Longview helps Turner Broadcasting Consolidate Tax Provision Worldwide
Toronto, ON and Philadelphia, PA, January 8, 2007 - Longview Solutions, a leading provider of corporate performance management software, announced today that Turner Broadcasting System, Inc. (TBS, Inc.), a Time Warner company and a leading provider of programming for the cable industry, has chosen to implement the Tax Provision & Data Collection functionality of the Longview Performance Management Platform. Longview Tax which is expected to be implemented and fully operational by end of Q1/07, will be used by TBS, Inc. to collect tax data from subsidiaries around the world, calculate its consolidated tax provision and produce its tax footnote immediately upon close.
“We needed to get away from using spreadsheets for our tax provision work,” explains Robert Sauban, VP Taxes at TBS, Inc. “We’re getting a much more bullet-proof solution with Longview, especially since all the data is stored and manipulated within a single database rather than being transferred back and forth between a number of systems. There’s a certain ‘truth’ that comes from this, so our tax provision results will be more trustworthy.”
In describing their choice of the Longview Platform over other tax solutions considered, Sauban goes on to say that in addition to automatically creating their effective tax rate reconciliation and footnote for their financial statements, he expects to benefit from the capability of Longview Tax to keep their tax basis balance sheet up to date on an ongoing basis.
“Tax departments are always being challenged to do a tax basis balance sheet, so it’s very important to me that Longview does it automatically,” adds Sauban. “This will save us valuable time that we can put into doing more analysis instead of just calculating things.”
Sauban concluded his remarks by saying that, “There are other tax packages out there but they don’t offer the same flexibility or degree of automation. The Longview team is top notch and their product performed beautifully during our proof-of-concept testing.”
“We’re delighted to have TBS, Inc. as a customer,” says Bob Norton, VP Tax Solutions at Longview. “Longview Tax was designed specifically for global tax organizations such as TBS, Inc. that need to do their tax provisions faster and with greater accuracy, while bringing stronger controls to their entire FAS 109 process.”
About Turner Broadcasting
Turner Broadcasting System, Inc. (TBS, Inc.) is a major producer of news and entertainment product around the world and the leading provider of programming for the basic cable industry. TBS, Inc.’s groundbreaking network, CNN, is one of the world’s most respected and trusted sources for news and information. TBS, Inc. is also home to familiar entertainment networks such as TBS, TNT, Cartoon Network, and Turner Classic Movies as well as specialized networks such as Boomerang. TBS, Inc. is also home to The Atlanta Braves, nascar.com and pga.com. TBS, Inc. also has interests in professional sports and real estate and employs more than 8,000 people worldwide. For more information visit www.turner.com
About Longview Solutions
Longview Solutions helps companies manage the business of finance with speed, visibility and financial integrity. Since 1995, hundreds of the world’s most respected companies including Boeing, Cisco, GE Healthcare, Home Depot, Ingersoll Rand, JC Penney and many other industry leaders have used our software to create a single repository of financial truth from which Statutory Consolidation, Management Reporting, Financial Planning, Modeling, Analysis, Budgeting, Forecasting, and Tax processes can be performed simultaneously, enterprise-wide.
Longview Solutions has a focus on finance, and expertise that covers all industry sectors including energy, natural resources, media and entertainment, financial services, healthcare, higher education, manufacturing, pharmaceutical and retail. For more information go to www.longview.com.
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