Word: viacom
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Populist outrage is threatening to undo a controversial effort by the FCC to loosen restraints on media megaliths. In the Senate last week, seven Republicans joined 28 Democrats to schedule a rare "resolution of disapproval" to overturn new FCC rules that would let companies like News Corp. and Viacom expand their media holdings in local markets. Then in the House, defecting Republicans fueled a 40-to-25 committee vote to reverse part of the FCC's action...
...remote control worked better than George W. Bush's last week. The Republican-led House of Representatives voted to reverse a regulatory ruling allowing TV networks to reach up to 45% of U.S. audiences. Reverting to the previous 35% cap could trigger a White House veto, and force Viacom's CBS network and News Corp's Fox to sell stations. Good news for angry media activists, but what...
...octopus to do? Don't fear: looser rules passed this month in the U.K. permitting some foreign ownership of media assets might offer Viacom a welcome distraction. Taking Stock - And Selling It Fiat stock tumbled for a day last week after one of its biggest shareholders, Deutsche Bank, declined to put up fresh money for the beleaguered Italian automaker, which is asking shareholders for a capital increase. It was the latest sign of a policy shift by Deutsche CEO Josef Ackermann. For decades, Deutsche amassed a huge portfolio. But now Ackermann, who has been indicted for alleged breach of trust...
...names sniffing around Vivendi's entertainment assets include Liberty Media's John Malone, General Electric's NBC, Viacom, MGM, and oil tycoon and former Fox owner Marvin Davis. USA Interactive head Barry Diller's blocking rights and ownership stake add to the intrigue. Vivendi last fall rejected as too low Davis' reported offer of $15 billion plus $5 billion in debt assumption, but Davis hasn't given up. Malone's dealmaking prowess and close ties with Diller give him an edge...
...chair and CEO Leslie Moonves took the stage at the upfronts today. No, we haven't accidentally rerun yesterday's column, though CBS did hold its presentation a day earlier. Thanks to corporate integration at Viacom, Moonves now also oversees young-adult-oriented UPN, in addition to CBS, the much older network, which airs shows about potbellied guys over 35. At CBS's presentation, Moonves gets to tell advertisers that they're crazy to focus on viewers under 35. At UPN, he tells them that's exactly what they want to be doing. He also gets to say things like...