In the realm of media and entertainment, ViacomCBS stands out as a prominent name, captivating audiences worldwide with its diverse and compelling content. From its humble beginnings to its current status as a media conglomerate, the ownership of ViacomCBS has undergone a series of notable changes and transformations.
Initially established in 1952 as CBS Corporation, the company embarked on a journey marked by strategic acquisitions and mergers. In 1995, Westinghouse Electric Corporation, the then-parent company of CBS, merged with Viacom Inc., forming a formidable media empire known as ViacomCBS.
As we delve deeper into the history of ViacomCBS ownership, we'll explore the significant milestones, key players, and the impact of these changes on the media landscape.
who owns viacom
ViacomCBS, a media giant, has seen several ownership changes over time.
- CBS Corporation (1952-1995)
- Westinghouse Electric (1995-1999)
- Viacom Inc. (1999-2005)
- National Amusements (2005-2019)
- ViacomCBS (2019-present)
- Redstone family (controlling shareholder)
- Sumner Redstone (former chairman)
- Shari Redstone (current chairwoman)
- Bob Bakish (CEO)
The Redstone family retains significant influence and control over ViacomCBS.
CBS Corporation (1952-1995)
The origins of ViacomCBS can be traced back to the establishment of CBS Corporation in 1952. CBS, an acronym for Columbia Broadcasting System, was founded by William S. Paley and a group of investors. Paley, a visionary entrepreneur, recognized the potential of television and radio broadcasting and played a pivotal role in shaping the early landscape of electronic media.
Under Paley's leadership, CBS Corporation grew rapidly, acquiring radio and television stations across the United States. The company also expanded its programming, introducing iconic shows like "I Love Lucy," "The Ed Sullivan Show," and "60 Minutes." These programs captivated audiences and helped establish CBS as a leading force in the broadcasting industry.
In the 1980s, CBS Corporation faced increasing competition from cable television and other emerging media platforms. To adapt to the changing landscape, the company embarked on a series of strategic acquisitions and partnerships. In 1985, CBS acquired the music publisher Chappell & Co., followed by the purchase of the record label CBS Records in 1987. These acquisitions laid the foundation for CBS's future expansion into the entertainment industry.
By the early 1990s, CBS Corporation had become a diversified media conglomerate with interests in broadcasting, music, and publishing. However, the company faced financial challenges and a decline in its market share. In 1995, CBS Corporation merged with Westinghouse Electric Corporation, a manufacturing and media conglomerate, in a deal valued at $5.4 billion.
The merger with Westinghouse marked a significant turning point in the history of CBS Corporation, paving the way for the creation of ViacomCBS.
Westinghouse Electric (1995-1999)
In 1995, CBS Corporation merged with Westinghouse Electric Corporation, a manufacturing and media conglomerate, in a deal valued at $5.4 billion. The merger created a new entity called CBS Westinghouse, which was later renamed ViacomCBS.
- Diversification and Expansion:
The merger brought together CBS's broadcasting and entertainment assets with Westinghouse's extensive portfolio of businesses, including electronics, power generation, and media properties. This diversification allowed the newly formed company to expand its reach and compete more effectively in the rapidly changing media landscape.
- Leadership Changes:
The merger resulted in a shift in leadership at the company. Michael Jordan, the chairman and CEO of Westinghouse, became the chairman and CEO of CBS Westinghouse. Mel Karmazin, the president of CBS, was named president and COO of the combined company.
- Financial Struggles:
Despite the initial promise of the merger, CBS Westinghouse faced financial difficulties. The company's debt burden increased significantly, and it struggled to integrate its diverse operations effectively. Competition from other media conglomerates also intensified, putting pressure on CBS Westinghouse's bottom line.
- Breakup and Restructuring:
In 1999, CBS Westinghouse announced plans to split into two separate companies: Viacom and CBS Corporation. Viacom, led by Sumner Redstone, would focus on entertainment assets, including Paramount Pictures, MTV, and Nickelodeon. CBS Corporation, led by Mel Karmazin, would retain the broadcasting and news operations.
The breakup of CBS Westinghouse marked the end of a brief but significant chapter in the history of ViacomCBS. The merger with Westinghouse had brought together a diverse range of businesses, but the challenges of integrating these operations and the changing media landscape ultimately led to the company's decision to split into two separate entities.
Viacom Inc. (1999-2005)
In 1999, CBS Westinghouse split into two separate companies: Viacom and CBS Corporation. Viacom, led by Sumner Redstone, became an independent entertainment conglomerate, inheriting a portfolio of valuable assets including Paramount Pictures, MTV, Nickelodeon, and Blockbuster Video.
