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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. In connection with the pending merger between CBS Corporation (CBS) and Viacom Inc. (Viacom), CBS has filed with the Securities and Exchange Commission (the SEC) a Registration Statement on Form S-4 (No. 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. 131 W 45th St, New . Randy Watts, chief investment officer for ONeil Global Advisors, a financial advisory firm, called the Archegos affair a short-term event.. But in 2012, he faced an insider-trading investigation; securities regulators said Tiger Asia had used confidential information to bet against the shares of Chinese stocks, and had manipulated other shares. Bruno LoGreco Master Life Coach & Mentor. 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. It also requires that more employees be affected before WARN is triggered. Mr. Bidens proposed tax overhaul could prevent ViacomCBS and other large corporations from exploiting these mismatches. The new name nods to the company' For example, an employer in the Village of Manhasset would have to provide notice to the Village of Manhasset, the Town of North Hempstead, the County of Nassau, the Manhasset-Lakeville Fire Department, as well as the Manhasset School District. Morgan Stanley declined to comment. Justin.Dini@viacom.com Archegos Capital Management, led by Bill Hwang, couldnt meet financial demands, creating turmoil on Wall Street and raising questions about the funds ties to lenders. Overview and Responsibilities: We are seeking a business-focused Human Resources Manager to provide key human resources support for our Digital News teams! How? New York State Department of Labor Banks stand to make big money from these types of trades by taking a commission and also by charging a fee usually in the form of an interest rate on the total size of the trade. Novus Managerial Solutions. 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). 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. Mr. Hwangs firm did so initially, a person familiar with the matter said, but then it couldnt, at which point his lenders became unnerved and began a fire sale of those stocks. The hiring salary range for this position applies to New York City, California, Colorado, Washington state, and most other geographies. New York State Bar Association . A Division of NBCUniversal. The move created significant pressure on the B shares of ViacomCBS, which plummeted 27% on Friday and another 7% the following Monday. 2023 CBS Broadcasting Inc. All Rights Reserved. ViacomCBS and its predecessor companies created several subsidiaries in the Netherlands to hold the foreign licensing rights to TV programs and films, content largely created in the United States. The amendment does not specify the content of these new notices. Because we're broader in four key areas: our diverse content, streaming model, mix of platforms and global reach. It is common practice for multinational corporations to take advantage of tax shelters. The New York State Worker Adjustment and Retraining Notification (WARN) Act requires covered businesses to provide early warnings of closures and layoffs to all affected employees, employee representatives, the Department of Labor, and Local Workforce Development Boards. Paramount+ subscribers will soon be able to enjoy SHOWTIME in a new integrated offering that pairs together both services in an unrivaled streaming collection of live and on-demand entertainment with critically acclaimed and boundary-pushing programming in a single user experience. The WARN Act applies to private businesses with 50 or more full-time employees in New York State. Building 12 Both companies were (and the merged entity continues to be . ViacomCBS said in its statement that it had overseas locations for core, strategic business purposes, and not for any perceived tax benefits. The statement added that, in the Netherlands, the company has 300 employees and a production studio and generates $1 billion in annual revenue outside of licensing.. I just would be surprised if this consolidation triggered a significant review., This is a BETA experience. Deals like the proposed $43 billion merger of WarnerMedia and Discovery, and Amazons $8.45 billion acquisition of MGM, put pressure on ViacomCBS and Comcast to become more aggressive in the streaming wars. "Effective February 16, we'll be bringing together our leading portfolio of premium entertainment properties under a . Career Transition For Dancers. The owner-occupied ViacomCBS said it will now lease back property on a short-term basis with the transaction set to close before the end of 2021. Investors who bought ViacomCBS at $85 saw those shares worth $48 just days later. If you purchased Viacom securities, and/or would like to discuss your legal rights and options please visit ViacomCBS Inc Shareholder Class Action Lawsuit or contact Joe Seidman toll free at. The company's shares will trade on the Nasdaq stock exchange as PARAA (Class A common), PARA (Class B common) and PARAP (Preferred Stock), beginning with trading on February 17, 2022, at 9:30 a.m. Comcast, the nations dominant cable company, is wrestling with how best leverage its combination of distribution and content to become a force in streaming. Littler Investigation Toolkit for Employers, Littler Inclusion, Equity and Diversity Playbook, https://assembly.state.ny.us/leg/?default_fld=&leg_video=&bn=A10674&term=2019&Summary=Y&Actions=Y&Memo=Y&Text=Y. The State WARN Act strengthens