Key Developments: Viacom Inc (VIA.O)
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Latest Key Developments (Source: Significant Developments)
Viacom Inc Suit Against Google Inc's YouTube Thrown Out-DJ
Dow Jones reported that Viacom Inc lost another battle on Thursday in its efforts to force Google Inc's YouTube to pay for alleged unauthorized posting of Viacom content. For a second time, U.S. District Judge Louis L. Stanton threw out Viacom's $1 billion copyright infringement lawsuit, a year after a federal appeals court revived the case. The Second U.S. Circuit Court of Appeals instructed the judge to determine if YouTube had knowledge or awareness of specific infringing material and whether it willfully blinded itself to that specific content. Viacom sued YouTube, claiming the site allowed users to post copyrighted Viacom content without permission between 2005 and 2008, including content from Comedy Central's 'The Daily Show', 'The Colbert Report' and 'South Park'. Despite the ongoing litigation, a number of Viacom units, including Paramount Pictures and Comedy Central, have entered into deals to create channels on YouTube. The court case centers on YouTube's practices in the early days of video sharing, mostly before 2008. Viacom has said it pursued the lawsuit because it is interested in establishing a precedent. Full Article
Viacom Inc Announces $550 Million Debt Offering
Viacom Inc announced that it has agreed to sell $300 million in aggregate principal amount of 3.250% senior notes due 2023 at a price equal to 99.148% of the principal amount thereof (the Senior Notes) and $250 million in aggregate principal amount of 4.875% senior debentures due 2043 at a price equal to 99.474% of the principal amount thereof (the Senior Debentures). The sale of the Senior Notes and the Senior Debentures is expected to close on March 14, 2013. Viacom intends to use the net proceeds from the offering for general corporate purposes, including, but not limited to, the repayment of outstanding indebtedness and the repurchase of shares under its share repurchase program. The joint book-running managers for the offering are BNP Paribas Securities Corp., Goldman, Sachs & Co., J.P. Morgan Securities LLC and RBC Capital Markets, LLC. Full Article
Cablevision Systems Corp Sues Viacom Inc Over Fees For Low-Rated Networks-Reuters
Reuters reported that Cablevision Systems Corp has accused Viacom Inc in an antitrust lawsuit of forcing it to pay for more than a dozen low-rated cable networks in order to get access to Viacom's more popular channels such as Nickelodeon, MTV and Comedy Central. The case is under seal and not available for public viewing. The Cablevision press release does not reveal how much money is at stake in the case. Full Article
Network18 Media & Investments Ltd, Viacom Inc. Tie up With Walt Disney Co In India-DJ
Dow Jones reported that Network18 Media & Investments Ltd's equal joint venture (JV) with U.S.-based Viacom Inc. has formed a partnership with Walt Disney Co to gather content and distribute television channels. The partnership will be 74%-owned by IndiaCast Media Distribution Ltd., the Network18-Viacom joint venture and the rest by Disney's India unit, DisneyUTV. Network18 didn't reveal any financial details of the deal but said that both IndiaCast and DisneyUTV will move their domestic distribution businesses to the new venture, offering 35 channels across the cable, direct-to-home and Headend in the sky, or HITS, platforms. The partnership will help Walt Disney, which currently offers only nine channels in the kids, youth and movies segments in India, enhance its visibility and improve revenue generation at a time of rapid growth for the country's media and entertainment industry. Full Article
Viacom Inc Declares Quarterly Cash Dividend
Viacom Inc announced that its Board of Directors has declared a quarterly cash dividend of $0.275 per share on both its Class A and Class B common stock. The dividend will be payable on April 1, 2013 to stockholders of record at the close of business on March 15, 2013. Full Article
Four Studios Including Viacom Inc's Paramount Pictures Sued Over Royalties On Home Video Revenues-Reuters
Reuters reported that four Hollywood studios were named on Wednesday in lawsuits brought by two directors and a representative for late actor Charles Bronson claiming what could be up to hundreds of millions of dollars in back royalties on films distributed to the home video market. News Corp's 20th Century Fox, Viacom Inc's Paramount Pictures, Comcast Corp's Universal Pictures and Sony Corp's Sony Pictures were sued in Los Angeles Superior Court. The four lawsuits - described in a release as a class action - were also filed on behalf of others who might be added later, said Neville Johnson, an attorney representing the plaintiffs. He said the amounts owed talent on such contracts could total hundreds of millions of dollars. Full Article
Viacom Inc Announces Management Changes
Viacom Inc announced that Wade Davis has been appointed Chief Financial Officer (CFO) . Mr. Davis, 40, previously served as Viacom's Executive Vice President, Strategy and Corporate Development. He succeeds Jimmy Barge, who, after a transition period with Mr. Davis, will leave the Company to pursue other opportunities. Full Article
Viacom Inc Announces $250 Million Debt Offering Of Senior Debentures
Viacom Inc announced that it has agreed to sell $250 million aggregate principal amount of 4.375% Senior Debentures due 2043 at a price equal to 97.755% of the principal amount thereof. The sale of the Senior Debentures due 2043 is expected to close on November 26, 2012. Viacom intends to use the net proceeds from the offering for general corporate purposes, including, but not limited to, the repayment of outstanding indebtedness and the repurchase of shares under its share repurchase program. Viacom separately announced today that it intends to launch a private exchange offer to exchange any and all of its outstanding 6.875% Senior Debentures due 2036 and any and all of its outstanding 6.750% Senior Debentures due 2037 for Senior Debentures due 2043. The Senior Debentures due 2043 being offered in the exchange offer will be a further issuance of, and will be in addition to, the Senior Debentures due 2043 being offered in the debt offering described above. Full Article
Viacom Inc Commences $250 Million Debt Offering of Senior Debentures
Viacom Inc announced that it intends to use the net proceeds from the offering for general corporate purposes, including, but not limited to, the repayment of outstanding indebtedness and the repurchase of shares under its share repurchase program. Viacom separately announced today that it intends to launch a private exchange offer to exchange any and all of its outstanding 6.875% Senior Debentures due 2036 and any and all of its outstanding 6.750% Senior Debentures due 2037 for Senior Debentures due 2043. The Senior Debentures due 2043 being offered in the exchange offer will be a further issuance of, and will be in addition to, the Senior Debentures due 2043 being offered in the debt offering described above. Full Article
Viacom Inc Declares Quarterly Cash Dividend
Viacom Inc announced that its Board of Directors has declared a quarterly cash dividend of $0.275 per share on both its Class A and Class B common stock. The dividend will be payable on December 31, 2012 to stockholders of record at the close of business on December 15, 2012. Full Article
Paramore, Paisley end Timberlake's reign atop Billboard chart
LOS ANGELES - Rock band Paramore knocked Justin Timberlake off his three-week reign at the top of the Billboard 200 album chart on Wednesday to score its first No. 1 album, while country singer Brad Paisley took the No. 2 spot.
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