viacom inc-class b (VIAB) Key Developments
CBS Dismisses Merger Talks
Mar 2 15
Les Moonves, Chief Executive Officer, President and Director of CBS Corporation (NYSE:CBS) said on CNBC in February 2015 that CBS was "very happy being alone," and the Chief Executive Officer doubled down on that talk at the Morgan Stanley Technology, Media and Telecom conference. Moonves says his Chief Operating Officer tells him that CBS will be a $100 stock in four years, so buyers or merger partners like Time Warner Inc. (NYSE:TWX) or Viacom, Inc. (NasdaqGS:VIAB) would have to pay "a very high price." CBS faces new negotiations with DIRECTV (NasdaqGS:DTV) and Cablevision Systems Corporation (NYSE:CVC) at the end of 2015.
Viacom, Inc. Plans to Slash Jobs
Feb 25 15
Viacom Inc. is planning companywide job cuts. The Viacom, Inc. is still deliberating the number of jobs to be cut from its workforce of about 9,900.
Viacom Restructures Network Groups
Feb 20 15
Viacom Inc. is consolidating three of its TV network groups into two as part of a company restructuring that resulted in the departures of some of its executives. MTV Networks Music & Logo Group, Entertainment Group and Kids & Family Group were restructured into two groups. MTV Networks Music & Logo Group was reportedly split into two, with MTV, MTV2, LOGO and VH1 shifting to the Entertainment Group, now called Viacom Music and Entertainment Group, under the leadership of President Doug Herzog. Comedy Central and Spike TV are also under the newly renamed group. The split was related to Van Toffler's resignation as president of MTV Networks Music & Logo Group in April. Meanwhile, CMT and CMT Pure Country shifted to the Kids & Family Group from MTV Networks Music & Logo Group. TV network groups BET Networks and Viacom International Media Networks will remain intact.
CBS Denies Vaicom Merger
Feb 12 15
CBS Corporation (NYSE:CBS) denies the merger with Viacom, Inc. (NasdaqGS:VIAB). Leslie Moonves President and Chief Executive Officer of CBS, states, "We don’t need any partners."
Viacom Inc. Appoints Tom Gorke as Executive Vice President, Sales and Business Development, Content Distribution, Viacom Media Networks
Feb 9 15
Viacom Inc. named Tom Gorke to the newly created position of Executive Vice President, Sales and Business Development for Viacom Media Networks and BET Networks. In his role, Gorke will lead sales and new business efforts for all linear and digital distribution partnerships across BET, CMT, Comedy Central, MTV, Nickelodeon, Logo, Spike TV, TV Land and VH1, as well as Viacom's joint venture EPIX. Gorke will continue to report to Denise Denson, Executive Vice President of Content Distribution. Tom Gorke, Executive Vice President, Sales and Business Development, Content Distribution, Viacom Media Networks and BET Networks.