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Paramount Global

From Alfawiki
Paramount Global
Company typePublic
IndustryMass media, Entertainment
PredecessorViacomCBS
FoundedDecember 4, 2019; 6 years ago (2019-12-04)
DefunctAugust 7, 2025 (2025-08-07)
FateMerged into Paramount Skydance Corporation
Headquarters
New York City
,
United States
Area served
Worldwide (180 countries)
Key people
Bob Bakish (CEO), Shari Redstone (Chair)
ProductsParamount Pictures, CBS Entertainment Group, BET Media Group, Paramount Media Networks, Paramount Streaming, Telefe, Chilevisión, Channel 5 (UK), Network 10 (Australia)
OwnerNational Amusements
Websiteparamount.com

Paramount Global, commonly referred to as Paramount and previously known as ViacomCBS, was a US-based multinational corporation specializing in mass media and entertainment. It was controlled by National Amusements and headquartered at One Astor Plaza in Midtown Manhattan. The company operated from December 4, 2019, until August 7, 2025.

The entity emerged from the 2019 consolidation of the second versions of Viacom and CBS Corporation, which had separated from the original Viacom in 2005. On February 16, 2022, it adopted the Paramount Global name as its official brand. Paramount’s portfolio included major assets such as Paramount Pictures, the CBS Entertainment Group—comprising the CBS broadcast network, television stations, and The CW—along with BET Media Group, Paramount Media Networks (featuring cable channels like MTV, Nickelodeon, and Showtime), and Paramount Streaming, which encompassed services like Paramount+ and Pluto TV. Its international operations oversaw localized versions of its channels and region-specific holdings, including Argentina’s Telefe, Chile’s Chilevisión, the UK’s 5, and Australia’s Network 10. Between 2011 and 2023, it maintained a 30% ownership stake in Italy’s Rainbow S.p.A.. By 2019, Paramount managed over 170 networks with a global reach of roughly 700 million subscribers spanning 180 countries.

In 2024, National Amusements began considering possible mergers or acquisitions involving Paramount Global. Interested parties included Warner Bros. Discovery, Sony Pictures, Apollo Global Management, Edgar Bronfman Jr., Allen Media Group, and Skydance Media. Although initial merger discussions with Skydance broke down by June, negotiations resumed later. On July 2, 2024, Skydance entered into a preliminary agreement to create "Paramount Skydance Corporation" through a three-way merger involving National Amusements and Paramount. This transaction received approval on July 24, 2025, and was completed by August 7, 2025.

Background

The histories of Paramount Pictures, CBS, and Viacom have been closely intertwined through numerous corporate restructurings involving mergers and separations. Founded in 1912 as the Famous Players Film Company, Paramount Pictures has a longstanding legacy. CBS was launched in 1927, with Paramount holding a significant 49% share from 1929 until 1932. In 1952, CBS established CBS Television Film Sales to handle syndication rights for shows it owned on its network. This division underwent several rebrands: becoming CBS Films in 1958, CBS Enterprises in 1968, and ultimately adopting the name Viacom in 1970—an acronym for Video and Audio Communications. Due to FCC regulations barring networks from owning syndication firms, Viacom was spun off in 1971; these restrictions were later lifted in 1993.

Viacom notably expanded in 1986 by acquiring MTV Networks and the Showtime/The Movie Channel Inc. from Warner Communications and American Express. The acquisition involved paying $326 million for MTV and $184 million for the remaining half interest in Showtime. The following year, in 1987, Viacom itself was acquired by theater chain operator National Amusements, marking a significant change in its ownership structure.

Paramount Communications (1989–1994) and Viacom Inc. and CBS Corporation (1994–2005)

In 1966, Gulf and Western Industries acquired Paramount Pictures, later rebranding as Paramount Communications in 1989. Viacom then purchased Paramount Communications in 1994. By 1999, Viacom announced intentions to merge with its former parent company, CBS Corporation (which had been renamed from Westinghouse Electric Corporation following its 1995 merger with CBS). This merger was finalized in 2000, reuniting CBS with its previous syndication division.

