Law 860-b; N.Y. Comp. 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 . Sign up for free newsletters and get more CNBC delivered to your inbox. Leading up to the early 2021 rebrand to Paramount+,CBS All Accesswill expand its content offering to more than 30,000 episodes and movies and continue to develop additional original series across brands including BET, CBS, Comedy Central, MTV, Nickelodeon, Paramount Pictures and more, transforming it into a diversified super service for the ViacomCBS portfolio. 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. ViacomCBS ViacomCBS employees won't be returning to their offices until October 18 "at the very earliest," CEO Bob Bakish said in a memo to staff today (read it below). 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,. Buying to gain scale or selling are both theoretical. View WARN Notices, or request past notices. 10 Columbus Cir, New York, NY 10019. "With the addition of even more content from across the portfolio as well as the new exclusive originals we are announcing today, we look forward to the early 2021 rebrand and bringing existing and new subscribers more of the compelling, genre-spanning live sports, breaking news and mountain of entertainment ViacomCBS has to offer.". While the amendment specifically states it is effective immediately, it does not expressly address whether these additional notices are required for WARN-triggering events that occur after the law becomes effective but as to which WARN notice was already issued before the amendment became law. ViacomCBS has sold CBS original Midtown Manhattan headquarters, known as Black Rock, to real estate investment firm Harbor Group International for $760 million. Notice by employers to the Department of Labor can alsobe mailed to: New York State Department of Labor - WARN Unit "Paramount is an idea: A promise to be the best," said Shari Redstone, Non-Executive Chair of the company's Board of Directors. Each of those terms has a nuanced definition under the law. 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. Turmoil surrounding a little-known firm run by a onetime star trader rippled through Wall Street on Monday, exposing banks to billions of dollars in losses and highlighting yet . Viacom and CBS commenced mailing the definitive joint consent solicitation statement / prospectus to Viacom stockholders and CBS stockholders on or about October 28, 2019. Using swaps allowed Mr. Hwang to avoid publicly reporting his exposure to the media stocks. We have made enormous progress, and I have never been more excited about the future of this company.". WARNnoticesDO NOTneed to be submitted to DOL from businesses that employ less than 50 full-time employees. ViacomCBS Renames Itself Paramount - WSJ Dow Jones, a News Corp company About WSJ News Corp is a global, diversified media and information services company focused on creating and distributing. 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. 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. 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 . 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? 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. The ViacomCBS leader Shari Redstone, center, celebrating the merger of Viacom and CBS in 2019. Current WARN Regulations (updates have been proposed, see above), Mass layoffs involving 25 or more full-time employees(if the 25 or more employeesmake up at least 33% of all the employeesat the site), Mass layoffs involving 250 or more full-time employees, Certain other relocations and covered reductions in work hours, The New York State Department of Labor (DOL), The 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, Each locality that providespolice, firefighting, emergency medical or ambulance services, or other emergency services, to the locale where the site of employment is located, Resources designed to get employees back to work quickly. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. The S&P 500 closed down less than a tenth of a percent. Get browser notifications for breaking news, live events, and exclusive reporting. He also said the company. 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. Starting this summer in the U.S., Paramount+ subscribers will be able to upgrade their subscription to a bundle that includes the SHOWTIME service through two plans, providing a huge range of content at an incredible value: SHOWTIME will also remain available as a standalone premium OTT subscription service and through various third-party streaming platforms. 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. 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. 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. 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. The money from those deals all come back to the Dutch entities, where most of it is not subject to corporate tax. Regenna Darrah document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. 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. 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. 12, 921-2.2. 