November 16, 1999 |
CBS Corp., one of the biggest television and radio broadcasters, said it has completed its purchase of King World Productions Inc., the largest TV syndication company, for about $3.21 billion in stock. After about two months of delays, King World said 99% of its shareholders who cast ballots approved the sale to CBS. King World shareholders will get 0.81 of a share of CBS common stock for each of their King World shares. That's about $42.98 a share, or 2.
May 27, 2006 |
Howard Stern regained control of the master tapes from the last 20 years of his previous radio program in a settlement of the contentious lawsuit brought by his former bosses at CBS Radio. Stern's new employer, Sirius Satellite Radio Inc., agreed to pay $2 million to CBS Radio, CBS Corp.'s radio subsidiary, for the rights to the recordings, both sides said. Other details of the settlement remained confidential.
December 1, 1997 |
Westinghouse Electric Corp. will become CBS Corp. and move its headquarters from Pittsburgh to New York City today as part of the company's shift to media from its industrial roots. The company, founded 111 years ago as a maker of air brakes for trains, is assuming the name of the broadcast TV network it bought two years ago for $5.4 billion. Since then, Westinghouse has moved deeper into radio and TV, spending more than $9 billion to acquire stations.
July 5, 2008 |
A former accountant for Rachael Ray's TV cooking show has filed a $1-million lawsuit, saying he was forced out of his job because he has an eating disorder. Aaron Ferguson says in papers filed in Manhattan's state Supreme Court that he has suffered from anorexia for about six years. He says his supervisor repeatedly exhibited "hostile behavior" and made "vile," discriminatory and hurtful comments. Ferguson said he began working in July 2007 for CBS Television Distributions Inc., a CBS Corp.
October 15, 2012 |
CBS Corp. is not about to lose Leslie Moonves. The 63-year-old chief executive has signed a new five-year deal, long in advance of his previous contract expiring in 2015. Moonves' new employment agreement, announced Monday, will keep the veteran television executive at the helm of the media company at least through June 2017. “This agreement secures the company even further into the future," Sumner Redstone, the company's chairman said. The terms of the new contract stipulates that Moonves' salary will remain at its current level, CBS said in a statement.
May 27, 2013 |
Viacom Chairman Sumner Redstone celebrated his 90th birthday Monday. Friends, family and business associates had planned a surprise Memorial Day birthday party in Los Angeles for the media mogul, even though Redstone has never been a big fan of birthdays -- or surprises. Not to worry. Redstone has plenty of reasons to celebrate this year. Just last week, Viacom stock hit an all time high. Redstone also received an early birthday present from Viacom's board, of which he serves as chairman.
November 11, 2013 |
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.
November 15, 1997 |
Westinghouse Electric Corp. said Friday that it agreed to sell its power-generation business to Siemens of Germany for $1.5 billion in cash as part of its plan to divest its industrial businesses and become a media company. Westinghouse said its divestiture timetable had been pushed back about six months but was expected to be completed by the middle of next year, after which it will be a "pure-play media company" led by its CBS television network.
November 7, 2012 |
Higher fees for programming boosted broadcasting giant CBS Corp. to a solid third quarter with 15.7% growth in profit. For the period that ended Sept. 30, the company reported net earnings of $391 million, or 60 cents a share, up from $338 million, or 50 cents a share, during the third quarter of 2011. The earnings matched Wall Street analysts' forecasts. "CBS is keeping its streak with another quarter of record-breaking results," Chief Executive Leslie Moonves said Wednesday in a conference call with analysts.
April 23, 1999 |
CBS Corp., the top-rated U.S. TV network, said it has agreed to buy a 33% stake in WinStar Communications Inc.'s Office.com in exchange for $42 million in advertising, expanding its online holdings. Over six years, CBS will promote and provide advertising for Office.com on its TV network and affiliated stations, as well as across the radio and billboard businesses of Infinity Broadcasting Corp., in which CBS owns an 83% stake. Office.