Key Developments: Viacom Inc (VIAB.O)
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Latest Key Developments (Source: Significant Developments)
Amazon.com Inc And Viacom Inc Announces Multi-Year Video Licensing Agreement
Amazon.com Inc and Viacom Inc. announced an expanded multi-year, multi-national digital video licensing agreement to bring hundreds of TV showsand thousands of TV episodes from Viacom to Prime Instant Video. This deal includes a collection of TV shows that customers won`t find on any other digital video subscription service. Prime members will have unlimited instant streaming access to popular kids programming such as Bubble Guppies, The Backyardigans, Team Umizoomi, Blue's Clues and Victorious, along with top-rated shows from MTV and COMEDY CENTRAL like Awkward, Tosh.0 and Workaholics. Prime members will also have access to future episodes of Dora the Explorer, SpongeBob SquarePants, Fairly Odd Parents, Fresh Beat Band and more. LOVEFiLM customers in the UK and Germany will get some of the same great shows later this summer. Full Article
Indian Court Temporarily Lifts Ban on Viacom Inc's Comedy Central-WSJ
The Wall Street Journal reported that Delhi's high court on May 28, 2013 temporarily lifted a ten day broadcast ban on Viacom Inc's Comedy Central channel imposed over the weekend as a penalty for breaching India's moral guidelines for cable channels. The court said it has suspended the ban while it reassesses the merits of the case. India's Ministry of Information and Broadcasting this month found that two Comedy Central programs a French prank show that featured simulated sex with a dummy and a stand up comedy act contravened the 1994 Cable Television Network Rules. The regulations prohibit programming that offends against good taste or decency, the ministry said in its May 17 ruling. The ministry imposed a ten day ban on Comedy Central that began on May 25th. Viacom 18 Media Ltd., a joint venture between Viacom and India's Network 18 Group, appealed the ruling on May 25th at the Delhi High Court. A high court judge upheld the ban that day. Viacom 18 Media on May, 27th filed an appeal of that decision with the high court. In a ruling May 28th, a different judge vacated that decision, temporarily lifting the ban while the high court examines the appeal. The court also said it agreed to temporarily revoke the suspension after Viacom 18 Media agreed not to air the two programs. A spokeswoman for Viacom 18 Media confirmed the court had lifted the ban but declined to comment further. Full Article
Viacom Inc Increases Quarterly Cash Dividend By 9%-AP
The Associated Press reported that Viacom Inc will increase its quarterly dividend by 9%. The entertainment company will pay its new dividend of 30 cents per share for its Class A and B shares, up from its previous dividend of 27.5 cents per share. The new dividend is payable on July 1 to shareholders of record as of June 14. Full Article
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
MTV to host biggest online-only music festival
LOS ANGELES, June 4 - Concertgoers won't have to leave their homes to enjoy the "Live Music Day Festival," the biggest online-only event of its kind, music networks MTV, VH1 and CMT said on Tuesday.
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