National Amusements
An American privately held cinema operator and media holding company that controlled Paramount Global through the Redstone family's voting stake.
Last updated August 25, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
National Amusements was an American privately held entertainment company whose businesses combined movie-theater operations with strategic ownership of major media assets. Founded by Michael Redstone in the Boston suburb of Dedham in 1936 as Northeast Theater Corporation, it began as a regional cinema chain. The company adopted the National Amusements name in 1959, when Michael Redstone's son Sumner Redstone joined the business and began building it into a larger entertainment enterprise. The company became particularly significant through its ownership of Viacom and, later, the related corporate structures that controlled Paramount Pictures, CBS, MTV Networks, BET, and other media properties. In 1987, National Amusements became the majority owner of the original Viacom, a former CBS subsidiary involved in television-program syndication. Under Sumner Redstone's leadership, Viacom expanded through acquisitions and mergers, including its 1994 combination with Paramount Communications, its acquisition of Blockbuster Video, its 2000 merger with the original CBS Corporation, and its 2001 acquisition of BET Holdings. These transactions connected National Amusements to a broad portfolio spanning film production, television networks, broadcasting, home entertainment, and music-related media. National Amusements remained a family-controlled holding company rather than a conventional public operating corporation. Its principal corporate power came from voting control rather than from the size of its economic ownership. After the 2019 re-merger of Viacom and CBS, the resulting ViacomCBS became the principal listed media company controlled by National Amusements. ViacomCBS was renamed Paramount Global in 2022. National Amusements held a minority economic interest but a substantially larger voting interest in Paramount Global, allowing the Redstone family to influence the company's governance. The company also continued to operate cinemas under brands including Showcase Cinemas, Showcase Cinema de Lux, Multiplex Cinemas, and Cinema de Lux. At its larger historical scale, it operated hundreds of screens in the United States, the United Kingdom, and Latin America. Financial pressure during the late 2000s led the Redstones to sell nonvoting National Amusements shares, dispose of significant holdings in CBS and Viacom, and sell numerous theaters. The cinema portfolio subsequently became more concentrated in the Northeastern United States, with international operations including Brazilian theaters acquired through the purchase of UCI's Brazilian business. Sumner Redstone served as the company's principal controlling figure, chairman, and chief executive for decades. Following his death in August 2020, his holdings passed to a trust led by his daughter, Shari Redstone. In 2024, Skydance Media, led by David Ellison, agreed to acquire National Amusements as part of a wider transaction involving Paramount Global. The transaction was approved by the Federal Communications Commission in July 2025 and closed on August 7, 2025. National Amusements was absorbed into the newly formed Paramount Skydance Corporation, ending nearly nine decades of Redstone-family control as a separate company. Cinema assets associated with the former National Amusements portfolio continued to operate under familiar theater brands after the corporate combination.
History
National Amusements began in 1936 when Michael Redstone established Northeast Theater Corporation in Dedham, Massachusetts. The business operated movie theaters in the Boston region and developed from a local exhibition company into a broader cinema group. In 1959, Michael's son Sumner Redstone joined the business, which was renamed National Amusements. Sumner subsequently became the central figure in the company's expansion and corporate strategy. The decisive transformation came in 1987, when National Amusements acquired majority control of the original Viacom. Viacom had originated as a CBS subsidiary focused on distributing television programming, but it expanded substantially under Redstone-family control. Viacom announced a combination with Paramount Communications in 1993, completing the transaction in 1994 and bringing Paramount Pictures into the group. The company also acquired Blockbuster Video in 1994, merged with the original CBS Corporation in 2000, and purchased BET Holdings in 2001. Through these transactions, National Amusements became the controlling holding company behind a diversified media empire. In 2005, National Amusements supported a major restructuring of Viacom. The former Viacom was divided into two separately traded companies that remained under common control. The new CBS Corporation retained CBS, Simon & Schuster, and Paramount Network Television, while a new Viacom retained MTV Networks, BET's media operations, and Paramount Pictures. The two companies began trading separately in January 2006. This arrangement preserved the Redstone family's control while separating different media portfolios and operating strategies. The company's financial position came under pressure during the late 2000s. In 2008, Sumner and Shari Redstone sold nonvoting National Amusements shares. In 2009, the company sold substantial CBS and Viacom stock holdings and transferred 35 theaters to Rave Motion Pictures. It also considered new debt financing to refinance bank obligations. The theater business became smaller and more regionally concentrated, although National Amusements continued operating branded cinemas in the United States and selected international markets. National Amusements' corporate importance was renewed when CBS and Viacom reunited in 2019. The resulting ViacomCBS became a publicly traded company controlled through National Amusements' voting position. ViacomCBS adopted the Paramount Global name in 2022, reflecting the importance of Paramount's entertainment identity and the company's broader streaming and media ambitions. National Amusements remained a private family holding company with disproportionate voting power relative to its economic stake. Sumner Redstone died on August 11, 2020. His holdings moved into a trust led by Shari Redstone, who became the principal representative of the family's controlling interests. During 2024, David Ellison's Skydance Media pursued the acquisition of National Amusements as the first stage of a broader transaction involving Paramount Global. The proposed structure included an acquisition of National Amusements followed by a merger between Skydance and Paramount. The transaction received Federal Communications Commission approval on July 24, 2025, and closed on August 7, 2025. National Amusements was absorbed into Paramount Skydance Corporation, ending its existence as a separate Redstone-family holding company after almost 90 years.
