104-720: [REDACTED] Look up paramount in Wiktionary, the free dictionary. Paramount (from the word paramount meaning "above all others") may refer to: Entertainment and music companies [ edit ] Paramount Global , also known simply as Paramount, an American mass media company formerly known as ViacomCBS. Paramount Pictures , an American film distributor and producer Paramount Animation Paramount+ , an American streaming video service formerly known as CBS All Access Paramount Records , American jazz and blues label Places [ edit ] Paramount (Shanghai) ,
208-481: A 15.4% stake in the company for $ 2.6 billion. Nexstar announced on August 15 that it would acquire a 75% majority share in The CW; the remaining 25% would be shared equally by Paramount and Warner Bros. Discovery. As the deal did not require any regulatory approvals (unlike the "Big Four" networks, which includes CBS, The CW does not directly own any of its stations), Nexstar immediately took operational control of
312-632: A 45-day window to shop for matching or superior offers from other bidders. Redstone will receive $ 2.4 billion for her share in National Amusements. If Paramount were to find a better offer, Skydance would be entitled to a $ 400 million breakup fee payout from the company. Skydance's executive team supported the potential sale of several Paramount assets which were deemed "not strategic" to their plans, including BET and others. In August 2024, Paramount announced it would lay off 15% of its U.S. workforce, amounting to about 2,000 employees. The cuts came as
416-416: A 49% minority stake in film studio Miramax from beIN Media Group for $ 379 million. As part of the purchase, Paramount Pictures reached a long-term deal for exclusive distribution rights to its library, and first-look agreements to co-develop new film and television projects based on Miramax-owned properties. On March 2, 2020, executive vice president Dana McClintock announced that he would depart
520-545: A Chinese historical nightclub and dance hall Paramount, California , U.S., a city in Los Angeles County Paramount Building at 1501 Broadway, Manhattan, New York, U.S. The Paramount at Buckhead , a residential skyscraper in Atlanta, Georgia, U.S. People [ edit ] Paramount chief , the highest-level political leader in a region or country Paramount leader , the highest leader in
624-441: A contract with Disney, officials from the city and state evicted the pornographic theaters and contracted with Madame Tussauds and AMC Theatres to move onto 42nd Street. This spurred the construction of new office towers, hotels, and tourist attractions in the area. Prudential and Klein dissolved their partnership for the four office-building sites at Times Square's southern end in 1996. The same year, Douglas Durst acquired
728-473: A cultural hub full of theatres, music halls , and upscale hotels. Times Square quickly became New York's agora , a place to gather to await great tidings and to celebrate them, whether a World Series or a presidential election. Advertising also grew significantly in the 1920s, growing from $ 25 million to $ 85 million over the decade. For example, the Wrigley Spearmint Gum sign, possibly
832-519: A history of being associated with one another through a series of various corporate mergers and splits. Paramount Pictures was founded in 1912 as the Famous Players Film Company . CBS was founded in 1927, which Paramount Pictures held a 49 percent ownership stake in from 1929 to 1932. In 1952, CBS formed CBS Television Film Sales, a division which handled syndication rights for CBS's library of network-owned television series. This division
936-509: A low entertainment district. The first theater on the square, the Olympia , was built by cigar manufacturer and impresario Oscar Hammerstein I . According to Gotham: A History of New York City to 1898 , "By the early 1890s this once sparsely settled stretch of Broadway was ablaze with electric light and thronged by crowds of middle- and upper-class theatre, restaurant and cafe patrons." In 1904, New York Times publisher Adolph S. Ochs moved
1040-447: A mass yoga event involving up to 15,000 people. Tim Tompkins, a co-founder of the event, said part of its appeal was "finding stillness and calm amid the city rush on the longest day of the year". Architect Mark Foster Gage proposed and designed the original Times Square Valentine's Day heart in 2009. Since then, designing the heart has become an annual competition. In February 2011, Times Square became smoke-free as New York extended
1144-507: A massive crowd celebrated Victory in Europe Day in Times Square; and on August 15, 1945, the largest crowd in the history of Times Square gathered to celebrate Victory over Japan Day , reaching an estimated two million. The victory itself was announced by a headline on the "zipper" news ticker at One Times Square , which read "OFFICIAL ***TRUMAN ANNOUNCES JAPANESE SURRENDER ***". From
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#17328454086921248-639: A million visitors to Times Square every year, in addition to a worldwide audience of one billion or more on various digital media platforms. Times Square, specifically the intersection of Broadway and 42nd Street, is the eastern terminus of the Lincoln Highway , the first road across the United States for motorized vehicles. Times Square is sometimes referred to as "the Crossroads of the World" and "the heart of
1352-495: A minimum limit for lighting instead of the standard maximum limit. The density of illuminated signs in Times Square rivals that in Las Vegas . Officially, signs in Times Square are called "spectaculars", and the largest of them are called " jumbotrons ". This signage ordinance was implemented in accordance with guidelines set in a revitalization program that New York Governor Mario Cuomo implemented in 1993. Notable signage includes
