VIACOMCBS SETS UP $100 MILLION CORONAVIRUS RELIEF FUND

ViacomCBS has launched a $100 million fund to support crew members, actors, filmmakers, and others who contribute to the industry, who have been impacted by the production shutdown caused by the coronavirus. The funds will also support grants by the Motion Picture & Television Fund and The Actors Fund, along with the work of other charitable organizations. “In these uncertain times, giving back and supporting the well-being of our families, communities, and ourselves is more important than ever,” ViacomCBS President and CEO Bob Bakish said in a message to staff. “And I couldn’t be prouder of how our company has come together to provide relief and support to those who need it.”

ViacomCBS also announced that it will launch its Employee Matching Gifts program in the U.S and U.K before it expands to other regions. To encourage company-wide participation, the company will match up to $1,000 per year of charitable contributions from full-time employees at the vice president level and below. Viacom is also deploying its channels and social media accounts to thank first responders and to encourage consumers to keep social-distancing. “One particularly challenging area in this period has been produced, as we’ve unfortunately had to pause most of our TV and film productions to protect the health and safety of our cast, crew, and communities,” Bakish said. “This, in turn, has put at risk the livelihoods of our colleagues who help bring these stories to life.”

Similarly, Comcast pledged $500 million to help workers impacted by coronavirus, and Sony launched a $100 million fund of its own. Netflix also revealed a $100 million fund, which will go to the streamers' unemployed crewmembers globally as well as third parties like SAG-AFTRA's COVID-19 Relief Fund, the MPTF's Emergency Relief Fund and The Actors Fund's Entertainment Assistance Program.ViacomCBS earlier warned the novel coronavirus pandemic would have a "material" impact on its financial results as it planned "cost savings initiatives" to offset expected revenue losses. That overall impact includes production delays in television and film entertainment programming. The outbreak followed CBS Corp. and Viacom recombining late last year to create ViacomCBS, which came 14 years after Sumner Redstone split his entertainment empire in two with the idea of having two focused companies. To this day, the Redstone family still controls the combined firm.