Paramount Global

Paramount Global was an American multinational media and entertainment company created in December 2019 through the recombination of CBS Corporation and the second Viacom. The two businesses had separated from the original Viacom in 2005 after a period in which the parent group had combined broadcast television, cable networks, film production, publishing, and other media operations. The 2019 transaction reunited the CBS television and news businesses with Viacom's portfolio of entertainment and youth-oriented networks and with Paramount Pictures, the historic film studio whose corporate ownership had moved through Gulf and Western, Paramount Communications, and Viacom. The company initially operated as ViacomCBS. Its assets included the CBS broadcast network and owned television stations; CBS News and CBS Sports; The CW, initially jointly controlled with WarnerMedia; Paramount Pictures; Paramount Television Studios; the BET Media Group; Paramount Media Networks; and a streaming division containing Paramount+ and Pluto TV. Its principal cable and entertainment brands included MTV, Nickelodeon, Nick Jr., Comedy Central, CMT, Paramount Network, TV Land, VH1, BET, and Showtime. International assets included Telefe in Argentina, Chilevisión in Chile, Network 10 in Australia, Channel 5 in the United Kingdom, and international versions of its branded networks. The group stated that its networks reached hundreds of millions of subscribers across approximately 180 countries. The company was formed during a period of rapid change in the media industry. Traditional broadcasters and cable programmers were facing competition from Netflix, Amazon, Disney+, YouTube, and other direct-to-consumer services. Paramount Global therefore made streaming a central strategic priority. CBS All Access was expanded and rebranded as Paramount+ in 2021, combining CBS programming with Paramount film and television content and additional material from the company's cable brands. Pluto TV supplied a free, advertising-supported streaming service, while Paramount's advertising technology and international distribution businesses supported the broader digital strategy. On February 16, 2022, ViacomCBS changed its corporate name to Paramount Global and generally marketed itself as Paramount. The rebrand was intended to place the Paramount name, already associated with the film studio and its mountain logo, at the center of the combined company's entertainment, television, and streaming activities. During this period the company also pursued portfolio rationalization, including the disposal of CNET Media Group, real estate, The CW interest, and Simon & Schuster, while acquiring or investing in selected production and international assets. Paramount Global remained controlled by National Amusements, the theater-holding company associated with Shari Redstone. Bob Bakish served as president and chief executive officer for most of the company's existence. In April 2024, Bakish left the CEO role and was replaced on an interim basis by an office of the CEO consisting of George Cheeks, Chris McCarthy, and Brian Robbins. The board subsequently appointed Chris McCarthy and Brian Robbins as co-chief executive officers while George Cheeks continued to lead CBS-related operations. Paramount Global's final corporate chapter centered on a proposed combination with Skydance Media and a change in control of National Amusements. The transaction received Federal Communications Commission approval in July 2024 and closed on August 7, creating Paramount Skydance. Paramount Global therefore ceased to exist as an independent corporate entity, although many of its consumer-facing brands, studios, networks, and streaming services continued under the successor company.

Paramount Global's corporate history brought together several major strands of American media. Paramount Pictures originated in 1912 as the Famous Players Film Company and later became part of Gulf and Western Industries, which adopted the Paramount Communications name in 1989. Viacom began as a CBS syndication operation: CBS created a television-film-sales division in the 1950s, later reorganized it as CBS Enterprises and then Viacom. The unit was spun off in 1971 because of federal rules concerning television-network ownership of syndication businesses. Viacom subsequently acquired MTV Networks and Showtime and was itself acquired by National Amusements in 1987. Viacom acquired Paramount Communications in 1994. In 1999 it announced a merger with the CBS Corporation, the successor to Westinghouse Electric after Westinghouse had acquired CBS. That combination reunited CBS with its former syndication business, but the resulting company was divided at the end of 2005 into a new CBS Corporation and a new Viacom. The split left CBS with the broadcast network, news, sports, stations, and certain production assets, while Viacom retained Paramount Pictures and a large collection of cable and entertainment networks. National Amusements encouraged the two companies to reunite in 2016, but the initial discussions collapsed. Negotiations restarted in 2018 as both companies faced growing competition from technology companies and large streaming platforms. The process was complicated by disagreements over valuation, management control, and Shari Redstone's influence through National Amusements. CBS Corporation's chief executive Les Moonves opposed the proposed combination and left CBS in 2018 following sexual-misconduct allegations. His departure removed a major obstacle to renewed negotiations. CBS and Viacom reached an agreement in August 2019. The transaction closed on December 4, 2019, creating ViacomCBS, with Bob Bakish as chief executive and Shari Redstone as chair. The new group sought to combine CBS's broadcast, news, sports, and station infrastructure with Viacom's film, television, cable, and international assets. Early portfolio actions included the acquisition of a minority stake in Miramax, the sale of CNET Media Group, real-estate disposals, and plans to sell Simon & Schuster. Streaming became the central strategic theme of the new company. CBS All Access was broadened and renamed Paramount+ in 2021, while Pluto TV served as a free, advertising-supported service. Paramount also used its film library, television production capabilities, sports rights, news operations, and international channels to supply the streaming ecosystem. In February 2022, ViacomCBS adopted the name Paramount Global, seeking to extend the Paramount identity beyond the film studio. The company continued to simplify its portfolio. In 2022, Nexstar obtained operational control and a majority stake in The CW. In 2023, Simon & Schuster was sold to KKR after the proposed Penguin Random House transaction had been blocked on antitrust grounds. Paramount Global also faced persistent pressure concerning streaming profitability, advertising, debt, traditional television declines, and the strategic value of its assets. In 2024, Bob Bakish left the chief executive position and an interim office of the CEO was established. Chris McCarthy and Brian Robbins later became co-chief executives, with George Cheeks continuing to oversee CBS. At the same time, Skydance Media pursued a combination with Paramount Global and National Amusements. The transaction was approved by the FCC in July and closed on August 7, after which Paramount Global was succeeded by Paramount Skydance. Its principal brands and operations continued under the successor structure, but the Paramount Global corporate entity no longer operated independently.

