The company's revenue and free cash flow guidance for 2020 was "a bit shocking" and lower than Wall Street expected, said Daniel Kurnos, analyst at Benchmark Company. Wall Street analysts expected 2020 revenue to reach $29.74 billion. The merger reunited media mogul Sumner Redstone's entertainment empire and brought Showtime networks and CBS News under the...
Viacom and CBS completed their merger in December in their third attempt since 2016, aiming to beef up their presence in the media industry and fight deep-pocketed players such as Netflix Inc and Walt Disney Co.. The merger reunited media mogul Sumner Redstone's entertainment empire and brought Showtime networks and CBS News under the same roof as...
Feb 6- ViacomCBS Inc is preparing to launch a subscription streaming video service that will combine the free and paid services of CBS, programming from brands including MTV, Nickelodeon, Comedy Central and BET as well as films from the Paramount movies studio, a source familiar with the matter said. Blockbuster franchises from the Paramount library, such as "Top...
Jan 31- ViacomCBS Inc said on Friday that senior NBCUniversal executive George Cheeks will take over the reins of CBS Entertainment Group from Joe Ianniello on March 23. CBS appointed Chairman Ianniello as the interim CEO of the company in September 2018, after Leslie Moonves resigned from the position amid allegations of sexual harassment and assault.
The deal is scheduled to close on Dec. 4, combining CBS television network, CBS News, Showtime cable networks with MTV Networks, Nickelodeon, Comedy Central and the Paramount movie studios. The judge, Joseph Slights of Delaware's Court of Chancery, ordered CBS to turn over materials the CBS board discussed when considering the merger with Viacom, which was split...
Shares of CBS and sister company Viacom Inc were down more than 3% in morning trading. CBS stations went dark for more than 6.5 million DirecTV, DirecTV Now and AT&T U-verse customers in at least 14 U.S. cities, including New York, Los Angeles and Chicago, before CBS and AT&T signed a new content carriage agreement on Aug. 8. CBS is in the process of re-uniting with...
CBS and Viacom are in the final stages of negotiation of an all-stock merger that values the latter at a discount to its closing price on Friday, two sources told Reuters.
CNBC's David Faber has learned that CBS' board is deep in settlement talks with CEO Les Moonves that would result in his departure and the appointment of COO Joe Ianniello as his interim replacement.
Viacom reported a drop in revenue due to declining domestic advertising sales and fees it collects from cable TV operators.
Moonves has been embroiled in a public dispute with principal owner National Amusements Inc., whose president, Shari Redstone, is on the CBS board.
A demand letter sent last year by Moonves to Redstone is playing out in the boardroom battle, says the New Yorker columnist and best-selling author.
A Delaware judge ruled in favor of National Amusements' bid to challenge a voting control plan.
CBS, which is in tough merger talks with Viacom Inc, topped revenue and profit estimates on Thursday.
Viacom has asked CBS to sweeten its merger bid by about $2.8 billion or almost a quarter more than CBS's offer, people familiar with the matter said.
CNBC's David Faber reports the latest on the potential deal between CBS and Viacom.
Media mogul Sumner Redstone has resorted to communicating through an iPad preloaded with clips of his voice saying "yes," "no" and what he REALLY thinks.
The broadcast media company's earnings come amid chatter over its potential recombination with Viacom.
Shari Redstone has discussed adding new directors to the CBS board as she renews her push to merge the company with Viacom.
As Rupert Murdoch moves to sell off wide swaths of his media and entertainment business, he is also throwing into confusion the line of succession.
CNBC's Julia Boorstin provides highlights from this year's Code Conference where CBS & Viacom Vice-Chair Shari Redstone commented on the future of Viacom and the potential of new digital content. And Time Warner's Jeff Bewkes weighs in on the tech-content connection.