MUMBAI: DHX Media has entered into a definitive agreement to acquire the business of Cookie Jar Entertainment to create Canada‘s largest children‘s entertainment company.

DHX has acquired Cookie Jar at an enterprise value of $111 million, to be paid through a combination of approximately 36 million DHX shares, $5 million in cash, and the assumption of $66 million of debt.

The combined company will own the world‘s most extensive independent library of children‘s entertainment, including more than 8,550 half hour episodes.

"The acquisition of Cookie Jar is a transformational event for DHX that will significantly enhance our scale and our growth opportunities," said Michael Donovan, Chief Executive Officer of DHX. "Through this combination, we will strengthen our portfolio of brands, global reach, management depth and our position in the rapidly emerging digital distribution channels to become the market leader."

"Today is an exciting day for Canada‘s children‘s entertainment industry. Cookie Jar joining forces with DHX results in a company that is an independent global market leader in all aspects of children‘s entertainment from distribution to production to licensing and merchandising. There is an insatiable appetite for kids‘ content in the new digital streaming universe and we are very well positioned with our extensive library of evergreen, popular and recognizable brands to satisfy the market demand," said Cookie Jar‘s CEO Michael Hirsh.

Following the closing, Michael Donovan, current CEO of DHX, will continue to serve as CEO. Michael Hirsh, current CEO of Cookie Jar, will become Executive Chairman of DHX. Steven DeNure and Dana Landry will continue in their current roles of President & COO, and Chief Financial Officer, respectively. Cookie Jar‘s current President & COO Toper Taylor will continue to focus on digital distribution and business development. Aaron Ames, CFO of Cookie Jar, will assume the role of Chief Integration Officer reporting directly to the CEO.

Cookie Jar has a significant content library and features some of the world‘s most recognizable series including Caillou, Inspector Gadget, and Johnny Test. The company controls Cookie Jar TV, the weekend morning block on CBS. Cookie Jar has offices in Toronto, Los Angeles and in addition, throughout Western Europe, as part of its Copyright Promotions Licensing Group, a leading licensor and merchandiser of third party brands and characters.

Cookie Jar has experienced significant growth in digital distribution, growing revenue from that channel to $8 million in the 12 months ending 31 May. Over the same 12-month period, Cookie Jar had total revenue of $56.7 million and EBITDA of $12.6 million.

MUMBAI: US media conglomerate CBS has posted net earnings of $427 million for the second quarter ended 30 June 2012, up eight per cent.

Operating Income was $769 million, an increase of five per cent.

CBS executive chairman Sumner Redstone said, "CBS?s content continues to fuel the success of this great company. In a world where greatprogramming commands premium pricing, we continue to hit on allcylinders. I am extremely pleased with our terrific second-quarter results, and I am confident that Leslie and his management team willbuild on our momentum in the quarters and years to come."

CBS expects to show stronger performance in the second half of the year due to the US presidential elections and the Olympics. The prospects for 2013 also look good as the network has Super Bowl.

CBS president, CEO Leslie Moonves said, ?For all of these reasons, we?re confident 2012 will be a record year, and we will produce exceptional results in 2013 and beyond as well.?

Two factors in the second quarter of 2011 ? the Company?s initial multiyear digital streaming agreement (under which dozens of the Company?s library titles were first made available for streaming) and the semifinals of the NCAA Division I Men?s Basketball Championship (which aired during the first quarter in 2012) ? had an impact on the revenue comparison.

Second quarter 2012 revenues came in at $3.48 billion compared with $3.59 billion for the same quarter a year ago. Some of the impact was offset by growth in high-margin affiliate and subscription fee revenues, while underlying advertising revenues for the second quarter of 2012 reflected a steady marketplace. In addition, the OIBDA margin improved two percentage points, to a record 26 per cent and the operating income margin expanded two percentage points, to 22 per cent, in the second quarter of 2012.

Those increases, as well as the company?s record performance in the three key metrics mentioned above, reflect a higher profit margin on 2012 television licensing revenues as well as the growth in high-margin affiliate and subscription fees.

