This role will play a key role in our content strategy, ensuring that we build and execute on our compliance strategy, with the goal of attaining all regulatory requirements. Mr. Hwang had worked under the billionaire hedge fund titan Julian Robertson at Tiger Management, making him one of the firms famous alumni, or cubs, when he started his own fund, Tiger Asia. The media company behind Showtime and Nickelodeon is swinging the ax at CBS finance department, which is housed in the networks Midtown Manhattan headquarters building known as Black Rock, sources told The Post. It isstronglyencouraged that employers submit their WARN notices byemailto[emailprotected]. New York State Bar Association . In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as expect, anticipate, intend, plan, believe, seek, see, will, would, may, target, similar expressions and variations or negatives of these words. Both Nomura and Credit Suisse shares plummeted about 19% since they each announced they'd face significant losses from the event. ADDITIONAL INFORMATION. Employers should also consider including the additional content required by existing New York regulations for WARN notices given to the local Workforce Investment Board. Information contained in this publication is intended for informational purposes only and does not constitute legal advice or opinion, nor is it a substitute for the professional judgment of an attorney. While certain bankers at Morgan Stanley and Goldman Sachs were pitching that deal to investors, some of their peers in the prime brokerage division were growing increasingly concerned about the risk profile of one of their clients, a family office called Archegos, which had large, leveraged exposure to ViacomCBS. You have a number of other large streaming services. Building 12, Room 425 Morgan Stanley declined to comment. Cautionary Notes on Forward-Looking Statements. The best of the big screen keeps coming to Paramount+. Signage on the ViacomCBS headquarters during a winter storm in New York, U.S., on Friday, Feb. 19, 2021. The new name nods to the company' By Monday, investment banks around the world were scrambling to calculate the damage. Mr. Bidens proposed tax overhaul could prevent ViacomCBS and other large corporations from exploiting these mismatches. Were ready for your tomorrow because were built for it. Wall Street was still grappling with the fallout on Monday, but many analysts thought the worst of the danger had passed. These margin requirements are adjusted daily to enable the bank to demand more cash if the trade goes wrong. of the New York State 860 Labor Law. INVESTORS AND SECURITY HOLDERS OF CBS AND VIACOM ARE URGED TO READ THE REGISTRATION STATEMENT, WHICH INCLUDES THE JOINT CONSENT SOLICITATION STATEMENT / PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PENDING MERGER AND RELATED MATTERS. ViacomCBS fulfills its tax obligations in all 180-plus countries and the territories we operate, and all of our revenues including those identified in this report are fully taxed in relevant jurisdictions around the world, including the United States, as required by applicable law.. The stock declined on news of the placement, and that move was one of the main catalysts that led to increased calls for collateral from Archegos, according to sources close to the matter. As a country, he said, wed be better off overall with the same rate everywhere., SpongeBob and Transformers Cost U.S. Taxpayers $4 Billion, Study Says, https://www.nytimes.com/2021/06/01/business/media/viacom-cbs-tax-scheme.html. Albany, New York 12226, Contact your Regional All plans are being discussed as Mr. Hwang and the team determine the best path forward.. Executives at ViacomCBS which Redstone successfully reunited in 2019 after more than a dozen years apart are worried that the company is becoming a smaller and smaller fish swimming in a media ocean dominated by great whites. ViacomCBS spent $2.2 billion last year on streaming programming and expects to invest . Driven by iconic consumer brands,. ViacomCBS added that its overall global effective tax rate was 32.6 percent for Viacom between 2006 and 2019 and 33.8 percent for CBS in that time span. Among them: millions of shares of ViacomCBS, the corporate parent of the countrys most-watched network; the media company Discovery; and a handful of Chinese technology firms. Before the merger, Viacom and CBS, both controlled by the Redstone family, employed the same strategy of moving foreign intellectual property licensing rights to subsidiaries outside the United States when rates became more favorable, the report said. Though Nomura did not identify Archegos as the client at the center of the losses, the bank said its claim against the unnamed client was about $2 billion. (Photo: Business Wire), Jose Tolosa will serve as Executive Vice President, Chief Transformation Officer, ViacomCBS. In other words, for every dollar Viacom collected overseas for a blockbuster like Transformers (after converting from reals, lira or renminbi), less than a penny was likely subject to corporate income tax, according to the study. ViacomCBSs Paramount Pictures, which distributed the computer-animated action-fest, saved much of that money by licensing the international rights through a complex strategy designed to avoid paying