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CBS News President Prepares Exit as Broadcast News Is in Flux

The first woman to lead CBS News, Susan Zirinsky, is expected to announce that she is stepping down from the presidency of the network’s news division, possibly as soon as this week, a person with knowledge of the plan said on Tuesday.Ms. Zirinsky, 69, was appointed in January 2019 to right a battered ship. At the time, CBS was confronting several key executive departures and unsavory revelations about its news division as a wider reckoning on workplace misconduct roiled the media industry.CBS declined to comment. Ms. Zirinsky is expected to sign a production deal with the network’s parent …

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He Built a $10 Billion Investment Firm. It Fell Apart in Days.

Until recently, Bill Hwang sat atop one of the biggest — and perhaps least known — fortunes on Wall Street. Then his luck ran out.Mr. Hwang, a 57-year-old veteran investor, managed $10 billion through his private investment firm, Archegos Capital Management. He borrowed billions of dollars from Wall Street banks to build enormous positions in a few American and Chinese stocks. By mid-March, Mr. Hwang was the financial force behind $20 billion in shares of ViacomCBS, effectively making him the media company’s single largest institutional shareholder. But few knew about his total exposure, since the shares were mostly held through complex financial …

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Banks Face Billions in Losses as a Bet on ViacomCBS and Other Stocks Goes Awry

Mr. Hwang had worked under the billionaire hedge fund titan Julian Robertson at Tiger Management, making him one of the firm’s famous alumni, or “cubs,” when he started his own fund, Tiger Asia. But in 2012, he faced an insider-trading investigation; securities regulators said Tiger Asia had used confidential information to bet against the shares of Chinese stocks, and had manipulated other shares.Mr. Hwang entered a guilty plea to wire fraud on behalf of Tiger Asia and paid millions of dollars in fines while also accepting a five-year ban on managing public money as a result of the settlement …

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Why Plus Is a Minus When Naming Your Streaming Site

First there was e.Then came i.Now it’s +.With the proliferation of streaming platforms, the plus sign has become an all-purpose marker that signals endless hours of on-demand shows.Plus-sign streaming services include ESPN+ (started in 2018), Apple TV+ (2019), Disney+ (2019), BET+ (2019), AMC+ (2020) and Discovery+ (2021). On Wednesday, streaming entered peak plus with ViacomCBS’s rebranding of CBS All Access. The company has decided to call it Paramount+.Tacking on the plus sign to the name of a well-known movie studio might be a very effective way to tell customers that the platform offers movies and something extra. Or it could …

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Penguin Random House to Buy Simon & Schuster

The biggest book publisher in the United States is about to get bigger. ViacomCBS has agreed to sell Simon & Schuster to Penguin Random House for more than $2 billion in a deal that will create the first megapublisher.Penguin Random House, the largest book publisher in the United States, is owned by the German media conglomerate Bertelsmann. Adding Simon & Schuster, the third largest publisher, would create a book behemoth, a combination that could trigger antitrust concerns.The deal announced on Wednesday includes provisions that would protect ViacomCBS in the event that a sale is squashed by authorities. Bertelsmann would pay what …

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