- Entertainment Focus:
As an independent company, Viacom focused on expanding its entertainment offerings and strengthening its position in the global media market. The company invested heavily in its cable channels, launching new networks and acquiring popular programming. Viacom also continued to produce successful films through Paramount Pictures.
- Acquisition of CBS Stations:
In 2000, Viacom made a strategic move by acquiring 10 CBS-owned television stations in major markets across the United States. This acquisition gave Viacom a stronger presence in local broadcasting and increased its reach to viewers.
- Financial Success:
Under Sumner Redstone's leadership, Viacom experienced significant financial success. The company's revenue and profits grew steadily, driven by the popularity of its cable channels, films, and syndicated programming. Viacom also benefited from the growth of the home video market and the expansion of international markets.
- Challenges and Transition:
Despite its financial success, Viacom faced challenges in the early 2000s. The rise of digital media and streaming services began to disrupt the traditional television and film industries. Viacom also faced increased competition from other media conglomerates and independent content producers.
In 2005, Sumner Redstone announced his decision to split Viacom into two separate companies: CBS Corporation and Viacom Inc. This move was driven by a desire to focus on different aspects of the media business and to unlock shareholder value.
National Amusements (2005-2019)
In 2005, Sumner Redstone, the controlling shareholder of Viacom, announced his decision to split the company into two separate entities: CBS Corporation and Viacom Inc. National Amusements, a privately held company owned by the Redstone family, became the majority shareholder of both companies.
- Controlling Shareholder:
National Amusements, through its ownership of a significant number of voting shares, held a controlling stake in both CBS Corporation and Viacom Inc. This gave the Redstone family significant influence over the strategic direction and management of both companies.
- Sumner Redstone's Leadership:
Sumner Redstone remained actively involved in the operations of both CBS Corporation and Viacom Inc. as the chairman of both companies. He played a key role in shaping the strategic decisions and overall direction of the businesses.
- Internal Conflicts and Restructuring:
During the National Amusements era, both CBS Corporation and Viacom Inc. experienced periods of internal conflicts and restructuring. These included disputes over management, programming, and financial matters. In 2016, Viacom Inc. underwent a major restructuring, resulting in the merger of several cable channels and the departure of key executives.
- Declining Revenue and Changing Media Landscape:
Both CBS Corporation and Viacom Inc. faced challenges related to declining revenue and the rapidly changing media landscape. The rise of streaming services and the fragmentation of the television audience posed significant threats to their traditional business models. Both companies took steps to adapt to these changes, including investing in digital platforms and expanding their international presence.
In 2019, CBS Corporation and Viacom Inc. announced plans to merge once again, creating a new media conglomerate called ViacomCBS. This merger brought together the assets of both companies, including CBS, Showtime, MTV, Nickelodeon, and Paramount Pictures.
ViacomCBS (2019-present)
In 2019, CBS Corporation and Viacom Inc. merged once again to form a new media conglomerate called ViacomCBS. The merger brought together a diverse portfolio of assets, including CBS, Showtime, MTV, Nickelodeon, and Paramount Pictures.
- Reunited Media Giant:
The merger of CBS Corporation and Viacom Inc. created a media giant with a broad reach and a strong presence across various platforms. The combined company had access to a vast library of content, including popular television shows, films, and music.
- Shari Redstone's Leadership:
Following the merger, Shari Redstone, the daughter of Sumner Redstone, became the chairwoman of ViacomCBS. Under her leadership, the company focused on integrating its operations, reducing costs, and expanding its streaming services.
- Content Consolidation and Streaming Focus:
ViacomCBS undertook a major content consolidation effort, streamlining its programming and channels to reduce redundancy. The company also invested heavily in its streaming platforms, including CBS All Access and Paramount+, to compete with rivals such as Netflix and Disney+.
- Challenges and Restructuring:
Despite its efforts, ViacomCBS faced challenges related to the declining viewership of traditional television and the increasing popularity of streaming services. The company underwent a restructuring in 2021, resulting in layoffs and the closure of certain channels.
In 2022, ViacomCBS changed its name to Paramount Global to reflect its focus on its flagship brand, Paramount. The company continues to navigate the evolving media landscape, adapting its strategies to meet the changing needs of audiences and advertisers.
Redstone family (controlling shareholder)
The Redstone family has played a pivotal role in the ownership and control of ViacomCBS since its early days as CBS Corporation.
- Sumner Redstone's Dominance:
Sumner Redstone, the patriarch of the Redstone family, was a prominent figure in the media industry. He acquired controlling stakes in both CBS Corporation and Viacom Inc. and served as the chairman of both companies for many years. Redstone was known for his aggressive business tactics and his hands-on approach to management.
- National Amusements:
The Redstone family's controlling interest in ViacomCBS is held through National Amusements, a privately held company. National Amusements is the majority shareholder of ViacomCBS, with voting control over the company's board of directors.
