Jan 31, 2020 - Economy & Business

George Cheeks to replace CBS chief Joe Ianniello at ViacomCBS

Photo: Erik McGregor/LightRocket via Getty Images

ViacomCBS announced Friday that George Cheeks, a longtime executive at NBCUniversal, was appointed president and CEO of CBS Entertainment Group, succeeding Joe Ianniello, CBS' current chairman and CEO.

The big picture: Ianniello is reportedly being sought to lead a bid for Univision Communications, per the Wall Street Journal. In a memo to staff obtained by Axios, Ianniello says Friday is his last day with the company after 22 years.

Details: Cheeks will oversee all CBS-branded assets, including CBS Television Networks, which encompasses its entertainment, news and sports divisions — as well as its studios and first-run syndication business

  • He will also partner with the ViacomCBS digital organization on CBS-branded digital assets, including streaming service CBS All Access.
  • Cheeks will report to Bob Bakish, the president and CEO of ViacomCBS.

What Ianniello's saying, per his memo to staff:

"As many of you have heard me say, every employee has a first day and a last day here at CBS. And for me, after 22 years with this remarkable company, my last day has come.
"During this time, we have transformed CBS from a traditional media company into a global, multi-platform premium content company. And we did it together.
"In fact, the greatest privilege of my career has been working side by side with all of you. Your integrity, creativity, dedication and passion are unparalleled and have fueled our continuing success."

Go deeper: Investors bearish as Viacom and CBS deal nears close

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Investors are wary of ViacomCBS' new streaming strategy

Data: Yahoo Finance; Chart: Andrew Witherspoon/Axios

Shares of the newly-combined ViacomCBS dropped a startling 15% last week, after the company announced plans for a new streaming service during its first earnings report as a combined entity.

Why it matters: The company is now worth far less combined ($17 billion in market capitalization) than the two companies were worth separately (around $30 billion) prior to their merger.

CBS Sports names William Hill as sports book, data partner

Photo: Michael Allio/Icon Sportswire via Getty Images

CBS Sports said Monday that William Hill, a sportsbook operator, will be the official sportsbook and provider of wager information for the network. Financial terms were not disclosed.

Why it matters: It's the latest media company to partner with a sportsbook to increase engagement with its content. Content partnerships for sportsbooks, on the other hand, help them acquire more customers.

Go deeperArrowFeb 10, 2020 - Sports

What to know about the South Carolina Democratic debate

2020 candidates at the Nov. 20 Democratic debate in Atlanta. Photo: Alex Wong/Getty Images

CBS anchors Gayle King and Norah O'Donnell will be the two main moderators for the upcoming Democratic debate in South Carolina, the network announced Wednesday.

Why it matters: The Feb. 25 debate in Charleston, South Carolina, is the final one before the South Carolina primary on Feb. 29 and Super Tuesday on March 3. The debate will run from 8-10 p.m. ET. It will air live on CBS, BET and Twitter, with the Congressional Black Caucus Institute joining CBS News as partners.

Go deeperArrowUpdated Feb 23, 2020 - Politics & Policy