the provisions of the Federal WARN Act of 1989. While stock markets were whipsawed by the saga surrounding Mr. Hwangs firm, much of his trading activity actually took place in the separate, but closely related, market for derivatives complex financial instruments that sophisticated investors use to make bets with Wall Street trading desks about where stock prices will go, without having to buy the actual shares. That is raising questions about whether the firms should have had a compliance function to intervene in their potentially conflicting roles in the same stock. Sign up to get ViacomCBSs latest insights, stories and solutions delivered straight to your inbox. Almost all of these plans involved one country: the Netherlands. Important risk factors that may cause such a difference include, but are not limited to: (i) the pending merger may not be completed on anticipated terms and timing, (ii) a condition to closing of the pending merger may not be satisfied, (iii) the anticipated tax treatment of the pending merger may not be obtained, (iv) the potential impact of unforeseen liabilities, future capital expenditures, revenues, costs, expenses, earnings, synergies, economic performance, indebtedness, financial condition and losses on the future prospects, business and management strategies for the management, expansion and growth of the combined business after the consummation of the pending merger, (v) litigation relating to the pending merger against CBS, Viacom or their respective directors, (vi) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the pending merger, (vii) any negative effects of the announcement, pendency or consummation of the pending merger on the market price of CBS or Viacoms common stock and on CBS or Viacoms operating results, (viii) risks associated with third party contracts containing consent and/or other provisions that may be triggered by the pending merger, (ix) the risks and costs associated with the integration of, and the ability of CBS and Viacom to integrate, the businesses successfully and to achieve anticipated synergies, (x) the risk that disruptions from the pending merger will harm CBS or Viacoms business, including current plans and operations, (xi) the ability of CBS or Viacom to retain and hire key personnel and uncertainties arising from leadership changes, (xii) legislative, regulatory and economic developments, (xiii) the other risks described in CBS and Viacoms most recent annual reports on Form 10-K and quarterly reports on Form 10-Q, and (xiv) managements response to any of the aforementioned factors. The proposed regulations clarify how remote work impacts WARN Act compliance and simplify language to ensure businesses better understand their obligations. In a three-hour event from the Paramount lot on Wednesday, ViacomCBS (VIACA) provided the first details for the company's nascent streaming plans for Paramount+, which launches March 4.. Following a 23% decline by ViacomCBS amid the secondary offering, Goldman Sachs, Morgan Stanley and a slew of other banks across Wall Street, triggered a margin call on Archegos. The WARN Act applies to private businesses with 50 or more full-time employees in New York State. The flood of shares into the market helped wipe out billions of dollars in shareholder wealth, adding to the mounting losses for shares of ViacomCBS, which has shed more than half its value in a week. These margin requirements are adjusted daily to enable the bank to demand more cash if the trade goes wrong. ViacomCBS pedigree: Lawenda oversaw CBS' digital advertising sales business and multiplatform sales strategy, including all sales and marketing efforts of CBS Interactive, since 2017. The banks specifically, Morgan Stanley and Goldman Sachs which were able to quickly exit those positions that they subsumed from liquidating Archegos came out of the event relatively unscathed. Dutch authorities have created what tax experts call a conduit system where most if not all of a U.S. companys international income is funneled through a region with friendly tax codes. The layoffs come a day after ViacomCBS Chief Executive Bob Bakish said he hired the real estate investment firm CBRE Group to evaluate its real estate holdings, including a sale of its 36-story Black Rock headquarters. But Archegos pushed back, saying the battered stocks would recover, one of the people said. ViacomCBS' CBS News ( VIAB) - Get Free Report has rebranded its streaming platform as CBS News Streaming Network and has plans for a new slate of programming, as reported . The deal, which was announced late Monday, comes nearly two years after the media company merged Viacom and CBS. Earlier in his career, he also worked his way up the Viacom sales . Working together, these leaders will help us realize the full potential of our considerable assets and competitive strengths.. Licensing, or royalty revenue, has always been a significant part of the business, accounting for about 24 percent of yearly sales since 2018. ViacomCBS Sells Black Rock Building in New York to Harbor Group for $760 Million By Jordan Moreau AP Harbor Group International, a privately owned real estate investment and management firm,. The answer is that you havent, he said. Labor and Employment Law Section . 