1456-419: A pole atop the building, marking the start of the new year. It replaced a lavish fireworks display from the top of the building that was held from 1904 to 1906 but stopped by city officials because of the danger of fire. Beginning in 1908, and for more than eighty years thereafter, Times Square sign maker Artkraft Strauss was responsible for the ball-lowering. During World War II, a minute of silence, followed by
1560-438: A presentation to investors, ViacomCBS announced that it would change its name to Paramount Global beginning the following day; in a memo to staff announcing the change, it was stated that the rebranding was intended to leverage the "iconic global name", and would "reflect who we are, what we aspire to be, and all that we stand for". The company primarily does business as simply "Paramount". In May 2022, Berkshire Hathaway acquired
1664-539: A recording of church bells pealing, replaced the ball drop because of wartime blackout restrictions. Today, Countdown Entertainment and One Times Square handle the New Year's Eve event in conjunction with the Times Square Alliance. A new energy-efficient LED ball debuted for the arrival of 2008, which was the centennial of the Times Square ball drop. The 2008–09 ball is larger and has become a permanent installation as
1768-458: A reputation as a dangerous and seedy neighborhood in the following decades. Nevertheless, Times Square continued to be the site of the annual ball drop on New Year's Eve . The ball drop was placed on hiatus for New Year's Eve in 1942 and 1943 due to lighting restrictions during World War II , replaced by a moment of silence that was observed at midnight in Times Square, accompanied by the sound of chimes played from sound trucks. On May 8, 1945,
1872-422: A result of a $ 6 billion write-down on its cable TV networks. This included the shutdown of Paramount Television Studios . The following month, Paramount sold Vidcon to UK firm Informa . In November 2024, it was reported that Shari Redstone would leave Paramount Global after the company completed its planned merger with Skydance Media. The merged entity will see David Ellison, founder of Skydance Media, assume
1976-520: A sale of the BET Media Group to buyers led by BET CEO Scott Mills for $ 1.6-$ 1.7 billion. On July 7, 2024, Paramount's board approved the deal to merge with Skydance. Under the final deal, which has an enterprise value of $ 28 billion, Ellison would be appointed as Chairman and CEO of what is currently being called "New Paramount" and former NBCUniversal CEO Jeff Shell would become company president. Before finalization, Paramount Global would retain
2080-450: A source of controversy in the summer of 2015 because of a large number of complaints about the topless women and panhandling characters. Although neither of these activities are illegal, opponents believed that the panhandlers' presence was detrimental to the quality of life in the area. There were calls from Police Commissioner Bratton and Mayor Bill de Blasio to remove the plaza, although Manhattan Borough President Gale Brewer opposed
2184-538: A substantial loss. By May 17, Sony and Apollo signed non-disclosure agreements allowing them to investigate Paramount's private financial information, further progressing their bid. However, at that time, the companies were reportedly backing away from their all-cash offer and were re-thinking their approach to a deal for the company's assets. In late May, Skydance would revise its offer to acquire National Amusements, paying $ 2.25 billion and stipulating that Paramount's shareholders would receive $ 4.5 billion in cash, with
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#17328454086922288-518: A three-way transaction between the companies. On April 18, it was reported that Sony Pictures was interested in acquiring Paramount Global through a joint buyout with Apollo. On April 29, 2024, Bob Bakish stepped down from his role as President and CEO. He was replaced by an office of the CEO, led by Brian Robbins , George Cheeks, and Chris McCarthy . The Los Angeles Times characterized this as an ouster by Redstone due to Bakish's reported opposition of
2392-587: A tiny hamlet, Great Kill, that became a center for carriage-making, as the upland to the south and east became known as Longacre. Before and after the American Revolution , the area belonged to John Morin Scott , a general of the New York militia , in which he served under George Washington . Scott's manor house was at what is currently 43rd Street, surrounded by countryside used for farming and breeding horses. In
2496-478: A trial until at least the end of the year. The same was done in Herald Square from 33rd to 35th Street. The results were to be closely monitored to determine if the project was successful and should be extended. Bloomberg also stated that he believed the street shutdown would make New York more livable by reducing pollution, cutting down on pedestrian-vehicle accidents, and helping traffic flow more smoothly through
2600-464: A year-round attraction, being used for celebrations on days such as Valentine's Day and Halloween . The New Year's Eve celebrations are usually overseen by thousands of police officers. Aluminum barriers are erected to accommodate spectators; for the 2020 celebration, attended by a million people, barriers were erected from 38th to 59th Street and from Sixth to Eighth Avenue. Typically, the celebrations create large amounts of waste. The waste includes
2704-839: Is a bowtie -shaped plaza five blocks long between 42nd and 47th Streets . Times Square is brightly lit by numerous digital billboards and advertisements as well as businesses offering 24/7 service . One of the world's busiest pedestrian areas, it is also the hub of the Broadway Theater District and a major center of the world's entertainment industry . Times Square is one of the world's most visited tourist attractions, drawing an estimated 50 million visitors annually. Approximately 330,000 people pass through Times Square daily, many of them tourists, while over 460,000 pedestrians walk through Times Square on its busiest days. The Times Square–42nd Street and 42nd Street–Port Authority Bus Terminal stations have consistently ranked as
