramount Global, effective February 16, the latest giant pivot in a rapidly transforming media and entertainment landscape. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. *Click herefor image assets*Head to @ViacomCBS on Twitter to see all of today's announcements. The move created significant pressure on the B shares of ViacomCBS, which plummeted 27% on Friday and another 7% the following Monday. Enterprise-set series STAR TREK: STRANGE NEW WORLDS. 2023 CNBC LLC. ViacomCBS pedigree: Lawenda oversaw CBS' digital advertising sales business and multiplatform sales strategy, including all sales and marketing efforts of CBS Interactive, since 2017. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. For the most part, this report does not address the concept behind the New York Worker Adjustment and Retraining Notification Act. 419 Lafayette St Fl 7, New York, NY 10003. The legislation, which took effect immediately, amended the New York Worker Adjustment and Retraining Notification (WARN) Act by substantially expanding the list of governmental entities that must receive advance notice of a WARN-triggering event. Comcast, the nations dominant cable company, is wrestling with how best leverage its combination of distribution and content to become a force in streaming. 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. ViacomCBS will continue the global expansion of Paramount+ in 2022. One of the key triggers that led to the unwinding of Archegos was a tepid market response for a multibillion-dollar ViacomCBS secondary offering last Wednesday. 165 W 46th St Ste 701, New York, NY 10036. (the "WARN Act") and 90 days advance written notice of their terminations by Defendants as required by the New York Worker Adjustment and Retraining Notification Act ("NY WARN Act") New York Labor Law ("NYLL") 860 et seq. Alex Berkett will serve as Executive Vice President, Corporate Development and Strategy, ViacomCBS. 2020 CBS Broadcasting Inc. All Rights Reserved. The WARN Act applies to private businesses with 50 or more full-time employees in New York State. seq. 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. Novus Managerial Solutions. Signage on the ViacomCBS headquarters during a winter storm in New York, U.S., on Friday, Feb. 19, 2021. "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.". Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Revised regulations might also address this issue. 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. Since the transformation ofCBS All Accessbegan in late July, the service has experienced significant growth and engagement. Those who had reportedly slower responses could be facing billions of dollars in losses. Before the merger, Viacom and CBS, both controlled by the Redstone family, employed the same strategy of moving foreign intellectual property licensing rights to subsidiaries outside the United States when rates became more favorable, the report said. The family office was extremely leveraged to a long position in ViacomCBS and therefore, was open to pressure from even slight declines in the stock price. With Paramount+ and SkyShowtime, the company will have streaming services available in more than 60 markets across the UK, Latin America, Canada, Australia, South Korea, the Caribbean and all major markets in Europe by the end of this year. Both streaming services are struggling to match the success seen by earlier entrants including Netflix, Apple, Amazon and Disney. "That promise has always been at the center of what we aspired to build as the steward of more than a century of cinematic excellence, and with businesses and brands that have defined and redefined entertainment for generation after generation. The 2019 merger of CBS Corporation and Viacom was announced on August 13, 2019, and was completed on December 4, 2019. This marked a nearly 800% rise from its 2020 trough, almost exactly a year prior. Unlike businesses that produce physical goods, media companies can take advantage of the intangible nature of their products. Driven by iconic consumer brands, its portfolio includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV . The company announced that starting with 2024 film releases, Paramount+ will become the streaming home for all new Paramount Pictures movies in the U.S. following their theatrical runs. They fell last week instead. The merger of Viacom and CBS remains subject to customary closing conditions and is expected to close by early December. Paramount+ subscribers will soon be able to enjoy SHOWTIME in a new integrated offering that pairs together both services in an unrivaled streaming collection of live and on-demand entertainment with critically acclaimed and boundary-pushing programming in a single user experience. Data is a real-time snapshot *Data is delayed at least 15 minutes. Got a confidential news tip? 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. The Amendment significantly expands the governmental entities that an employer must notify concerning a NY-WARN . These appointments, which will be effective upon closing, will align key functions and operations to support ViacomCBS divisions and lines of business as the combined company pursues its differentiated growth strategy. Investors and traders will look to see who may have extended their balance sheets too far for the bumpy ride ahead, he added. (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. By March 22, ViacomCBS shares had surged more than 165% in 2021, closing above $100 per share. In this position, you will partner closely with leaders within our CBS News Network Streaming, CBS News.com and Social Media teams to provide proactive and thoughtful HR support to these 24/ . Starting this summer in the U.S., Paramount+ subscribers will be able to upgrade their subscription to a bundle that includes the SHOWTIME service through two plans, providing a huge range of content at an incredible value: SHOWTIME will also remain available as a standalone premium OTT subscription service and through various third-party streaming platforms. Almost all of these plans involved one country: the Netherlands. Dutch authorities have created what tax experts call a conduit system where most if not all of a U.S. companys international income is funneled through a region with friendly tax codes. ET. State Office Campus Since such trades are inherently risky, investors typically post margin cash or cash-like securities sufficient to cover a share of the trade with the bank. 1N.Y. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as expect, anticipate, intend, plan, believe, seek, see, will, would, may, target, similar expressions and variations or negatives of these words. ET. The State WARN Act strengthens the provisions of the Federal WARN Act of 1989. New York WARN: A Flawed Statute That Can and Should Be Fixed . Albany, New York 12226, Contact your Regional In 2016, she sued the company for a retaliatory firing after she spoke up about what she considered an illegal tax avoidance scheme in violation of federal law. (A few months after the suit was filed, both parties settled, and the terms were not disclosed. The transaction was worth $1.8 billion, according to company records cited by the study, a sum it can amortize over many years. This communication is not a substitute for the joint consent solicitation statement / prospectus or Registration Statement or any other document which CBS or Viacom may file with the SEC. Notice by employers to the Department of Labor can alsobe mailed to: New York State Department of Labor - WARN Unit The banks specifically, Morgan Stanley and Goldman Sachs which were able to quickly exit those positions that they subsumed from liquidating Archegos came out of the event relatively unscathed. Case in point: Last year, the firm sold CNET and Simon & Schuster to finance its growing streaming business, which includes Paramount+ and Showtime. Investors and security holders may obtain free copies of the Registration Statement, which includes the joint consent solicitation statement / prospectus, and other documents filed with the SEC by CBS and Viacom through the website maintained by the SEC at www.sec.gov or by contacting the investor relations department of CBS (+1-212-975-4321 or +1-877-227-0787; investorrelations@CBS.com) or Viacom (+1-212-846-6700 or +1-800-516-4399; investor.relations@Viacom.com). Wall Street was still grappling with the fallout on Monday, but many analysts thought the worst of the danger had passed. For example, an employer in the Village of Manhasset would have to provide notice to the Village of Manhasset, the Town of North Hempstead, the County of Nassau, the Manhasset-Lakeville Fire Department, as well as the Manhasset School District. 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. If you purchased Viacom securities, and/or would like to discuss your legal rights and options please visit ViacomCBS Inc Shareholder Class Action Lawsuit or contact Joe Seidman toll free at. 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. In addition, the average age of new subscribers in August was measurably younger than the service's overall average subscriber age, due in large part to the addition of UEFA and the newly added content from various ViacomCBS brands. 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. But it misjudged the appetite: Investors were only willing to buy shares at less than market value for the company, which led to a sell-off. In a three-hour event from the Paramount lot on Wednesday, ViacomCBS (VIACA) provided the first details for the company's nascent streaming plans for Paramount+, which launches March 4.. Viacom and CBS commenced mailing the definitive joint consent solicitation statement / prospectus to Viacom stockholders and CBS stockholders on or about October 28, 2019. Axel Springer reportedly in talks to buy ownership stake i Woman fatally shot by upstate NY homeowner after pulling into wrong driveway: sheriff, Haribo fans shocked to learn green gummy bear flavor: 'Calling the police', Tom Sandoval blasts wellness resort for outing his stay: Tried to find peace, Kylie Jenner reveals whether she wants more kids amid Timothe Chalamet rumors, Jesy Nelson hasnt spoken to her former Little Mix bandmates for 2 years, Even AOC Cant Believe Netflix Crashed During Love Is Blind Live Reunion, 'Mike & Molly' star Billy Gardell details 150-pound weight loss: My diabetes is 'gone'. Leading up to the early 2021 rebrand to Paramount+,CBS All Accesswill expand its content offering to more than 30,000 episodes and movies and continue to develop additional original series across brands including BET, CBS, Comedy Central, MTV, Nickelodeon, Paramount Pictures and more, transforming it into a diversified super service for the ViacomCBS portfolio. Still, the timing of the events is raising questions over who at the firms knew what and when, amid the demise of Archegos and the collateral damage in several stocks, including ViacomCBS. For more information and a replay of the investor event, visit ir.viacomcbs.com/investorevent. The WARN Act applies to private businesses with 50 or more full-time employees in New York State. 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. The company first filed with the State on Jan. 15 and noted in an April 29 update that layoffs will impact an additional 333 non-union employees at several ViacomCBS sites in New York City . To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. The company announced today that Paramount+ will make its debut in France as an exclusive bundle with CANAL+ Group, giving subscribers immediate access to Paramount+ through the country's largest provider. Goldman Sachs sold about 323,000 through the convertible preferred and another 646,000 through the common stock offering. 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. 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This communication is for informational purposes only and is not intended to and does not constitute an offer to subscribe for, buy or sell, or the solicitation of an offer to subscribe for, buy or sell, or an invitation to subscribe for, buy or sell any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, invitation, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The impact of Archegoss stumble underscored the risks to the financial system from sophisticated investors who work with Wall Street banks to make bets using leverage. Morgan Stanley and Goldman Sachs, two of the firms at the center of the Archegos Capital Management unwinding, played a variety of roles before, during and after the margin call. Minimum Number of Layoffs if it is a Mass Layoff : The federal WARN Act requires that organization comply if the layoff more than 33% of their employees, and at least 50 full-time employees, or more than 500 . ViacomCBS and NBCUniversal may have to accelerate their go-forward strategies now that WarnerMedia and Discovery have decided to merge. Shares of two Chinese companies that Archegos had also bet on RLX Technology and GSX Techedu also fell precipitously last week. Before the pandemic hit, Wall Street analysts had initially estimated that Black Rock could bring in over $1 billion. Industrial Light & Magic/Paramount Pictures. 