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    Proposed Merger of CBS and Viacom Called Off

    By SHOOTUpdated:No Comments2716 Views
    In this Oct. 1, 2012, file photo, Sumner Redstone attends the premiere of "Seven Psychopaths" in Los Angeles. Redstone's National Amusements is abandoning a proposal that CBS and Viacom reunite after a 10 year split. (Photo by Matt Sayles/Invision/AP, File)

    By Mae Anderson, Technology Writer

    ATLANTA (AP) --

    Media mogul Sumner Redstone's National Amusements is abandoning a proposal that CBS and Viacom reunite after a 10 year split.

    The news comes as Viacom named acting CEO Bob Bakish as its permanent head.

    National Amusements, which owns most of the voting shares of the two companies, had urged the companies to combine in September, saying that a tie-up would help them compete better as technology and the entertainment industry rapidly evolve.

    Now, the company, run by Redstone and his daughter Shari, says that following management changes at Viacom and strength at CBS, which operates CBS, Showtime and other entities, it makes more sense for the companies to continue as separate entities.

    Viacom, which owns the Paramount Pictures movie studio and pay TV channels such as Comedy Central, MTV, BET and others, has been struggling to improve its profit as Paramount has struggled to produce hits and cable viewership declines.

    The company named Robert Bakish as acting president in late October and appointed him permanent president and CEO on Monday.

    The appointment caps off a management saga that culminated earlier this year, when longtime Viacom CEO Phillipe Dauman was pushed out following a legal battle with media mogul Sumner Redstone's daughter, Shari Redstone, over control of the company. The fight ended with Shari Redstone as a Viacom director and president of National Amusements, which has a controlling stake in CBS and Viacom. At the time Tom Dooley was named interim CEO, but he announced unexpectedly he was leaving in October and Bakish was then named acting CEO.

    Meanwhile, as more people cut the cable cord, choosing instead to stream TV shows or movies online at places like Netflix, Hulu, iTunes and Amazon.com, CBS has found success under Les Moonves streaming its popular shows like "NCIS" and "The Big Bang Theory," as well as its stand-alone, streaming Showtime channel.

    There would have been cost savings if the companies combined, but strategically, the positives weren't as clear, said Instinet analyst Anthony DiClemente.

    "This allows CBS to continue to operate in a very nimble and autonomous fashion," DiClemente said. "For Viacom, I think in terms of long term strategy, the verdict is still out."

    Viacom said in a statement that it received the letter sent by National Amusements and will provide more updates later. CBS referred comment to National Amusements.

    Viacom Inc. Class B shares fell $3.01, or 7.8 percent, to $35.61 in afternoon trading Monday. CBS Corp. Class B shares slipped 4 cents to $62.52.

    Category:News
    Tags:CBSSumner RedstoneViacom



    Review: Director Ben Taylor’s “Joy”

    Thursday, November 21, 2024

    Toward the end of Netflix's "Joy," the muffled cry of a newborn baby prompts a man and woman in a hospital to embrace out of pure bliss. They aren't the parents, but they had as much to do with the birth as the mom and dad.

    This charming and winning movie charts the decade-long true story of how the world's first IVF baby was born in England in 1978 — a 5-pound, 12-ounce girl who paved the way for millions more. It's an upbeat, very English affair, mixing sober discussion of endometriosis with chocolate biscuits.

    The couple embracing that day were pioneering scientist Robert Edwards and Jean Purdy, a young nurse and embryologist. Together with surgeon Patrick Steptoe, the trio succeeded with in vitro fertilization, a method of treating infertility. Edwards would go on to win the Nobel Prize.

    "Joy" has been birthed at a time when science is under threat in America — even IVF — so it's downright inspiring to see plucky, smart scientists working hard to change the world. "What we're doing, it matters," says Steptoe, played with quiet economy by Bill Nighy.

    "Joy" is the personal stories of the three scientists — mostly through the eyes of Purdy, a polite lab-coated warrior. "If I hear a commotion, I'm not very good at staying out of it," she says. Perfectly played by Thomasin McKenzie, Purdy is both vulnerable and strong, learning through the process to be a better human. James Norton plays Edwards with charm, self-doubt and calm spirit.

    Jack Thorne's script nicely explains the massive pressure the trio faced. IVF may have become common and uncontroversial over the last decades, but back in the late '70s it was experimental and shunned. The Anglican church called it a sin, the newspapers labeled it Frankenstein-ish and other... Read More

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