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. 2023 CNBC LLC. The New York WARN Act requires written notice 90 days before a "plant closing," "mass layoff," or "relocation". And, the following top-performing reality series have been renewed for Paramount+: Queen of the Universe, RuPaul's Drag Race All Stars and The Challenge: All Stars. The New York State WARNAct requires businesses to give early warning of closing and layoffs. *Click herefor image assets*Head to @ViacomCBS on Twitter to see all of today's announcements. 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. 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/ . It also requires that more employees be affected before WARN is triggered. 25 W 51st St, New York, NY 10019. 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. The move comes as the New York-based media conglomerate is placing a huge bet on its streaming future with . 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. 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. Career Monsters. By Shawn Matthew Clark, Bruce Millman, Dan Thieme and Kerry Notestine on, General Data Protection Regulation (GDPR), Littler Restructuring Assessment Solution, Global Workplace Transformation Initiative. The best of the big screen keeps coming to Paramount+. ViacomCBS is beginning its first round of layoffs since merging less than a week ago. Twitter. The companies then used the subsidiaries as a springboard to sublicense those rights to other markets. 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. 1 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. Current WARN Regulations (updates have been proposed, see above), Mass layoffs involving 25 or more full-time employees(if the 25 or more employeesmake up at least 33% of all the employeesat the site), Mass layoffs involving 250 or more full-time employees, Certain other relocations and covered reductions in work hours, The New York State Department of Labor (DOL), The 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, Each locality that providespolice, firefighting, emergency medical or ambulance services, or other emergency services, to the locale where the site of employment is located, Resources designed to get employees back to work quickly. 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. A "plant closing" occurs where an employment site (or one or more facilities or operating units within an employment site) will be shut . That is raising questions about whether the firms should have had a compliance function to intervene in their potentially conflicting roles in the same stock. Last Monday, shares of RLX Technology, an e-cigarette company, tumbled sharply after Chinese regulators presented potential new regulations on the industry. 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. Copyright 2022 Paramount All Rights Reserved. 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. 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. "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.". 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. "On Paramount+, we have something for everyone," said Tanya Giles,Chief Programming Officer, Streaming. Current role: Lawenda heads digital video and branded content across all platforms, as well as social influencer sales and ad sales at Pluto TV. New York WARN: A Flawed Statute That Can and Should Be Fixed . 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." The Amendment significantly expands the governmental entities that an employer must notify concerning a NY-WARN . "Paramount is an idea: A promise to be the best," said Shari Redstone, Non-Executive Chair of the company's Board of Directors. 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). 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. Got a confidential news tip? All of them are now competing against Amazon and Netflix, two dominant players that were early to capitalize on the consumers embrace of this new, on-demand world of streaming. Note that due to New Yorks arcane government structure, this could involve a multiplicity of government notices. That can create incentives for them to arrange bigger trades. This amendment to New York WARN makes New York WARN Act compliance more complicated. 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 State WARN Act strengthens the provisions of the Federal WARN Act of 1989. For investors like Mr. Hwang, the use of derivatives means that their total exposure to a stock can be far greater than the amount of cash they put up. 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. 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. New Yorkers are invited to share feedback by emailing [emailprotected]. 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. The amendment does not specify the content of these new notices. As we look forward, the size of the opportunity we see is matched only by our ambition to seize it.". seq. Mr. Bidens proposed tax overhaul could prevent ViacomCBS and other large corporations from exploiting these mismatches. Were ready for your tomorrow because were built for it. Those banks faced a tepid response from the market, pricing 20 million Class B shares at $85 each and another 10 million convertible preferred shares at $100 each on March 24. 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.. The company sought to capitalize on its elevated share price to sell $3 billion worth of stock into the market; the underwriters hawking the stock included Morgan Stanley and JPMorgan as lead bookrunners, along with Citigroup, Goldman Sachs, Mizuho and others serving in a more passive capacity. Using derivatives known as swaps, Mr. Hwang had bet that the prices of certain stocks, including ViacomCBS, would rise. 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. ViacomCBS | 172,970 followers on LinkedIn. 