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Nick Cannon Suing Viacom, Seeking $1.5B For the Value of ‘Wild N’ Out’

ViacomCBS Severs Ties With Nick Cannon Following Alleged Hate Speech

According to a recent report from TheShadeRoom, actor/entertainer Nick Cannon has filed a $1.5 billion lawsuit against ViacomCBS, which is the estimated value of the famed Wild N’ Out program.

Viacom announced that they would be taking ownership of the show after Cannon was fired after controversial comments were made in an interview with former Public Enemy member Professor Griff.

Cannon’s team put out a statement, saying, “It is just that simple, Wild’N Out belongs to Nick! The show was created by Nick Cannon with his idea and original thought. Wild’N Out has brought billions of dollars in revenue to Viacom since 2015. And Nick deserves and has earned everything it is worth.”

The statement continues, “From the platforms he provides for other entertainers, the jobs he creates for black youth, the time he gives to mentoring incarcerated men and women, to the money he gives back and puts into communities, homelessness, and people less fortunate. He is constantly evolving both spiritually and mentally, as well as, taking action in learning, education and bridging the gap within the Jewish and African American communities, so that it will allow us to build relationships, work together and learn from each other in order to move forward in equality.” 

Cannon plans to reinvest the money from the lawsuit in inner city programs, youth organizations and underserved communities to receive better educational programs.

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BET Awards Viewership Raises by Over 50%

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The 2020 BET Awards viewership put up big numbers. The simulcast on BET and CBS led to a 54% viewership increase, TV Line reports.

The show brought in just under 2 million viewers on CBS, making a total of 3.7 million viewers across all of ViacomCBS networks. The show was the largest audience since 2017.

This year’s awards show featured an emphasis on the Black Lives Matter movement, awards to Beyoncé, Megan Thee Stallion, and Roddy Ricch. Performances included John Legend, Alicia Keys, D Smoke, SiR, and more.

You can see the performances from the night here.

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After Numerous Failed Attempts, The CBS & Viacom Merger Is Finally Happening

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Source: JOHANNES EISELE / Getty

After a few failed attempts, CBS and Viacom finally have agreed to merge forming a new media giant the two companies announced on Tuesday (August 13).

The new company will consist of Comedy Central, MTV, Showtimes and Paramount Pictures as well as publisher Simon Schuster. The new conglomerate will reportedly have more than $28 billion in revenue. The deal reunites the two media entities who were at one time under the same umbrella until they were broken apart back in 2006 by Summer Redstone.

With the merger, ViacomCBS hopes to strengthen its ability to develop original programming to lure users to its premium channel. The companies also hope it will gain points with advertisers as well as appeal with international markets.

Speaking on the merger, ViacomCBS’ company chair Shari Redstone added:

“I am really excited to see these two great companies come together so that they can realize the incredible power of their combined assets. My father once said ‘content is king,’ and never has that been more true than today,” she said in a statement. “We will establish a world-class, multi-platform media organization that is well-positioned for growth in a rapidly transforming industry.”

Attempts by the two companies to merge failed due in large part to opposition from fo disgraced CBS chief executive Les Moonves. He was booted from the company back in September 2018 due to sexual harassment allegations.

As far as the numbers are concerned in the all-stock deal, CBS shareholders will own 61 percent of the company while Viacom shareholders will own 39 percent. The chief executive of Viacom, Bob Bakish will remain in his role, acting chief executive at CBS Joe Ianniello becomes chairman and CEO of CBS.

The deal follows Disney’s $71.3 billion acquisition 21st Century Fox, and AT&T dropping an $85 million bag for Time Warner.

Photo: JOHANNES EISELE / Getty

Source: HipHopWired.com

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Nas Levels Up W/ $340 Million Viacom Deal

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New York rapper Nas is out here proving he doesn’t have to solely live off music anymore. The hip-hop veteran’s Queensbridge Venture Partners and Viacom have agreed on a multi-million deal for his Pluto TV streaming service.

According to reports, Nas’ digital investment has secured nearly $350 million from the media giant.

Viacom Inc. today announced that it has entered into a definitive agreement to acquire Pluto TV, the leading free streaming television service in U.S., for $340 million in cash. Founded in 2013, Pluto TV streams more than 100 channels and thousands of hours of on-demand content spanning television and movies, sports, news, lifestyle, comedy, cartoons, gaming and trending digital series. The ad-supported, internet-based TV service features world-class programming sourced from over 130 partnerships with media networks, major film and television studios and a wide range of digital content producers. (Business Wire)

Pluto TV has made a name for itself in a competitive streaming field with free content and on-demand movies.

Pluto TV is the leading free streaming television service in America, delivering 100+ live and original channels and thousands of on-demand movies in partnership with major TV networks, movie studios, publishers, and digital media companies. Pluto TV is available on all mobile, web and connected TV streaming devices and millions of viewers tune in each month to watch premium news, TV shows, movies, sports, lifestyle, and trending digital series. Headquartered in Los Angeles, Pluto TV has offices in New York, Silicon Valley, Chicago and Berlin. (Business Wire)

Last year, buzz developed about retailer giant Amazon spending $1 billion on his Ring doorbell company.

The deal, announced on Tuesday, gives Amazon a prominent home security company and, potentially, more tech firepower in its push to allow its delivery people to drop off packages inside buildings, where thieves can’t easily steal them. The terms of the acquisition were undisclosed, although news site Axios reported that Amazon likely paid more than $1.2 billion. (Fortune)

According to reports, Nas’ investment company is behind backing Ring.

His Queensbridge Venture Partners was an early investor in tech company Ring, which manufactures WiFi cameras and doorbells, and has now potentially earned him a pretty substantial amount of money in the millions of dollars. It was announced earlier this week that Ring had been acquired by Amazon for $1 billion, therefore creating a windfall for Nas’ VC firm, who, alongside Richard Branson and Upfront Ventures, were an early investor in the company. (Joe UK)

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Nas/Queensbridge Venture Partners’ PlutoTV Bought By Viacom For $340M

Almost five years ago, Nas and his successful investment company dumped millions into an internet-based television streaming service and now that investment has paid off.

Nas’ Queensbridge Venture Partners put up the money to launch PlutoTV, a paid streaming service which streams more than 100 channels and thousands of hours of on-demand content including television and movies, sports, news, lifestyle, comedy, cartoons, gaming and trending digital series.

After five years, the company has partnered with well over 100 digital content producers, television networks and major TV and film studios and brands such as Universal Music Group and Samsung.

Viacom has confirmed the purchase of PlutoTV, and is being celebrated by Pluto’s CEO Tom Ryan.

“Viacom’s portfolio of global, iconic brands and IP, advanced advertising leadership and international reach will enable Pluto TV to grow even faster and become a major force in streaming TV worldwide. Viacom is the perfect partner to help us accomplish our mission of entertaining the planet,” said Ryan.

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