The second incarnation of Viacom Inc. ( or ; a portmanteau of Video & Audio Communications) was an American multinational mass media and entertainment conglomerate with interests primarily in film and television. It was split from the original Viacom on December 31, 2005, alongside the second incarnation of CBS Corporation. The controlling shareholder of both companies was National Amusements, a theater company headed by businessman Sumner Redstone. The split was structured so that the original Viacom changed its name to CBS Corporation and spun out its cable and film interests as a new Viacom.[4][5][6][7][8]
The second Viacom operated Viacom Media Networks, through which it controlled approximately 170 networks and reached approximately 700 million subscribers in approximately 160 countries.[9] Viacom's studio assets included Paramount Pictures, MTV Films, and Nickelodeon Animation Studio, as well as a 30% ownership stake in the Rainbow S.p.A. animation studio. CBS Corporation retained the over-the-air broadcasting, television production, pay television subscription service, and publishing assets, which were previously owned by the first Viacom. The second Viacom was the world's ninth-largest media company in terms of revenue and headquartered at One Astor Plaza in Midtown Manhattan, New York City.
Viacom announced its second merger with CBS Corporation on August 13, 2019. The merger was completed on December 4, resulting in the creation of ViacomCBS (later Paramount Global which would later merge with National Amusements and Skydance Media to form Paramount Skydance Corporation) [10][11][12]
History
Early years
In March 2005, the first Viacom announced plans of exploring the option of splitting the company into two publicly traded companies because of a stagnating stock price[13] and the rivalry between Les Moonves and Tom Freston, longtime heads of CBS and MTV Networks, respectively. Also, the company was facing issues after MTV was banned from producing any more Super Bowl halftime shows after the Super Bowl Halftime Show controversy in 2004.
After the departure of Mel Karmazin in 2004,[14] Sumner Redstone, who served as chairman and chief executive officer, decided to split the offices of president and chief operating officer between Moonves and Freston.[14]
Copyright complaints against YouTube
In February 2007, Viacom sent upwards of 100,000 Digital Millennium Copyright Act takedown notices to the video-sharing site YouTube. Of the 100,000 notices, approximately 60–70 non-infringing videos were removed under the auspices of copyright infringement.[86]
On March 13, 2007, Viacom filed a US$1 billion legal claim (Viacom International Inc. v. YouTube, Inc.) against Google and YouTube alleging massive copyright infringement, alleging that users frequently uploaded copyrighted material to YouTube—enough to cause a hit in revenue for Viacom and a gain in advertisement revenue for YouTube.[87] The complaint contended that almost 160,000 unauthorized clips of Viacom's programming were made available on YouTube and that these clips had collectively been viewed more than 1.5 billion times.
In July 2008, the case generated controversy when District Judge Louis Stanton ruled that YouTube was required to hand over data detailing the viewing habits of every user who had ever watched videos on the site.[88] Judge Stanton rejected Viacom's request for YouTube to hand over the
Corporate governance
The previous board of directors of Viacom were George S. Abrams, David Andelman, Joseph Califano, Jr., William Cohen, Philippe Dauman, Alan C. Greenberg, Charles Phillips, Shari Redstone, Sumner Redstone (deceased), Frederic Salerno, William Schwartz, and Robert D. Walter.
Following the Viacom/CBS split, the Viacom board consisted of George S. Abrams, Philippe Dauman, Thomas E. Dooley, Ellen V. Futter, Robert Kraft, Alan Greenberg, Charles Phillips, Sumner Redstone (chairman), Shari Redstone (non-executive vice-chair), Frederic Salerno, and William Schwartz. As of 2010, the Board consisted of George Abrams, Philippe Dauman, Thomas E. Dooley, Alan Greenberg, Robert Kraft, Blythe McGarvie, Bob Bakish, Charles Phillips, Shari E. Redstone, Sumner Redstone, Frederic Salerno, and William Schwartz.[96]
See also
- List of conglomerates
- Paramount Communications
Further reading
External links
- Ketupa.net – Viacom
- Viacom information by Hoover's
- Viacom profile by Yahoo!
- Split documentation – SEC filing on Form S-4 from October 5, 2005, describing the split.
References
- Here is Everything You Need to Know About the Viacom-CBS Merger Forbes^
- VIACOM REPORTS FOURTH QUARTER AND FULL YEAR RESULTS Viacom, November 14, 2019, retrieved November 19, 2019^
- Viacom Fortune 500, retrieved 2018-11-25