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BUSINESS
May 12, 2006 | From Reuters
A CBS Corp. lawyer told a judge that an agreement was near to settle a lawsuit against former radio host Howard Stern over his move to Sirius Satellite Radio Inc., a CBS executive said Thursday. CBS Radio sued Stern, his company, One Twelve Inc., his agent, Don Buchwald, and Sirius in February, alleging breach of contract, fraud, unjust enrichment and misuse of CBS broadcast time. It sought unspecified compensatory and punitive damages.
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ENTERTAINMENT
July 5, 2008 | From the Associated Press
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.
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.
ENTERTAINMENT
October 22, 2013 | By Meg James
CBS Corp. has hired Hilary Estey McLoughlin as president of creative affairs for its distribution unit, overseeing such popular programs as "Judge Judy," "Entertainment Tonight," "Doctor Phil" and "Rachael Ray. " Estey McLoughlin left Warner Bros. this past summer in a shake-up that followed Warner Bros.' hiring of Mike Darnell , former reality wizard of Fox Broadcasting. Estey McLoughlin had been president of Warner Bros.' Telepictures Productions for nearly seven years.
ENTERTAINMENT
March 26, 2013 | By Meg James
CBS Corp. has acquired a 50% stake in the TV Guide Network for about $100 million, giving the big broadcaster a larger toehold in cable television. CBS said Tuesday it had entered into a joint venture with the independent film and television studio Lionsgate, which owns the other 50% of the channel also known as TVGN.  CBS bought out the stake held by One Equity Partners, an investment arm of JPMorgan Chase & Co.  The 32-year-old TVGN is widely distributed -- it is available in 80 million homes -- but it has stumbled attempting to create an identity after the conversion to digital channels that made the TV Guide channel's once useful rolling scroll of cable channel program schedules irrelevant.  IN CASE YOU MISSED IT: Your entertainment 'Morning Fix' Now cable subscribers can easily navigate an interactive channel guide by tapping a button on their remote controls.
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.
ENTERTAINMENT
July 5, 2013 | By Meg James
This post has been updated. See below for details. CBS Corp. Chief Executive Leslie Moonves sold 450,000 shares of CBS stock this week for about $22 million, according to a regulatory filing. The television titan, whose compensation package last year topped $62 million , acquired the stock as part of his long-term incentive program. The sales, which were part of a regular schedule of sales to avoid the appearance of market timing, occurred on Monday and Tuesday, according to the filing.
ENTERTAINMENT
September 3, 2013 | By Meg James
Cord-cutting continues to nibble away at the U.S. pay-TV industry. According to a SNL Kagan report released Tuesday, the industry suffered a net loss of 217,000 subscribers in the second quarter of this year compared to the same period last year. The report also showed that traditional cable companies -- including Time Warner Cable -- are losing more subscribers to satellite and telecommunications competitors that also offer video service. The report illustrated why Time Warner Cable had little choice but to settle its contentious dispute with CBS Corp., which led to a monthlong blackout of CBS-owned stations in Los Angeles, New York and Dallas.
BUSINESS
November 15, 1997 | From Reuters
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.
NEWS
November 7, 2012 | By Meg James
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.
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