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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
October 15, 2012 | By Meg James
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.
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.
ENTERTAINMENT
May 14, 2013 | By Meg James
New York hedge fund manager Daniel Loeb wants Japanese electronics giant Sony Corp. to spin off its Culver City entertainment business. CBS Corp. might like that, too. Loeb, whose Third Point funds own more than $1 billion in Sony stock, sent a letter Tuesday to Sony's chief executive, Kazuo Hirai, suggesting an initial public offering of 15% to 20% of Sony Pictures Entertainment. ON LOCATION: Where the cameras roll Sony said that its Hollywood operations are not for sale, and a CBS corporate spokesman declined to comment on "rumor and speculation.
BUSINESS
September 30, 1998 | From Bloomberg News
CBS Corp. shares fell nearly 10% amid expectations that advertising revenue at the No. 2 U.S. television network will weaken in the second half. The decline came after Morgan Stanley Dean Witter & Co. analyst Frank Bodenchak cut his cash-flow estimates, saying CBS lost advertising because of the General Motors Corp. strike. The network also will get less ad revenue than expected from NFL broadcasts and political campaigns, said Bodenchak.
ENTERTAINMENT
August 15, 2013 | By Meg James
CW Seed, an experimental digital entertainment studio and website, launched Thursday with four original Web shows. The ambitious effort represents a dramatic increase in the CW television network's investment in original programming for digital platforms. CW intends to roll out fresh episodes each week and add two other Web shows to the site later in the fall. CW Seed will be anchored by the third season of the cheeky comedy "Husbands," which was formerly on YouTube. "Husbands" tells the story of two young guys (a professional athlete and a tabloid personality)
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.
ENTERTAINMENT
February 19, 2014 | By Joe Flint
The new distribution contract CBS Corp. signed with Time Warner Cable Inc. last summer after a bitter fight could be a casualty of Comcast Corp.'s proposed acquisition of the pay-TV operator. According to people familiar with the deal, it does not include provisions protecting all the terms of the pact should Time Warner Cable be acquired by a distributor with a sweeter arrangement. These people requested anonymity because the agreement is confidential. Terms of the CBS-Time Warner Cable pact were never publicly disclosed, but Comcast, which signed a 10-year distribution agreement with CBS in 2010, is believed to be paying a lower fee to carry the network's TV stations.
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.
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