GECs
Viacom merges CBS, Paramount world distribution
MUMBAI: Viacom is reorganising its international television distribution operations with the creation of CBS Paramount International Television – a new global television sales and distribution entity that will merge the significant resources of CBS Broadcast International and Paramount International Television. This was announced by Viacom co-president and co-chief operating officer Leslie Moonves.
Moonves was quoted in an official release as saying, “We are combining two outstanding operations to form one great entity that will make Viacom’s international television sales business even stronger. This restructuring will help maximise our programming resources, efficiently streamline our overseas distribution and establish a programming pipeline that can have a huge impact in the global marketplace.”
Moonves also announced that Armando Nunez Jr., formerly CBS Broadcast International president has been named president of the new combined organisation. Nunez will report to both CBS Enterprises and King World Productions CEO Roger King and Paramount Worldwide Television Distribution president Joel Berman.
Under King and Berman’s leadership, Viacom’s two domestic syndication companies — King World Productions and Paramount Domestic Television — collectively distribute six of the top 10 (and 10 of the top 20) shows in syndication. These domestic companies will continue to operate independently, Moonves stated.
“I’ve had the privilege to work with Armando the past five years and have known him even longer,” Moonves added. “He is quite simply one of the most skilled and respected executives in our business with an unmatched passion for and knowledge of the international arena. I look forward to working with Armando, Roger and Joel as we chart a global course that successfully exploits our programming assets, delivers tremendous benefits to our worldwide customers and creates value for Viacom.”
As part of the restructuring, international sales to free, over-the-air broadcast networks and those to pay cable and satellite services will be consolidated into the same management structure under Nunez. The newly formed international operation creates one of the most diverse and prolific pipelines of programming to the international television marketplace. The programming assets will include:
— Paramount network and syndicated programming such as the Star Trek franchise, the Emmy Award-winning Frasier and the hit CBS drama JAG,
— Feature films from Paramount Pictures including the recent releases The Manchurian Candidate and Collateral
— CBS News and Entertainment programming such as Survivor, Everybody Loves Raymond, Late Show with David Letterman and 60 Minutes
— King World syndicated programming Wheel of Fortune, Jeopardy!, The Oprah Winfrey Show and Dr. Phil
— UPN’s America’s Next Top Model
— Spelling Television series such as Charmed
— The combined library of CBS and Paramount which features more than 60,000 hours of programming
In his new post, Nunez will assume oversight of all international distribution, sales and marketing for Viacom’s network and syndicated programming assets, as well as Paramount’s feature films and the CBS and Paramount television libraries. He will also direct their nine offices worldwide and manage the company’s interests in joint ventures for movie channels in Asia, Australia, Brazil, India, and Latin America, as well as TV1, a series programming channel in Australia.
King said, “Armando is one of international television’s most successful executives. He has been a key player in making CBS one of the top worldwide suppliers of US programming and sustaining King World International Productions position as a leader in international format sales and local productions. All of our programming assets will be served well with this new structure and Armando’s expertise.”
Berman on his part said, “This new structure gives added power to our already successful international operation. Paramount has always been a leading player in the global arena and this will position us to further expand a very important part of our business.”
In connection with the restructuring, Gary Marenzi, who has served as president of Paramount International Television since 1997, will be leaving the company. Most recently, Marenzi brought Sky Television into a co-production with Viacom Productions on USA Network’s summer hit -The 4400. Berman said, “Gary has been critical to the success of Paramount International Television. I consider him a true leader and a friend and have thoroughly enjoyed working with him since he joined Paramount in 1997. We are grateful for all of his contributions and wish him the best.”
GECs
Sebi sends show-cause notice to Zee over fund diversion, company responds
Regulator questions 2018 letter of comfort and governance lapses; company vows robust legal response
MUMBAI: India’s markets watchdog has reignited its long-running scrutiny of Zee Entertainment Enterprises, issuing a sweeping show-cause notice that drags the broadcaster and 84 others into a widening governance storm.
The notice, dated February 12, has been served by the Securities and Exchange Board of India to Zee, chairman emeritus Subhash Chandra and managing director and chief executive Punit Goenka, among others. At its heart: allegations that company funds were indirectly routed to settle liabilities of entities linked to the Essel Group.
The regulator’s probe traces its roots to November 2019, when two independent directors resigned from Zee’s board, flagging concerns over the alleged appropriation of fixed deposits by Yes Bank. The deposits were reportedly adjusted against loans extended to Essel Group entities, triggering questions about related-party dealings and board oversight.
A key flashpoint is a letter of comfort dated September 4, 2018, issued by Subhash Chandra in his dual capacity as chairman of Zee and the Essel Group. The document, linked to credit facilities availed by certain group companies from Yes Bank, was allegedly known only to select members of management and not disclosed to the full board—an omission SEBI believes raises red flags over transparency and governance controls.
Zee has pushed back hard. In a statement, the company said it “strongly refutes” the allegations against it and its board members and will file a detailed response. It expressed confidence that SEBI would conduct a fair review and signalled readiness to pursue all legal remedies to protect shareholder interests.
The notice marks the latest twist in a saga that has shadowed the broadcaster since 2019. What began as boardroom unease has morphed into a full-blown regulatory confrontation. The final reckoning now rests with SEBI—but the reputational stakes for Zee, and the message for India Inc on governance discipline, could scarcely be higher.
