In this Thursday, March 12, 2009, file photo, then-Citigroup CEO Richard Parsons listens as President Barack Obama speaks about the economy at Business Roundtable, an association of chief executive officers of leading U.S. companies, at a hotel in Washington. (AP Photo/Charles Dharapak, File)
NEW YORK (AP) --
CBS says it has named media industry veteran Richard Parsons as interim chairman of the board as the company moves to reshape itself following the ouster of longtime chief Les Moonves.
Parsons is the former chairman of Time Warner and Citicorp. He was added to the board of CBS earlier this month along with five others as the company pursues an independent investigation into Moonves.
Moonves resigned just after six women joined others who had previously accused the long-time television executive with sexual misconduct.
CBS also said Tuesday that two other board members were stepping down. Bruce Gordon and William Cohen had been on the company's board since it became a standalone public company in 2006.
Dish Network satellite dishes are shown at an apartment complex in Palo Alto, Calif., Feb. 23, 2011. (AP Photo/Paul Sakuma, File)
DirecTV is calling off its planned acquisition of rival Dish after the offer was rejected by bond holders at that company.
The deal was reliant on Dish bond holders agreeing to trade in the debt they held for debt in the new company, a swap that would have cost them about $1.6 billion, collectively.
The retreat by DirecTV this week may end a years-long effort by the company to acquire both Dish and Sling after it announced the bid in September.
DirecTV was looking to acquire Dish TV and Sling TV from its owner EchoStar in a debt exchange transaction that included a payment of $1, plus the assumption of approximately $9.8 billion in debt. The deal was contingent on several factors, including regulatory approvals and bondholders writing off debt related to Dish.
"While we believed a combination of DirecTV and Dish would have benefited all stakeholders, we have terminated the transaction because the proposed exchange terms were necessary to protect DirecTV's balance sheet and our operational flexibility," DirecTV CEO Bill Morrow said in a statement.
The prospect of a DirecTV-Dish combo has long been rumored, and reported talks resurfaced over the years. And the two almost merged more than two decades ago — but the Federal Communications Commission blocked the deal valued at the time at $18.5 billion deal, citing antitrust concerns.
The pay-for-TV market has shifted significantly since. As more and more consumers tune into online streaming platforms, demand for more traditional satellite entertainment continues to shrink.
DirecTV says that it will continue to invest in next-generation streaming platforms and offer new packaging options while integrating content from live TV alongside direct-to-consumer... Read More