U.S. taxes, according to a study published on Tuesday by the Centre for Research on Multinational Corporations, a nonprofit group funded in part by the Dutch Ministry of Foreign Affairs. New Yorkers are invited to share feedback by emailing. While the list of factors presented here and the list of factors presented in the Registration Statement are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Early on March 26, just two days after the secondary, the Archegos-related block sales began. Career Transition For Dancers. Please enter valid email address to continue. Unlike businesses that produce physical goods, media companies can take advantage of the intangible nature of their products. Media companies are now driven by streaming, a relatively new enterprise that has been losing money as it tries to attract as many subscribers as possible all over the world. Assembly A10674 Summary, available at:https://assembly.state.ny.us/leg/?default_fld=&leg_video=&bn=A10674&term=2019&Summary=Y&Actions=Y&Memo=Y&Text=Y(last visited Nov. 11, 2020). Copyright 2022 Paramount All Rights Reserved. The move comes as the New York-based media conglomerate is placing a huge bet on its streaming future with . document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. On November 11, 2020, Governor Cuomo signed an amendment (the "Amendment") to the New York State Worker Adjustment and Retraining Notification Act ("NY-WARN Act"). NEW YORK, Feb. 15, 2022 /PRNewswire/ -- ViacomCBS today announced that the global media company will become Paramount Global (referred to as "Paramount"), effective February 16, bringing together its leading portfolio of premium entertainment properties under a new parent company name. "That promise has always been at the center of what we aspired to build as the steward of more than a century of cinematic excellence, and with businesses and brands that have defined and redefined entertainment for generation after generation. Scope of Report . The ViacomCBS leader Shari Redstone, center, celebrating the merger of Viacom and CBS in 2019. We've received your submission. Revised regulations might also address this issue. Randy Watts, chief investment officer for ONeil Global Advisors, a financial advisory firm, called the Archegos affair a short-term event.. By Friday morning, when Archegos was unable to post additional margin, Morgan Stanley and Credit Suisse, two of Archegoss main lenders, had declared the fund to be in default, four people briefed on the matter said. "There's definitely the potential for a conflict," said Harvey Pitt, former chairman of the Securities and Exchange Commission. The sole purpose of transferring the licensing rights to the Netherlands company was to avoid the U.S. tax burden, the suit added. Moving licensing rights to SpongeBob from one country to another is just a matter of paperwork. Comcast and ViacomCBS held at least one high-level talk in June about the possibility of joining Comcasts Peacock service, which is part of its NBCUniversal unit, and Viacom CBS' Paramount+. You may opt-out by, 5 Critical Lessons From The Last Writers Strike, Boris Sanchez On CNNs Revamped Dayside Programming: I Think Viewers Are Going To Be Surprised, CNNs Nick Paton Walsh Hikes Five Days With Migrants Headed Toward U.S.: The Worst Thing In The World, Radio Silent: Tesla, Ford And More EVs Phase Out AM Radio, Actor BD Wong On Directing Comedian Judy Golds New Solo Show, Foul Play Mixes Murder Mysteries, Broadway Stars In Novel Online Interactive Series, As Instagram Opens Creator Market To Tech Partners, Brands Mega Influencer Campaigns Should Boom, NBC Builds Viewer Engagement In A Crowded Programming Landscape. Get this delivered to your inbox, and more info about our products and services. Since such trades are inherently risky, investors typically post margin cash or cash-like securities sufficient to cover a share of the trade with the bank. "The fact that if there were sufficient leverage issues raised that it could promote selling and selling pressure and indeed force the selling pressure, makes it very real that the potential for a conflict was always present.". This agreement follows the previously announced strategic review of non-core assets that we completed shortly after our merger, Naveen Chopra, executive VP and CFO at ViacomCBS, said in a statement. The purpose of this Part is to set forth regulations implementing the New York State Worker Adjustment and Retraining Notification (WARN) Act (Chapter 475 of the laws of 2008), hereinafter "Act," and amendments thereto, as set forth in et seq. It can shorten the time that employeesare on UI. Dismissed by critics and devoured by fans, Transformers: Age of Extinction was the top box office film in 2014, bringing in $1.1 billion, with more than three-quarters of those dollars coming from overseas. At least two, the Japanese bank Nomura and Credit Suisse, warned that the hits to their balance sheets would be ugly. Since the transformation ofCBS All Accessbegan in late July, the service has experienced significant growth and engagement. The legislation, which took effect immediately, amended the New York Worker Adjustment and Retraining Notification (WARN) Act by substantially expanding the list of governmental entities that must receive advance notice of a WARN-triggering