January 30, 2010 |
CBS News, seeking to hold down news-gathering costs as its flagship evening and morning news programs continue to trail in the ratings, is preparing a significant round of layoffs next week, according to people familiar with the situation. The budget tightening is expected to affect every CBS News program, including "60 Minutes," the network's crown jewel, though the cuts on that show will be minimal. As many as 100 positions, or 7% of CBS News' 1,400-person staff, could be cut, these people said.
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.
September 21, 1999
CBS Corp., owner of the top-rated U.S. television network, said it will promote its new season of shows over America Online, giving it access to the No. 1 online service's more than 17 million subscribers. The campaign is to begin today and run through Sunday. CBS ads touting the network's new fall schedule will be displayed on several high-traffic areas of AOL, including its entertainment channel and "welcome" screen. In exchange, CBS will provide advertising time for AOL.
July 29, 1999 |
CBS Corp. has signed a new long-term contract with Leslie Moonves, president and chief executive of CBS Television, quashing speculation that the company's No. 2 executive is in the running for the top job at Time Warner's Hollywood studio. Moonves will join the CBS board. CBS would not disclose details of the new contract, which is effective immediately. Moonves' previous contract was due to expire in December of next year.
March 14, 2007 |
CBS Corp. Chairman Sumner Redstone, bowing to shareholder complaints that company directors and top executives were overpaid, cut his salary and cash bonus for 2007 and linked his compensation to the stock's performance. CBS also said in a statement Tuesday that it resolved a case with shareholders who filed a complaint in 2005 charging the company with overpaying top executives.
November 23, 2005 |
Viacom Inc. on Tuesday appointed seven independent directors to the boards of CBS Corp. and the new Viacom, which will be formed after the company splits this year. Four directors including Bank of America Corp. Chairman Emeritus Charles Gifford, 63, and Bruce Gordon, 59, chief executive of the National Assn. for the Advancement of Colored People, will join the CBS board, Viacom said.
April 4, 2000 |
CBS Corp. lost a round in a sex discrimination suit when a federal judge Monday approved class-action status for female technicians at five CBS television stations. The number of women joining the class could exceed 150, according to one of the plaintiffs' attorneys. The original suit was filed on behalf of four plaintiffs. U.S. District Judge Donovan W.
July 29, 2000 |
Viacom Inc. will take about $1.5 billion in charges in its second quarter for costs related to buying CBS Corp. and for new film accounting rules, according to a recent filing and analyst estimates. Viacom expects to record a pretax charge of about $700 million for CBS purchase expenses such as transaction fees, severance payments and other costs, the company said in a filing with the Securities and Exchange Commission.