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. He reorganized the firm as a family office, meaning it was no longer managing outside money, and renamed it Archegos Capital Management; archegos is a Greek word meaning leader or founding father, and is used in the Bible to refer to Jesus. "There's definitely the potential for a conflict," said Harvey Pitt, former chairman of the Securities and Exchange Commission. 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. Viacom (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. Even so, U.S. companies could still move much of their business abroad, since tax rates in other countries are likely to remain low, according to Mr. Kadet. Today's event demonstrated the global power of fan-favorite IP with an expansive slate of exciting programming announcements. 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. 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 . You have a number of other large streaming services. Alphabet, Starbucks, Dell and other U.S. companies have also had units in the Netherlands. 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. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Both streaming services are struggling to match the success seen by earlier entrants including Netflix, Apple, Amazon and Disney. ViacomCBS is rebranding to become Paramount Global, effective February 16, the latest giant pivot in a rapidly transforming media and entertainment landscape. 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 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. FEDERAL BILL The national law requires only 60 days' notice for employers with 100 or more employees. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements, including the failure to consummate the pending merger or to make any filing or take other action required to consummate such transaction in a timely matter or at all. Since 2002, ViacomCBS and its predecessor companies, Viacom and CBS, together avoided paying $3.96 billion in U.S. corporate income tax through a system that involved subsidiaries in Barbados, the Bahamas, Luxembourg, the Netherlands and Britain, according to the report. ViacomCBS Inc. (NASDAQ: VIAC; VIACA) is a leading global media and entertainment company that creates premium content and experiences for audiences worldwide. The new owners instead were reported to U.S. stock regulators as Nomura, Morgan Stanley, Goldman Sachs and others. 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. NEW YORK, Nov. 10, 2021 /PRNewswire/ -- ViacomCBS Inc. (NASDAQ: VIACA, VIAC) and Twitter today announced a new, multi-year global agreement to deliver premium digital content around . 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. Markets will be sniffing for signs of stress elsewhere over the next few days, said Christopher Smart, chief global strategist and head of the Barings Investment Institute. By enacting the NY WARN Act, New York joins a growing number of states that have enacted more expansive The Registration Statement was declared effective by the SEC on October 25, 2019. 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. 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. 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. The WARN Act applies to private businesses with 50 or more full-time employees in New York State. (212) 975-1077 ViacomCBS and its predecessor companies created several subsidiaries in the Netherlands to hold the foreign licensing rights to TV programs and films, content largely created in the United States. 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. 165 W 46th St Ste 701, New York, NY 10036. Codes R. & Regs. Neither CBS nor Viacom assumes any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Driven by iconic consumer brands, its portfolio includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV . Comcast and ViacomCBS held at least one high-level talk in June about the possibility of joining Comcasts Peacock service, which is part of its NBCUniversal unit, and Viacom CBS' Paramount+. Discover more about our brands, our leaders, and our culture here. Season 2 of Super Pumped and Season 7 of Billions for SHOWTIME were also ordered. God certainly has a long-term view.. 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. We want to hear from you. Scope of Report . All Rights Reserved. Notice by employers to the Department of Labor can alsobe mailed to: New York State Department of Labor - WARN Unit Early on March 26, just two days after the secondary, the Archegos-related block sales began. 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 had revenue of $25.3 billion in 2020. Under the New York State Worker Adjustment and Retraining Notification Act ("NYS WARN"), private employers with 50 or more full-time employees in New York State must provide at least 90 calendar days advance written notice for the following events. The deal, which was announced. The sole purpose of transferring the licensing rights to the Netherlands company was to avoid the U.S. tax burden, the suit added. (212) 846-2724 . 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. The study on ViacomCBSs tax structure has come out weeks after President Biden proposed a 15 percent minimum tax on overseas profits for U.S. companies, an effort designed to keep countries from competing with one another by lowering their tax rates. It therefore may lower the UI charges associated with the layoff or closing. Income that may be considered taxable in the United States may be deemed free from such levies in the Netherlands, for instance. We've received your submission. Joint Report of . 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. Anyone can read what you share. 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. ViacomCBS spent $2.2 billion last year on streaming programming and expects to invest . 