Читать книгу Intellectual Property - Russell L. Parr - Страница 12

CBS Corporation operates as a mass media company worldwide. The company operates through four segments: Entertainment, Cable Networks, Publishing, and Local Media. The Entertainment segment distributes a schedule of news and public affairs broadcasts, and sports and entertainment programming; produces, acquires, and/or distributes programming, including series, specials, news, and public affairs; operates online content networks for information and entertainment; produces, acquires, and distributes theatrical motion pictures; and provides digital streaming services. The Cable Networks segment offers subscription program services, such as original series, theatrical feature films, documentaries, boxing and other sports-related programming, and special events. This segment also operates CBS Sports Network, a 24-hour cable program service that provides college sports and related content; and Smithsonian Networks, which operates a channel featuring cultural, historical, scientific, and educational programs. The Publishing segment publishes and distributes adult and children's consumer books in printed, digital, and audio formats; develops special imprints and publishes titles based on the products of the company, as well as that of third parties; and distributes products for other publishers. This segment also delivers content and promotes its products on its Websites, social media, and general Internet sites, as well as those related to individual titles. The Local Media segment owns 29 broadcast television stations and operates local websites, including content from the company's television stations. The company was founded in 1986 and is headquartered in New York, New York.

Les Moonves had a long career in the entertainment industry. At various points in his career he worked at 20th Century Fox Television, Lorimar Television, and Warner Bros. Television. He joined CBS in 1995 as president of CBS Entertainment. From April 1998 until 2003, he was president and chief executive officer at CBS Television, then was promoted to chairman and CEO of CBS in 2003. In 2003, CBS had 6 of the 10 most-watched primetime shows in the final quarter of 2005: CSI, Without a Trace, CSI: Miami, Survivor: Guatemala, NCIS, and Cold Case. He is also credited with the hugely successful Everybody Loves Raymond and The Big Bang Theory. Moonves was a powerhouse in the entertainment industry.⁶

On Friday, July 24, 2018, The New Yorker published allegations about sexual misconduct by Les Moonves, CEO of CBS for the prior 15 years. The report detailed allegations of harassment by six women, some incidents occurring in the 1980s and 1990s.

On July 24, 2018, CBS stock traded at $57.53. The first day of trading after The New Yorker article was published about inappropriate behavior by Moonves, share prices of CBS began to fall and by July 30, 2018, share prices dropped to $51.28, a loss of $6.25 per share. With 338.52 million shares outstanding, the per share drop of $6.25 equaled a loss in shareholder value of $2.1 billion.