Free cash flow was $558 million for the second quarter of 2012, compared with $646 million for the second quarter a year ago. For the first half of 2012, free cash flow was $1.17 billion compared with $1.50 billion for the first half of 2011, reflecting higher investment in content (primarily television programming) and higher income tax payments. The company generated cash flow from operating activities of $1.26 billion for the six months ended June 30, 2012, versus $1.59 billion for the comparable prior-year period.

Entertainment

Entertainment (CBS Television Network, CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Films, and CBS Interactive) revenues of $1.71 billion for the second quarter of 2012 decreased 7 per cent from $1.84 billion in the same prior-year period. Last year?s second quarter benefited from the initial licensing of the company?s programming for digital streaming, the third-cycle domestic syndication sale of Frasier, and the semifinals of the NCAA Division I Men?s Basketball Championship, which aired during the first quarter of 2012 versus the second quarter of 2011. Some of the impact was offset by growth in high-margin retransmission revenues and higher international syndication revenues in the second quarter of 2012.

Cable Networks

Cable Networks (Showtime Networks, CBS Sports Network, and Smithsonian Networks) revenues for the second quarter of 2012 increased by eight per cent to $446 million from $413 million for the same prior-year period. The results were driven by higher affiliate revenues, which reflect increases in rates and subscriptions at Showtime Networks (which includes Showtime, The Movie Channel, and Flix), CBS Sports Network, and Smithsonian Networks, as well as higher licensing revenues from the digital streaming of Showtime original series.

Outdoor

Outdoor revenues for the second quarter of 2012 decreased by two per cent to $481 million from $490 million for the same prior-year period, driven by the unfavorable impact of foreign exchange rate changes. In constant dollars, revenues increased 1 per cent from the second quarter of 2011.

Revenues for the Americas (which includes North America and South America) increased by two per cent in constant dollars for the second quarter of 2012, principally driven by growth in the US billboards and displays businesses, partially offset by the impact from the nonrenewal of the Toronto transit contract.

Revenues for Europe increased by one per cent in constant dollars, primarily reflecting higher advertising sales associated with the 2012 Summer Olympics in London. Some of this increase was offset by weakness in the European economy and the nonrenewal of certain contracts.

MUMBAI: In order to form what it says will be the US? most listened sports radio network across the top 50 markets, US media conglomerate CBS has created CBS Sports Radio, a 24-hour, seven-day-a-week lineup of national programming from premier entities CBS Radio and CBS Sports.

Cumulus Media, the largest pure-play radio broadcaster in the US, is the network?s exclusive syndicator and sales partner to secure affiliate agreements and ad sales with radio stations nationwide through Cumulus Media Networks.

In addition, Cumulus will make CBS Sports Radio programming available on 67 of its owned stations.

At launch, CBS Sports Radio will reach listeners in nine of the nation?s Top 10 markets, with a cumulative audience reach at debut close to 10 million listeners - nearly 90 per cent of them located in Top 50 markets.

CBS president, CEO Leslie Moonves said, "As one of the leading media companies in the world, and a dominant force in sports programming, we look forward to bringing to bear the full resources of CBS and capitalising on an exciting new growth opportunity for the company. CBS Sports and CBS Radio have been widely recognised for their outstanding contributions to sports broadcasting. This next step in their evolution will serve an ever-expanding audience of sports fans from coast to coast."

Cumulus Media chairman, president, CEO Lew Dickey said, "We are pleased to partner with CBS to deliver the leading entrant into the sports radio market. CBS Sports Radio is an exciting opportunity for us to offer compelling sports content to listeners nationwide, and unique sports marketing opportunities for our advertisers."

CBS Sports Radio is designed to enhance CBS?s existing sports properties and extend the national reach of the CBS Sports and CBS Radio brands to additional outlets across the country. Programming will be led by the team at CBS Radio, owners and operators of such sports stations WFAN-AM in New York, WSCR-AM in Chicago, WIP-FM in Philadelphia, WBZ-FM in Boston and WXYT-FM in Detroit, among others.