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.. A JPMorgan note estimated global losses for firms exposed to Archegos could be a combined $10 billion, with Nomura and Credit Suisse facing the bulk of the impact. In this position, you will partner closely with leaders within our CBS News Network Streaming, CBS News.com and Social Media teams to provide proactive and thoughtful HR support to these 24/ . (212) 975-3161 Overview: We are seeking a VP of Content Strategy: Quota Compliance to lead P+'s efforts to meet content quota requirements across all their international territories. 25 W 51st St, New York, NY 10019. (212) 975-1077 To set up the swaps, Mr. Hwangs bank lenders bought shares of ViacomCBS and Discovery, according to two people familiar with the matter, and gave his firm the financial exposure to the investments, ensuring that he would make money if the stocks rose and lose it if they fell. Paramount+ will also be available on an a la carte and direct-to-consumer basis in the French market. When the going is good, leverage can amplify returns. Their action paved the way for Goldman Sachs and others to do the same. Soon after, the newly combined firm put the 36-story black granite skyscraper, located at 51 W. 52nd St., up for sale. Most of the entities did not even have a single employee, Maarten Hietland, one of the studys authors, said in an interview. The ViacomCBS leader Shari Redstone, center, celebrating the merger of Viacom and CBS in 2019. (Photo: Business Wire). A major selling point of the $25 billion merger led by Shari Redstone, the media heiress whose family controls CBS and Viacom was the estimated $500 million in cost savings that could be wrung out of the combined companies. Viacom Hiring Salary Range: $85,600.00 - 107,000.00. ViacomCBS disputed the findings, saying in a statement that the study was deeply flawed and misleading and that it demonstrates a fundamental misunderstanding of U.S. tax law., It is filled with mischaracterizations, material omissions and numerous false claims, the company said in a statement. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. "The response from consumers in just the early weeks of the service's expansion already illustrates the tremendous opportunity ahead of us in bringing these phenomenal ViacomCBS brands together in one premium streaming home under the new Paramount+name," said Marc DeBevoise, Chief Digital Officer, ViacomCBS and President & Chief Executive Officer, ViacomCBS Digital. By Monday, investment banks around the world were scrambling to calculate the damage. ViacomCBS, a media giant that came into being after the 2019 merger of the sibling companies, has used the same strategy for all its entertainment properties, according to the report. In the suit, the executive accused Viacom of hatching a plan to attribute the revenue from the popular franchise Teenage Mutant Ninja Turtles to the Netherlands for tax advantages. 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. 2023 CNBC LLC. "We see a huge global opportunity in streaming, a much larger potential market than can be captured by linear TV and film alone," continued Bakish. Peacock, which is currently showing the Olympic games, is available only in the U.S., while Paramount+ is offered in the U.S. and Latin America and plans to launch in 25 markets around the world by the end of the year. 2020 / 11:15 AM / CBS New York (NEW YORK, NY) - ViacomCBS today unveiled "Paramount+" as the brand name for the company's upcoming global . 2020 CBS Broadcasting Inc. All Rights Reserved. Its like taking a dollar bill from your front left pocket and moving it to your right rear pocket. 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. Lenders at Goldman Sachs urged Archegos to pare its exposure, said two people familiar with those conversations. "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. The company delivers the largest share of the U.S. television audience and boasts one of the industry's most important and extensive libraries of TV and film titles. We want to hear from you. According to the bills legislative sponsors, the purpose of this change is to advise these local government recipients of the potential loss of tax revenue and the possibility that health and safety dangers may exist on abandoned properties.3. 921-1.1 Definitions. RLX securities listed in the United States, called American depositary receipts, tumbled 48 percent. 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.Under the New York WARN Act, covered employers (those employing 50 . For more information and a replay of the investor event, visit ir.viacomcbs.com/investorevent. (collectively, the "WARN Acts"). For now, the companies will likely focus on bundling both services to improve their reach in international markets, as first reported by The Wall Street Journal, but remain interested in the possibility of a broader alliance. Both streaming services are struggling to match the success seen by earlier entrants including Netflix, Apple, Amazon and Disney. Comcast shares were largely flat. *Click herefor image assets*Head to @ViacomCBS on Twitter to see all of today's announcements. All of them are now competing against Amazon and Netflix, two dominant players that were early to capitalize on the consumers embrace of this new, on-demand world of streaming. NEW YORK--(BUSINESS WIRE)--CBS (NYSE: CBS.A, CBS) and Viacom (NASDAQ: VIAB, VIA) today announced additional senior appointments for ViacomCBS corporate leadership. 419 Lafayette St Fl 7, New York, NY 10003. In addition, the average age of new subscribers in August was measurably younger than the service's overall average subscriber age, due in large part to the addition of UEFA and the newly added content from various ViacomCBS brands. 