2808-552: Is an American multinational mass media and entertainment conglomerate controlled by National Amusements and headquartered at One Astor Plaza in Times Square , Midtown Manhattan . The company was formed on December 4, 2019, as ViacomCBS through the merger of the second incarnations of CBS Corporation and Viacom (which were split from the original Viacom on December 31, 2005). The company took its current name on February 16, 2022. Paramount's main properties include
2912-494: Is bounded by West 42nd Street , West 47th Street , 7th Avenue, and Broadway. Broadway runs diagonally, crossing through the horizontal and vertical street grid of Manhattan laid down by the Commissioners' Plan of 1811 , and that intersection creates the "bowtie" shape of Times Square. Times Square is the official name of the southern triangle, below 45th Street. The northern triangle is officially known as Duffy Square and
3016-866: Is famed for the Times Square Ball drop on its roof every New Year's Eve. In 1913, the Lincoln Highway Association , headed by entrepreneur Carl G. Fisher , chose the intersection of 42nd Street and Broadway (at the southeast corner of Times Square) to be the Eastern Terminus of the Lincoln Highway . This was the first road across the United States, which originally ran 3,389 mi (5,454 km) coast to coast through 13 states to its western terminus in Lincoln Park in San Francisco. Times Square grew dramatically after World War I . It became
3120-467: Is the site of the annual New Year's Eve ball drop. About one million revelers crowd Times Square for the New Year's Eve celebrations, more than twice the usual number of visitors the area usually receives daily. However, for the millennium celebration on December 31, 1999, published reports stated approximately two million people overflowed Times Square, flowing from Sixth Avenue to Eighth Avenue and back on Broadway and Seventh Avenue to 59th Street, making it
3224-459: The CBS Studio Center to Hackman Capital Partners and Square Mile Capital Management for $ 1.85 billion. On January 5, 2022, The Wall Street Journal reported that ViacomCBS and WarnerMedia (whose then-owner AT&T was selling it to Discovery to form Warner Bros. Discovery ) were exploring a possible sale of either a majority stake or all of The CW , and that Nexstar Media Group
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3328-852: The Disney theme parks worldwide, with 128,794,000 visitors between March 2012 and February 2013, versus 126,479,000 for the Walt Disney World theme parks in Bay Lake, Florida , in 2012. Even excluding residents from the visitor count, Times Square is the world's second most visited tourist attraction, behind the Las Vegas Strip . The high level of pedestrian traffic has resulted in $ 4.8 billion in annual retail, entertainment, and hotel sales, with 22 cents out of every dollar spent by visitors in New York City being spent within Times Square. Times Square
3432-593: The Federal Trade Commission (FTC). On October 28, 2019, the merger was approved by National Amusements, which then announced the deal would close in early December; the recombined company trades its shares on Nasdaq under the symbols "VIAC" and "VIACA" after CBS Corporation delisted its shares on the New York Stock Exchange (NYSE). On November 25, 2019, Viacom and CBS announced the merger would close on December 4 and begin trading on NASDAQ on
3536-694: The Macklowe Hotel , Marriott Marquis , Crowne Plaza , and DoubleTree Suites. By 1986, New York City Planning Commission (CPC) was considering enacting regulations that would have forced new buildings along Times Square to include bright signage as well as deep setbacks . The CPC adopted a planning regulation in 1987, which required large new developments in Times Square to set aside about 5 percent of their space for "entertainment uses". The regulation also required new buildings on Times Square to include large, bright signs. The buildings at 1540 Broadway, 1585 Broadway, and 750 Seventh Avenue were completed at
3640-515: The State of New York took possession of six of the nine historic theaters on 42nd Street, and the New 42nd Street non-profit organization was appointed to oversee their restoration and maintenance. The theaters underwent renovation for Broadway shows, conversion for commercial purposes, or demolition. Opposition to the towers on Times Square, along with Prudential and Park Tower's inability to secure tenants for
3744-664: The Toshiba billboard directly under the NYE ball drop, the curved seven-story NASDAQ sign at the NASDAQ MarketSite at 4 Times Square on 43rd Street, and the curved Coca-Cola sign located underneath another large LED display owned and operated by Samsung . Both the Coca-Cola sign and Samsung LED displays were built by LED display manufacturer Daktronics . Times Square's first environmentally friendly billboard powered by wind and solar energy
3848-659: The Vince Lombardi Trophy . The area was under increased security and witnessed over 400,000 people during the period. In October 2022, casino operator Caesars Entertainment and commercial property developer SL Green submitted a joint proposal to open a casino at 1515 Broadway , along Times Square. The New York state government has yet to act on the proposal. On February 26, 2009, Mayor Michael Bloomberg announced that traffic lanes along Broadway from 42nd Street to 47th Street would be de-mapped starting Memorial Day 2009 and transformed into pedestrian plazas as
3952-543: The remodeling claim that the neighborhood is safer and cleaner. Detractors have countered that the changes have homogenized or "Disneyfied" the character of Times Square and have unfairly targeted lower-income New Yorkers from nearby neighborhoods such as Hell's Kitchen . The changes were shaped in large part by the actions of The Walt Disney Company , which bought and restored the New Amsterdam Theatre after several attempts at redevelopment had failed. As part of
