Once the heir apparent to disgraced CBS chief Leslie Moonves, Joe Ianniello will now steer the legendary media company through its second incarnation with Viacom.
Sharp-eyed online viewers say they are watching something very different than what’s on TV.
Upfront ad sales spending by agencies reaches $2.4 billion. That’s about $300 million more than last season at this same time, and is largely because every one of those networks saw regular season ratings increases for their NFL telecasts last season.
Corden has signed a new contract that will keep him installed as host of The Late Late Show through August 2022. His current contract, signed in 2014 when he was announced as the successor to Craig Ferguson, was set to expire after the 2019-20 season.
Series creator Michael Rauch announced the cancellation Friday on Twitter, writing, “I’m very sad to relay the news that @instinctcbs won’t be renewed for a 3rd season. We will double up this Sunday and our season/series finale will be Aug 25.”
Jack Whitaker, whose Hall of Fame broadcasting career ranged from the first Super Bowl to Secretariat’s Triple Crown to short essays from major sporting events, died Sunday morning at 95.
Combining TV programming like NCIS, The Daily Show and Billions under one company isn’t enough in 2019 to compete with other big media companies.
Moody’s Investors Service has placed CBS and Viacom debt ratings up for review, adding that it will likely downgrade the broadcaster’s overall credit rating while boosting that of Viacom’s.
Shares in Viacom and CBS both declined more than 8% Wednesday as investors absorbed the details of the companies’ long-awaited merger during a broader stock market retreat. CBS stock closed at $44.62, 8% lower, and Viacom at $26.72, down 8.5%.
Ad sales chief Jo Ann Ross says that NFL CPMs are up mid-to-high single digits from last year, with insurance and tech giants leading the charge.
Viacom CEO Bob Bakish will become CEO of the combined company, ViacomCBS. Acting CBS CEO Joe Ianniello will become chairman and CEO of the CBS division. The deal is an all-stock transaction. The companies say the combined company will have $28 billion in revenue.
CBS and Viacom are inching closer to a deal that would join the onetime siblings after a three-year dance. But whether the reunion will solve their problems or simply kick them down the road remains one of the media world’s biggest questions.
As media giants gird for battle with Netflix and Amazon, CBS and Viacom continue to pursue marginally more patient streaming strategies, gaining steady ground without spending their way into trouble. Now, as the companies prepare finally to consummate a merger that has been many years in the making, they stand to become a bulked-up media player with arguably the industry’s most diversified streaming portfolio.
Board members of CBS and Viacom worked most of the weekend in an effort to reach a long-awaited merger agreement for the two halves of the Redstone media empire. Sources close to the situation said the sides have made progress since Friday in hashing out some of the final details in the tie-up between the media conglomerates that are both controlled by the Redstone family’s National Amusements holding company. An agreement in principle could be announced as early as today.
CBS and Viacom reported earnings on Thursday — and refused to discuss what everyone wanted to know: the status of their merger plans. Despite the dearth of details, sources with direct knowledge of the deal said the merger could be announced within days. Holding up the process are negotiations over the exchange ratio, or the number of new shares that will be given to shareholders of a company that is being acquired — in this case, Viacom, they said.
Reporting second-quarter results on the same day that sister company Viacom reported its own stellar financials, CBS set records for revenue, adjusted operating income and earnings per share. The EPS figure of $1.16 beat Wall Street estimates by three cents and revenue of $3.81 billion also cleared the bar set by analysts by a good $100 million, up 10% from the year-earlier period.
CBS Corp. and AT&T renewed their contract on Thursday, ending a 20 day-long blackout that began when the companies’ previous, seven-year deal expired at 2:00 a.m. ET on July 19.
Investors and media observers are hoping that Viacom and CBS will offer some hint of their progress this week toward a merger when the media companies each report their second quarter earnings on Aug. 8.
The new agreement with largest independent operator of CBS affiliates covers nearly six million television households across 15 markets.
CBS and Viacom appear to have settled the question of who will run the combined entity when the Great Reunion finally occurs, perhaps as soon as next Thursday. Bob Bakish, currently CEO of Viacom, is in line to head the merged company, sources familiar with the proposed structure tell Deadline. Joe Ianniello, who has been acting CEO of CBS, will continue to run the CBS assets in a senior role.
The Good Fight may not be the only CBS All Access series to get a run on the CBS broadcast network. The network would be open to re-airing other CBS All Access shows if it helps drive awareness to the company’s five-year old streaming service, CBS Entertainment President Kelly Kahl says.
Bull star Michael Weatherly remains loved by viewers despite Eliza Dushku’s claim of on-set sexual harassment against him, CBS said in defending its decision to keep the show and the actor on the air.