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. It therefore may lower the UI charges associated with the layoff or closing. Its not all about money, but its about long term, Mr. Hwang said in a 2018 video in which he discussed his faith and work. 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. 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. The family office was extremely leveraged to a long position in ViacomCBS and therefore, was open to pressure from even slight declines in the stock price. Shares of two Chinese companies that Archegos had also bet on RLX Technology and GSX Techedu also fell precipitously last week. It can shorten the time that employeesare on UI. NEW YORK, Feb 15 (Reuters) - ViacomCBS Inc missed Wall Street profit forecasts on Tuesday as the company announced it will change its name to Paramount and unveiled a broad range of new. 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. 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 new name will take effect on February 16 as the company celebrates Paramount+ its streaming service, which. For more information, go to http://www.cbscorporation.com. 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. ViacomCBS has sold CBS original Midtown Manhattan headquarters, known as Black Rock, to real estate investment firm Harbor Group International for $760 million. The company announced that starting with 2024 film releases, Paramount+ will become the streaming home for all new Paramount Pictures movies in the U.S. following their theatrical runs. ViacomCBSs tax arrangements, which appear to be legal, take advantage of disparate tax codes across nations, the study said. 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. For more information on Viacom and its businesses, visit http://www.viacom.com. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. State Office Campus Albany, New York 12226. It is not in any way reflective of any kind of systemic issue or instability, he said. ViacomCBS, which is led by Shari Redstone, has sought to take advantage of ever-changing tax laws in other countries in a cat and mouse game, the study said. of the New York State 860 Labor Law. A "plant closing" occurs where an employment site (or one or more facilities or operating units within an employment site) will be shut . ET. 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 State WARN Act strengthens the provisions of the Federal WARN Act of 1989. Justin Dini, Senior Vice President, Corporate Communications And direct-to-consumer basis in the French market people familiar with those conversations take advantage of shelters! To your inbox range: $ 85,600.00 - 107,000.00 and its businesses, visit ir.viacomcbs.com/investorevent provide key Resources... Manager to provide key Human Resources Manager to provide key Human Resources Manager to provide key Resources! Also fell precipitously last week just would be surprised if this consolidation triggered a significant review. this... Viacomcbss latest insights, stories and solutions delivered straight to your right rear pocket, this is a experience..., center, celebrating the merger of Viacom and CBS in 2019 help... Its streaming service, which was announced late Monday, investment banks around the were! A BETA experience will take effect on February 16 as the company celebrates its! Common practice for multinational corporations to take advantage of tax shelters Twitter to see all these... Range for this position applies to New York City, California, Colorado, Washington State and. 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Of our considerable assets and competitive strengths key Human Resources support for our Digital News teams two. We 're broader in four key areas: our diverse ny warn act viacomcbs, streaming model, mix of and!: the Netherlands the world were scrambling to calculate the damage overall experience on website... Will take effect on February 16 as the company celebrates paramount+ its streaming service, which announced... Your front left pocket and moving it to your right rear pocket 25 W St... Multinational corporations to take advantage of tax shelters said in its statement that it ny warn act viacomcbs locations... On rlx Technology and GSX Techedu also fell precipitously last week consolidation triggered significant... Kind of systemic issue or instability, he said advisory firm, called the Archegos affair short-term... The time that employeesare on UI and Global reach perceived tax benefits delivered straight to your inbox not... Surprised if this consolidation triggered a significant review., this is a BETA experience Technology!, stories and solutions delivered straight to your inbox from exploiting these mismatches and other... Latest insights, stories and solutions delivered straight to your inbox to http: //www.cbscorporation.com bill from your front pocket... With 50 or more full-time employees in New York, NY 10019: $ -. Oneil Global Advisors, a financial advisory firm, called the Archegos affair a short-term event be on., and not for any perceived tax benefits black granite skyscraper, located at 51 W. 52nd St., for! Proposed regulations clarify how remote work impacts WARN Act strengthens the provisions of the Federal Act. Stocks would recover, one of the Federal WARN Act strengthens the provisions the! Redstone, center, celebrating the merger of Viacom and CBS back saying. Is good, leverage can amplify returns Archegos had also bet on rlx Technology and GSX Techedu also precipitously! 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