Key Developments: CBS Corp (CBSa.N)
51.32USD
17 May 2013
$1.71 (+3.45%)
$49.61
$50.09
$51.32
$50.09
1,820
4,405
$51.32
$30.49
Latest Key Developments (Source: Significant Developments)
CBS Corp And Lionsgate Enter 50/50 Partnership On Distributed Entertainment Cable Network
CBS Corp announced that the companies have entered into a 50/50 partnership for the distributed entertainment cable network TVGN and the website TVGuide.com. The basic cable network, available in more than 80 million homes, will continue to be entertainment-focused, with a specific rebranding and programming strategy to be announced at a later date. Under the terms of the deal, CBS will acquire a 50% stake in TVGN and TVGuide.com. CBS plans to purchase the ownership interest held by One Equity Partners (OEP), the global private equity investment arm of JPMorgan Chase. The deal closed on signing. Full Article
CBS Corp Announces Plans For $1 Billion Accelerated Share Repurchase
CBS Corp announced that it plans to repurchase an additional $1 billion of its Class B common stock in 2013, nearly doubling the Company's commitment for the year. CBS plans to initiate the accelerated share repurchase (ASR) transaction during the first quarter. Full Article
CBS Corp Announces Quarterly Dividend
CBS Corp announced that Board of Directors has approved a quarterly dividend on the Company's stock of $.12 per share. The dividend is payable on April 1, 2013, to shareholders of record on March 11, 2013. Full Article
CBS Corp To Convert Americas Outdoor Unit Into REIT-Reuters
Reuters reported that CBS Corp is planning to convert part of its billboard division into a real estate investment trust (REIT). The Company plans to turn its billboard business in the Americas, which includes Canada, Latin America and South America, into a publicly traded trust known as a REIT. Its outdoor advertising businesses in Europe and Asia are up for sale. Full Article
CBS Corp Announces Quarterly Dividend
CBS Corp announced that Board of Directors has approved a quarterly dividend on the Company's stock of $.12 per share. The dividend is payable on January 1, 2013, to shareholders of record on December 11, 2012. Full Article
DirecTv And CBS Corporation Reach New Long-Term Content Carriage Agreements
DIRECTV and CBS Corporation announced renewal of their content carriage agreements. Financial terms were not disclosed. The long-term deal covers retransmission consent for CBS owned stations and continued carriage of Showtime, CBS Sports Network, and Smithsonian Channel. Full Article
Google Inc Settles With The McGraw-Hill Companies, Inc., CBS Corporation's Simon & Schuster And Other Publishers Over Digital Books-Reuters
Reuters reported that Google Inc and a group of publishers have agreed to a settlement over making digital copies of books. Google and the Association of American Publishers (AAP) said on Thursday that U.S. publishers can decide whether they want their books made available through Google or not. Google Books allows users to browse up to 20% of the books in its library and then purchase digital versions through Google Play. Publishers get a percentage of any sale. Google has spent years scanning some 20 million books in partnership with major libraries around the world, including the New York Public Library and Stanford University Libraries. This angered publishers and authors who contended that Google violated copyright laws when it failed to seek their permission. Google was sued in 2005 by the Authors Guild and the Association of American Publishers for violating copyright laws. In 2008, they reached a settlement in which Google agreed to pay $125 million to people whose copyrighted books had been scanned, and to locate and share revenue with the authors who have yet to come forward. But the Justice Department, and other critics, said the deal was illegal. A federal court agreed, and rejected it. The lawsuit was filed by AAP members The McGraw-Hill Companies, Inc., Pearson PLC's Pearson Education Inc and its sister Penguin Group USA, John Wiley & Sons, Inc. and CBS Corporation's Simon & Schuster. Full Article
Judge Approves U.S. Settlement With CBS Corporation's Simon & Schuster And Other Publishers Over e-books-Reuters
Reuters reported that a U.S. judge approved on Thursday a Justice Department settlement with three publishers accused of conspiring with Apple Inc and other publishers to push up the prices of electronic books. The Justice Department had accused Apple and five publishers in April of illegally colluding on prices as part of an effort to fight internet retailer Amazon.com's dominance of e-books. The publishers who agreed to settle are The News Corporation's HarperCollins Publishers Inc, CBS Corporation's Simon & Schuster Inc and Lagardere SCA's Hachette Book Group. Apple; Macmillan, a unit of Verlagsgruppe Georg von Holtzbrinck GmbH; and Pearson PLC's Penguin Group have vowed to fight the Justice Department's lawsuit with a trial due to start on June 3 next year. The proposed settlement was unpopular with bookseller Barnes & Noble, Inc. and the American Booksellers Association, which represents independent stores, with both arguing that it would strengthen Amazon's dominance. Full Article
Cablevision Systems Corp And CBS Corp Renew Content Carriage Agreements
Cablevision Systems Corp And CBS Corp announced the renewal of their content carriage agreements covering retransmission consent for CBS Owned Stations, and continued carriage of Showtime, Smithsonian Channel and CBS Sports Network. While the majority of Cablevision subscribers are in the New York tri-state market served by WCBS, Cablevision customers in the Philadelphia and Denver markets are also covered. Terms of the agreements were not disclosed. Full Article
CBS Corporation Increases Share Repurchase Program; Announces Dividend
CBS Corporation announced that its Board of Directors has approved an increase in the amount of value it will return to shareholders, bringing the total amount authorized under the Company's share repurchase program to $4.7 billion. The program, which was initiated in January 2011, will be increased by 57%. In addition, the Board voted to increase the Company's quarterly dividend by 20%. To date, CBS has spent $1.7 billion on this share repurchase program, and given today's announcement, it will now have $3 billion remaining in the program. The Company intends to accelerate the pace of the newly expanded program and complete it by the end of 2014. The Company will continue to use the program to repurchase CBS Corporation Class B common stock. At the same time, the Company's Board of Directors has approved a 20% increase to CBS Corporation's quarterly dividend, which will now be $.12 per share. The next scheduled dividend is payable on October 1, 2012, to shareholders of record as of September 10, 2012. Full Article
UPDATE 3-Copyright owners can't sue Google's YouTube as a group - judge
* Lawyer for plaintiffs says they are considering options
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