Television

Viacom board clears split into two entities

http://www.indiantelevision.com/sites/default/files/styles/smartcrop_800x800/public/images/tv-images/2016/02/10/Untitled-1.jpg?itok=xT57Gre2

MUMBAI: Viacom's board of directors on Tuesday approved the division of the media giant into two separate companies one built around MTV Networks and the other around CBS. The two new companies will be known as Viacom Inc. and CBS Corp.

It was also an occasion for Viacom chairman and CEO Sumner M Redstone to officially institute his succession plan by naming daughter Shari Redstone to the newly created position of non-executive vice-chairman of the board. Sumner Redstone, president of National Amusements Inc., has been a member of the Viacom board since 1994. National Amusements is the privately held movie theater firm through which Redstone controls Viacom via a stake of about 71 per cent.

As had been reported earlier by Indiantelevision.com Redstone has been exploring the division of the company into two units in order to further unlock value. Following the spin-off, which is expected to be completed in early 2006.

Viacom Inc. will be led by Tom Freston and will be comprised of MTV Networks (including MTV, VH1, Nickelodeon, Nick at Nite, Comedy Central, CMT: Country Music Television, Spike TV, TV Land and many other networks around the world), BET, Paramount Pictures, Paramount Home Entertainment and Famous Music. CBS Corp will be led by Les Moonves and will combine the CBS and UPN broadcast networks, Viacom Television Stations Group, Infinity Broadcasting, Viacom Outdoor, the CBS, Paramount and King World television production operations, as well as Showtime, Simon & Schuster and Paramount Parks.

Said Redstone, We celebrate our past successes by stepping forward to embrace the future. This transaction is the logical extension of the strategic vision that created Viacom and recognises the inherent diversity of our assets as well as the changing business environment.

"We believe that this transaction will enable Viacom shareholders to fully benefit from the important gains we realised in building this company by fully unlocking our significant untapped potential and creating new opportunities to build on our leadership positions, maximise earnings growth and fully exploit our considerable strengths.

I want to commend the Viacom board of directors and the Viacom management team for the careful and thorough strategic analysis that led to this important decision. The decision to create two new companies was the result of an intense study by the board, which worked closely with the companys management and carefully analysed all strategic options before reaching its conclusion.

"The board believes that the transaction will result in two strong, focused and nimble companies, and will better enable management to directly impact and maximise the strengths of their respective businesses. Additionally, the board believes that the transaction will provide current and potential stockholders with attractive investment options that are more closely aligned with their various investment objectives.

Talking about the two companies Redstone said, The new Viacom will focus on organic expansion through the creation of cutting-edge content, unrivalled brands, specialised and highly desirable demographics and the continuing expansion of delivery platforms."

The new CBS will be a strong generator of free cash flow with industry-leading positions across television and radio broadcasting, television production and out-of-home advertising, Redstone said.

Latest Reads

http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/11/15/mnx.jpg?itok=kkSouPMq
MNX to premiere supernatural fright flick, ‘Wish Upon’

MNX, the preferred movie channel of the millennials, will premiere, American supernatural horror film, ‘Wish Upon’ for the first time on Indian television.

Television TV Channels English Entertainment
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/11/15/hk.jpg?itok=_7gx18dv
Hill+Knowlton Strategies India wins communication mandate for Discovery India

After a competitive multi-agency pitch, Hill+Knowlton Strategies, one of India’s premier communications consultancies

Television TV Channels English Entertainment
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/11/15/hockey.jpg?itok=CCftHmln
Doordarshan now wants all matches of men’s hockey WC

Even as TV sports channels are wracking their brains as part of a public consultation to justify why proposed tweaking of rules relating to mandatory sharing of signals of sporting events is not a good idea, the Indian government has gone ahead to notify hockey World Cup for sharing with the...

Television TV Channels Sports
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/11/15/balaji.jpg?itok=osia3roz
Balaji Telefilms reports higher programming hours and better realisation

The Ektaa Kapoor-led Balaji Telefilms Ltd reported a consolidated profit from continuing operations of Rs 7.1 crore for the quarter ended 30 September 2018 (Q2 2019, quarter or period under review) as compared to a loss of Rs 22 crore for Q2 2018 and a loss of Rs 0.6 crore in the immediate trailing...

Television Production House Post Production
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/11/14/aaj-tak.jpg?itok=Wi61qSr1
3rd Sahitya Aaj Tak India’s largest Hindi Literature Festival promises a grander & a bigger show

Aaj Tak, India’s No. 1 Hindi news channel with over 25 crore viewers (Source: BARC, TG:2+,Mkt:HSM, Period: W29'18-W32'18,) kicks-off the third edition of its annual mega Hindi literature festival - Sahitya AajTak .

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/11/14/children.jpg?itok=0w-PSLPz
Excitement Tenfold as Nickelodeon India Brings a Week of fun to celebrate children’s day

The memories that we make as children always set path for the adult in us.  Nickelodeon, India’s leading kids’ entertainment franchise by Viacom18

Television TV Channels Kids
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/11/14/animal-planet.jpg?itok=GK2QBFXl
The Irwin Family -Terri, Bindi and Robert - come home to Animal Planet in ‘CRIKEY! IT’S THE IRWINS’ which premiers in India on November 15 at 9 PM IST

Lace up your boots because you’re about to embark on the journey of a lifetime with the family that’s bringing khaki back.

Television TV Channels English Entertainment
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/11/14/aib.jpg?itok=V7Hl7Z48
OBESITY AMONG DIABETICS ON THE RISE IN URBAN INDIA, new study finds

MUMBAI: A new study on type 2 diabetes (T2D) patients in India finds that obesity among diabetics is on the rise. The same study also revealed that majority of patients prefer to have fewer large meals as opposed to more frequent small meals which are more diabetes friendly The results are part of...

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/11/14/powerpuff.jpg?itok=apUe6L69
Cartoon Network celebrates 20 years of heroic supremacy of The Powerpuff Girls in November

Cartoon Network, home to the three fabulous superhero sisters, Blossom, Bubbles and Buttercup rings in 20 glorious years of ‘The Powerpuff Girls’ this November. Cartoon Network India along

Television TV Channels Kids

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories