Sumner Redstone's trust agreement includes a provision that the trust must maintain at least 30% stakes in Viacom and CBS, restricting sales of the companies, The Wall Street Journal reports. The provision was revealed in Delaware Chancery Court, where Redstone's National Amusements is battling CBS in a lawsuit.
Hulu's subscriber count rose in the second quarter, but its cash losses more than doubled during the period, reaching $357 million. With Disney set to gain majority control of the streaming platform, questions remain about how the entertainment company will establish a profitable model for the over-the-top service.
DIRECTV Now added 342,000 subscribers in the second quarter, steadily closing the gap with Sling TV. DIRECTV Now could surpass Sling TV and become the largest streaming service in the US this year if this rate of growth continues.
CBS has not shied away from covering allegations of inappropriate behavior and sexual harassment against CBS executives Leslie Moonves and Jeff Fager. Should the executives remain at the company post-investigation, those involved in writing and producing such stories may find themselves in uncomfortable positions, Adam Buckman writes.
In 2017, more than 100 million connected devices were used in lieu of traditional pay-TV set tops to watch pay-TV services, the NCTA reports. Operators have saved $3.5 billion and reduced energy use by 34% since entering into a collaborative energy-saving initiative in 2012.
Fox has struck a deal to license Viacom's proprietary data-driven ad tech product, Vantage, which will enable advertisers to more effectively target viewers across Fox's TV programming, Viacom president and CEO Bob Bakish said. "[W]e're excited about the potential of this new business to accelerate the ecosystem and evolve into an incremental revenue stream," Bakish said.
CenturyLink posted higher earnings in the second quarter despite a 2% drop in revenues from a year ago largely because the telecom does not zero in "on empty calorie revenue; that is contracts or services with very low or no margin," President Jeff Storey said. He added that the company is starting to realize major savings from its Level 3 Communications merger.
Windstream Communications reported a net increase in broadband subscribers for the first time in three years, a trend executives predicted would continue given the regional telecom's rural demographics. CEO Tony Thomas also claimed US leadership for its software-defined WAN business and its more than 1,000 clients.
Some rural schools in West Virginia, including those in Upshur County, are providing students with laptops, tablets and other devices to help fill in the gaps in high-speed internet services in those areas. "Technology and the internet and this type of learning is here," said Sara Stankus, the county's schools superintendent.