The building that has served as headquarters for CBS since the mid-1960s may be put up for sale. Variety cites comments by Bob Bakish, CEO of the newly formed ViacomCBS, in which he says the company will look to sell the famed Black Rock building, located at Avenue of the Americas and West 52nd Street in New York.
The company reportedly intends to explore the sale of real-estate holdings that are deemed to be “non-core,” with the possible objective of using the proceeds to buy back company stock.
“The building, designed by Eero Saarien, an architect known for his futuristic style, opened in 1965, and Frank Stanton, the legendary CBS president, was intimately involved in its plans,” Variety notes, adding: “Bakish unveiled the plans as Wall Street has proven resistant to shares in the new company, seeking new signs of growth from a concern that includes CBS, Showtime, the Paramount movie studio and the Nickelodeon kids-cable empire.”
Variety adds: “During his remarks, Bakish also articulated plans to boost ViacomCBS’ entry into the industry’s so-called ‘streaming wars,’ by making content from the company’s cable networks available to the subscription-based ‘CBS All Access’ and CBS broadcast assets available via the free streaming-video outlet Pluto. And he said the company would start to present new kinds of advertising packages to Madison Avenue.”