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.
May 12, 2006 |
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.
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.
July 16, 2013 |
Platinum Equity, the Los Angeles-based private equity firm, announced Tuesday it will buy CBS Corp.'s international billboard division for $225 million. Known as CBS Outdoor International, the division has billboards in the U.K., France, Ireland and other European countries. “CBSO International is a well-established brand with valuable media assets and broad reach throughout Europe,” said Bastian Lueken, head of Platinum Equity's European merger and acquisitions team. Photos: Top 10 Southern California companies Platinum Equity is run by chairman Tom Gores.
March 26, 2013 |
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.
August 19, 2013 |
CBS Corp. wants to send the message that it won't tolerate copycats. On Monday, the No. 1-ranked television network said that it had reached a settlement in the 15-month legal dispute over whether ABC's "The Glass House," a short-lived reality show that closely mirrored CBS' successful "Big Brother" show, constituted a violation of CBS' copyright and trade secrets. CBS said it would receive compensation in the matter, but it declined to say how much. ON LOCATION: Where the cameras roll "The Glass House" got stoned in the ratings last summer. The program, about a group of strangers living together in a house and cut off from the outside world, ran just 10 episodes, mustering fewer than 4 million viewers an installment throughout its short tenure.
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.