event. Case in point: Last year, the firm sold CNET and Simon & Schuster to finance its growing streaming business, which includes Paramount+ and Showtime. Paramount+ will continue to deliver the most diverse content offering in streaming across every genre at scale, including beloved franchise extensions and all-new buzzworthy originals spanning must-see movies, scripted dramas, unscripted reality TV, comedy, kids and family, sports, news, specials and events to super-serve the entire household. ET. Current role: Lawenda heads digital video and branded content across all platforms, as well as social influencer sales and ad sales at Pluto TV. God certainly has a long-term view.. The new owners instead were reported to U.S. stock regulators as Nomura, Morgan Stanley, Goldman Sachs and others. Shares of two Chinese companies that Archegos had also bet on RLX Technology and GSX Techedu also fell precipitously last week. This programming will joinCBS All Access'robust existing offering of more than 20,000 episodes and movies from BET, CBS, Comedy Central, MTV, Nickelodeon, Paramount Pictures and more, as well as exclusive original series including THE GOOD FIGHT, THE TWILIGHT ZONE, TOONING OUT THE NEWS, NO ACTIVITY, WHY WOMEN KILL, INTERROGATION, THE THOMAS JOHN EXPERIENCE and TELL ME A STORY, as well as upcoming series THE STAND, THE MAN WHO FELL TO EARTH, THE HARPER HOUSE, and GUILTY PARTY. Each of those terms has a nuanced definition under the law. New Yorkers are invited to share feedback by emailing [emailprotected]. The service is also developing a revival of THE GAME as part of BET's programming on Paramount+from CBS Television Studios and Grammnet Productions. New York has established more strict WARN laws at the state level. One of the key triggers that led to the unwinding of Archegos was a tepid market response for a multibillion-dollar ViacomCBS secondary offering last Wednesday. Through television, film, digital media, live events, merchandise and solutions, its brands connect with diverse, young and young at heart audiences in more than 180 countries. 2023 CNBC LLC. The ViacomCBS corporate leaders being announced today include: These corporate leadership announcements follow the previously announced appointments of Christa DAlimonte as Executive Vice President, General Counsel and Secretary; Anthony DiClemente as Executive Vice President, Investor Relations; DeDe Lea as Executive Vice President, Global Public Policy and Government Relations; Julia Phelps as Executive Vice President, Chief Communications and Corporate Marketing Officer, and Christina Spade as Executive Vice President, Chief Financial Officer. This prompted the two giant investment banks to seize Archegos' assets, including billions of dollars' worth of ViacomCBS stock, and sell it off through heavily discounted block trades. In addition to the name change, the company detailed plans to accelerate the global momentum behind Paramount+, unveiling new content, enhanced product offerings and continued international expansion at its investor event. [email protected] For investors like Mr. Hwang, the use of derivatives means that their total exposure to a stock can be far greater than the amount of cash they put up. *Click herefor image assets*Head to @ViacomCBS on Twitter to see all of today's announcements. If you take money or other property like licensing rights and move them from one subsidiary to another subsidiary, have you done anything that changes the group as a whole economically? Soon after, the newly combined firm put the 36-story black granite skyscraper, located at 51 W. 52nd St., up for sale. [email protected] Harriman State Campus At the end of 2020, ViacomCBS rang up about 29 million subscribers for its streaming platforms worldwide and has told investors that it anticipates accruing 65 million to 75 million customers by. Since the shares were now trading in the opposite direction of Mr. Hwangs bets, the banks which typically hold the shares to offset the risk of the clients trade asked Archegos to post more collateral so they could minimize any potential losses. Kelli Raftery, Executive Vice President, Communications Since 2002, ViacomCBS and its predecessor companies, Viacom and CBS, together avoided paying $3.96 billion in U.S. corporate income tax through a system that involved subsidiaries in Barbados, the Bahamas, Luxembourg, the Netherlands and Britain, according to the report. Goldman Sachs spokesperson Maeve Duvally said, "There are strong informational barriers between the parts of the firm that manage capital raising for corporate clients and our relationships with institutional investors." -- With reporting from CNBC's Dawn Giel and Ritika Shah. Markets will be sniffing for signs of stress elsewhere over the next few days, said Christopher Smart, chief global strategist and head of the Barings Investment Institute. Using swaps allowed Mr. Hwang to avoid publicly reporting his exposure to the media stocks. Bakish declines to say how much the building could fetch in a sale . 