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BUSINESS
September 7, 2007 | From Times Wire Services
CBS Corp. said it would buy in-store programming and advertising company SignStorey Inc. for $71.5 million in cash to expand its out-of-home business. SignStorey has installed video displays that show ads delivered by satellite in supermarkets in six of the top 10 markets in the U.S.
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ENTERTAINMENT
February 20, 2014 | By Meg James
CBS' entertainment chief, Nina Tassler, has earned a bigger title -- chairman of CBS Entertainment -- and a new employment contract that will keep her at the network through 2017. Tassler will continue to be responsible for all of CBS' entertainment programming, including prime-time, daytime and late-night hours. She also will head program development for all genres, including comedy, drama, reality, mini-series and other TV specials. Tassler will oversee scheduling, research, advertising, promotions, publicity and business affairs for entertainment programming matters, but those division chiefs will continue to report CBS Corp.
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BUSINESS
December 31, 2005 | From Bloomberg News
The new Viacom Inc. said its board voted to pay a $5.4-billion special dividend to the new CBS Corp. The companies, whose stocks are to begin trading publicly Tuesday, will be separate companies after the former Viacom splits in two. The dividend had been specified under the terms of the split. The new Viacom said it used a $6-billion loan to fund the payment.
ENTERTAINMENT
February 19, 2014 | By Joe Flint
The new distribution contract CBS Corp. signed with Time Warner Cable Inc. last summer after a bitter fight could be a casualty of Comcast Corp.'s proposed acquisition of the pay-TV operator. According to people familiar with the deal, it does not include provisions protecting all the terms of the pact should Time Warner Cable be acquired by a distributor with a sweeter arrangement. These people requested anonymity because the agreement is confidential. Terms of the CBS-Time Warner Cable pact were never publicly disclosed, but Comcast, which signed a 10-year distribution agreement with CBS in 2010, is believed to be paying a lower fee to carry the network's TV stations.
BUSINESS
July 9, 1999 | From Bloomberg News
CBS Corp., owner of the No. 1-rated U.S. television network, says it plans several more transactions giving it ownership stakes in Internet companies in exchange for advertising across CBS media. The company said Thursday that it's buying a 35% stake in the health-care Internet site Medscape Inc. in exchange for $150 million worth of promotion. The next such purchase is expected to be announced in two to three weeks, CBS Chief Financial Officer Fredric Reynolds said in an interview.
BUSINESS
June 1, 2006 | From Bloomberg News
The Federal Communications Commission denied CBS Corp.'s request for another review of a $550,000 fine imposed for the 2004 Super Bowl halftime show in which singer Janet Jackson's breast was exposed. The agency, headed by Chairman Kevin Martin, said it rejected CBS' claim that the show wasn't indecent. The FCC found CBS' violation was willful, and dismissed CBS' claim that the indecency rules were vague. "We will continue to pursue all remedies necessary to affirm our legal rights," CBS said.
BUSINESS
August 19, 1999 | From Bloomberg News
CBS Corp. plans to buy a 38% stake in online employment service Jobs.com Inc. in exchange for $62 million in advertising for five years. CBS' majority-owned Infinity Broadcasting Corp., the second-largest U.S. radio company, would be part of the investment. CBS also would get two seats on Jobs.com's board. The acquisition of closely held Jobs.com would be the fourth Internet-related purchase for New York-based CBS since July, and would bring CBS' Internet investments to 11.
BUSINESS
February 5, 1998 | From Times Staff and Wire Reports
CBS Corp. said its fourth-quarter loss narrowed on cost cutting and higher advertising at its television and radio stations and broadcast and cable networks. The company also said it will buy back as much as $1 billion of its stock and suspend its dividend. That is part of CBS' effort to use cash flow to boost its share price, which has already gained 69% in the last 12 months.
BUSINESS
December 24, 1998 | From Associated Press
CBS Corp. has named a longtime outside director to become the company's new chairman, leaving Mel Karmazin as the top executive in charge. David McLaughlin will succeed Chairman Michael Jordan, who is retiring, and take the post of nonexecutive chairman starting Jan. 1, CBS said Wednesday. Karmazin, currently the company's president, was tapped two months ago to assume Jordan's role of chief executive. Karmazin had been running CBS' day-to-day operations since being named president in April.
BUSINESS
November 13, 1998 | Bloomberg News
CBS Corp.'s Infinity Broadcasting Corp., one of the largest U.S. radio and billboard companies, said it plans to sell 135 million Class A common shares for between $19 and $22 each in its initial public offering. At the $20.50 midpoint of the expected price range, Infinity would raise $2.8 billion before expenses, according to its filing with the Securities and Exchange Commission.
