Alerts in the last 24 hours

No Personalised Alerts!

To see personalised alerts you need to be logged in.

Log In

CBS Corp Add to portfolio

INX:CBS, May 20, 11:38 UTC

Latest INX:CBS News

Filter your feed

Apply Filter

Friday, May 18


News

CBS Board Votes to Curb Redstones' Power

CBS

CBS Corp.’s (CBS) board of directors voted to reduce the Redstone family’s control by issuing a dividend that dilutes their holdings, but for now that vote is symbolic. CBS is under control of National Amusements Inc. (NAI), which is owned by Shari Redstone, who serves as president, and her family. The share dilution reduces National Amusements’ voting power from its preferred stock to 20% from 79%, but would not reduce the interest of the average shareholder.

Read Full Details

Topics:
  • Business
  • Financial
News

CBS votes to end Redstone control but must take battle to court

CBS

(Reuters) - CBS Corp’s (CBS.N) board on Thursday voted to end Shari Redstone’s control of the media company, but the move will not take effect unless a Delaware judge sides with CBS in its litigation to stop a potential merger with Viacom Inc (VIAB.O). The board approved 11-3 a special dividend that would cut the Redstone family's stake to about 20 percent from 80 percent, CBS said in a statement. Redstone has long favored reuniting the companies that split in 2005, but she has run into objections from CBS Chief Executive Leslie Moonves. Shari Redstone attended the board meeting in person in New York, according to sources familiar with the matter. Sources told Reuters ahead of the meeting that the CBS board planned to argue that Redstone's bylaw amendment did not apply because in the company's view such changes require a 20-day notice period.

Read Full Details

Topics:
  • Business
  • Politics
  • Financial
  • Science
Social Chatter

CBS Corp (INX:CBS) social chatter is higher than usual

CBS
Leslie Moonves helped make CBS a TV juggernaut, but the brawl over a Viacom merger could lead to his exit… https://t.co/Xr5FBuFhoE
News

CBS fight is 'the beginning of the end' of dual share structures, says former NBCUniversal CEO

CBS

In the fight to control CBS , former NBCUniversal CEO Bob Wright has placed all bets on Les Moonves , who he called one of "two really, really good media executives in this country." National Amusements, owned by the Redstone family, has been trying to merge CBS and Viacom, both of which fall under its umbrella. But CBS and Viacom have not been able to come to terms on some aspects of the merger, and CBS has been fighting what it called interference by the Redstone family. CBS wants to cut National Amusement's voting power by issuing a special dividend to shareholders. As it stands, the share structure of CBS enables Shari Redstone , through theater and media holding company National Amusements, to maintain voting control over CBS, despite only owning about 10 percent of shares. Wright said these types of dual share structures can be helpful at the advent of a company, so "the guys that built it can protect the company for a while." But CBS isn't new anymore.

Read Full Details

Story Sources

uk.finance.yahoo.com
Topics:
  • Business
  • Financial
News

Drama at CBS: Judge Denies Bid to Dilute Redstone Power

CBS

A Delaware judge rejected a petition from the CBS board of directors to block the Redstone family's holding company from interfering with the evaluation of any merger deal. The decision allows Shari Redstone -- daughter of media empire builder Sumner Redstone -- to keep tight control over the television and media group, with the power to replace its board. CBS (CBS) had sought to block any effort by Redstone and NAI to meddle with the board ahead of a planned meeting where it was to consider a measure to dilute her voting shares. "While we are disappointed that the judge did not grant a (restraining order), the ruling clearly recognizes that we may bring further legal action to challenge any actions by NAI that we consider to be unlawful, and we will do so," CBS said.

Read Full Details

Story Sources

newsmax.com
Topics:
  • Business
  • Politics
  • Financial
News

CBS postpones annual shareholder meeting

CBS

CBS postpones annual meeting amid fight for control. CBS has postponed its annual meeting as the board battles its largest shareholder for control. Yahoo Finance’s Alexis Christoforous, Seana Smith, Rick Newman and Brittany Jones-Cooper talk about what it means. What to read next.

