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BUSINESS
July 13, 2006 | From Reuters
CBS Radio Inc., a unit of CBS Corp., said it was cutting an unspecified number of jobs at its radio stations in the U.S. as part of a previously announced plan to manage costs. The company, based in New York, declined to specify the number of jobs it would cut. A source familiar with the matter said CBS was eliminating about 115 out of more than 8,500 full- and part-time positions at its 179 stations. CBS had announced plans more than a month ago to divest several stations in smaller markets.
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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.
BUSINESS
February 6, 1997 | Bloomberg News
Westinghouse Electric Corp. said it will be known as CBS Corp. after it spins off its industrial businesses later this year to create a pure broadcasting company. The media company will also use the CBS "eye" as its logo. The decision to use the CBS name and logo came after a $30,000 study by corporate-identity consultant Lippincott & Margulies concluded CBS was a logical choice because it's recognized around the world.
ENTERTAINMENT
July 1, 2013 | By Meg James
Tribune Co. has agreed to purchase 19 television stations owned by Local TV Holdings in a $2.73-billion deal that is expected to make Tribune the largest television station group in the country. Tribune and Local TV Holdings said early Monday that they had entered into a definitive agreement for Tribune to acquire all of Local TV's television stations in a cash transaction. Local TV's stations are located in 16 markets, including Denver, Salt Lake City, Cleveland and Kansas City.
BUSINESS
August 29, 2013 | By Meg James
Justin Bass is a big Los Angeles Dodgers fan, but for nearly four weeks he has been shut out of the action. The continuing contract dispute between television giants CBS Corp. and Time Warner Cable Inc. has blacked out the CBS-owned KCBS Channel 2 and KCAL Channel 9 in more than 1 million Los Angeles homes served by the cable company. Time Warner Cable customers like Bass, unless they have installed an over-the-air antenna to capture the broadcast signal, have missed nine Dodgers games that have aired on KCAL.
CALIFORNIA | LOCAL
May 30, 2010 | Times Wire Services
Michael H. Jordan, a skilled troubleshooter who held leadership roles at CBS, PepsiCo and Westinghouse, died Tuesday in New York from complications related to cancer, CBS Corp. announced. He was 73. Jordan was instrumental in crafting the media conglomerate that became the CBS of today as its chairman and chief executive. As the top executive at Westinghouse Electric Corp., he engineered the acquisition of CBS in 1995. He later shed Westinghouse's industrial businesses and kept the media business.
BUSINESS
March 27, 2007 | Alana Semuels, Times Staff Writer
In the wake of declining radio revenue, CBS Corp. said Monday that it was replacing Joel Hollander, chief executive of CBS Radio, with a former president of the group, Dan Mason. The nation's second-largest radio group announced this year that revenue declined 7% in the year ended Dec. 31 after shock jock Howard Stern was lured from CBS to Sirius Satellite Radio Inc.
BUSINESS
May 22, 1999 | Bloomberg News
CBS Corp. television station group President Jonathan Klein plans to retire after 30 years with the broadcasting company, according to an internal memo sent by Klein to company managers. The 56-year-old Klein, who wasn't immediately available to comment, said in the memo that he would remain with the company during a transition period. He didn't indicate what he would do after leaving CBS. Klein was named head of the station group in 1995, after CBS was bought by Westinghouse Electric Corp.
BUSINESS
October 6, 2005 | From Associated Press
Shareholders of Viacom Inc. will get half a share of the new Viacom and half a share of CBS Corp. for each share they currently hold when the media conglomerate splits into two companies, the company said. Viacom detailed terms of its plan to split into two public companies in a Securities and Exchange Commission filing but didn't give a date for when it expects to finish the breakup. Shares rose 81 cents to $31.99.
BUSINESS
May 4, 2007 | From the Associated Press
CBS Corp., producer of "60 Minutes" and the hit crime series "CSI," said Thursday that its first-quarter earnings fell 6%, hurt by the sale of radio stations and lower syndicated TV income. CBS, which also operates outdoor advertising and publishing units, said net income fell to $213.5 million, or 28 cents a share, from $226.9 million, or 30 cents, a year earlier. The latest quarter included a tax charge related to the sale of some radio stations. Excluding items, earnings rose 8% to $253.
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