Despite CBS programming programming chiefs touting their strides with diversity in front of and behind the camera today, they continued to come under fire by the TCA press corps for mismanaging inclusivity on the network’s reality programs like Big Brother and Survivor.
The broadcasters aim to shut down the digital app service that has attracted tens of thousands of users and is threatening billions of dollars in retransmission contracts.
Tom and Dick Smothers — aged 80 and 82, respectively — reunited Monday for several appearances at the Chautauqua Institution and the nearby National Comedy Center in Jamestown, N.Y., to commemorate the day 50 years ago when CBS canceled their show over their political impudence.
As an impasse with AT&T continues into a second week, CBS Corp. has reached a carriage deal with Altice USA, a major cable provider. The new deal covers retransmission consent for CBS-owned stations and the carriage of Showtime, CBS Sports Network, Pop TV and Smithsonian Channel on the Optimum and Suddenlink cable systems run by Altice. Financial terms were not disclosed.
The network reported a “dramatic spike in new subscribers” to its CBS All Access streaming service last weekend, compared with the same weekend in 2018. It didn’t say it was due to the retrans impasse that has blackout out CBS stations on AT&T’s DirecTV, DirecTV Now and U-Verse, but strongly implied it was in a press release. The release also contains other CBS talking points, including that AT&T has dropped 178 stations in 120 markets in 2019 because of its retrans recalcitrance.
On an earnings call today, Chairman and CEO Randall Stephenson suggested the two companies are not that far apart on terms that would make CBS stations available again for approximately 6.6 million subscribers to the company’s DirecTV or U-verse services. “The bid-ask candidly is not that wide, but it’s kind of an interesting dynamic,” he said. “We sent…[what] was a reasonable, fair offer over five days ago, and that’s been crickets. We haven’t heard anything.”
Unable to reach on agreement with CBS on programming fees, AT&T early Saturday morning dropped CBS’s broadcast and cable programming from its TV distribution services — DirecTV, DirecTV Now and U-Verse, according to CBS. “While CBS has made every effort to avoid this blackout, we won’t agree to terms that undervalue our hit programming enjoyed by nearly 240 million viewers across all dayparts last season,” the network said.
CBS could announce its $15.4 billion plan to acquire Viacom as soon as Aug. 8 when it reports quarterly earnings. That move would give controlling shareholder Shari Redstone the ability to leverage key content like ‘Star Trek’ across numerous platforms and amp up its competition with companies like Netflix.
CBS has sent the first shot across the bow in a widely watched carriage fight with AT&T and its DirecTV, DirecTV Now and U-Verse pay-TV platforms. The media company said today that it is negotiating “resolutely and in good faith” with the AT&T units ahead of an 11 p.m. PT deadline on Friday.
CBS and Viacom continue to bob along with merger talks and are now circling Aug. 8 as an internal deadline to agree to a deal, according to people familiar with the matter. While a transaction could be announced sooner — or later — than that, CBS and Viacom happen to share Aug. 8 as the day both companies report second-quarter earnings. That makes it a natural goal post for a merger that’s been speculated about for more than a year, the people said.
Belittled by Viacom and CBS executives, the heiress now sits atop a media empire. The possible merger of Viacom and CBS, once portrayed as the singular and unreasonable obsession of Shari Redstone, looks different in 2019. At this year’s upfronts, Redstone came to the CBS party for the first time in three years. This time, everyone wanted to take a photo with her.
An increasingly likely merger could shake up the streaming world.
A deal that would re-combine CBS and Viacom is “probably inevitable,” according to a report from Moody’s Investor Service analyst Neil Begley. Merging the companies would fit in with industry trends in which media companies aim to get bigger in order to have leverage with distributors and scale to be able to launch streaming services that would have enough content to attract subscribers, the credit rating agency said.
Allen & Co’s. famous yet secretive gathering in Sun Valley, Idaho, begins early next month and perhaps the most notable media executives who won’t be attending are Joe Ianniello and Bob Bakish, the CEOs of CBS and Viacom, respectively. Merger negotiations are allegedly already underway as Shari Redstone and her ailing father, Sumner, control them both and are eager to combine them to compete more seriously with Walt Disney Co.
If it seems like there’s more original programming to watch on the broadcast networks this summer than in recent years, it’s because there is. The five English-language networks will offer up 55 original series between Memorial Day and the start of the 2019-20 season in late September, including in-season shows that continued into summer. That’s up from 42 in 2018, an increase of more than 30%.
“We are running into the global arena faster than anybody,” Jeff Hirsch told an investors conference as he decided against commenting on CBS possibly eyeing the premium cable channel as an acquisition target for $5 billion.