419 Lafayette St Fl 7, New York, NY 10003. But on the flip side, it can enlarge relatively minor market setbacks and force a run of selling that takes on a life of its own. of the New York State 860 Labor Law. A Division of NBCUniversal. For more information and a replay of the investor event, visit ir.viacomcbs.com/investorevent. They will identify strategic opportunities to grow and transform our businesses and ensure that we are fostering a dynamic, inclusive culture where our employees are empowered to succeed., Bakish continued, With todays appointments, we now have in place the entire senior management team for ViacomCBS, ensuring we will hit the ground running when the transaction closes in just a few weeks. At least two, the Japanese bank Nomura and Credit Suisse, warned that the hits to their balance sheets would be ugly. The New York WARN Act requires that organizations comply if they layoff over 25 employees within a 30 day period when a plant is closing. Career Transition For Dancers. It can shorten the time that employeesare on UI. New York State Bar Association . The proposed regulations clarify how remote work impacts WARN Act compliance and simplify language to ensure businesses better understand their obligations. The exact number of layoffs could not be determined, but one source characterized it as a handful of people. Insiders said the newly beefed-up company also is expected to slash jobs in its administrative and back-office divisions in an effort to eliminate duplication. 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. 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. *Click herefor image assets*Head to @ViacomCBS on Twitter to see all of today's announcements. A new report details ViacomCBSs use of a labyrinthine tax shelter to sell rights to its shows and films overseas. 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. Bill Hwang, right, with his lawyer Lawrence Lustberg in 2012, runs Archegos Capital Management, which bet that shares of ViacomCBS, among other companies, would rise. Posted in New York Employment Legislation, WARN Act. NEW YORK--(BUSINESS WIRE)--CBS (NYSE: CBS.A, CBS) and Viacom (NASDAQ: VIAB, VIA) today announced additional senior appointments for ViacomCBS corporate leadership. The company sought to capitalize on its elevated share price to sell $3 billion worth of stock into the market; the underwriters hawking the stock included Morgan Stanley and JPMorgan as lead bookrunners, along with Citigroup, Goldman Sachs, Mizuho and others serving in a more passive capacity. 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. CBS is a foundational name in broadcasting the Columbia Broadcasting System launch dates back to 1927 and the early days of commercial radio. 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. Investors who bought ViacomCBS at $85 saw those shares worth $48 just days later. Season 2 of Super Pumped and Season 7 of Billions for SHOWTIME were also ordered. Those cuts did not affect staff of the TV show and were not related to the merger, but reportedly included ET Live hosts Tanner Thomason and Jason Carter. "In just one year, Paramount+ has outperformed all expectations," said Naveen Chopra, Executive Vice President, Chief Financial Officer. 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. First published on September 15, 2020 / 11:15 AM. (the "WARN Act") and 90 days advance written notice of their terminations by Defendants as required by the New York Worker Adjustment and Retraining Notification Act ("NY WARN Act") New York Labor Law ("NYLL") 860 et seq. 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." Unlike businesses that produce physical goods, media companies can take advantage of the intangible nature of their products. Its like taking a dollar bill from your front left pocket and moving it to your right rear pocket. 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. Rapid Response Coordinator, This page is available in other languages, Worker Adjustment and Retraining Notification (WARN), New York State is strengtheningitsWARN Act regulations to address the post-pandemic employment climate. When the going is good, leverage can amplify returns. By Monday, investment banks around the world were scrambling to calculate the damage. Please enter valid email address to continue. The sole purpose of transferring the licensing rights to the Netherlands company was to avoid the U.S. tax burden, the suit added. The next day, GSX Techedu, a tutoring company that has been a target of short sellers in recent years who claimed the firms sales numbers were overstated, fell 12.4 percent. Important Information About the Pending Merger Between CBS and Viacom and Where To Find It. By enacting the NY WARN Act, New York joins a growing number of states that have enacted more expansive 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.. This company. `` ny warn act viacomcbs effort to eliminate duplication / 11:15 AM a. Have never been more excited about the future of this company. `` 7! To Find it that produce physical goods, media companies can take advantage the. Are both theoretical eliminate duplication full-time employees, celebrating the merger of Viacom and CBS in 2019 were... 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