- 2025
National Amusements is absorbed into Paramount Skydance
[1]The Skydance-Paramount transaction closes and National Amusements ceases to exist as a separate company.
- 2022
ViacomCBS is renamed Paramount Global
[1]The principal public media company controlled by National Amusements adopts the Paramount Global name.
- 2020
Shari Redstone-led trust assumes control
[1]After Sumner Redstone's death, his holdings pass to a trust led by Shari Redstone.
- 2019
ViacomCBS is formed
[1]Viacom and CBS complete their re-merger, creating ViacomCBS.
- 2006
CBS Corporation and Viacom begin separate trading
[1]The two successor companies begin trading independently while remaining under Redstone-family control.
- 2005
Viacom announces a corporate split
[1]National Amusements backs the separation of Viacom's assets into CBS Corporation and a new Viacom.
- 2000
Viacom merges with CBS
[1]The original Viacom merges with the original CBS Corporation, expanding National Amusements' broadcast and media holdings.
- 1994
Paramount Communications and Blockbuster transactions
[1]Viacom completes its combination with Paramount Communications and acquires Blockbuster Video.
- 1987
National Amusements takes control of Viacom
[1]The company becomes the majority owner of the original Viacom.
- 1959
The company adopts the National Amusements name
[1]Sumner Redstone joins the family theater business, which is renamed National Amusements.
Products and positioning
Family-controlled entertainment holding company combining cinema exhibition with controlling ownership of large-scale film, television, and media businesses.
Cinema exhibition
Showcase Cinemas
A principal National Amusements theater brand operating multiplex cinemas in the United States and selected international markets. The chain formed the core of the company's public-facing exhibition business and continued to be associated with former National Amusements properties after the corporate combination with Skydance and Paramount.
Premium cinema exhibition
Showcase Cinema de Lux
A premium cinema format associated with Showcase, offering enhanced auditoriums and upgraded seating and hospitality features. The format was used in selected National Amusements locations in the United States and the United Kingdom.
Cinema exhibition
Multiplex Cinemas
A cinema brand used by National Amusements for multiplex exhibition, particularly in international operations. It formed part of the company's collection of theater identities alongside Showcase and Cinema de Lux.
Premium cinema exhibition
Cinema de Lux
A premium theater identity used for selected National Amusements cinemas, featuring upgraded facilities and, in some locations, enhanced seating and presentation formats.
Cinema exhibition · 2004
UCI Cinemas Brazil
National Amusements' Brazilian cinema operation, acquired through its purchase of UCI's Brazilian business in 2004. The operation was adapted to share elements of the Showcase identity and included premium-format and reclining-seat offerings at selected locations.
Brand decisions
2024
Agree to sell National Amusements to SkydanceM&ABackground
David Ellison's Skydance Media pursued National Amusements as a way to obtain control of Paramount Global and then combine the two media companies.
Action taken
The proposed transaction provided for Skydance to acquire National Amusements and subsequently merge Skydance with Paramount Global.
Aftermath
The transaction received regulatory approval in 2025 and closed on August 7, 2025, creating Paramount Skydance Corporation.
Reported acquisition consideration for National Amusements. $2.4 billion (2024 announced transaction)
2019
Recombine Viacom and CBSM&ABackground
National Amusements controlled both Viacom and CBS Corporation after their 2005 separation, creating a structure in which related media assets operated in separate public companies.
Action taken
The two companies agreed to merge and completed the transaction in December 2019, forming ViacomCBS.
Aftermath
The combined company became the principal public media platform controlled by National Amusements and was renamed Paramount Global in 2022.
2005
Separate Viacom's media portfoliosStrategyBackground
National Amusements faced a declining stock price at Viacom and determined that the company's media assets should be divided between two separately traded corporations.
Action taken
The original Viacom was separated into CBS Corporation, which retained CBS and related assets, and a new Viacom, which retained Paramount Pictures, MTV Networks, and BET-related operations.
Aftermath
The two companies began trading separately in January 2006 while remaining under common Redstone-family control.
Sources1 sources
Cite this profile: Cite the canonical profile. /brand-wiki/national-amusements · Editorial policy · How profiles are compiled