MGM’s board of directors will have another new member soon: NBC Universal Television Entertainment Chairman Jeff Gaspin. That’s according to an NBC source, who spoke to THR on condition of anonymity.
Gaspin’s expected to leave his network job when the Comcast-nbc Universal merger closes in January.
The nine-member post-bankruptcy board will also include former Pixar CFO Ann Mather (who serves as lead director), former CBS CFO Fred Reynolds, former MySpace President Jason Hirschhorn, and MGM co-CEOs Gary Barber and Roger Birnbaum, as well as representatives of MGM’s largest shareholders.
MGM had no comment and a voicemail left with Gaspin’s office was not immediately returned.
The Los Angeles Times first reported that Gaspin was in talks regarding the board seat.
Gaspin’s expected to leave his network job when the Comcast-nbc Universal merger closes in January.
The nine-member post-bankruptcy board will also include former Pixar CFO Ann Mather (who serves as lead director), former CBS CFO Fred Reynolds, former MySpace President Jason Hirschhorn, and MGM co-CEOs Gary Barber and Roger Birnbaum, as well as representatives of MGM’s largest shareholders.
MGM had no comment and a voicemail left with Gaspin’s office was not immediately returned.
The Los Angeles Times first reported that Gaspin was in talks regarding the board seat.
- 12/23/2010
- The Hollywood Reporter - Movie News
Ex-Pixar CFO Ann Mathers has been named the lead of MGM's board of directors.
Los Angeles, CA, December 23, 2010 – MGM Holdings Inc. (MGM), the independent, privately-held motion picture, television, home video, and theatrical production and distribution company today announced former Pixar Chief Financial Officer Ann Mather will join the Board of Directors of the newly restructured company. Mather will serve as the Lead Director of the nine-member Board that includes Gary Barber and Roger Birnbaum, Chief Executive Officers of MGM and Co-Chairman of Metro-Goldwyn-Mayer Inc and its operating subsidiaries.
Mather’s appointment coincides with the company’s December 20th announcement that their restructuring plan has become effective, including exit financing of $500 million, arranged by Jp Morgan. As the Lead Director, Mather will oversee governance of the studio and its operating units, working in tandem with directors Barber and Birnbaum; former CBS Chief Financial Officer Fred Reynolds; former...
Los Angeles, CA, December 23, 2010 – MGM Holdings Inc. (MGM), the independent, privately-held motion picture, television, home video, and theatrical production and distribution company today announced former Pixar Chief Financial Officer Ann Mather will join the Board of Directors of the newly restructured company. Mather will serve as the Lead Director of the nine-member Board that includes Gary Barber and Roger Birnbaum, Chief Executive Officers of MGM and Co-Chairman of Metro-Goldwyn-Mayer Inc and its operating subsidiaries.
Mather’s appointment coincides with the company’s December 20th announcement that their restructuring plan has become effective, including exit financing of $500 million, arranged by Jp Morgan. As the Lead Director, Mather will oversee governance of the studio and its operating units, working in tandem with directors Barber and Birnbaum; former CBS Chief Financial Officer Fred Reynolds; former...
- 12/23/2010
- The Hollywood Reporter - Movie News
New York -- Former William Morris chairman and CEO Jim Wiatt is changing his role at AOL to spend more time advising chairman and CEO Tim Armstrong on content initiatives, including content development and creative partnerships.
Wiatt is stepping down from the AOL board to take the new role of strategic advisor, effective immediately, while also continuing his other consulting work.
The move, which will allow Wiatt to work on AOL business regularly rather than just doing board meetings several times a year, comes as AOL is looking to shepherd the continuing move of creatives to the digital space, Armstrong and Wiatt said.
Working from New York and L.A., he will work on expanding AOL's development of content, partnerships and relationships across the entertainment and media sectors.
"We are still in the beginning stages of content opportunities on the Internet and social networks," Wiatt told The Hollywood Reporter. "And...