333 234238) (the Registration Statement) that includes a joint consent solicitation statement of CBS and Viacom and that also constitutes a prospectus of CBS (the joint consent solicitation statement / prospectus). Those who had reportedly slower responses could be facing billions of dollars in losses. A new report details ViacomCBSs use of a labyrinthine tax shelter to sell rights to its shows and films overseas. Live on February 16, 2022, please visit www.paramount.com and @ParamountCo on Twitter for more information about the company. When the going is good, leverage can amplify returns. We've received your submission. Last Monday, shares of RLX Technology, an e-cigarette company, tumbled sharply after Chinese regulators presented potential new regulations on the industry. Sign up to get ViacomCBSs latest insights, stories and solutions delivered straight to your inbox. "We're excited about our ability to not just compete, but thrive, creating significant value for both consumers and shareholders. It also requires that more employees be affected before WARN is triggered. Building 12 We thrive because of the hard work, talent and passion of our employees, and we're committed to making our company a place of inclusion where everyone can bring their whole self to work. Mr. Hwang entered a guilty plea to wire fraud on behalf of Tiger Asia and paid millions of dollars in fines while also accepting a five-year ban on managing public money as a result of the settlement with the S.E.C. But it misjudged the appetite: Investors were only willing to buy shares at less than market value for the company, which led to a sell-off. Viacom and CBS commenced mailing the definitive joint consent solicitation statement / prospectus to Viacom stockholders and CBS stockholders on or about October 28, 2019. Minimum Number of Layoffs if it is a Mass Layoff : The federal WARN Act requires that organization comply if the layoff more than 33% of their employees, and at least 50 full-time employees, or more than 500 . Both sides are waiting to see how the new administrations regulators react to the proposed merger of AT&Ts WarnerMedia unit with Discovery, says the source, before resuming discussions about ways the two sides could work together including any possible business combination beyond a possible streaming partnership outside the U.S. It wouldnt shock me if later this fall, we got back into a discussion of whether theres anything more that we can do together, said the source, who spoke on condition of anonymity. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. This communication is not a substitute for the joint consent solicitation statement / prospectus or Registration Statement or any other document which CBS or Viacom may file with the SEC. Justin Dini, Senior Vice President, Corporate Communications This amendment to New York WARN makes New York WARN Act compliance more complicated. For more information and a replay of the investor event, visit ir.viacomcbs.com/investorevent. Dana McClintock, Executive Vice President, Chief Communications Officer By Shawn Matthew Clark, Bruce Millman, Dan Thieme and Kerry Notestine on, General Data Protection Regulation (GDPR), Littler Restructuring Assessment Solution, Global Workplace Transformation Initiative. The proposed regulations clarify how remote work impacts WARN Act compliance and simplify language to ensure businesses better understand their obligations. Meanwhile, Morgan Stanley was busy offering blocks of its own that day, in names like Discovery, Shopify and Farfetch. "We're continuing to leverage our global footprint and long-standing relationships to expand Paramount+ into new markets with enormous potential quickly and economically," said Tom Ryan, President and CEO, Streaming. And, the following top-performing reality series have been renewed for Paramount+: Queen of the Universe, RuPaul's Drag Race All Stars and The Challenge: All Stars. WARN Act compliance can be complicated, and if done incorrectly, costly. Additionally, businesses must also give notice tothe chief elected official of the unit or units of local government where the site of employment is located; the school district or districts where the site of employment is located; and eachlocality that providespolice, firefighting, emergency medical or ambulance services, or other emergency services, tothe locale where the site of employment is located. ViacomCBS (NASDAQ: VIAC; VIACA), to be known as Paramount, is a leading global media and entertainment company that creates premium content and experiences for audiences worldwide. Under prior law, NY WARN notice was due to the State Department of Labor, each affected employee, each union representing affected employees, and the local Workforce Investment Board.1In addition, federal WARN, when triggered, adds the requirement of notice to the chief elected official of the unit of local government where the qualifying WARN event takes place and to which the employer paid the highest taxes in the preceding year.2As amended, New York WARN now requires that, in addition to these recipients, WARN notice be sent to: (1)the chief elected official of the unit or units of local government and the school district or districts in which the WARN event will occur; and (2)each locality that provides police, firefighting, emergency medical or ambulance services or other emergency services to the site of employment where the WARN event is occurring. Clarify how remote work impacts WARN Act compliance can be complicated, if... 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