Enterprise-set series STAR TREK: STRANGE NEW WORLDS. Lenders at Goldman Sachs urged Archegos to pare its exposure, said two people familiar with those conversations. They fell last week instead. 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.. ViacomCBS has sold CBS' original Midtown Manhattan headquarters, known as "Black Rock," to real estate investment firm Harbor Group International for $760 million. Commercial & Federal Litigation Section . "We see a huge global opportunity in streaming, a much larger potential market than can be captured by linear TV and film alone," continued Bakish. New York has established more strict WARN laws at the state level. Goldman Sachs spokesperson Maeve Duvally said, "There are strong informational barriers between the parts of the firm that manage capital raising for corporate clients and our relationships with institutional investors." 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. 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. Albany, New York 12226. We want to hear from you. 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. Alphabet, Starbucks, Dell and other U.S. companies have also had units in the Netherlands. Licensing, or royalty revenue, has always been a significant part of the business, accounting for about 24 percent of yearly sales since 2018. We've received your submission. Working together, these leaders will help us realize the full potential of our considerable assets and competitive strengths.. 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. 10 Columbus Cir, New York, NY 10019. Unlike businesses that produce physical goods, media companies can take advantage of the intangible nature of their products. (Photo: Business Wire). By Kate Kelly,Matt Phillips,Andrew Ross Sorkin and Alexandra Stevenson. 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. Comcast shares were largely flat. Season 2 of Super Pumped and Season 7 of Billions for SHOWTIME were also ordered. ViacomCBS | 172,970 followers on LinkedIn. We've received your submission. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. 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. New York State Department of Labor 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. 25 W 51st St, New York, NY 10019. Alex Berkett will serve as Executive Vice President, Corporate Development and Strategy, ViacomCBS. 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. 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. The Company has businesses with origins that date back to the dawn of the broadcasting age as well as new ventures that operate on the leading edge of media. At least two, the Japanese bank Nomura and Credit Suisse, warned that the hits to their balance sheets would be ugly. 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. Discover more about our brands, our leaders, and our culture here. The Eye name will endure on the broadcast network and. 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. View WARN Notices, or request past notices. 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. The 2019 merger of CBS Corporation and Viacom was announced on August 13, 2019, and was completed on December 4, 2019. ViacomCBS is beginning its first round of layoffs since merging less than a week ago. The layoffs come a day after ViacomCBS Chief Executive Bob Bakish said he hired the real estate investment firm CBRE Group to evaluate its real estate holdings, including a sale of its 36-story Black Rock headquarters. Shares of Morgan Stanley and Goldman Sachs are little changed over that same time period. The all-stock deal is structured as an acquisition of Viacom by CBS. The owner-occupied ViacomCBS said it will now lease back property on a short-term basis with the transaction set to close before the end of 2021. Viacom 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. Albany, New York 12226, Contact your Regional Following a 23% decline by ViacomCBS amid the secondary offering, Goldman Sachs, Morgan Stanley and a slew of other banks across Wall Street, triggered a margin call on Archegos. It isstronglyencouraged that employers submit their WARN notices byemailto[emailprotected]. tit. ADDITIONAL INFORMATION. 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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. 1 Current role: Lawenda heads digital video and branded content across all platforms, as well as social influencer sales and ad sales at Pluto TV. Media companies are now driven by streaming, a relatively new enterprise that has been losing money as it tries to attract as many subscribers as possible all over the world. Data is a real-time snapshot *Data is delayed at least 15 minutes. The news comes just two weeks after ViacomCBS said it would partner with Sky to launch Paramount+ in Europe. 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. ViacomCBS has sold CBS original Midtown Manhattan headquarters, known as Black Rock, to real estate investment firm Harbor Group International for $760 million. For more information, go to http://www.cbscorporation.com. Dlmcclintock@cbs.com The WARN Act applies to private businesses with 50 or more full-time employees in New York State. NY WARN also has a number of unique provisions regarding the content of notices, who must receive notices, the company official who must sign government notices, and the requirement of an original signature on one government notice. Cautionary Notes on Forward-Looking Statements. This programming will joinCBS All Access'robust existing offering of more than 20,000 episodes and movies from BET, CBS, Comedy Central, MTV, Nickelodeon, Paramount Pictures and more, as well as exclusive original series including THE GOOD FIGHT, THE TWILIGHT ZONE, TOONING OUT THE NEWS, NO ACTIVITY, WHY WOMEN KILL, INTERROGATION, THE THOMAS JOHN EXPERIENCE and TELL ME A STORY, as well as upcoming series THE STAND, THE MAN WHO FELL TO EARTH, THE HARPER HOUSE, and GUILTY PARTY. The Registration Statement was declared effective by the SEC on October 25, 2019. Driven by iconic consumer brands,. Income that may be considered taxable in the United States may be deemed free from such levies in the Netherlands, for instance. 