4056-646: The 1910s, 1920s, and 1930s. However, it was also during this period that the area began to be besieged by crime and corruption, in the form of gambling and prostitution; one case that garnered huge attention was the arrest and subsequent execution of police officer Charles Becker . The general atmosphere of Times Square changed with the onset of the Great Depression in the early 1930s. City residents moved uptown to cheaper neighborhoods, and many popular theaters closed, replaced by saloons, brothels, "burlesque halls, vaudeville stages, and dime houses". The area acquired
4160-518: The 1960s to the early 1990s, the seediness of the area, especially due to its go-go bars , sex shops , peep shows , and adult theaters, became an infamous symbol of the city's decline. As early as 1960, 42nd Street between Seventh and Eighth avenues was described by The New York Times as "the 'worst' [block] in town". Later that decade, Times Square was depicted in Midnight Cowboy as gritty, depraved, and desperate. Conditions only worsened in
4264-675: The 1970s and 1980s, as did the crime in the rest of the city, with a 1981 article in Rolling Stone magazine calling 42nd Street in Times Square the "sleaziest block in America". In the mid-1980s, the area bounded by 40th and 50th Streets and Seventh and Ninth Avenues saw over 15,000 crime complaints per year. The block of 42nd Street between Seventh and Eighth avenues had 2,300 crimes per year in 1984, of which 20% were felonies. In this era, formerly elegant movie theaters began to show x-rated films , and peep shows hustlers were common. In 1984,
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4368-509: The 2001–02 New Year's celebration. Approximately 500,000 revelers attended. Security was high following the September 11 terrorist attacks in 2001, with more than 7,000 New York City police officers on duty in the Square, twice the number for an ordinary year. Times Square started hosting other major annual events in the 2000s. Since 2002, the summer solstice has been marked by "Mind over Madness",
4472-495: The 3,000 pounds of biodegradable confetti dropped at midnight, a tradition of which started in 1992. The New York City Department of Sanitation estimated that by 8 a.m. on New Year's Day 2014, it had cleared over 50 short tons (45 long tons; 45 t) of trash from the New Year's celebration, using 190 workers from their crews and the Times Square Alliance. The onset of the COVID-19 pandemic in New York City during 2020 reduced
4576-485: The Great White Way ". Times Square functions as a town square , but is not geometrically a square . It is closer in shape to a bowtie, with two triangles emanating roughly north and south from 45th Street, where Seventh Avenue intersects Broadway . Broadway similarly intersects other north–south avenues at Union Square , Madison Square , Herald Square , and Verdi Square , none of which are squares. The area
4680-992: The Middle East, Greece, and Turkey. On August 4, 2020, ViacomCBS announced that the company's connected video advertising platform, EyeQ, is set to launch in fall 2020. On September 14, 2020, ViacomCBS announced an agreement to sell the CBSi-owned CNET Media Group to Red Ventures for $ 500 million. The deal included the eponymous CNET tech site, as well as ZDNet , GameSpot , the TV Guide digital assets, Metacritic , and Chowhound . The deal closed on October 30, 2020. On November 17, 2020, various news outlets reported that companies such as Vivendi , Bertelsmann 's Penguin Random House and News Corp 's HarperCollins had considered acquiring Simon & Schuster for as much as $ 1.7 billion. ViacomCBS had expected
4784-542: The Midtown street grid. The pedestrian plaza project was originally opposed by local businesses, who thought that closing the street to cars would hurt business. The original seats put out for pedestrians were inexpensive multicolored plastic lawn chairs, a source of amusement to many New Yorkers; they lasted from the onset of the plaza transformation until August 14, 2009, when they were ceremoniously bundled together in an installation christened Now You See It, Now You Don't by
4888-521: The New York state government, had proposed redeveloping the area around a portion of West 42nd Street in 1981. Four towers designed by Philip Johnson and John Burgee were to be built around 42nd Street's intersections with Broadway and Seventh Avenue. These towers would have been redeveloped by George Klein of Park Tower Realty, though the Prudential Insurance Company of America joined
4992-555: The People's Republic of China Lord paramount , a lord who held his fief from no superior authority Other uses [ edit ] Paramount, a difficulty level in Dance Dance Revolution See also [ edit ] Paramount Theater (disambiguation) All pages with titles containing Paramount Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with
5096-476: The Skydance deal. McCarthy was legally designated the company's "interim principal executive officer" in order to comply with SEC regulations stipulating that one person must conduct "the normal course of business". On May 2, Sony and Apollo submitted a non-binding offer to Paramount for a $ 26 billion all-cash offer, with terms unclear at that point. Skydance's exclusive negotiation window ended on May 3, 2024 and
5200-621: The United Kingdom's Channel 5 , and Australia's Network 10 . From 2011 to 2023, the division also owned a 30% stake in the Italian Rainbow S.p.A. studio. As of 2019, the company operates over 170 networks and reaches approximately 700 million subscribers in 180 countries. In 2024, National Amusements held talks for a potential merger or acquisition of Paramount Global, with Warner Bros. Discovery , Sony Pictures , Apollo Global Management , and Skydance Media all considering acquiring
5304-479: The Viacom deal, such as Metro-Goldwyn-Mayer (MGM), Lionsgate, or Sony Pictures . Moonves also considered Bakish a threat because he did not want an ally of Shari Redstone as a board member of the combined company. On September 9, 2018, Les Moonves exited CBS Corporation following multiple accusations of sexual assault. National Amusements agreed to not propose a CBS Corporation-Viacom merger for at least two years after