Wiatt is stepping down from the AOL board to take the new role of strategic advisor, effective immediately, while also continuing his other consulting work.
The move, which will allow Wiatt to work on AOL business regularly rather than just doing board meetings several times a year, comes as AOL is looking to shepherd the continuing move of creatives to the digital space, Armstrong and Wiatt said.
Working from New York and L.A., he will work on expanding AOL's development of content, partnerships and relationships across the entertainment and media sectors.
"We are still in the beginning stages of content opportunities on the Internet and social networks," Wiatt told The Hollywood Reporter. "And...
- 9/8/2010
- by By Georg Szalai
- The Hollywood Reporter - Movie News
New York -- CBS Corp. is set to get a new CFO as the company said Monday that company veteran Fred Reynolds will retire effective Aug. 15.
Taking over for Reynolds will be Joseph Ianniello who becomes CFO and EVP effective July 20. He has served as deputy Cfo since November.
"Joe has been a key member of my senior management team for some time now, and his significant experience in the industry, as well as his 12 years in key financial positions at CBS, make him uniquely qualified for this new role," said president and CEO Leslie Moonves.
"It is impossible to overstate the contribution that Fred has made to the CBS Corporation through his many years with our company," Moonves also said. "He has guided our Finance division through virtually every major transformative event of the last 15 years, from the acquisition by Westinghouse of CBS in 1995, to our Infinity acquisition the following year,...
Taking over for Reynolds will be Joseph Ianniello who becomes CFO and EVP effective July 20. He has served as deputy Cfo since November.
"Joe has been a key member of my senior management team for some time now, and his significant experience in the industry, as well as his 12 years in key financial positions at CBS, make him uniquely qualified for this new role," said president and CEO Leslie Moonves.
"It is impossible to overstate the contribution that Fred has made to the CBS Corporation through his many years with our company," Moonves also said. "He has guided our Finance division through virtually every major transformative event of the last 15 years, from the acquisition by Westinghouse of CBS in 1995, to our Infinity acquisition the following year,...
- 6/22/2009
- by By Georg Szalai
- The Hollywood Reporter - Movie News
NEW YORK -- CBS Corp. on Tuesday reported a 48% decrease in second-quarter profit and a 3% revenue slip, but adjusted for various items, including year-ago gains from asset sales, its profit rose 9%.
Confronted with persistent market talk about a possible privatization of his two companies, CBS Corp. and Viacom Inc. chairman Sumner Redstone told analysts in a conference call Tuesday that he likes both "the way they are," adding that "there is an enormous amount of growth in them."
While privatization is not on the front burner, he did acknowledge that "there is a lot of talk inside (the companies) and out" about a potential deal by him to buy one of them out, and his teams will continue to consider options people suggest.
Redstone, who has been feuding with daughter Shari, again lauded CBS Corp. president and CEO Leslie Moonves as "the best executive in the media industry." Analysts didn't ask him about possible scenarios to resolve the disagreements with his daughter.
Meanwhile, CFO Fred Reynolds said that digital revenue at CBS Corp. remains "very small" for now, but it has high margins, and the company hopes to grow it down the line to more than 5% of total revenue. He didn't specify a target date for that goal, but said the firm could start breaking out its digital revenue in the future.
Moonves also played down the digital contributions, saying he is "still very bullish on the power of network TV," which provides the "bulk of money" for CBS Corp. Digital growth is more an evolution than a revolution, he said.
CBS Corp. posted a profit of $404 million, down from the $781.7 million it recorded a year ago when gains from income-tax settlements and the sale of the Paramount amusement parks boosted its bottom line. The recent sale of radio and TV stations also dragged down earnings and revenue in the latest period.
Confronted with persistent market talk about a possible privatization of his two companies, CBS Corp. and Viacom Inc. chairman Sumner Redstone told analysts in a conference call Tuesday that he likes both "the way they are," adding that "there is an enormous amount of growth in them."
While privatization is not on the front burner, he did acknowledge that "there is a lot of talk inside (the companies) and out" about a potential deal by him to buy one of them out, and his teams will continue to consider options people suggest.