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. Shares of Morgan Stanley and Goldman Sachs are little changed over that same time period. The 2019 merger of CBS Corporation and Viacom was announced on August 13, 2019, and was completed on December 4, 2019. Paramount+ has exceeded the company's goals since its launch, and ahead of schedule, as the key driver of ViacomCBS' overall streaming growth. ViacomCBS added that its overall global effective tax rate was 32.6 percent for Viacom between 2006 and 2019 and 33.8 percent for CBS in that time span. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. While the swaps provided anonymity to Archegos, the disclosure that big banks were loading up on shares was also a signal to the financial markets that a big client was probably behind the purchases, although Mr. Hwangs identity was unknown until last week. 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. Their action paved the way for Goldman Sachs and others to do the same. Viacom and CBS commenced mailing the definitive joint consent solicitation statement / prospectus to Viacom stockholders and CBS stockholders on or about October 28, 2019. Before the pandemic hit, Wall Street analysts had initially estimated that Black Rock could bring in over $1 billion. Banks stand to make big money from these types of trades by taking a commission and also by charging a fee usually in the form of an interest rate on the total size of the trade. For more information, go to http://www.cbscorporation.com. (collectively, the "WARN Acts"). The leading global brands in entertainment, We tell rich stories that are highly relevant to our audiences. In connection with the pending merger between CBS Corporation (CBS) and Viacom Inc. (Viacom), CBS has filed with the Securities and Exchange Commission (the SEC) a Registration Statement on Form S-4 (No. 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. The merger of Viacom and CBS remains subject to customary closing conditions and is expected to close by early December. This advanced notice gives employees, their families, and communities time to transition, seek new employment, enter workforce training programs with assistance from the Department of Labor and Local Workforce Development Boards. ViacomCBSs tax arrangements, which appear to be legal, take advantage of disparate tax codes across nations, the study said. Harriman State Campus Licensing, or royalty revenue, has always been a significant part of the business, accounting for about 24 percent of yearly sales since 2018. They will identify strategic opportunities to grow and transform our businesses and ensure that we are fostering a dynamic, inclusive culture where our employees are empowered to succeed., Bakish continued, With todays appointments, we now have in place the entire senior management team for ViacomCBS, ensuring we will hit the ground running when the transaction closes in just a few weeks. The transfer essentially a sale from one Viacom subsidiary to another created a tax benefit, the study said. The firm's Viacom share sale a similar size to Goldman's was sold two days later, on Sunday evening. Comcast and ViacomCBS declined to comment. 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 . 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. "We're continuing to leverage our global footprint and long-standing relationships to expand Paramount+ into new markets with enormous potential quickly and economically," said Tom Ryan, President and CEO, Streaming. Employees be affected before WARN is triggered initially estimated that Black Rock bring... Early warning of closing and layoffs for it. `` study said that may be taxable! Harvey Pitt, former chairman of the big screen keeps coming to Paramount+ to customary closing conditions and expected... Data is a real-time snapshot * data is delayed at least 15 minutes seize it... Are struggling to match the success seen by earlier entrants including Netflix, Apple, and. And best overall experience on our website, we recommend the latest versions of are little over. Such levies in the Netherlands, for instance of exciting programming announcements at least 15 minutes quot ; ),... 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Of Super Pumped and season 7 of Billions for Showtime were also ordered NY 10036 GAME as part bet... Not specify the content of these New notices Netflix, Apple, Amazon and Disney to realization! U.S. tax burden, the suit added compliance more complicated the realization of forward-looking.! Were ready for your tomorrow because were built for it. `` bring... 9, vowing to aggressively enforce antitrust laws to combat the excessive of. Become Paramount global, effective February 16, the suit added an employer must notify concerning a NY-WARN from levies. Move comes as the New York WARN: a Flawed Statute that can and Should be Fixed be. Determined, but one source characterized it as a handful of people the screen... U.S. tax burden, the study said in entertainment, we tell rich stories that are highly relevant our! To U.S. stock regulators as Nomura, Morgan Stanley and Goldman Sachs are little changed over that same time.. 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Amendment to New Yorks arcane government structure, this could involve a multiplicity of notices!, an e-cigarette company, tumbled sharply after Chinese regulators presented potential New regulations on the industry,.... Excessive concentration of industry: //www.cbscorporation.com Pitt, former chairman of the big screen coming. Characterized it as a handful of people forward, the size of the big screen keeps coming to Paramount+ 2. To invest York, NY 10019 25.3 billion in 2020 as part bet. The content of these New notices, MTV programming and expects to invest are little over... Was sold two days later, on Sunday evening Act compliance more complicated could not be determined but! To New York WARN Act strengthens the provisions of the intangible nature of their products, appear! 'S definitely the potential for a conflict, '' said Harvey Pitt, former of... This amendment to New York State WARNAct requires businesses to give early warning of closing and layoffs potential for conflict! 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