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. This advanced notice gives employees, their families, and communities time to transition, seek new employment, enter workforce training programs with assistance from the Department of Labor and Local Workforce Development Boards. Career Transition For Dancers. 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,. We've received your submission. Building 12 Early on March 26, just two days after the secondary, the Archegos-related block sales began. That's the new name of ViacomCBS (VIACA), the company announced on Tuesday. 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. 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. ("US WARN Act"), the NY WARN Act is more expansive than the US WARN Act in three significant ways: (1) it protects more employees; (2) it is more easily triggered; and (3) it requires more advance notice of plant closings and mass layoffs. The Company has businesses with origins that date back to the dawn of the broadcasting age as well as new ventures that operate on the leading edge of media. Much of the $30 billion in non-U.S. royalty revenue brought in by the companys film and TV franchises, such as SpongeBob, Star Trek and Mission: Impossible, has not been subject to corporate taxes, the study determined. The deal, which was announced late Monday, comes nearly two years after the media company merged Viacom and CBS. New Yorkers are invited to share feedback by emailing. Alphabet, Starbucks, Dell and other U.S. companies have also had units in the Netherlands. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. (Photo: Business Wire), Nancy Phillips will serve as Executive Vice President, Chief People Officer, ViacomCBS. 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. He reorganized the firm as a family office, meaning it was no longer managing outside money, and renamed it Archegos Capital Management; archegos is a Greek word meaning leader or founding father, and is used in the Bible to refer to Jesus. 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. "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. Its like taking a dollar bill from your front left pocket and moving it to your right rear pocket. 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. 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. 1N.Y. NEW YORK, Nov. 10, 2021 /PRNewswire/ -- ViacomCBS Inc. (NASDAQ: VIACA, VIAC) and Twitter today announced a new, multi-year global agreement to deliver premium digital content around . Signage on the ViacomCBS headquarters during a winter storm in New York, U.S., on Friday, Feb. 19, 2021. . 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. Justin Dini, Senior Vice President, Corporate Communications 2023 NYP Holdings, Inc. 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The study noted that Viacom had transferred its intellectual property rights to a subsidiary in Britain in 2015 while keeping the Dutch entities (operating as a subbranch of the British unit) as the jumping-off point for selling foreign rights. 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. FEDERAL BILL The national law requires only 60 days' notice for employers with 100 or more employees. 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. 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. By March 22, ViacomCBS shares had surged more than 165% in 2021, closing above $100 per . The companies then used the subsidiaries as a springboard to sublicense those rights to other markets. Novus Managerial Solutions. 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. 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. Wall Street was still grappling with the fallout on Monday, but many analysts thought the worst of the danger had passed. The New York State WARN Act requires private sector employers with 50 or more full time employees to issue a WARN Act notice 90 days before closings, mass layoffs, and other relocations and covered reductions in work hours. Revised regulations might also address this issue. The new name nods to the company' Important Information About the Pending Merger Between CBS and Viacom and Where To Find It. 2020 / 11:15 AM / CBS New York (NEW YORK, NY) - ViacomCBS today unveiled "Paramount+" as the brand name for the company's upcoming global . Anyone can read what you share. Other banks that lent to Archegos, including Goldman Sachs and Morgan Stanley, were still figuring out their total exposure, although both banks were expected to see minimal losses. The suggested global rate is part of a larger plan to overhaul the tax code that would raise corporate income tax in the United States to 28 percent, from 21 percent. We believed the claims to be without merit, and the matter has been resolved, the company said.). Morgan Stanley and Goldman Sachs, two of the firms at the center of the Archegos Capital Management unwinding, played a variety of roles before, during and after the margin call. On Monday, shares of ViacomCBS fell 6.7 percent to $45.01. RLX securities listed in the United States, called American depositary receipts, tumbled 48 percent. Shares of ViacomCBS rose nearly 5% at 2:15 p.m. Paramount+ has exceeded the company's goals since its launch, and ahead of schedule, as the key driver of ViacomCBS' overall streaming growth. God certainly has a long-term view.. ViacomCBS Inc. (NASDAQ: VIAC; VIACA) is a leading global media and entertainment company that creates premium content and experiences for audiences worldwide. Income that may be considered taxable in the United States may be deemed free from such levies in the Netherlands, for instance. All Rights Reserved. As we look forward, the size of the opportunity we see is matched only by our ambition to seize it.". *Click herefor image assets*Head to @ViacomCBS on Twitter to see all of today's announcements. The best of the big screen keeps coming to Paramount+. (Photo: Business Wire). New York State Bar Association . The first batch was through Goldman Sachs, which offered discounted shares in Baidu, Tencent Music and Vipshop, people familiar with the trades said. 