May 27, 2013 |
Viacom Chairman Sumner Redstone celebrated his 90th birthday Monday. Friends, family and business associates had planned a surprise Memorial Day birthday party in Los Angeles for the media mogul, even though Redstone has never been a big fan of birthdays -- or surprises. Not to worry. Redstone has plenty of reasons to celebrate this year. Just last week, Viacom stock hit an all time high. Redstone also received an early birthday present from Viacom's board, of which he serves as chairman.
May 15, 2013 |
At ABC's upfront presentation Tuesday in New York City, Jimmy Kimmel slammed the perennial first-place finisher CBS as a bunch of “smug” jerks (though he opted for a more a colorful epithet that isn't fit to be repeated here). Though Kimmel's diss got the crowd at Avery Fisher Hall worked up, a day later CBS didn't seem too worried about appearing cocky: If anything, the network seemed to embrace its reputation as the Kanye West of broadcast TV. The day-long victory lap began early at an informal breakfast with reporters, where CBS Corp.
May 14, 2013 |
Sony Corp. stock soared in afternoon trading after New York hedge fund Third Point proposed that the electronics and media giant make an initial public stock offering of up to 20% of its entertainment arm. That unit, known as Sony Entertainment Inc., includes film and television studio Sony Pictures Entertainment, Sony/ATV Music Publishing and Sony Music Entertainment. The proposal also raised the specter of a possible Sony alliance - perhaps with CBS Corp., whose CEO Leslie Moonves has long dreamed of running a movie studio.
May 14, 2013 |
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.
May 3, 2013 |
Economists are forecasting slow growth in advertising spending for the remainder of 2013 amid encouraging signs from the U.S. labor market. Media companies are doing their best to grab a bigger slice of the pie. This week, Wall Street cheered Viacom Inc.'s ability to raise television ad rates during the first three months of the year because of a ratings rebound at children's channel Nickelodeon. Nickelodeon's ratings were up roughly 9% this year compared with the network's lackluster January-March quarter in 2012.
May 1, 2013 |
The lights didn't go out on CBS Corp. during the first quarter. The Super Bowl -- which was marred by a third-quarter power outage that dimmed the lights in the New Orleans Superdome -- helped the broadcasting giant rake in more than $4 billion in revenue in the first quarter. That amounted to a 6% increase compared with the first quarter of 2012 -- and a record haul for the media company. For the quarter that ended March 31, CBS' profit soared nearly 22%. The New York media company earned $463 million, or 73 cents a share, compared with $394 million, or 59 cents a share, a year earlier.
April 4, 2013 |
CBS executives are not wasting any time after buying 50% of the TV Guide Network, announcing plans to heat up the cable channel's evening schedule with the No. 1 daytime drama, "The Young and the Restless. " Beginning this summer, encore episodes of the popular soap will run on the TV Guide Network, also known as TVGN, at 7 p.m. on the same day as their telecast on the top-rated CBS network. The fan-favorite drama, which is owned by Sony Pictures Television, has been enjoying a second run in cable for many years on SOAPnet, a cable property of Walt Disney Co. However, Disney has said it eventually wants to turn SOAPnet into a channel called Disney Jr. with programming aimed at tots. PHOTOS: Hollywood Backlot moments Repeats of "The Young and the Restless" will remain on SOAPnet until this summer, when they will shift to TVGN.
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.
March 19, 2013 |
Hold onto your Tuesday copy of Daily Variety. It could be worth something one day. The publication, which has kept Hollywood insiders on top of whose star is rising and whose is falling for almost 80 years, ended its run as a print vehicle today to focus on its Web operations. A revamped Weekly Variety magazine will make its debut next week. Daily Variety didn't shortchange its own story in its final paper. Although the lead news story was about MGM, a big chunk of the front page was taken up with an acknowledgment of the historic nature of the edition.
February 14, 2013 |
Broadcasting giant CBS Corp. reported 6.2% higher profit for the fourth quarter of 2012, boosted by higher advertising at the top-rated CBS television network and an increase in subscriber fees for its premium channel Showtime. For the quarter that ended Dec. 31, CBS earned $393 million, or 60 cents a share, up from $370 million, or 55 cents, in the fourth quarter of 2011. Revenue was up 2%, to $3.7 billion. CBS delivered adjusted net earnings of $414 million, or 64 cents a share, up from $377 million during the year-earlier period -- falling short of analysts' estimates of 68 cents a share.