Viacom Inc. and CBS Corporation (2005–2019)

On December 31, 2005, Viacom underwent a division into two separate entities: the second iteration of CBS Corporation emerged as the corporate successor, while the second version of Viacom was spun off.

Formation

On September 29, 2016, National Amusements advocated for a merger between its subsidiaries Viacom and CBS Corporation. However, this agreement fell through by December.

In January 2018, amid significant industry consolidation involving AT&T/WarnerMedia and Disney/21st Century Fox, and facing competition from streaming giants Netflix and Amazon, Viacom renewed merger discussions with CBS. The combined entity was considered a potential bidder for Lionsgate (now Starz Entertainment) and was among the contenders for acquiring The Weinstein Company (TWC), which ultimately sold its assets to Maria Contreras-Sweet in March 2018.

On March 30, 2018, CBS submitted an all-stock offer below Viacom’s market valuation, proposing that CEO Les Moonves lead the merged organization. Viacom declined the bid, requesting an additional $2.8 billion and insisting on retaining Bob Bakish as president and COO. These disagreements highlighted Shari Redstone’s efforts to gain increased control over CBS’s leadership.

On May 14, 2018, CBS filed a lawsuit against National Amusements, accusing Redstone of misusing voting power to push through an unwanted merger and discouraging Verizon’s acquisition interest—actions considered harmful to shareholders.

By May 23, Moonves described Viacom’s channels as a "burden," favoring alternative acquisitions such as MGM or Lionsgate over merging with Viacom; he perceived Bakish as aligned with Redstone’s interests and a threat.

Moonves resigned on September 9, 2018 following allegations of sexual assault; National Amusements agreed to postpone merger plans for at least two years.

In May 2019, merger negotiations resumed after CBS restructured its board to include members supportive of a combination. These talks followed rumors of CBS pursuing Starz from Lionsgate. An informal deadline of August 8 was established to finalize an agreement on a potential recombination valued up to $15.4 billion.

On August 2, 2019, CBS and Viacom reached consensus on management roles for the merged company: Bob Bakish would serve as CEO of the combined entity, while Joseph Ianniello would oversee CBS-branded assets. Quarterly earnings continued to be reported separately on August 7 as discussions progressed.

Initial operations

On August 13, 2019, CBS and Viacom announced their intention to merge into ViacomCBS, with Shari Redstone appointed chair. The transaction was expected to close by year-end pending regulatory approval from bodies including the Federal Trade Commission and shareholder consent.

National Amusements approved the deal on October 28, 2019; completion was anticipated in early December. The newly formed company began trading on Nasdaq under the tickers "VIAC" and "VIACA" after CBS delisted from the New York Stock Exchange. On November 25, Viacom and CBS confirmed the merger would finalize on December 4 and commence NASDAQ trading on December 5. Bob Bakish officially announced the completion on December 4.

Shortly thereafter, Bakish revealed plans to sell Black Rock, CBS’s longtime headquarters, stating that capital could be better allocated elsewhere. On December 20, ViacomCBS acquired a 49% stake in film studio Miramax for $379 million; Paramount Pictures secured exclusive distribution rights along with first-look agreements for new productions based on Miramax properties.

In early 2020, executive vice president Dana McClintock departed after a tenure of 27 years. Additionally, ViacomCBS disclosed intentions to potentially divest its Simon & Schuster publishing division due to limited strategic alignment.

On June 19, 2020, Jaime Ondarza was appointed head of ViacomCBS Networks International for key markets across Europe and the Middle East. In August, ViacomCBS announced plans to launch EyeQ, a connected video advertising platform slated for fall release.

On September 14, 2020, ViacomCBS agreed to sell the CBSi-owned CNET Media Group—which includes CNET, ZDNet, GameSpot, TV Guide, Metacritic, and Chowhound—to Red Ventures for $500 million; the transaction closed on October 30.