Read Full Details

Topics:
  • Business
  • Financial
News

DealBook Briefing: CBS and Shari Redstone Plan to Fight for a Long, Long Time

CBS

Despite court loss, CBS continues to defy Shari Redstone. Even after a Delaware judge denied CBS’s move to restrain its controlling shareholder, the broadcaster’s board — excluding Ms. Redstone and her two allies — voted to approve a special dividend that would remove much of the Redstones’ voting power. Rich Greenfield of BTIG says CBS’s C.E.O., Les Moonves, should move on if he wants to act like an owner. Chinese negotiators may have proposed radically shrinking Beijing’s trade gap with the U.S., and that would look like a win for President Trump. But the math is fuzzy, according to Mark Landler and Ana Swanson of the NYT:. Even if the Chinese stopped buying other foreign products, like Airbus airplanes from the European Union or soybeans from Brazil, and purchased solely American products, it would add up to only a small fraction of the $200 billion total they are promising to purchase. Representatives for Brookfield and Qatar said the emirate wasn’t involved, and Brookfield is an established real-estate name in its own right. But Mr. Kushner remains financially tied to Kushner Companies, which has sought to do business with Anbang of China and Qatar. And fears that foreign governments might influence him that way may have helped lose him his security clearance. Until terms of the deal come to light, Tim O’Brien of Bloomberg Opinion says, it’s fair to ask whether this would be another collision of private business and public policy.

Read Full Details

Story Sources

nytimes.com
Topics:
  • Business
  • Financial
News

CBS Shareholders Ask Where Their Yachts Are

CBS

The average investors in badly managed companies that pay executives large salaries and in which large shareholders get special perks often ask, “Where are the shareholders’ yachts”? At CBS Corp. (NYSE: CBS), the answer is that there aren’t any as controlling shareholder Shari Redstone battles CEO Les Moonves for control of the company. CBS has posted good earnings for several years. However, the battle is tearing the company apart, taking up extremely valuable management and board time and putting the future of CBS in question. Viacom’s shares have not done as badly as CBS’s in the past year, but the return to investors has been subpar, down 7% to $39.

Read Full Details

Story Sources

247wallst.com
Topics:
  • Business
  • Financial
News

China Tactics, CBS Control, PayPal and iZettle: CEO Daily for May 18, 2018

CBS DTRUMP +1 more CBS DTRUMP PYPL

China Tactics, CBS Control, PayPal and iZettle: CEO Daily for May 18, 2018. President Donald Trump holds up a signed presidential memorandum targeting China's economic aggression in the White House in Washington, D.C. on March 22, 2018. As I reported earlier this week, fears of a trade war with China are one of the greatest economic threats that Fortune 500 CEOs see on the horizon these days. But here’s an interesting tidbit from our survey: a majority of those CEOs actually support Trump’s tough tactics with the Chinese. The president said yesterday that he doubted the talks with the Chinese would be successful: “The reason I doubt it is because China has become very spoiled….they always got 100% of whatever they wanted from the United States.” That public statement, however, was likely part of the president’s negotiating strategy, and probably aimed at the delegation that was in Washington negotiating yesterday. China Sorghum Probe. Although Chinese officials are denying that they offered the U.S. a $200 billion cut in its trade balance, they have definitely made one big move to mollify the Americans: Beijing has dropped its anti-dumping probe into sorghum imports from the U.S.

Read Full Details

Story Sources

fortune.com
Topics:
  • Business
  • Financial

Thursday, May 17


News

The Latest: CBS approves dividend in face of likely veto

CBS

The Latest: CBS approves dividend in face of likely veto. (AP) -- The Latest on the battle between CBS Corp. and its controlling shareholders, National Amusements Inc. (all times local):. The dividend was approved by all of CBS's directors not affiliated with NAI. The judge said Thursday there was no court precedent to grant the relief CBS sought in trying to prevent National Amusements Inc. from trying to thwart a board vote scheduled for later Thursday on a dividend that would dilute National Amusement's preferred stock voting power from 80 percent to 17 percent, effectively giving CBS independence.

Read Full Details

Topics:
  • Business
  • Financial