Redstone, who has been feuding with daughter Shari, again lauded CBS Corp. president and CEO Leslie Moonves as "the best executive in the media industry." Analysts didn't ask him about possible scenarios to resolve the disagreements with his daughter.
Meanwhile, CFO Fred Reynolds said that digital revenue at CBS Corp. remains "very small" for now, but it has high margins, and the company hopes to grow it down the line to more than 5% of total revenue. He didn't specify a target date for that goal, but said the firm could start breaking out its digital revenue in the future.
Moonves also played down the digital contributions, saying he is "still very bullish on the power of network TV," which provides the "bulk of money" for CBS Corp. Digital growth is more an evolution than a revolution, he said.
CBS Corp. posted a profit of $404 million, down from the $781.7 million it recorded a year ago when gains from income-tax settlements and the sale of the Paramount amusement parks boosted its bottom line. The recent sale of radio and TV stations also dragged down earnings and revenue in the latest period.
NEW YORK -- CBS Corp. on Tuesday reported a 48% decrease in second-quarter profit and a 3% revenue slip, but adjusted for various items, including year-ago gains from asset sales, its profit rose 9%.
Confronted with persistent market talk about a possible privatization of his two companies, CBS Corp. and Viacom Inc. chairman Sumner Redstone told analysts in a conference call Tuesday that he likes both "the way they are," adding that "there is an enormous amount of growth in them."
While privatization is not on the front burner, he did acknowledge that "there is a lot of talk inside (the companies) and out" about a potential deal by him to buy one of them out, and his teams will continue to consider options people suggest.
Redstone, who has been feuding with daughter Shari, again lauded CBS Corp. president and CEO Leslie Moonves as "the best executive in the media industry." Analysts didn't ask him about possible scenarios to resolve the disagreements with his daughter.
Meanwhile, CFO Fred Reynolds said that digital revenue at CBS Corp. remains "very small" for now, but it has high margins, and the company hopes to grow it down the line to more than 5% of total revenue. He didn't specify a target date for that goal, but said the firm could start breaking out its digital revenue in the future.
Moonves also played down the digital contributions, saying he is "still very bullish on the power of network TV," which provides the "bulk of money" for CBS Corp. Digital growth is more an evolution than a revolution, he said.
CBS Corp. posted a profit of $404 million, down from the $781.7 million it recorded a year ago when gains from income-tax settlements and the sale of the Paramount amusement parks boosted its bottom line. The recent sale of radio and TV stations also dragged down earnings and revenue in the latest period.
Confronted with persistent market talk about a possible privatization of his two companies, CBS Corp. and Viacom Inc. chairman Sumner Redstone told analysts in a conference call Tuesday that he likes both "the way they are," adding that "there is an enormous amount of growth in them."
While privatization is not on the front burner, he did acknowledge that "there is a lot of talk inside (the companies) and out" about a potential deal by him to buy one of them out, and his teams will continue to consider options people suggest.
Redstone, who has been feuding with daughter Shari, again lauded CBS Corp. president and CEO Leslie Moonves as "the best executive in the media industry." Analysts didn't ask him about possible scenarios to resolve the disagreements with his daughter.
Meanwhile, CFO Fred Reynolds said that digital revenue at CBS Corp. remains "very small" for now, but it has high margins, and the company hopes to grow it down the line to more than 5% of total revenue. He didn't specify a target date for that goal, but said the firm could start breaking out its digital revenue in the future.
Moonves also played down the digital contributions, saying he is "still very bullish on the power of network TV," which provides the "bulk of money" for CBS Corp. Digital growth is more an evolution than a revolution, he said.
CBS Corp. posted a profit of $404 million, down from the $781.7 million it recorded a year ago when gains from income-tax settlements and the sale of the Paramount amusement parks boosted its bottom line. The recent sale of radio and TV stations also dragged down earnings and revenue in the latest period.
NEW YORK -- CBS Corp. on Tuesday reported a 48% decrease in second-quarter profit and a 3% revenue slip, but adjusted for various items, including year-ago gains from asset sales, its profit rose 9%.
Confronted with persistent market talk about a possible privatization of his two companies, CBS Corp. and Viacom Inc. chairman Sumner Redstone told analysts in a conference call Tuesday that he likes both "the way they are," adding that "there is an enormous amount of growth in them."
While privatization is not on the front burner, he did acknowledge that "there is a lot of talk inside (the companies) and out" about a potential deal by him to buy one of them out, and his teams will continue to consider options people suggest.
Redstone, who has been feuding with daughter Shari, again lauded CBS Corp. president and CEO Leslie Moonves as "the best executive in the media industry." Analysts didn't ask him about possible scenarios to resolve the disagreements with his daughter.
Meanwhile, CFO Fred Reynolds said that digital revenue at CBS Corp. remains "very small" for now, but it has high margins, and the company hopes to grow it down the line to more than 5% of total revenue. He didn't specify a target date for that goal, but said the firm could start breaking out its digital revenue in the future.
Moonves also played down the digital contributions, saying he is "still very bullish on the power of network TV," which provides the "bulk of money" for CBS Corp. Digital growth is more an evolution than a revolution, he said.
CBS Corp. posted a profit of $404 million, down from the $781.7 million it recorded a year ago when gains from income-tax settlements and the sale of the Paramount amusement parks boosted its bottom line. The recent sale of radio and TV stations also dragged down earnings and revenue in the latest period.
Confronted with persistent market talk about a possible privatization of his two companies, CBS Corp. and Viacom Inc. chairman Sumner Redstone told analysts in a conference call Tuesday that he likes both "the way they are," adding that "there is an enormous amount of growth in them."
While privatization is not on the front burner, he did acknowledge that "there is a lot of talk inside (the companies) and out" about a potential deal by him to buy one of them out, and his teams will continue to consider options people suggest.
Redstone, who has been feuding with daughter Shari, again lauded CBS Corp. president and CEO Leslie Moonves as "the best executive in the media industry." Analysts didn't ask him about possible scenarios to resolve the disagreements with his daughter.
Meanwhile, CFO Fred Reynolds said that digital revenue at CBS Corp. remains "very small" for now, but it has high margins, and the company hopes to grow it down the line to more than 5% of total revenue. He didn't specify a target date for that goal, but said the firm could start breaking out its digital revenue in the future.
Moonves also played down the digital contributions, saying he is "still very bullish on the power of network TV," which provides the "bulk of money" for CBS Corp. Digital growth is more an evolution than a revolution, he said.
CBS Corp. posted a profit of $404 million, down from the $781.7 million it recorded a year ago when gains from income-tax settlements and the sale of the Paramount amusement parks boosted its bottom line. The recent sale of radio and TV stations also dragged down earnings and revenue in the latest period.
NEW YORK -- CBS Corp. swung to a better-than-expected fourth-quarter profit, boosted its quarterly dividend 10% on Tuesday and unveiled a much-anticipated $1.5 billion stock-buyback program as president and CEO Leslie Moonves and chairman Sumner Redstone lauded the firm's successful first year as an independent company.
Wall Street observers gave the financial update mixed reviews, with some lauding the company's performance and shareholder initiatives, while others wondered about its 2007 growth momentum.
Moonves signaled Tuesday that CBS Corp. could look to quietly start negotiations with more cable operators, including such biggies as Comcast Corp. and Time Warner Cable, about new carriage deals and first-time retransmission right payments well ahead of contract expirations in 2009 and beyond.
"There is a new paradigm in the marketplace," he said when asked about his optimism that CBS Corp. also will get such payments from larger distribution firms.
On the call, Redstone said it was a "terrific" quarter and year for the company. "What a success the new CBS Corp. has become in its very first year," he said. "I'm really enthusiastic about the future."
Redstone also expressed his "unequivocal confidence" in Moonves and his team.
Moonves also looked back on "a great first year," highlighting that the financial performance surpassed key management targets for 2006.
He said CBS Corp. expects to be able to grow its revenue in the low-single-digit percentage range longer-term, its operating income in the mid-single digits and earnings per share in the high single digits.
CFO Fred Reynolds said that underlying financials will see nice gains this year, but on a reported basis, revenue and operating income will be about flat compared with 2006 because of numerous factors, including $40 million-$50 million in additional stock-based compensation expense, a weaker off-network syndication pipeline and the loss of contributions from radio or TV stations it has sold or is in the process of selling.
Wall Street observers gave the financial update mixed reviews, with some lauding the company's performance and shareholder initiatives, while others wondered about its 2007 growth momentum.
Moonves signaled Tuesday that CBS Corp. could look to quietly start negotiations with more cable operators, including such biggies as Comcast Corp. and Time Warner Cable, about new carriage deals and first-time retransmission right payments well ahead of contract expirations in 2009 and beyond.
"There is a new paradigm in the marketplace," he said when asked about his optimism that CBS Corp. also will get such payments from larger distribution firms.
On the call, Redstone said it was a "terrific" quarter and year for the company. "What a success the new CBS Corp. has become in its very first year," he said. "I'm really enthusiastic about the future."
Redstone also expressed his "unequivocal confidence" in Moonves and his team.
Moonves also looked back on "a great first year," highlighting that the financial performance surpassed key management targets for 2006.
He said CBS Corp. expects to be able to grow its revenue in the low-single-digit percentage range longer-term, its operating income in the mid-single digits and earnings per share in the high single digits.
CFO Fred Reynolds said that underlying financials will see nice gains this year, but on a reported basis, revenue and operating income will be about flat compared with 2006 because of numerous factors, including $40 million-$50 million in additional stock-based compensation expense, a weaker off-network syndication pipeline and the loss of contributions from radio or TV stations it has sold or is in the process of selling.
- 2/28/2007
- The Hollywood Reporter - Movie News
NEW YORK -- CBS Corp. president and CEO Leslie Moonves provided some more tidbits Tuesday on possible strategies behind a potential foray by his firm's Showtime unit into the boutique movie production business, which CBS has been mulling. "It might be interesting for us" to have a foot in the film business, Moonves told attendees at the annual Deutsche Bank media investor conference in Santa Monica in a Webcast session in answering a question about businesses that CBS could enter over time. Earlier this year, CBS chief financial officer Fred Reynolds had signaled that the company could start co-financing movies to "take an ownership stake (in films) and earn a little money on the backend" (HR 3/30).
- 6/14/2006
- The Hollywood Reporter - Movie News
NEW YORK -- CBS Corp. president and CEO Leslie Moonves provided some more tidbits Tuesday on possible strategies behind a potential foray by his firm's Showtime unit into the boutique movie production business, which CBS has been mulling. "It might be interesting for us" to have a foot in the film business, Moonves told attendees at the annual Deutsche Bank media investor conference in Santa Monica in a Webcast session in answering a question about businesses that CBS could enter over time. Earlier this year, CBS chief financial officer Fred Reynolds had signaled that the company could start co-financing movies to "take an ownership stake (in films) and earn a little money on the backend" (HR 3/30).
- 6/14/2006
- The Hollywood Reporter - Movie News
NEW YORK -- Shares of CBS Corp. closed slightly lower Friday despite largely positive feedback to Thursday's first analyst meeting, led by CEO Leslie Moonves and chief financial officer Fred Reynolds, since the Viacom split. Potential dealmaking was particularly in focus in most analyst notes and reports Friday, with some observers also noting challenges for the firm. Analysts focused on CBS' plan to sell its five North American theme parks and attractions this year, which include Paramount's Great America in Santa Clara, Calif. Merrill Lynch analyst Jessica Reif Cohen estimated the value of the theme parks at $700 million-$1 billion, based on her expectation of 2005 operating cash flow of $100 million.