By November 2020, offers up to $1.7 billion surfaced for Simon & Schuster from entities such as Vivendi, Penguin Random House (a division of Bertelsmann), and HarperCollins (owned by News Corp). On November 25, Penguin Random House agreed to acquire Simon & Schuster for $2.175 billion; however, this deal was blocked by a U.S. federal judge two years later.

On August 16, 2021, ViacomCBS sold the CBS Building to Harbor Group International for $760 million under a short-term leaseback arrangement. The following month saw a partnership between ViacomCBS and software company VideoAmp aimed at exploring alternative metrics for television advertising effectiveness.

In October 2021, ViacomCBS acquired majority stakes in Spanish-language content producers TeleColombia and Estudios TeleMexico. The subsequent month brought an agreement to sell the CBS Studio Center for $1.85 billion to Hackman Capital Partners and Square Mile Capital Management.

In January 2022, The Wall Street Journal reported that ViacomCBS and WarnerMedia were considering selling either a controlling share or full ownership of The CW, with Nexstar Media Group identified as a primary bidder. Discussions included potential contractual arrangements ensuring ongoing revenue through programming purchases. Then-CW CEO Mark Pedowitz acknowledged these talks but noted it was premature to predict outcomes.

Transition to Paramount

On February 15, 2022, ViacomCBS revealed plans to rebrand as Paramount Global, aiming to capitalize on the "iconic global name" and better align with its vision and brand identity. The company now primarily operates under the name "Paramount." Subsequent to the rebranding, the website for Paramount Pictures shifted from paramount.com to paramountpictures.com, while the paramount.com domain was adopted by Paramount itself.

On August 15, Nexstar declared its intention to acquire a 75% controlling interest in The CW network, leaving Paramount and Warner Bros. Discovery each with a 12.5% stake. This transaction did not require regulatory clearance, enabling Nexstar to take immediate operational control. The deal was finalized on October 3, coinciding with CEO Mark Pedowitz’s departure and Dennis Miller’s appointment as president of The CW. Following this acquisition, Paramount’s CBS News and Stations division announced on May 5, 2023, that its eight CW-affiliated stations would transition to independent status effective September 1.

On August 7, Paramount reached an agreement to divest Simon & Schuster to private equity firm KKR for $1.6 billion in cash; the transaction closed on October 30.

Potential Merger with Skydance Media

On December 20, 2023, reports emerged that Warner Bros. Discovery CEO David Zaslav met with Paramount Global CEO Bob Bakish to explore a possible merger. Both companies characterized these discussions as exploratory without any certainty of a deal. Fox Business later reported that Zaslav was "not in deal mode."

By January 2024, National Amusements was contemplating a transaction involving Paramount, while Skydance Media considered an all-cash bid valued at $2.5 billion. During this period, Paramount announced workforce reductions affecting 800 employees. In late February, Warner Bros. Discovery ceased merger negotiations with Paramount.

In April, Paramount and National Amusements initiated exclusive acquisition discussions with Skydance, as Shari Redstone and David Ellison examined a potential three-way deal. Meanwhile, Sony Pictures and Apollo expressed interest in acquiring Paramount through a joint proposal. On April 29, Bob Bakish stepped down as CEO; leadership transitioned to a CEO office comprising Brian Robbins, George Cheeks, and Chris McCarthy, with McCarthy appointed interim principal executive officer in compliance with SEC regulations.

On May 2, Sony and Apollo submitted a non-binding all-cash offer valued at $26 billion. Although Skydance’s exclusive negotiation period concluded on May 3, interest in the company persisted. Paramount’s board initiated talks with Sony and Apollo while maintaining non-exclusive discussions with Skydance. Warren Buffett disclosed that he had sold all his shares in Paramount at a loss. By mid-May, Sony and Apollo signed nondisclosure agreements to review Paramount’s financial information but reconsidered their all-cash bid strategy.