ENTERTAINMENT
February 6, 2014 | By Joe Flint
CBS is ready for some more football. Already home to a popular Sunday afternoon package of National Football League games, the network will add seven or eight Thursday night games to its strong prime-time lineup this fall. Those games had previously been telecast exclusively by the league's NFL Network. For fans, this means that more NFL football will be on broadcast television at a time when most sports have migrated to cable. The NFL Network is in about 72 million of the country's 115.6 million television homes - while just about everyone gets CBS. ON LOCATION: Where the cameras roll The agreement between the NFL and CBS is for just one year, with the league having an option to extend it to a second year.
ENTERTAINMENT
January 24, 2014 | By Meg James
Although he rarely makes it into the office these days, Sumner Redstone continues to collect a handsome executive compensation package. The 90-year-old controlling shareholder of Viacom Inc. received a package valued at $36.2 million in 2013 in his role as executive chairman of the New York cable television and movie company, according to a filing Friday with the Securities and Exchange Commission. That represented a 50% increase over Redstone's 2012 Viacom compensation of $24.2 million.
ENTERTAINMENT
January 11, 2014 | By Joe Flint and Ryan Faughnder
The U.S. Supreme Court could settle the fate of a new technology company that television broadcasters fear would destroy their business. On Friday, the high court said it would hear arguments that Aereo Inc., a start-up firm, violates copyright law by enabling its customers to stream local television stations over the Internet and that it should be shut down. The major media companies seeking the court's review include CBS Corp., 21st Century Fox, Walt Disney Co. and Comcast Corp.  FACES TO WATCH 2014: Digital media Launched in 2012 and backed by media mogul Barry Diller, Aereo is currently available in 10 cities, including New York, where it is based.
ENTERTAINMENT
January 8, 2014 | By Ryan Faughnder
Episodes of "Extant," the CBS drama series starring Halle Berry and produced by Steven Spielberg's Amblin Television, will be available on Amazon.com Inc.'s Prime Instant video streaming service four days after they first air.  The content licensing deal between CBS and the online retailer mirrors the agreement for 2013's summer hit "Under the Dome," based on the Stephen King book. Episodes of "Under the Dome" were also available four days after their original broadcast date for Amazon Prime subscribers.  The "Under the Dome was the most-watched TV season on the Amazon streaming service in the last year.
ENTERTAINMENT
December 10, 2013 | By Ryan Faughnder
As television viewers increasingly watch shows days and weeks after they originally air, broadcasters are trying to get paid for more of those views. On Tuesday, CBS Corp. Chief Executive Leslie Moonves said advertisers are increasingly willing to pay for those audience members who watch via digital video recorders, video-on-demand and online streaming.  "We're getting closer to getting paid for every eyeball that watches our shows," said Moonves, speaking at the UBS Global Media and Communications Conference in New York.  It's common for ad companies to pay broadcasters for viewership generated live and within three days of an original telecast, and Moonves said some companies are now paying for viewers within seven days -- a metric the industry refers to as "C-7.
ENTERTAINMENT
November 14, 2013 | By Joe Flint
The Federal Communications Commission wants to encourage more foreign ownership of television and radio stations. Currently, there is a 25% cap on a foreign company or individual when it comes to owning a stake in a broadcast property. While the cap is not being loosened per se, the FCC said on Thursday that if an investment exceeded 25%, it could still be approved. "The ruling potentially removes obstacles to new capital investment, which will support small business, minority, and female broadcast ownership, and spur innovation," the FCC said in announcing that it was clarifying its foreign ownership policy.
BUSINESS
October 29, 1999 | From Bloomberg News
CBS Corp. said third-quarter profit rose elevenfold on higher audience ratings at its top-ranked U.S. television network and advertising gains at its radio stations and billboard business. Profit from continuing operations rose to $35 million, or 5 cents a share, from profit from operations of $3 million, or 1 cent, in the year-earlier period. CBS, which is being acquired by Viacom Inc., was forecast to earn 4 cents a share, the average estimate of seven analysts polled by First Call Corp.
BUSINESS
September 30, 1998 | From Bloomberg News
CBS Corp. shares fell nearly 10% amid expectations that advertising revenue at the No. 2 U.S. television network will weaken in the second half. The decline came after Morgan Stanley Dean Witter & Co. analyst Frank Bodenchak cut his cash-flow estimates, saying CBS lost advertising because of the General Motors Corp. strike. The network also will get less ad revenue than expected from NFL broadcasts and political campaigns, said Bodenchak.
ENTERTAINMENT
November 11, 2013 | By Meg James
Louis J. Briskman plans to retire next month from his role as general counsel of CBS Corp. A mainstay of the broadcasting company, Briskman first joined CBS in 1975 when it was Westinghouse Electric Corp.  He has served as the top lawyer for four public corporations, including Aetna Inc., Group W (the broadcasting subsidiary of Westinghouse) and Westinghouse Electric.  After his stint at Aetna, Briskman rejoined CBS in September 2005, just four months before the CBS breakup with Viacom Inc.  At that point, CBS became a separate publicly traded company.
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