June 30, 2006 |
A group of Viacom Inc. investors won the right to sue the company's directors, claiming they overpaid Chairman Sumner Redstone and other executives even as the company suffered a record loss. New York State Supreme Court Judge Charles Ramos threw out Viacom's motion to dismiss the complaint alleging excessive compensation or unjust enrichment in 2004.
June 27, 2006 |
Paramount Pictures plans a sweeping reorganization that will bring in house its two sister movie operations, MTV Films and Nickelodeon Movies, as part of an effort to end what has frequently been viewed as a dysfunctional relationship. Although all three are owned by parent Viacom Inc.
May 12, 2006 |
Profit at Viacom Inc. slipped 9% in the first quarter as the media giant was squeezed by an increased debt load as well as higher film advertising and overhead costs at its Paramount Pictures unit, the company said Thursday. But its acquisition of DreamWorks SKG already is bearing fruit, executives said, with such films as Steven Spielberg's "Munich" and Woody Allen's "Match Point." Viacom paid $1.
March 23, 2006 |
American media giant Viacom Inc. wants to meld Hollywood with Bollywood by producing movies in India, company President and Chief Executive Tom Freston said Wednesday. "We want to produce films here; we don't want to just distribute," said Freston, whose operating units include Paramount, DreamWorks, MTV and Nickelodeon. "We want to work with Indian producers."
March 17, 2006 |
Paramount Pictures parent Viacom Inc. is expected to announce today that it has sold the live action film library of DreamWorks SKG for $900 million to a private equity group headed by billionaire George Soros, a person with knowledge of the matter said. A Paramount official declined to comment late Thursday.
February 23, 2006 |
Viacom Inc., owner of MTV, VH1 and Nickelodeon, reported lower fourth-quarter earnings Wednesday mainly because of charges and weak results at its Paramount movie studio. Viacom reported earnings as a separate company for the first time since its split with CBS Corp. at the beginning of the year. It calculated its results as if it had been a separate entity. On that basis, Viacom earned $220 million, or 29 cents a share, down from $378 million, or 45 cents, a year earlier.
January 26, 2006 |
Viacom Inc. reorganized the MTV music-television channel to kick start the creation of digital and wireless content. Dave Sirulnick was named executive vice president of multiplatform production and will focus on short-form video and news for digital devices and TV. Lois Curren was named executive vice president of series entertainment and programming.
January 2, 2006 |
CBS Corp. and the new Viacom Inc., which were created over the weekend when the old Viacom Inc. completed a plan to split itself into two companies, will begin trading Tuesday on the New York Stock Exchange. Both companies will be in the Standard & Poor's 500 index. Investors were given one CBS share and one new Viacom share for each two shares they owned of the old Viacom. Shares in CBS and the new Viacom have changed hands on a when-issued basis since Dec. 5.
December 31, 2005 |
The new Viacom Inc. said its board voted to pay a $5.4-billion special dividend to the new CBS Corp. The companies, whose stocks are to begin trading publicly Tuesday, will be separate companies after the former Viacom splits in two. The dividend had been specified under the terms of the split. The new Viacom said it used a $6-billion loan to fund the payment.
November 23, 2005 |
Viacom Inc. on Tuesday appointed seven independent directors to the boards of CBS Corp. and the new Viacom, which will be formed after the company splits this year. Four directors including Bank of America Corp. Chairman Emeritus Charles Gifford, 63, and Bruce Gordon, 59, chief executive of the National Assn. for the Advancement of Colored People, will join the CBS board, Viacom said.