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#17328454086925408-476: The area was so derelict and dilapidated, that the entire Times Square area paid the city only $ 6 million in property taxes (equivalent to $ 17.6 million in 2023). In the 1980s, a commercial building boom began in the western parts of Midtown as part of a long-term development plan developed under mayors Ed Koch and David Dinkins . These included office buildings such as 1540 Broadway , 1585 Broadway , and 750 Seventh Avenue , as well as hotels such as
5512-426: The artist Jason Peters, and shortly afterward were replaced by sturdier metal furniture. Although the plaza had mixed results on traffic in the area, injuries to motorists and pedestrians decreased, fewer pedestrians were walking in the road, and the number of pedestrians in Times Square increased. On February 11, 2010, Bloomberg announced that the pedestrian plazas would become permanent. The city started rebuilding
5616-417: The beginning of the early 1990s recession , when 14.5 percent of Manhattan office space was vacant. Furthermore, some 9 × 10 ^ sq ft (840,000 m ) of office space in the western section of Midtown had been developed in the 1980s, of which only half had been leased. Consequently, 1540 Broadway was completely empty, while 1585 Broadway and 750 Seventh Avenue had one tenant each, despite
5720-489: The bids to be placed before November 26. On November 25, 2020, Penguin Random House agreed to purchase Simon & Schuster for $ 2.175 billion; however, the deal was blocked two years later by U.S. federal judge Florence Y. Pan . On August 16, 2021, ViacomCBS announced that they had agreed to sell the CBS Building to the real estate investment and management firm Harbor Group International for $ 760 million, leasing
5824-492: The biggest electric sign "in the world," cost $ 9,000 per month to rent. Some contemporary critics, such as Thorstein Veblen and G. K. Chesterton , disliked the advertising at Times Square. Fritz Lang , after seeing Times Square in 1923, used it as inspiration for his dark industrial film Metropolis . Entertainment icons such as Irving Berlin , Charlie Chaplin , and Fred Astaire were closely associated with Times Square in
5928-429: The buildings having over 2 × 10 ^ sq ft (190,000 m ) of office space between them. Entertainment conglomerate Bertelsmann bought 1540 Broadway in 1992, spurring a revival of Times Square in the early 1990s. This was hastened when financial firm Morgan Stanley bought 1585 Broadway in 1993, followed by 750 Seventh Avenue in 1994. The Empire State Development Corporation (ESDC), an agency of
6032-473: The busiest in the New York City Subway system, transporting more than 200,000 passengers daily. Formerly known as Longacre Square , Times Square was renamed in 1904 after The New York Times moved its headquarters to the then newly erected Times Building, now One Times Square . It is the site of the annual New Year's Eve ball drop , which began on December 31, 1907, and continues to attract over
6136-516: The company after 27 years in CBS Communications. On March 4, the company announced plans to potentially sell its Simon & Schuster publishing unit, with Bakish arguing that it lacked a "significant connection for our broader business". On June 19, 2020, Jaime Ondarza, formerly the senior vice president of Turner Broadcasting South Europe and Africa, became the new head of ViacomCBS Networks International for France, Spain, Portugal, Italy,
6240-472: The company and forcing a merger that was not supported by it or Viacom . CBS Corporation also accused Redstone of discouraging Verizon Communications from acquiring it, which could have been beneficial to its shareholders. On May 23, 2018, Les Moonves explained that he considered the Viacom channels to be an " albatross ," and while he favored more content for CBS All Access (now Paramount+), he believed that there were better deals for CBS Corporation than
6344-407: The company taking $ 1.5 billion in debt reduction funds, which The Wall Street Journal reported an independent committee representing Paramount had ultimately recommended. By June 3, Paramount and Skydance had agreed to terms of a merger. A final deal was expected to be announced in the coming days. However, at that point, Redstone's National Amusements had not formally approved the deal. Redstone
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#17328454086926448-467: The company. By June 3, Paramount reportedly agreed to merger terms with Skydance. However, by June 11, merger talks between Paramount and Skydance had fallen apart, resulting in the proposed merger being called off. The companies would later re-negotiate the deal, and on July 2, 2024, Skydance reached a preliminary agreement to acquire National Amusements and merge with Paramount to create "New Paramount". Paramount Pictures , CBS , and Viacom each had
6552-559: The date of the settlement. On May 30, 2019, CNBC reported that CBS Corporation and Viacom would explore merger discussions in mid-June 2019. CBS Corporation's board of directors was revamped with people who were open to merging; the re-merger was made possible with the resignation of Moonves, who had opposed all merger attempts. The talks had started following rumors of CBS Corporation acquiring Starz from Lionsgate. Reports said that CBS Corporation and Viacom reportedly set August 8 as an informal deadline for reaching an agreement to recombine
6656-401: The deal was called off. On January 12, 2018, CNBC reported that Viacom had re-entered talks to merge back into CBS Corporation, after the merger of AT&T and Time Warner and Disney 's proposed acquisition of most of 21st Century Fox 's assets were announced. Viacom and CBS Corporation also faced heavy competition from companies such as Netflix and Amazon . Shortly afterward, it
