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Lenders at Goldman Sachs urged Archegos to pare its exposure, said two people familiar with those conversations. Current role: Lawenda heads digital video and branded content across all platforms, as well as social influencer sales and ad sales at Pluto TV. (Photo: Business Wire), Jose Tolosa will serve as Executive Vice President, Chief Transformation Officer, ViacomCBS. Alex Berkett will serve as Executive Vice President, Corporate Development and Strategy, ViacomCBS. Moving licensing rights to SpongeBob from one country to another is just a matter of paperwork. By Kate Kelly,Matt Phillips,Andrew Ross Sorkin and Alexandra Stevenson. Under prior law, NY WARN notice was due to the State Department of Labor, each affected employee, each union representing affected employees, and the local Workforce Investment Board.1In addition, federal WARN, when triggered, adds the requirement of notice to the chief elected official of the unit of local government where the qualifying WARN event takes place and to which the employer paid the highest taxes in the preceding year.2As amended, New York WARN now requires that, in addition to these recipients, WARN notice be sent to: (1)the chief elected official of the unit or units of local government and the school district or districts in which the WARN event will occur; and (2)each locality that provides police, firefighting, emergency medical or ambulance services or other emergency services to the site of employment where the WARN event is occurring. 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. "Our powerful content, marketing and distribution engines drove explosive growth as further proof of our ability to establish a sustainable, large scale streaming business with a differentiated global playbook.". Sign up for free newsletters and get more CNBC delivered to your inbox. Comcast and ViacomCBS declined to comment. In addition to offering innovative streaming services and digital video products, ViacomCBS provides powerful capabilities in production, distribution and advertising solutions. The owner-occupied ViacomCBS said it will now lease back property on a short-term basis with the transaction set to close before the end of 2021. Driven by iconic consumer brands,. 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 . 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. ViacomCBS and its predecessor companies created several subsidiaries in the Netherlands to hold the foreign licensing rights to TV programs and films, content largely created in the United States. 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. Anyone can read what you share. The public comment period on the proposed regulations is now open until May 30, 2023. That represented a 44% discount to the secondary sale just two days prior. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. The new name nods to the company' 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. Goldman Sachs sold about 323,000 through the convertible preferred and another 646,000 through the common stock offering. Shares of Morgan Stanley and Goldman Sachs are little changed over that same time period. 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. (Photo: Business Wire). 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. 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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. He also said the company. Commercial & Federal Litigation Section . 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. "On Paramount+, we have something for everyone," said Tanya Giles,Chief Programming Officer, Streaming. Both streaming services are struggling to match the success seen by earlier entrants including Netflix, Apple, Amazon and Disney. The transfer essentially a sale from one Viacom subsidiary to another created a tax benefit, the study said. A JPMorgan note estimated global losses for firms exposed to Archegos could be a combined $10 billion, with Nomura and Credit Suisse facing the bulk of the impact. 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 . Albany, New York 12226. 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. It is common practice for multinational corporations to take advantage of tax shelters. ViacomCBS has sold CBS original Midtown Manhattan headquarters, known as Black Rock, to real estate investment firm Harbor Group International for $760 million. CBS is a foundational name in broadcasting the Columbia Broadcasting System launch dates back to 1927 and the early days of commercial radio. FEDERAL BILL The national law requires only 60 days' notice for employers with 100 or more employees. Almost all of these plans involved one country: the Netherlands. 921-1.1 Definitions. The layoffs come a day after ViacomCBS Chief Executive Bob Bakish said he hired the real estate investment firm CBRE Group to evaluate its real estate holdings, including a sale of its 36-story . These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements, including the failure to consummate the pending merger or to make any filing or take other action required to consummate such transaction in a timely matter or at all. By Monday, investment banks around the world were scrambling to calculate the damage. 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. While the rights to the franchise are owned by a Dutch entity, all of the business concerning those rights took place in New York, the suit read. "The fact that if there were sufficient leverage issues raised that it could promote selling and selling pressure and indeed force the selling pressure, makes it very real that the potential for a conflict was always present.". The firm's Viacom share sale a similar size to Goldman's was sold two days later, on Sunday evening. Randy Watts, chief investment officer for ONeil Global Advisors, a financial advisory firm, called the Archegos affair a short-term event.. Viacom and CBS commenced mailing the definitive joint consent solicitation statement / prospectus to Viacom stockholders and CBS stockholders on or about October 28, 2019. The Taylor Sheridan universe continues to expand with new chapters of the Dutton family drama with a new original from the Yellowstoneco-creatorannounced today: Additionally, casting and production updates were included for the following highly anticipated series: New expansions of the most popular prime-time entertainment include: Upcoming international hits in the making include: These new titles join a growing roster of previously announced and highly-anticipated scripted series, including: Fatal Attraction, Grease: Rise of the Pink Ladies, Rabbit Hole and The Offer. 2023 NYP Holdings, Inc. 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Under the New York State Worker Adjustment and Retraining Notification Act ("NYS WARN"), private employers with 50 or more full-time employees in New York State must provide at least 90 calendar days advance written notice for the following events. The large blocks of shares suddenly coming into the market depressed prices further. The company delivered more than 56 million total global streaming subscribers and 84% revenue growth in the direct-to-consumer segment in 2021. Shares of two Chinese companies that Archegos had also bet on RLX Technology and GSX Techedu also fell precipitously last week. 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. ViacomCBS and Comcasts potential partnership has been slowed by concern about the Biden Administrations pledge to aggressively enforce the nations antitrust laws, according to a source with knowledge of the discussions. Mr. Hwangs firm did so initially, a person familiar with the matter said, but then it couldnt, at which point his lenders became unnerved and began a fire sale of those stocks. 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. Archegos Capital Management, led by Bill Hwang, couldnt meet financial demands, creating turmoil on Wall Street and raising questions about the funds ties to lenders. "We're excited about our ability to not just compete, but thrive, creating significant value for both consumers and shareholders. Was sold two days later, on Sunday evening, Jose Tolosa will serve Executive. 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