1. 2024Skydance transaction closes

   The combination involving Skydance Media and National Amusements closes on August 7, ending Paramount Global's existence as a standalone company.

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2. 2023Simon & Schuster sale completed

   Paramount Global completes the sale of Simon & Schuster to KKR.

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3. 2022Corporate rebrand

   ViacomCBS changes its corporate name to Paramount Global and adopts Paramount as its principal public-facing identity.

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4. 2022The CW changes ownership

   Nexstar acquires a 75 percent stake in The CW and takes operational control.

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5. 2021Paramount+ launches

   CBS All Access is relaunched as Paramount+, combining CBS programming with Paramount and other group content.

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6. 2020CNET Media Group sale

   CBS Interactive sells CNET Media Group, including CNET, ZDNet, GameSpot, TV Guide digital assets, Metacritic, and Chowhound, to Red Ventures.

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7. 2019ViacomCBS is formed

   CBS Corporation and Viacom complete their merger on December 4, creating ViacomCBS.

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8. 2019Miramax investment

   ViacomCBS agrees to acquire a 49 percent interest in Miramax and establishes film and television distribution and development arrangements around the studio's library.

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A vertically integrated global media and entertainment group combining broadcast television, premium and basic cable networks, film and television studios, news and sports, and direct-to-consumer streaming.

• CBSBroadcast television and news1927

  CBS was Paramount Global's principal American broadcast television operation. It included the CBS network, owned television stations, CBS News, CBS Sports, entertainment programming, and related production and distribution activities. The network supplied a large share of the company's mass-market reach and provided programming, advertising inventory, and content for digital distribution.

• Paramount PicturesFilm studio1912

  Paramount Pictures was the group's flagship motion-picture studio and the source of the mountain-and-stars identity used in the corporate rebrand. The studio developed, produced, marketed, and distributed theatrical films and supplied titles for licensing and Paramount+. Its library and production relationships were central to the company's strategy of connecting theatrical entertainment with streaming.

• Paramount+Subscription streaming2021

  Paramount+ was the company's subscription video-on-demand service. It evolved from CBS All Access and combined CBS television, news, sports, Paramount Pictures films, original series, and programming from brands such as Nickelodeon, MTV, Comedy Central, BET, and Showtime. The service operated in the United States and selected international markets.

• Pluto TVAdvertising-supported streaming2014

  Pluto TV was a free, advertising-supported streaming platform offering linear-style channels and on-demand programming. It complemented Paramount+ by targeting viewers who preferred no-subscription access and by providing advertising inventory and a distribution outlet for library and partner content.

• Paramount Media NetworksCable television networks

  Paramount Media Networks managed a broad collection of domestic cable brands, including MTV, Nickelodeon, Comedy Central, CMT, Paramount Network, TV Land, VH1, and related services. The portfolio covered music, youth programming, comedy, entertainment, lifestyle, scripted series, and country music, while also supplying content to digital platforms.

• BET Media GroupCable television and digital media1980

  BET Media Group operated BET and related television and digital properties serving Black audiences. Its activities included original entertainment, news and culture programming, award events, cable distribution, and content licensing.

• ShowtimePremium television1976

  Showtime was Paramount Global's premium television brand, known for original scripted series, films, documentaries, sports, and subscription television services. Showtime programming was also integrated into the company's broader streaming and premium-content strategy.