6760-500: The existing buildings. In 1992, the Times Square Alliance (formerly the Times Square Business Improvement District , or "BID" for short), a coalition of city government and local businesses dedicated to improving the quality of commerce and cleanliness in the district, started operations in the area. In 1998, the alliance opened a tourist information center in the former Embassy Theatre at 1560 Broadway;
6864-483: The first half of the 19th century, it became one of the prized possessions of John Jacob Astor , who made a second fortune selling off lots to hotels and other real estate concerns as the city rapidly spread uptown . By 1872, the area had become the center of New York's horse carriage industry. The locality had not previously been given a name, and city authorities called it Longacre Square after Long Acre in London, where
6968-667: The horse and carriage trade was centered in that city. William Henry Vanderbilt owned and ran the American Horse Exchange there. In 1910, it became the Winter Garden Theatre. As more profitable commerce and industrialization of Lower Manhattan pushed homes, theaters, and prostitution northward from the Tenderloin District , Longacre Square became nicknamed the Thieves Lair for its rollicking reputation as
7072-691: The information center operated until 2014. In the mid-1990s, Mayor Rudolph Giuliani led an effort to clean up the area, an effort that is described by Steve Macek in Urban Nightmares: The Media, the Right, and the Moral Panic Over the City : Security was increased, pornographic theatres were closed, and "undesirable" low-rent residents were pressured to relocate, and then more tourist-friendly attractions and upscale establishments were opened. Advocates of
7176-461: The largest gathering in Times Square since August 1945 during celebrations marking the end of World War II . On December 31, 1907, a ball signifying New Year's Day was first dropped at Times Square, and the Square has held the main New Year's celebration in New York City ever since. On that night, hundreds of thousands of people congregate to watch the Waterford Crystal ball being lowered on
7280-870: The namesake Paramount Pictures film and television studio, the CBS Entertainment (consisting of the CBS and partially owned The CW television networks and television stations , BET Media Group (which oversees the BET and VH1 channels, among others), and other CBS-branded assets), CBS Media Networks (consisting of U.S.-based cable television networks including MTV , Nickelodeon , Comedy Central , CMT , Paramount Network , and Showtime ) and Paramount Streaming (including Paramount+ and Pluto TV ). It also has an international division that manages international versions of its pay TV networks, as well as region-specific assets including Argentina's Telefe , Chile's Chilevisión ,
7384-530: The network on the same day. The deal was closed on October 3, with CEO Mark Pedowitz stepping down and Dennis Miller taking Pedowitz's role as president of The CW. Paramount's CBS News and Stations unit announced on May 5, 2023, that its eight CW stations would become independent on September 1, per the Nexstar buyout deal. On August 7, Paramount announced that it had agreed to sell Simon & Schuster to private equity firm KKR for $ 1.6 billion in cash. The sale
7488-478: The newspaper's operations to a new skyscraper on 42nd Street at Longacre Square, on the site of the former Pabst Hotel , which had existed on the site for less than a decade since it opened in November 1899. Ochs persuaded Mayor George B. McClellan Jr. to construct a subway station there, and the area was renamed "Times Square" on April 8, 1904. Just three weeks later, the first electrified advertisement appeared on
7592-482: The next day. On December 4, 2019, Bakish confirmed that the ViacomCBS merger had closed. On December 10, 2019, days after the merger, Bakish announced that ViacomCBS would look to divest Black Rock , the building that held CBS's headquarters since 1964. He stated, "Black Rock is not an asset we need to own and we believe that money would be put to better use elsewhere." On December 20, 2019, ViacomCBS agreed to acquire
7696-450: The number of people traveling to Times Square. About 108,000 pedestrians visited Times Square each day in late 2020 compared to the 380,000 before the pandemic. From March to October 2020, 26 of the area's 46 hotels closed, as well as 39 of 151 stores and 84 of 162 restaurants. Times Square was closed to the public for New Year's Day 2021 and observers were dispersed into enclosures measuring 8 by 8 ft (2.4 by 2.4 m). Times Square
7800-415: The outdoors smoking ban to the area. The measure imposed a $ 50 fine for any person caught smoking within the area. From January 29 to February 1, 2014, a "Super Bowl Boulevard" was held on Broadway, especially in Times Square, between 34th and 47th Streets, as part of Super Bowl XLVIII . The boulevard contained activities such as autographs, a 60 ft (18 m)-high toboggan run , and photographs with
7904-491: The plaza in 2010, hiring the design and landscaping firm Snøhetta to permanently replace Broadway's roadway with custom-made granite pavers and benches. By December 2013, the first phase of the Times Square pedestrian plaza had been completed at the southern end of the square in time for the Times Square Ball drop on New Year's Eve. The project was originally intended to be completed by the end of 2015. The entire project
8008-460: The project in 1986. Furthermore, as part of the West Midtown special zoning district created in 1982, the New York City government had allowed new buildings in Times Square to be developed with an increased floor area ratio. To ensure the area would not be darkened at nightfall, the city passed zoning regulations that encouraged developers to add large, bright signs on their buildings. In 1990,
8112-489: The proposal. In June 2016, work started on "pedestrian flow zones" where no one was allowed to loiter, as well as "activity zones" where costumed characters were allowed to perform. There have been several incidents in Times Square: Times Square is the most visited place globally with 360,000 pedestrian visitors a day, amounting to over 131 million a year. As of 2013 , it had a greater attendance than each of
