Feb. 14, 2013
/PRNewswire/ -- CBS Corporation (NYSE: CBS) announced today that it has partnered with
, the leading television network dedicated to broadcasting live events from the worlds of music and pop culture. Launched in
is a joint venture among Mark Cuban Companies, AEG, Creative Artists Agency (CAA) and Ryan Seacrest Media, and currently has 38 million subscribers to the service. Originally available in high definition,
is now also available in a standard definition format.
The announcement was made by
, President and CEO of CBS Corporation,
Tim Leiweke President
and CEO of AEG, and
, who will continue to lead the network in his current role as President and CEO of
. Terms of the transaction are not being disclosed.
The multi-year commitment from CBS provides for promotion and access to content and shoulder programming opportunities, in addition to strategic support.
"CBS is happy to provide
with live event content as the basis of this partnership," said Moonves. "This is an innovative way to use our tentpole programming to gain more ownership in the cable network business.
will now serve as a terrific complement to our existing broadcast television entertainment programming."
"CBS brings the industry's best and most respected resources and experience to
which will accelerate our growth and realization of our vision that, 'The future of TV is TV,'" commented Cuban.
"It was amazing to see the transformation from HDNet to
, and now this new partnership with CBS will create a new kind of live entertainment experience for fans," said Leiweke. "We share Mark's vision of bringing together the best minds and the best companies in the entertainment space. Nobody does it better than CBS and
and I consider him the finest at what he does. Add the power of CBS to 'the Shark' –
– and then combine this with AEG, Ryan Seacrest Media and CAA, and I believe this is not just 'must see TV,' it's 'can't miss TV'," Leiweke added.