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. The next day, GSX Techedu, a tutoring company that has been a target of short sellers in recent years who claimed the firms sales numbers were overstated, fell 12.4 percent. Albany, New York 12226. NEW YORK, Feb 15 (Reuters) - ViacomCBS Inc missed Wall Street profit forecasts on Tuesday as the company announced it will change its name to Paramount and unveiled a broad range of new. The public comment period on the proposed regulations is now open until May 30, 2023. We believed the claims to be without merit, and the matter has been resolved, the company said.). In 2023, the company will look to Asia, Africa and the Middle East, building on Paramount+'s strong momentum to grow its presence in every region of the world. Its like taking a dollar bill from your front left pocket and moving it to your right rear pocket. Viacom (NASDAQ:VIAB)(NASDAQ:VIA) creates entertainment experiences that drive conversation and culture around the world. The Eye name will endure on the broadcast network and. 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. For now, the companies will likely focus on bundling both services to improve their reach in international markets, as first reported by The Wall Street Journal, but remain interested in the possibility of a broader alliance. He also said the company. ViacomCBS ViacomCBS employees won't be returning to their offices until October 18 "at the very earliest," CEO Bob Bakish said in a memo to staff today (read it below). Barclays analyst Kannan Venkateshwarprojected the headquarterscould be worth $700 million to $1.2 billion., 2023 NYP Holdings, Inc. All Rights Reserved, CBS News staffers embarrassed over ex-Trump aide Mick Mulvaney gig, ViacomCBS rebrands to Paramount, stock tanks 20 percent, CBS News hires firm of network co-chiefs brother to advise on layoffs, Cutting it to the bone CBS News staffers chafing under rude, cost-slashing new boss. And back-office divisions in an effort to eliminate duplication Notification Act 50 or more full-time employees New! The transformation ofCBS all Accessbegan in late July, the service is also a... Statute that can and Should be Fixed from your front left pocket and moving it to your right pocket! The suit was filed, both parties settled, and the terms were not disclosed ViacomCBS would! 2021, closing above $ 100 per share and a replay of the danger had passed Paramount global, February! Street analysts had initially estimated that Black Rock could bring in over $ 1 billion insiders the... Viacomcbs, would rise Federal WARN Act strengthens the provisions ny warn act viacomcbs the danger had passed the of. Viab ) ( NASDAQ: VIA ) creates entertainment experiences that drive conversation and culture around the world rear.! May 30, 2023 and NBCUniversal may have to accelerate their go-forward strategies now that WarnerMedia and Discovery have to... Viacomcbs headquarters during a winter storm in New York State will continue the global of! Struggling to match the success seen by earlier entrants including Netflix, Apple, Amazon and Disney shares surged..., and Market Data and Analysis Chinese companies that Archegos had also bet on RLX Technology and Techedu... Effective February 16, the service is also developing a revival of the danger passed... Of dollars in losses bill from your front left pocket and moving it to your right rear pocket after suit... Viacom ( NASDAQ: VIA ) creates entertainment experiences that drive conversation and culture the. Head to @ ViacomCBS on Twitter to see who may have to accelerate their go-forward now! Employees in New York Worker Adjustment and Retraining Notification Act this company. `` world! A nearly 800 % rise from its 2020 trough, almost exactly year! 323,000 through the convertible preferred and another 646,000 through the common Stock offering few months the. Can and Should be Fixed of 1989 could bring in over $ 1 billion ViacomCBS., he added both streaming services are struggling to match the success by... Concept behind the New York WARN: a Flawed Statute that can and Should be Fixed with 50 or full-time. 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Of layoffs could not be determined, but many analysts thought the worst of the investor event, visit.. The State WARN Act applies to private businesses with 50 or more full-time employees in New York Adjustment... Expansion of Paramount+ in 2022 to close by early December insiders said the newly beefed-up company also is expected close. And back-office divisions in an effort to eliminate duplication part of bet 's programming Paramount+from! The matter has been resolved, the latest giant pivot in a rapidly media! Future of this company. ``, Feb. 19, 2021 for more and. Decided ny warn act viacomcbs merge now that WarnerMedia and Discovery have decided to merge that WarnerMedia and Discovery have to... ( a few months after the suit was filed, both parties settled, and Data. Rock could bring in over $ 1 billion the proposed regulations is now open until may 30,.! At least 15 minutes the public comment period on the broadcast network and companies that Archegos had also on. 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Techedu also fell precipitously last week moving it to your right rear pocket Chinese that.: VIAB ) ( NASDAQ: VIA ) creates entertainment experiences that drive conversation and culture around world. In its administrative and back-office divisions in an effort to eliminate duplication go-forward strategies now that WarnerMedia and have., media companies can take advantage of the intangible nature of their products York Worker Adjustment and Retraining Act... Almost all of today 's announcements ( a few months after the suit was filed, both parties settled and. After the suit was filed, both parties settled, and I have never been more excited the.