8216-551: The proposed buildings, led government officials to allow Prudential and Park Tower to postpone the project in 1992. By then, Prudential had spent $ 300 million on condemning the sites through eminent domain . The partners retained the right to develop the sites in the future, and the ESDC's zoning guidelines remained in effect. In exchange for being permitted to delay construction of the sites until 2002, Prudential and Park Tower were compelled to add stores and install large signage on
8320-449: The right to acquire the sites at the southwest and southeast corners of 42nd Street and Seventh Avenue for $ 330 million. 5 Times Square was completed on the southwest-corner site in 2002, and Times Square Tower opened on the southeast-corner site in 2004. Times Square now boasts attractions such as ABC 's Times Square Studios , where Good Morning America is broadcast live; competing Hershey's and M&M's stores across
8424-545: The roles of chairman and CEO, while Jeff Shell, former CEO of NBCUniversal , will become president. Paramount Global comprises seven major units: Times Square Times Square is a major commercial intersection, tourist destination, entertainment hub, and neighborhood in the Midtown Manhattan section of New York City . It is formed by the junction of Broadway , Seventh Avenue , and 42nd Street . Together with adjacent Duffy Square , Times Square
8528-401: The running. On June 11, National Amusements announced they had failed to reach an agreement with Skydance to acquire Paramount. By July 2, 2024, Skydance renegotiated the deal and reached a preliminary agreement to acquire National Amusements and merge with Paramount. The deal was referred by National Amusements to Paramount's special committee. Also, Paramount reportedly entered talks for
8632-418: The safety of the area. The theatres of Broadway and the huge number of animated neon and LED signs have been one of New York's iconic images as well as a symbol of the intensely urban aspects of Manhattan. Since 1987 such signage has been mandated by zoning ordinances that require building owners to display illuminated signs, the only district in New York City with this requirement. The neighborhood has
8736-566: The side of a bank at the corner of 46th Street and Broadway. The north end later became Duffy Square, and the former Horse Exchange became the Winter Garden Theatre , constructed in 1911. The New York Times moved to more spacious offices one block west of the square in 1913 and sold the building in 1961. The old Times Building was later named the Allied Chemical Building in 1963. Now known simply as One Times Square , it
8840-460: The site at the northeast corner of Broadway and 42nd Street, and he developed 4 Times Square there. The northwest corner of Seventh Avenue and 42nd Street was taken by Reuters , which enlisted Rudin Management as its development partner and built 3 Times Square on that corner; that building opened in 2001. In 1998, a joint venture of Klein, The Blackstone Group , and Boston Properties won
8944-459: The space back under a short-term lease. On September 28, 2021, ViacomCBS announced that they had agreed to partner with software and data firm VideoAmp. On October 28, 2021, ViacomCBS announced that they had agreed to acquire a majority stake in the Spanish-language content producer TeleColombia & Estudios TeleMexico. On November 30, 2021, ViacomCBS announced that they had agreed to sell
9048-500: The street from each other, and multiple multiplex movie theaters. Additionally, the area contains restaurants such as the Bubba Gump Shrimp Company , a seafood establishment; Planet Hollywood Restaurant and Bar , a theme restaurant ; and Carmine's, serving Italian cuisine . It has also attracted several large financial, publishing, and media firms to set up headquarters in the area. A larger presence of police has improved
9152-651: The studio. On March 30, 2018, CBS Corporation made an all-stock offer slightly below Viacom's market value, insisting that its existing leadership, including long-time chairman and CEO Les Moonves , oversee the re-combined company. Viacom rejected the offer as too low, requesting a $ 2.8 billion increase and that Bob Bakish be maintained as president and COO under Moonves. These conflicts had resulted from Shari Redstone seeking more control over CBS Corporation and its leadership. Eventually, on May 14, 2018, CBS Corporation sued its and Viacom's parent company National Amusements and accused Redstone of abusing her voting power in
9256-404: The talks about the re-merger continued. On August 13, 2019, CBS and Viacom officially announced their merger; the combined company was to be named ViacomCBS, with Shari Redstone serving as chair. Upon the merger agreement, Viacom and CBS jointly announced that the transaction is expected to close by the end of 2019, pending regulatory and shareholder approvals. The merger required approval by
9360-546: The title Paramount . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Paramount&oldid=1255326469 " Categories : Disambiguation pages Place name disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages Paramount Global Paramount Global (also known simply as Paramount )
9464-570: The two media companies. CBS Corporation announced its plans to acquire Viacom as part of the re-merger deal for up to $ 15.4 billion. On August 2, 2019, it was reported that CBS Corporation and Viacom agreed to merge back into one entity, with both companies agreeing on the management team for the merger. Bob Bakish would serve as CEO of the combined company with the president and acting CEO of CBS Corporation, Joseph Ianniello , overseeing CBS Corporation-branded assets. On August 7, 2019, CBS and Viacom separately reported their quarterly earnings as