CBS Radio president, CEO Dan Mason said, "This is a great day for CBS Radio and sports fans nationwide. For more than two decades we have owned local sports radio and appreciate great talent and programming that resonates with listeners and elicits passionate dialogue and debate. We are bullish our expertise and prior achievements will allow us to successfully complement our existing businesses while expanding into what until now has been a largely unchallenged sector of the radio business."

CBS Sports chairman Sean McManus said, "In this era of growing multimedia platforms, the addition of a national radio network to CBS Sports? broadcast, cable and digital properties allows us to extend the storied CBS Sports brand to radio listeners across the country. We are pleased CBS Sports Radio will allow fans to consume CBS Sports content on a different platform from some of the most recognizable and respected broadcasters in the industry."

Elements of CBS Sports Radio will include:

• 24/7 all-sports talk radio lineup to debut on 2 January, 2013. Original programmes across multiple weekday and weekend time periods will feature expert sports commentary and interviews with major sports figures along with listener calls and fan interaction. All shows will broadcast live with an array of hosts, anchor teams and contributors.
  Opportunities for affiliates to regionalize their lineup by choosing from select programs currently featured on CBS Radio or Cumulus sports stations.
• Beginning on 4 September, CBS Sports updates can be heard on all network affiliate stations (see attached list). Headlines, breaking news and scores from the day?s major events and stories will be heard hourly.
• Contributions from sport-specific experts, as well as a prominent role on the network from CBS Sports, CBS Sports Networks and CBSSports.com?s roster of high-profile personalities delivering analysis, features and special reports.
  Online streaming of live network broadcasts.

MUMBAI: The fight between US broadcaster?s CBS and ABC over the latter?s show, ?The Glass House?, continues.

CBS had filed a temporary restraining order to prevent ABC from airing ?The Glass House?. ABC has now retaliated with a counterclaim in court.

ABC has urged a federal judge to reject efforts by CBS to block the premiere of the reality show. It has pointed out differences between the new show and CBS? ?Big Brother?.

CBS has said that it deserves a temporary restraining order because ABC has violated copyright and misappropriated trade secrets through the hiring of 30 former Big Brother employees, including showrunner Kenny Rosen, who was formerly a producer on ?Big Brother?.

ABC said that there was no conspiracy to hire away Big Brother employees. It also noted that in reality TV production, nearly everyone works as a freelancer. It also argued that it has spent $16 million promoting ?Glass House?, which would air after "The Bachelorette." Delaying the show?s premiere could cost nearly 150 people their jobs.

ABC has said that none of the alleged similarities shared by ?Big Brother? and ?The Glass House? involve copyright protectable element.

The show is due to start airing on ABC from 18 June. ?The Glass House? follows 14 contestants as they live together and compete for $250,000. Unlike ?Big Brother?, viewers can vote, manipulating different outcomes within the house.

MUMBAI: CBS Broadcasting, the most watched television network in US, has finalised its upfront deals for 2012-13 attracting $2.7 billion in ad sales.

The broadcasting network sold its primetime ad inventory at a 9 per cent premium versus last year?s rates, thereby missing analyst projection of 10 per cent growth.

Closely following CBS at the second spot is News?owned Fox Network with 8 to 9 per cent growth over the year ago period.

Walt Disney-owned ABC Network has secured 6 to 8 per cent higher ad rates while NBC witnessed the slowest growth among the four networks with a 5.5 to 6.5 per cent increase in ad rates.

ABC is reported to have sold about $2.5 billion in upfront ad sales which is the same as previous year.

The CW Networks and Viacom cable networks have already finished their upfront sales while Turner Broadcasting is said to be 70 per cent sold.

The upfront sales process for the period began in May with all television networks showcasing their content line-up to advertisers.

Sectors like retail, financial services, technology, telecom and quick-service restaurants are believed to have saved the day for US broadcasters with an economy which is looking less than buoyant.