In late May, Skydance updated its proposal by offering $2.25 billion to acquire National Amusements plus $4.5 billion in cash for Paramount shareholders alongside $1.5 billion aimed at debt reduction—terms endorsed by an independent committee. By June 3, Paramount and Skydance reached agreement on merger conditions pending approval from National Amusements. However, Shari Redstone expressed concerns regarding diminished proceeds and potential legal liabilities she would inherit, prompting exploration of alternative suitors such as Steven Paul, Edgar Bronfman Jr., Bain Capital, John Paul DeJoria, and Barry Diller. On June 11, National Amusements terminated negotiations with Skydance.

By July 2, Skydance renegotiated terms and secured a preliminary agreement to acquire National Amusements and merge with Paramount; this arrangement awaited review by Paramount’s special committee. Concurrently, Paramount engaged in discussions to divest BET Media Group for approximately $1.6–$1.7 billion through a buyout led by BET CEO Scott Mills.

On July 7, Paramount’s board approved the $28 billion enterprise value merger with Skydance. David Ellison was slated to become chairman and CEO of the combined company ("New Paramount"), with former NBCUniversal CEO Jeff Shell appointed president. Paramount retained a 45-day period to pursue superior proposals; if matched or surpassed, Skydance would be entitled to a $400 million breakup fee. Skydance supported divesting non-core assets including BET.

In August 2024, following a $6 billion impairment charge related to cable networks, Paramount announced a reduction of approximately 15% of its U.S. workforce (around 2,000 employees), which included the closure of Paramount Television Studios. In September, the company sold VidCon to UK-based firm Informa.

In November 2024, Shari Redstone declared her intention to depart from Paramount following completion of the Skydance merger. Prior to the December merger closing, Paramount consolidated its television and streaming operations into a single division.

In July 2025, Paramount agreed to pay $16 million to settle litigation brought by former President Donald Trump alleging deceptive editing of his October 2024 60 Minutes interview with Kamala Harris. Shortly thereafter, The Late Show with Stephen Colbert host criticized the payment as "a big fat bribe." Three days later, the show was cancelled amid reports that Colbert’s manager had been notified weeks earlier. The Writers Guilds of America called on New York’s attorney general to investigate whether the cancellation constituted retaliation connected to the settlement as the company sought approval for its merger.

Company Divisions

Paramount Global consisted of seven principal divisions organized into three distinct business segments:

  • Filmed Entertainment encompassed the organization’s motion picture studios as well as television and film studios under the Nickelodeon brand.
  • TV Media comprises traditional broadcast networks and content production beyond Nickelodeon.
    • The CBS Entertainment Group administers CBS-branded assets like the CBS network, CBS News, CBS Sports, CBS Studios, and holds a 12.5% ownership in The CW Television Network. It also supervises the BET Media Group, which operates channels such as BET and BET Her.
    • Paramount Global Content Distribution is responsible for licensing and distributing television content worldwide to international broadcasters and streaming platforms.
    • Paramount Media Networks owns a portfolio of U.S. subscription television channels including MTV, Nickelodeon, Paramount+ with Showtime, and Comedy Central. It also manages production facilities like Nickelodeon Animation Studio and Showtime/MTV Entertainment Studios.
    • Paramount International Networks runs international television channels from three regional headquarters: United Kingdom & Australia; Europe, Middle East, Africa & Asia (EMEAA); and the Americas. Its holdings include region-specific channels such as Channel 5 in the UK, Network 10 in Australia, Telefe in Argentina, and Chilevisión in Chile. Historically, this division held stakes in Italy’s Rainbow S.p.A. (30%, from 2011 to 2023) and India’s Viacom18 (50%, from 2007 to 2024). It also co-owned CBS-branded European channels alongside AMC Networks International.
    • Paramount Digital Studios oversees digital properties focused on online video content.
  • Paramount Experiences specializes in retail merchandising and licensing activities related to Paramount’s intellectual properties, including operations under Paramount Consumer Products and select theme park ventures.

Leadership

Board of Directors
  • Shari Redstone (Non-Executive Chair)
  • Mary M. Boies
  • Barbara M. Byrne
  • Linda M. Griego
  • Hon. Roanne Sragow Licht
  • Charles E. Ryan
  • Susan Schuman
Executive Team
CEO Office

External links

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