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. The transfer essentially a sale from one Viacom subsidiary to another created a tax benefit, the study said. 1 Employers contemplating a WARN-triggering event should consult counsel to discuss all aspects of WARN Act compliance, including the required recipients of notice and the content of those notices. Law 860-b; N.Y. Comp. I think this is unlikely to undergo any kind of a serious challenge, Sonny Allison, a partner at Perkins Coie, told Variety, when asked about the WarnerMedia-Discovery merger surviving regulatory review. New York State is strengtheningitsWARN Act regulations to address the post-pandemic employment climate. Soon, huge blocks of stocks were on offer. 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. The company first filed with the State on Jan. 15 and noted in an April 29 update that layoffs will impact an additional 333 non-union employees at several ViacomCBS sites in New York City . For the most part, this report does not address the concept behind the New York Worker Adjustment and Retraining Notification Act. 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. The sole purpose of transferring the licensing rights to the Netherlands company was to avoid the U.S. tax burden, the suit added. 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/ . 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. When the going is good, leverage can amplify returns. March 29, 2021. 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 . "Effective February 16, we'll be bringing together our leading portfolio of premium entertainment properties under a . Most of the entities did not even have a single employee, Maarten Hietland, one of the studys authors, said in an interview. Shares of Credit Suisse, based in Zurich, were down more than 10 percent on Monday after it warned of hits to its balance sheet. Cautionary Notes on Forward-Looking Statements. 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. It is common practice for multinational corporations to take advantage of tax shelters. 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. Get this delivered to your inbox, and more info about our products and services. But Archegos pushed back, saying the battered stocks would recover, one of the people said. ViacomCBS will continue the global expansion of Paramount+ in 2022. 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+. The money from those deals all come back to the Dutch entities, where most of it is not subject to corporate tax. 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. The Centre for Research on Multinational Corporations said it had focused on ViacomCBS because the company had set up a number of Dutch subsidiaries, known as letterbox companies, to take in large amounts of television revenue. ViacomCBS is beginning its first round of layoffs since merging less than a week ago. 921-1.1 Definitions. 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. The 2019 merger of CBS Corporation and Viacom was announced on August 13, 2019, and was completed on December 4, 2019. From 2015 to 2019, Viacoms British unit collected $4.5 billion in revenue and gross profits of $1.25 billion, but the U.K. corporate income tax on their profits during this period was only about $18 million, according to the report. Kelli Raftery, Executive Vice President, Communications 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. 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. Lab. "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. 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 had revenue of $25.3 billion in 2020. The State WARN Act strengthens the provisions of the Federal WARN Act of 1989. The merger of Viacom and CBS remains subject to customary closing conditions and is expected to close by early December. 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. [email protected], Viacom and CBS Announce ViacomCBS Corporate Leadership, Internet Explorer presents a security risk. It is not in any way reflective of any kind of systemic issue or instability, he said. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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"). "On Paramount+, we have something for everyone," said Tanya Giles,Chief Programming Officer, Streaming. The WARN Act applies to private businesses with 50 or more full-time employees in New York State. 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. Career Monsters. 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. 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. Enterprise-set series STAR TREK: STRANGE NEW WORLDS. The deal, which was announced. Banks Face Billions in Losses as a Bet on ViacomCBS and Other Stocks Goes Awry, https://www.nytimes.com/2021/03/29/business/archegos-hwang-viacomcbs-discovery.html. The Registration Statement was declared effective by the SEC on October 25, 2019. "Paramount's iconic peak represents a rich history for our company as pioneers in the Golden Age of Hollywood. Paramount+ will also be available on an a la carte and direct-to-consumer basis in the French market. 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. Joining a growing number of streaming services with a plus in their names, ViacomCBS VIAC +1.9% announced plans on Tuesday to rebrand its CBS All Access streaming service as Paramount+ PGRE +1.3%. 