King World Productions

In a boost to Viacom and its King World Productions unit, Oprah Winfrey has agreed to a two-year contract that will extend her syndicated daytime talk show at least midway through 2004. "The Oprah Winfrey Show" remains a major cash cow. When CBS, now part of Viacom, agreed to acquire King World in 1999, it was estimated "Oprah" accounted for nearly half of the program distributor's $210 million in cash flow.

Legendary television producer Don Cornelius claims that conflicts of interest arising from the vertical integration of the media business is threatening to destroy his 30-year-old "Soul Train" franchise. Symbolic of the escalating tensions between independent producers and the media giants that control both programming and distribution, Cornelius claims that Viacom Inc.'

In a boost to Viacom and its King World Productions unit, Oprah Winfrey has agreed to a two-year contract that will extend her syndicated daytime talk show at least midway through 2004. "The Oprah Winfrey Show" remains a major cash cow. When CBS, now part of Viacom, agreed to acquire King World in 1999, it was estimated "Oprah" accounted for nearly half of the program distributor's $210 million in cash flow.

King World Productions, Summit, N.J., said Steve Palley, senior vice president and general counsel, has been named acting chief operating officer. He replaces Stuart Hersch, who resigned from the television syndication firm to pursue other business interests.

More Staying Power: King World Productions turned all the letters around and they spelled R-E-N-E-W-A-L for its two popular game shows, "Wheel of Fortune" and "Jeopardy!" Both were picked up through the 1995-96 broadcast season.

Complaint Filed Against King World Chairman: King World Productions revealed that a misdemeanor complaint that could result in a suit for monetary damages was filed against company Chairman Robert King in Las Vegas. The complaint concerns a "minor altercation" that occurred Oct. 25, according to the company. King World declined to describe the event, but said King had subsequently completed an alcohol abuse treatment program.

Oprah Winfrey Renews Contract: King World Productions Inc. said the talk show host signed on for at least two more years, ending concern her departure would severely hurt King World's future. The stock rallied after the announcement, closing down 87.5 cents at $36 on the New York Stock Exchange after trading as low as $32.75. Winfrey cited loyal viewers and "other opportunities recently presented to me" for her decision.

CBS Television, reorganizing its distribution operations after last year's acquisition of leading syndicator King World Productions Inc., has named Roger King chairman and chief executive of the division. Retaining the name CBS Enterprises, the new umbrella division will include King World Productions as its domestic syndication arm and CBS Broadcast International as the overseas distribution unit. CBS' existing syndication arm, Eyemark Entertainment, will be folded into the new unit.

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.

At 4 on a morning last April, Roger King sat in his suite at Manhattan's opulent RIHGA Royal Hotel, eyeing papers that stood to make him vastly richer, though not necessarily happier. The previous three days had been a blur of last-minute negotiations, and King, known to log 100 sales phone calls before noon, was weary--maybe even weepy. Everyone knows King World, if only by the television programs that made it so successful: "Wheel of Fortune," "Jeopardy!" and "The Oprah Winfrey Show."

A year after hiring an investment banker to look for a buyer, King World Productions Inc., one of the last independent entertainment companies standing after a decade of consolidation, agreed Thursday to be acquired by CBS Corp. in a stock deal valued at $2.5 billion.

CBS Corp. and King World Productions Inc. are close to an agreement in principle under which the broadcasting company will buy the syndicator of such programs as "Wheel of Fortune," "Jeopardy!" and "The Oprah Winfrey Show" in an all-stock deal worth more than $2.8 billion. Sources close to the negotiations, which have been underway for several weeks, warned late Wednesday that a few issues remain unresolved and that the deal could still fall apart.

CBS Corp. and King World Productions Inc. have held merger talks in recent weeks to work out a marriage of the network and King World's television production and distribution, an industry source confirmed Sunday. "There have been talks," the source said. declining to comment on the status of negotiations. A CBS spokesman declined to comment, and King World spokeswomen were not available. King World, the Los Angeles-based distributor of the "Oprah Winfrey Show" and "Jeopardy!"

Shares of King World Productions Inc. rose 14% on Wednesday after a report that the No. 1 TV show syndicator is in talks with possible buyers, including CBS Corp. and Fox Entertainment Group Inc. King World, which distributes "Jeopardy!"

King World Productions Inc. said President and Chief Operating Officer Jules Haimovitz has left the distributor of the "Oprah Winfrey Show" after little more than a year with the company. Haimovitz, 47, will act as a consultant to King World through September to help in the transition. Vice Chairman and Chief Executive Michael King, 50, will serve as interim chief operating officer until Haimovitz's successor is chosen.