- 1/28/2006
- The Hollywood Reporter - Movie News
NEW YORK -- Shares of CBS Corp. closed slightly lower Friday despite largely positive feedback to Thursday's first analyst meeting, led by CEO Leslie Moonves and chief financial officer Fred Reynolds, since the Viacom split. Potential dealmaking was particularly in focus in most analyst notes and reports Friday, with some observers also noting challenges for the firm. Analysts focused on CBS' plan to sell its five North American theme parks and attractions this year, which include Paramount's Great America in Santa Clara, Calif. Merrill Lynch analyst Jessica Reif Cohen estimated the value of the theme parks at $700 million-$1 billion, based on her expectation of 2005 operating cash flow of $100 million.
- 1/27/2006
- The Hollywood Reporter - Movie News
NEW YORK -- Shares of CBS Corp. closed slightly lower Friday despite largely positive feedback to Thursday's first analyst meeting, led by CEO Leslie Moonves and chief financial officer Fred Reynolds, since the Viacom split. Potential dealmaking was particularly in focus in most analyst notes and reports Friday, with some observers also noting challenges for the firm. Analysts focused on CBS' plan to sell its five North American theme parks and attractions this year, which include Paramount's Great America in Santa Clara, Calif. Merrill Lynch analyst Jessica Reif Cohen estimated the value of the theme parks at $700 million-$1 billion, based on her expectation of 2005 operating cash flow of $100 million.
- 1/27/2006
- The Hollywood Reporter - Movie News
NEW YORK -- After being passed over to lead the Viacom Television Stations Group, longtime TV executive Dennis Swanson has jumped conglomerates to a key role at News Corp.'s Fox Television Stations Group. Swanson, who has been head of ABC Sports as well as WNBC, joined Viacom as stations group chief operating officer in 2002 under the reign of former chief operating officer Mel Karmazin and stations chief Fred Reynolds. He left Viacom on Thursday after handing in his resignation and is expected to begin work Monday. He arrives at the Fox Television Stations Group at a time of tremendous change at the unit that owns 35 Fox O&Os nationwide. After the departure of Lachlan Murdoch, Fox News chief Roger Ailes was given overall responsibility for the stations group. Ailes, along with other current and former associates at Fox News, is beginning to remake the stations group.
- 10/7/2005
- The Hollywood Reporter - Movie News
NEW YORK -- After being passed over to lead the Viacom Television Stations Group, longtime TV executive Dennis Swanson has jumped conglomerates to a key role at News Corp.'s Fox Television Stations Group. Swanson, who has been head of ABC Sports as well as WNBC, joined Viacom as stations group chief operating officer in 2002 under the reign of former chief operating officer Mel Karmazin and stations chief Fred Reynolds. He left Viacom on Thursday after handing in his resignation and is expected to begin work Monday. He arrives at the Fox Television Stations Group at a time of tremendous change at the unit that owns 35 Fox O&Os nationwide. After the departure of Lachlan Murdoch, Fox News chief Roger Ailes was given overall responsibility for the stations group. Ailes, along with other current and former associates at Fox News, is beginning to remake the stations group.
- 10/6/2005
- The Hollywood Reporter - Movie News
Viacom has promoted Tom Kane to president and CEO of its local TV station group, the company announced Friday. Formerly president of sales for the division, Kane will replace Fred Reynolds, who was appointed executive vp and CFO of the new CBS Corp. under its presumptive CEO, Leslie Moonves. "Tom Kane is a consummate professional whose experience in local television, both as a general manager and in sales, has benefited us greatly since he joined our group two years ago," said Moonves, to whom Kane will report. "He is a first class operator and executive, and I'm confident he has what it takes to continue the momentum our stations have achieved under Fred's leadership." Kane, who will oversee operations for Viacom's 40 stations, was president of Viacom Television Stations spot sales before he became president of sales. Before he joined the company, Kane served for seven years and president and general manager of WABC-TV in New York.
- 9/16/2005
- The Hollywood Reporter - Movie News
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