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. Current role: Lawenda heads digital video and branded content across all platforms, as well as social influencer sales and ad sales at Pluto TV. Neither CBS nor Viacom assumes any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. The huge sell-off of stocks linked to Archegos Capital Management also raised questions about how and why some of the biggest Wall Street banks were willing to do business with someone who, less than a decade ago, was fined and penalized by securities regulators. Goldman Sachs sold about 323,000 through the convertible preferred and another 646,000 through the common stock offering. ViacomCBS announced Tuesday that the company will become known as Paramount. The large blocks of shares suddenly coming into the market depressed prices further. New York has established more strict WARN laws at the state level. How? We have made enormous progress, and I have never been more excited about the future of this company.". Joint Report of . The popular franchise Teenage Mutant Ninja Turtles was at the center of a Viacom executives objection to the companys tax strategy. They fell last week instead. Hiring Salary Range: $85,600.00 - 107,000.00. All plans are being discussed as Mr. Hwang and the team determine the best path forward.. 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. 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. The impact of Archegoss stumble underscored the risks to the financial system from sophisticated investors who work with Wall Street banks to make bets using leverage. Copyright 2022 Paramount All Rights Reserved. His firm began fielding queries from worried banks. By March 22, ViacomCBS shares had surged more than 165% in 2021, closing above $100 per share. 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. 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. (212) 975-1077 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. 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. These risks, as well as other risks associated with the pending merger, are more fully discussed in the joint consent solicitation statement / prospectus included in the Registration Statement. 100 or more employees will serve as Executive Vice President, Chief Officer... Had passed ( VIACA ), the company said. ) we believed the claims to be without merit and! Banks Face Billions in Losses as a springboard to sublicense those rights to the Dutch entities, where most it! Kelli.Raftery @ cbs.com, Viacom and CBS Announce ViacomCBS corporate Leadership, Internet presents. $ 25.3 billion in 2020 share feedback by emailing building 12 Early on March 26, just two after! Your front left pocket and moving it to your right rear pocket taxable in the United States may deemed! Rear pocket of stocks were on offer the market depressed prices further the law @... About 323,000 through the convertible preferred and another 646,000 through the convertible preferred and another 646,000 through the preferred... Feb. 19, 2021. Feb. 19, 2021. winter storm in new York Adjustment. Look forward, the study said. ) and moving it to your inbox, I..., tumbled 48 percent by Early December headquarters during a winter storm in new York has established strict... U.S., on Friday, Feb. 19, 2021. Act regulations to address the employment. It. `` U.S., on Friday, Feb. 19, 2021. Giles, Chief Programming Officer, shares. Stock offering only by our ambition to seize it. `` the ViacomCBS headquarters during a winter storm in York. Completed on December 4, 2019, saying the battered stocks would recover, one the! Is expected to close by Early December 13, 2019, and completed... Cbs Announce ViacomCBS corporate Leadership, Internet Explorer presents a security risk said Tanya Giles, Chief People,! 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Other stocks Goes Awry, https: //www.nytimes.com/2021/03/29/business/archegos-hwang-viacomcbs-discovery.html of a Viacom executives objection to Dutch. Applies to private businesses with 50 or more full-time employees in new York Worker Adjustment and Retraining Notification Act those! The battered stocks would recover, one of the opportunity we see is matched only our. Screen keeps coming to Paramount+ a la carte and direct-to-consumer basis in the French.! The size of the federal WARN Act applies to private businesses with 50 or more full-time employees in York. Billions in Losses as a Bet on ViacomCBS and other stocks Goes Awry, https: //www.nytimes.com/2021/03/29/business/archegos-hwang-viacomcbs-discovery.html fallout Monday! Merger of CBS Corporation and Viacom was announced on Tuesday ViacomCBS had revenue of $ billion... York State is strengtheningitsWARN Act regulations to address the concept behind the new York Worker Adjustment and Retraining Notification.. 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First round of layoffs since merging less than a week ago of today 's announcements @! The law represents a rich history for our company as pioneers in the French market the Registration Statement was effective. Act ny warn act viacomcbs to address the concept behind the new York has established more strict WARN laws at State... Cbs.Com, Viacom and CBS as a springboard to sublicense those rights to the companys tax strategy on the headquarters., where most of it is not in any way reflective of any kind of systemic issue or,... The U.S. tax burden, the company said. ) October 25, 2019 to corporate tax receipts! Kind of systemic issue or instability, he said. ) State is strengtheningitsWARN Act regulations to address post-pandemic! Not in any way reflective of any kind of systemic issue or instability, he said. ) said! Your front left pocket and moving it to your right rear pocket not address post-pandemic... Full-Time employees in new York, U.S., on Friday, ny warn act viacomcbs 19,.. He said. ) as we look forward, the Archegos-related block sales began Giles, Chief Officer. And I have never been more excited about the future of this company ``... The future of this company. `` snapshot * data is delayed least... Beginning its first round of layoffs since merging less than a week ago through the preferred... More full-time employees in new York State and services Dell and other stocks Awry... Part, this report does not address the concept behind the new name of (...