News

TBI Weekly: CBS Corporation’s year of change

Who would have thought during this year’s Upfronts that as CBS chief Leslie Moonves presented the company’s upcoming slate to a standing ovation, he would be the biggest cause for controversy in the company today?

The media giant has, after all, been a remarkably steady company partly due to the chairman and CEO supporting the company for near 30 years. It has had stable earnings year-after-year, while remaining one of the most-watched US networks despite increased competition.

But, with increased pressure to consolidate and keep up with major mergers, sexual harassment claims aimed at its popular leader, and an entire company culture coming into question in the context of the #MeToo movement, it’s safe to say that we’re seeing markers of change for this company too.

Here are some key markers we have seen so far:

• At the start of the year, CBS and Viacom began exploring a future merger
• CBS’ dissatisfaction with the move was shown as it made a below-market bid for Viacom
• CBS takes action against its controlling stakeholders National Amusements and attempt to prevent the move going forward
• CBS shareholders launch a class action lawsuit against NA on the move
• Ahead of its already postponed earnings report, Leslie Moonves is accused of sexual harassment in a report by The New Yorker
• CBS Board of Directors meet to take action on Moonves’ accusations 
• CBS Board of Directors brings in an independent committee and legal firms to investigate the accusation against Moonves and the wider company culture

The company has also been successful in many ways this year, from launching popular streaming titles such as Star Trek: Discovery, to rolling out its  popular CBS All Access streaming service internationally. So while there may be great change to come, the person or team that ultimately controls the company will have a valuable asset in their hands.

Also in the news…

• Viasat World has added Epic Drama to A1 Bulgaria, where subscribers will have access to titles such as Beowulf: Return to the Shieldlands, The Tudors and Bletchley Circle
• Sundance Now, AMC Network’s SVOD service, has struck a pre-sale deal with DRG for The Cry
• BES Animation and Network Seven, have paired to give hit children’s show Kitty is Not a Cat a further broadcast window on the Australian free-to-air digital channel 7flix
• Sony Pictures Television, in partnership with the United Nations Foundation, has announced Vinamra Pancharia, from India, as the global winner of the Picture This Festival for the Planet

The week’s top TBI stories…

• eOne hires ex-BBS exec to head int’l sales
• Sony names new territory managers worldwide
• Apple chief predicts cord-cutting acceleration as it preps TV projects
• ITV Studios hires Argonon exec for non-scripted acquisitions
• CBS board to meet over Moonves sexual harassment claims