• 2022Paramount Global rebrand

  Global

  The company changed its name from ViacomCBS to Paramount Global and presented Paramount as a unified entertainment identity across film, television, streaming, and international operations.

  Outcome. The Paramount name became the principal corporate and consumer-facing identity.

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• 2021Paramount+ launch campaign

  United States · Selected international markets

  The launch campaign introduced Paramount+ as the successor to CBS All Access and emphasized a combined library of CBS, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, and other content.

  Outcome. Paramount+ became the company's principal subscription streaming brand.

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• 2024Combine with Skydance MediaM&A

  Paramount Global and National Amusements pursued a transaction with Skydance Media amid pressure to improve scale, streaming economics, and the company's strategic position.

  What changed. The parties completed a transaction that combined Paramount Global's operations with Skydance Media and changed control of National Amusements.

  Aftermath. Paramount Global ceased as an independent corporate entity and its operations continued within Paramount Skydance.

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• 2023Sell Simon & SchusterM&A

  Management viewed the publishing company as less connected to the group's primary film, television, and streaming activities.

  What changed. Paramount Global sold Simon & Schuster to KKR after the earlier Penguin Random House transaction was blocked by a federal judge.

  Aftermath. The divestiture removed the publishing unit from Paramount Global's portfolio.

  Reported sale consideration. 1600000000 USD (2023)

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• 2022Adopt the Paramount Global identityStrategy

  Management sought to use the internationally recognized Paramount name to unify a diversified group of studios, networks, and streaming products.

  What changed. ViacomCBS changed its corporate name to Paramount Global and generally operated publicly as Paramount.

  Aftermath. The corporate rebrand placed the film studio's name and visual identity at the center of the group.

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• 2022Sell majority control of The CWM&A

  The CW faced changing economics in broadcast television and required a different operating model.

  What changed. Paramount and Warner Bros. Discovery agreed to sell a 75 percent majority stake to Nexstar while retaining minority interests.

  Aftermath. Nexstar took operational control and Paramount reduced its direct involvement in the network.

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• 2021Launch Paramount+Product launch

  The company needed a larger direct-to-consumer service to compete with Netflix, Disney+, Amazon Prime Video, and other streaming platforms.

  What changed. CBS All Access was expanded and renamed Paramount+, with programming drawn from CBS, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, and other brands.

  Aftermath. Paramount+ became a core distribution channel, while Pluto TV provided a complementary free, advertising-supported service.

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• 2019Recombine CBS and ViacomM&A

  Both companies faced increasing competition from global streaming platforms and sought greater scale across content production, distribution, advertising, and direct-to-consumer services.

  What changed. CBS Corporation and Viacom merged to create ViacomCBS, with Bob Bakish as chief executive and Shari Redstone as chair.

  Aftermath. The combined company reunited CBS, Paramount Pictures, and Viacom's cable networks and began building a unified streaming strategy.

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• 2018Les Moonves sexual-misconduct allegationsControversy

  CBS Corporation chief executive Les Moonves left the company after multiple women accused him of sexual assault and other misconduct. The matter generated investigations, governance disputes, and a settlement that delayed renewed merger proposals between CBS and Viacom.

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• 2024Paramount announces workforce reductions

  The company announced a reduction of approximately 800 positions amid pressure to improve operating performance and manage its transition toward streaming.

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• 2024Skydance and Paramount agree to combine

  Skydance Media, Paramount Global, and National Amusements agreed to a transaction intended to combine the companies and change control of National Amusements.

  M&A
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• 2024Paramount Global merges with Skydance Media

  After regulatory approval, the transaction closed and Paramount Global ceased to operate as a standalone public company.

  M&A
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• 2023Simon & Schuster is sold to KKR

  Paramount Global completed the sale of the publishing company Simon & Schuster to KKR after an earlier proposed sale to Penguin Random House was blocked by a federal judge.

  M&ARegulation
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• 2022ViacomCBS changes its name to Paramount Global

  The company adopted Paramount Global as its corporate name and began presenting most of its operations under the shorter Paramount identity.

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• 2022Nexstar takes majority control of The CW

  Nexstar acquired a 75 percent interest in The CW, with Paramount and Warner Bros. Discovery retaining minority interests.

  M&A
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• 2021ViacomCBS launches Paramount+

  CBS All Access was expanded and rebranded as Paramount+, positioning the service as the company's principal subscription streaming platform.

  Product launch
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• 2019CBS and Viacom complete their recombination

  The two companies completed their merger, creating ViacomCBS and reunifying the CBS and Viacom media portfolios.

  M&A
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• 2019ViacomCBS acquires a minority stake in Miramax

  ViacomCBS agreed to acquire a 49 percent interest in Miramax from beIN Media Group, with Paramount receiving distribution and development rights.

  M&A
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1. Paramount Global
2. Paramount Global corporate website