- Shari Redstone's Leadership:
Following Sumner Redstone's retirement in 2016, his daughter Shari Redstone assumed the role of chairwoman of both CBS Corporation and Viacom Inc. Under her leadership, the two companies merged to form ViacomCBS in 2019. Shari Redstone continues to be a key figure in the ownership and governance of ViacomCBS.
- Succession and Future Control:
The future ownership and control of ViacomCBS by the Redstone family is a topic of ongoing speculation. Shari Redstone is currently the controlling shareholder, but it is unclear who will succeed her in this role. The Redstone family's continued involvement in ViacomCBS will depend on various factors, including family dynamics, business performance, and the evolving media landscape.
The Redstone family's ownership of ViacomCBS has been marked by both success and controversy. The family's strategic acquisitions and investments have helped to build ViacomCBS into a global media powerhouse. However, the family's control has also been criticized for its concentration of power and its impact on the company's decision-making.
Sumner Redstone (former chairman)
Sumner Redstone was a prominent figure in the media industry and the former chairman of both CBS Corporation and Viacom Inc. He played a pivotal role in shaping the ownership and direction of ViacomCBS.
- Early Career and Acquisitions:
Redstone began his career in the theater business before venturing into broadcasting. In the 1950s, he acquired several radio and television stations, including WNAC-TV in Boston. Redstone's aggressive acquisition strategy helped him build a media empire over the years.
- Rise of Viacom:
In 1973, Redstone founded Viacom International Inc., a company that would become a major player in the cable television industry. Viacom acquired several cable networks, including MTV, Nickelodeon, and VH1. Redstone's vision and leadership were instrumental in the growth and success of Viacom.
- CBS-Viacom Merger and Control:
In 1995, Redstone orchestrated the merger of Viacom Inc. with CBS Corporation. The combined entity, initially known as CBS Westinghouse, was later renamed ViacomCBS. Redstone became the chairman of the merged company, solidifying his control over a vast media empire.
- Business Acumen and Controversies:
Redstone was known for his shrewd business acumen and his aggressive pursuit of growth. However, his leadership was also marked by controversies and legal battles. In his later years, Redstone's mental capacity and involvement in the company's operations became a subject of public scrutiny.
Sumner Redstone left an indelible mark on the media industry. His strategic acquisitions and mergers helped to create ViacomCBS, a global media conglomerate with a diverse portfolio of assets. Redstone's legacy is complex, with both successes and controversies, but his impact on the evolution of ViacomCBS cannot be denied.
Shari Redstone (current chairwoman)
Shari Redstone is the current chairwoman of ViacomCBS, a position she assumed in 2016 following the retirement of her father, Sumner Redstone. She has played a significant role in shaping the company's direction and strategy.
- Family Legacy and Media Experience:
Shari Redstone grew up in a media family, with her father being a prominent figure in the industry. She gained experience in the entertainment business through her work at various Viacom-owned companies, including MTV Networks and Showtime Networks.
- Leadership and Restructuring:
As chairwoman of ViacomCBS, Shari Redstone has overseen a period of restructuring and strategic changes. She initiated cost-cutting measures, streamlined operations, and focused on integrating the company's assets more effectively.
- Focus on Streaming and Content Consolidation:
Recognizing the changing media landscape, Redstone has emphasized the importance of streaming services and content consolidation. She has invested heavily in ViacomCBS's streaming platforms, such as CBS All Access and Paramount+, and has worked to streamline the company's content offerings.
- CBS-Viacom Merger and Paramount Global:
In 2019, Shari Redstone played a key role in the merger of CBS Corporation and Viacom Inc., which resulted in the creation of ViacomCBS. She continued to serve as chairwoman of the merged company. In 2022, ViacomCBS changed its name to Paramount Global to reflect its focus on its flagship brand, Paramount.
Shari Redstone's leadership has been instrumental in guiding ViacomCBS through a period of transformation and challenges. She has focused on adapting the company to the evolving media landscape, emphasizing streaming services, content consolidation, and strategic partnerships.
Bob Bakish (CEO)
Robert "Bob" Bakish is the current President and Chief Executive Officer (CEO) of Paramount Global, the parent company of ViacomCBS. He has played a key role in leading the company through a period of transformation and growth.
Bakish joined Viacom in 2005 and held various leadership positions within the company. He was appointed President and CEO of Viacom International Media Networks in 2016 and became the CEO of ViacomCBS in 2019 following the merger of CBS Corporation and Viacom Inc.
