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.
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.
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.
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.
February 14, 2013 |
Broadcasting giant CBS Corp. is taking a minority stake in AXS TV, the nascent music-oriented cable channel owned by billionaire Mark Cuban and Los Angeles entertainment giant AEG. CBS will receive an undisclosed interest in the high-definition television channel in exchange for providing programming and marketing to the joint venture. With rights to such prominent events as the Grammy Awards, Broadway's Tony Awards and the Academy of Country Music Awards, CBS can give AXS a front row seat and backstage access that other channels lack. Major programs will continue to air on the CBS broadcast network, but CBS plans to provide hours of additional coverage to its tentpole events with extras such as red carpet and backstage interviews. CBS also agreed to promote the channel and its events on CBS' top-rated television network, TV stations, radio stations and even billboards.
August 15, 2013 |
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)
September 3, 2013 |
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.
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.