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. WARNnoticesDO NOTneed to be submitted to DOL from businesses that employ less than 50 full-time employees. Those bets unraveled spectacularly in just a few days last week. 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). By enacting the NY WARN Act, New York joins a growing number of states that have enacted more expansive 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. The proposed regulations clarify how remote work impacts WARN Act compliance and simplify language to ensure businesses better understand their obligations. We thrive because of the hard work, talent and passion of our employees, and we're committed to making our company a place of inclusion where everyone can bring their whole self to work. 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. 165 W 46th St Ste 701, New York, NY 10036. The purpose of this Part is to set forth regulations implementing the New York State Worker Adjustment and Retraining Notification (WARN) Act (Chapter 475 of the laws of 2008), hereinafter "Act," and amendments thereto, as set forth in et seq. Industrial Light & Magic/Paramount Pictures. 2020 / 11:15 AM / CBS New York (NEW YORK, NY) - ViacomCBS today unveiled "Paramount+" as the brand name for the company's upcoming global . Class Act with Chris Wragge; CBS+; Kids in Crisis; . The money from those deals all come back to the Dutch entities, where most of it is not subject to corporate tax. 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. 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. God certainly has a long-term view.. 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. Revised regulations might also address this issue. "There's definitely the potential for a conflict," said Harvey Pitt, former chairman of the Securities and Exchange Commission. The company's shares will trade on the Nasdaq stock exchange as PARAA (Class A common), PARA (Class B common) and PARAP (Preferred Stock), beginning with trading on February 17, 2022, at 9:30 a.m. Disney, which acquired the entertainment assets of Rupert Murdoch's 21st Century Fox in early 2019, reported revenue of $65.4 billion last fiscal. The transfer essentially a sale from one Viacom subsidiary to another created a tax benefit, the study said. Backish is seeking to reduce the newly combined companys fat in an effort to help it compete in the age of Netflix. His firm began fielding queries from worried banks. Archegos Capital Management, led by Bill Hwang, couldnt meet financial demands, creating turmoil on Wall Street and raising questions about the funds ties to lenders. (212) 975-1077 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. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. "In just one year, Paramount+ has outperformed all expectations," said Naveen Chopra, Executive Vice President, Chief Financial Officer. Posted in New York Employment Legislation, WARN Act. 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 . Twitter. Each of those terms has a nuanced definition under the law. New York State is strengtheningitsWARN Act regulations to address the post-pandemic employment climate. By Friday morning, when Archegos was unable to post additional margin, Morgan Stanley and Credit Suisse, two of Archegoss main lenders, had declared the fund to be in default, four people briefed on the matter said. We believed the claims to be without merit, and the matter has been resolved, the company said.). State Office Campus The new name nods to the company' These margin requirements are adjusted daily to enable the bank to demand more cash if the trade goes wrong. The WARN Act applies to private businesses with 50 or more full-time employees in New York State. Joint Report of . The Amendment significantly expands the governmental entities that an employer must notify concerning a NY-WARN . 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. 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. Bakish declines to say how much the building could fetch in a sale . New York WARN: A Flawed Statute That Can and Should Be Fixed . Using derivatives known as swaps, Mr. Hwang had bet that the prices of certain stocks, including ViacomCBS, would rise. Additional new original content will be announced ahead of launch. Both sides are waiting to see how the new administrations regulators react to the proposed merger of AT&Ts WarnerMedia unit with Discovery, says the source, before resuming discussions about ways the two sides could work together including any possible business combination beyond a possible streaming partnership outside the U.S. It wouldnt shock me if later this fall, we got back into a discussion of whether theres anything more that we can do together, said the source, who spoke on condition of anonymity.
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