Under Bakish's leadership, ViacomCBS has undergone significant changes, including a focus on streaming services, content consolidation, and strategic partnerships. He has overseen the launch of Paramount+, the company's flagship streaming service, and has worked to integrate the content and platforms of CBS, Showtime, MTV, Nickelodeon, and Paramount Pictures.
Bakish has also emphasized operational efficiency and cost-cutting measures. He has streamlined operations, divested non-core assets, and implemented restructuring initiatives to improve the company's financial performance. Additionally, Bakish has pursued strategic partnerships with other media companies, such as Comcast and Charter Communications, to expand the reach of ViacomCBS's content and services.
Bob Bakish's leadership has been instrumental in guiding ViacomCBS through a period of transformation and challenges. He has focused on adapting the company to the evolving media landscape, emphasizing streaming services, content consolidation, and strategic partnerships. Bakish's efforts have helped to position ViacomCBS as a major player in the global entertainment industry.
FAQ
Here are some frequently asked questions (FAQs) about "Who Owns ViacomCBS":
Question 1: Who is the current owner of ViacomCBS?
Answer: ViacomCBS is currently owned by Paramount Global, a global media and entertainment company.
Question 2: Who is the CEO of ViacomCBS?
Answer: Bob Bakish is the current President and Chief Executive Officer (CEO) of Paramount Global, the parent company of ViacomCBS.
Question 3: Who was the former chairman of ViacomCBS?
Answer: Sumner Redstone was the former chairman of both CBS Corporation and Viacom Inc. before the two companies merged to form ViacomCBS. He retired from the position in 2016.
Question 4: Who is the current chairwoman of ViacomCBS?
Answer: Shari Redstone is the current chairwoman of Paramount Global, the parent company of ViacomCBS. She assumed the role in 2016 following the retirement of her father, Sumner Redstone.
Question 5: What is the name of ViacomCBS's streaming service?
Answer: ViacomCBS's flagship streaming service is called Paramount+.
Question 6: What are some of the popular channels owned by ViacomCBS?
Answer: ViacomCBS owns a diverse portfolio of channels, including CBS, Showtime, MTV, Nickelodeon, Comedy Central, BET, and Paramount Network.
Question 7: What is the history of ViacomCBS?
Answer: ViacomCBS was formed in 2019 through the merger of CBS Corporation and Viacom Inc. The company's roots can be traced back to the founding of CBS in 1927 and Viacom in 1973.
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These are just a few of the frequently asked questions about ViacomCBS. For more information, you can visit the company's official website or check out other reputable sources.
In addition to the FAQ, here are some helpful tips for staying up-to-date on the latest news and developments related to ViacomCBS:
Tips
Here are a few practical tips for staying up-to-date on the latest news and developments related to ViacomCBS:
Tip 1: Follow ViacomCBS on Social Media:
Follow ViacomCBS and its subsidiaries on social media platforms such as Twitter, Facebook, and Instagram. These accounts often share news, updates, and behind-the-scenes content.
Tip 2: Subscribe to ViacomCBS's Email Newsletter:
Sign up for ViacomCBS's email newsletter to receive regular updates on the company's latest news, promotions, and upcoming releases.
Tip 3: Check Industry News Websites and Blogs:
Keep an eye on reputable industry news websites and blogs that cover the entertainment and media sectors. These sources often provide in-depth analysis and insights into ViacomCBS and its competitors.
Tip 4: Attend Industry Events and Conferences:
If you have the opportunity, attend industry events and conferences where ViacomCBS executives and industry experts speak. These events provide a great way to learn about the company's latest initiatives and strategies.
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By following these tips, you can stay informed about the latest developments at ViacomCBS and gain a deeper understanding of the company's business and industry.
Now that you have a better understanding of who owns ViacomCBS and how to stay up-to-date on the company's news, let's summarize the key points and conclude the article.
Conclusion
In this article, we explored the question "Who Owns ViacomCBS?" by delving into the company's history, ownership structure, and key individuals involved. We learned that ViacomCBS is currently owned by Paramount Global, a global media and entertainment company, and that Bob Bakish serves as the President and CEO.
We also discussed the Redstone family's significant influence over ViacomCBS, with Shari Redstone serving as the chairwoman. Additionally, we examined the roles of Sumner Redstone, the former chairman, and his contributions to the company's growth.
Throughout the article, we emphasized the importance of staying up-to-date on the latest news and developments related to ViacomCBS. We provided practical tips for following the company's social media accounts, subscribing to its email newsletter, checking industry news sources, and attending industry events.
Closing Message:
Ultimately, understanding who owns and controls ViacomCBS is crucial for comprehending the company's strategic direction, business decisions, and overall performance in the rapidly evolving media landscape. By following the tips provided in this article, you can stay informed about ViacomCBS's latest developments and gain a deeper appreciation for the company's role in the entertainment industry.