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BUSINESS
March 14, 2007 | From Bloomberg News
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.
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BUSINESS
November 23, 2005 | From Bloomberg News
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.
BUSINESS
April 4, 2000 | From Bloomberg News
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.
BUSINESS
July 29, 2000 | Bloomberg News
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.
BUSINESS
December 30, 1999 | From Associated Press
Shareholders of CBS Corp. and Viacom Corp. on Wednesday overwhelmingly approved their proposed $36-billion merger, clearing a final path for federal regulators to weigh the largest media combination in history. Company officials plan to renew their pitch to regulators, who are closely scrutinizing the deal, shortly after the holidays. In New York Stock Exchange trading, CBS stock fell 50 cents to close at $60.31, and Viacom fell 31 cents to close at $58.
BUSINESS
January 2, 2006 | From Times Wire Services
CBS Corp. and the new Viacom Inc., which were created over the weekend when the old Viacom Inc. completed a plan to split itself into two companies, will begin trading Tuesday on the New York Stock Exchange. Both companies will be in the Standard & Poor's 500 index. Investors were given one CBS share and one new Viacom share for each two shares they owned of the old Viacom. Shares in CBS and the new Viacom have changed hands on a when-issued basis since Dec. 5.
BUSINESS
June 22, 2006 | From Reuters
AOL, the online unit of media conglomerate Time Warner Inc., said Wednesday that it would co-produce CBS' Saturday children's TV programming lineup, bringing together two of traditional media's biggest competitors -- the Internet and video games. AOL's children's division, KOL, will co-produce part of CBS' Saturday programming with privately held management company DIC Entertainment Corp. It comes amid concerns that TV viewers are being siphoned by new technology.
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
March 6, 2009 | Bloomberg News
CBS Corp. may face an $893-million funding gap for bonds maturing next year even after slashing its dividend 81% to save cash, a Barclays Capital credit analyst said. CBS may have to sell new debt to help pay off $1.4 billion of bonds due in July 2010, Scott Shiffman wrote in a note to clients. The company may be less likely to draw on its $3-billion revolving credit facility, which will probably have to be replaced before it expires at the end of 2010, he said.
ENTERTAINMENT
January 17, 2013 | By Meg James
Billionaire Sumner Redstone has donated $10 million to the USC School of Cinematic Arts. The gift will be earmarked to help further the media production education programs at the school, including a state-of-the-art production facility. Redstone is executive chairman of media companies Viacom Inc. and CBS Corp. The facility will be named the Sumner M. Redstone Production Building. It will be part of the school's new Cinematic Arts Complex, which will be dedicated Feb. 5. Over the years, the 89-year-old mogul has contributed more than $100 million to various institutions and causes, including the Massachusetts General Hospital, USC Keck School of Medicine, Autism Speaks, Cambodian Children's Fund and the Global Poverty Project, among others.
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