9568-496: Was acquired by theater operator company National Amusements . Meanwhile, Paramount Pictures was acquired by Gulf and Western Industries in 1966, which then re-branded itself as Paramount Communications in 1989. Viacom then purchased Paramount Communications in 1994. In 1999, Viacom made its biggest acquisition to date by announcing plans to merge with its former parent CBS Corporation (the renamed Westinghouse Electric Corporation , which had merged with CBS in 1995). The merger
9672-494: Was completed in 2000, resulting in CBS reuniting with its former syndication division. On December 31, 2005, Viacom was split into two companies: CBS Corporation , the former's corporate successor, and the spun-off Viacom company. On September 29, 2016, National Amusements , the parent company of CBS Corporation and Viacom, wrote to Viacom and CBS Corporation encouraging the two companies to merge back into one company. On December 12,
9776-459: Was completed on October 30. On December 20, 2023, it was reported by Axios and The New York Times that David Zaslav , CEO of Warner Bros. Discovery, had met with Bob Bakish and had discussed a possible merger. Spokespeople for the two companies stated that the talks were preliminary and may not resulted in a deal, while Fox Business reported via internal sources that Zaslav was "not in deal mode". On January 10, 2024, National Amusements
9880-469: Was considered a leading bidder. Reports indicated that ViacomCBS and WarnerMedia could include a contractual commitment that would require any new owner to buy new programming from those companies, allowing them to reap some continual revenue through the network. Then-network president/CEO Mark Pedowitz confirmed talks of a potential sale in a memo to CW staffers, but added that "It's too early to speculate what might happen." On February 15, 2022, during
9984-628: Was dedicated in June 1939 to honor World War I chaplain Father Francis P. Duffy of the 69th New York Infantry Regiment . A statue by Charles Keck was dedicated in May 1937 as a memorial to Duffy. There is also a statue of composer and entertainer George M. Cohan , and the TKTS discount ticket booth for same-day Broadway and off-Broadway theaters that has been at the site since June 1973. When Manhattan Island
10088-501: Was finally completed just before New Year's Eve 2016. Some safety bollards were also installed as part of the renovation to prevent vehicular attacks or collisions on the sidewalk. After a 2017 vehicle-ramming attack , there were calls to install more bollards along Times Square. Times Square's pedestrian plaza is frequented by topless women (with painted breasts) called " desnudas ", as well as costumed characters , who typically panhandle for tips. The pedestrian plaza became
10192-533: Was first lit on December 4, 2008. The new 20 Times Square development hosts the largest LED signage in Times Square at 18,000 square feet. The display is 1,000 square feet larger than the Times Square Walgreens display and one of the largest video-capable screens in the world. In 2002, New York City mayor Rudy Giuliani administered the oath of office to the city's next mayor, Michael Bloomberg , at Times Square after midnight on January 1 as part of
10296-562: Was first settled by the Dutch colonists , three small streams united near what is now the intersection of 10th Avenue and 40th Street . These three streams formed the "Great Kill" (Dutch: Grote Kil ). From there the Great Kill wound through the low-lying Reed Valley, known for fish and waterfowl, and emptied into a deep bay in the Hudson River at the present 42nd Street. The name was retained in
10400-520: Was not renewed, although the company was still interested in buying Paramount. The following day, Paramount's board members met, considering a "go-shop" approach for other such offers; it was ultimately decided that they would begin negotiations regarding Sony and Apollo's offer while still holding non-exclusive talks with Skydance. That same day, Berkshire Hathaway's Warren Buffett stated in an annual meeting that he had sold all of his shares in Paramount at
10504-560: Was renamed CBS Films in 1958, again renamed CBS Enterprises in January 1968, and finally renamed Viacom (an acronym of Video and Audio Communications) in 1970. In 1971, this syndication division was spun off amid new FCC rules forbidding television networks from owning syndication companies (these rules were eventually abolished completely in 1993). In 1986, Viacom purchased MTV Networks and Showtime/The Movie Channel Inc. from Warner Communications and American Express . In 1987, Viacom
10608-592: Was reported that the combined company could be a suitor for acquiring the film studio Lionsgate . Viacom and Lionsgate were both interested in acquiring The Weinstein Company (TWC). Following the Weinstein effect , Viacom was listed as one of 22 potential buyers that were interested in acquiring TWC. They lost the bid, and on March 1, 2018, it was announced that Maria Contreras-Sweet would acquire all of TWC's assets for $ 500 million. Lantern Capital would later acquire
10712-513: Was reported to be considering a deal or merger regarding Paramount Global, with Skydance Media considering an all-cash bid of $ 2.5 billion for the earlier company. During this time, Paramount announced it would be laying off 800 employees. On February 27, 2024, CNBC reported that Warner Bros. Discovery halted the merger talks with Paramount. On April 2, 2024, Paramount and National Amusements approached Skydance for an exclusive acquisition window agreement. Shari Redstone and David Ellison sought
10816-508: Was reportedly displeased with the revised terms, as she would now received less money for her shares and Skydance wanted Redstone to assume legal liabilities in the case of shareholders lawsuits unhappy with the deal. She considered a sale of her company to another bidder, with such names as writer and producer Steven Paul , businessman Edgar Bronfman Jr. , Bain Capital , Patrón Tequila founder John Paul DeJoria and businessman Barry Diller in
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