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{{Short description|American mass media company (2005–2019)}}
{{About|the media conglomerate|the company known as CBS Corporation from 1997 to 2000|Westinghouse Electric (1886)|the company known as Viacom prior to 2006|Viacom (1971–2005)}}
{{about|the media conglomerate in operation from 2005 to 2019|the original CBS Corporation that operated from 1997 to 2000|Westinghouse Electric Corporation|the media conglomerate that acquired the first incarnation in 1999 and ceased operations in 2005|Viacom (1952–2005)}}
{{use American English|date=July 2017}}
{{use mdy dates|date=September 2018}}
{{Infobox company {{Infobox company
|name = CBS Corporation | name = CBS Corporation
|logo = ] | logo = ]
| logo_caption = Logo used from 2005 to 2019
|type = ]
| image = Cbs-building.jpg
|traded_as = {{New York Stock Exchange|CBS}}, {{NyseSymbol|CBSA}}
| image_size = 250px
|industry = ]
| image_caption = Headquarters at the ] in ]
|predecessor = ]
| type = ]
|foundation = {{Start Date|2006|01|03}}<ref>The ]-CBS split was structured in such a way that the existing company (Viacom) changed its name to CBS Corporation, while the new Viacom is actually a newly founded spin-off company. For this reason, the newly rechristened CBS Corporation is actually the same ]. The 1986 Viacom, in turn, was the successor to a previous company also known as Viacom and founded in 1971.</ref>
| traded_as = {{ubl|{{NYSE was|CBS.A}} (Class A)|{{NYSE was|CBS}} (Class B non voting)}}
|location_city = {{Nowrap|], ], ]}}
|area_served = ] | industry = ]
| fate = Merged with the ]
|key_people = ]<br /><small>(])</small><br />]<br /><small>(] & ])</small>
| predecessors = {{plain list|
|revenue = {{Increase}} ] 14.060 ] <small>(2010)</small><ref name=10K>{{cite web|url=http://www.sec.gov/Archives/edgar/data/813828/000104746911001419/a2202111z10-k.htm|title=2010 Form 10-K, CBS Corporation|publisher=United States Securities and Exchange Commission}}</ref>
* ]
|operating_income = {{Increase}} US$ {{0|0}}1.816 billion <small>(2010)</small><ref name=10K/>
|net_income = {{Increase}} US$ {{0|00}}724 ] <small>(2010)</small><ref name=10K/>
|assets = {{Decrease}} US$ 26.143 billion <small>(2010)</small><ref name=10K/>
|equity = {{Increase}} US$ {{0|0}}9.821 billion <small>(2010)</small><ref name=10K/>
|owner =
|num_employees = 25,380 <small>(2010)</small><ref name=10K/>
|divisions = ], ],<br />], ],<br />],<br />],<br />],<br />],<br />],<br />],<br />]
|subsid = ]
|homepage = {{URL|http://www.cbscorporation.com/|CBSCorporation.com}}
}} }}
| successor = ] (now known as Paramount Global)
'''CBS Corporation''' ({{New York Stock Exchange|CBS}}, {{NyseSymbol|CBSA}}) is an ] ] focused on ], ], ]s and ] ], with most of its operations in the ]. The ] and ] of the company is ]. ], owner of ], is CBS's majority shareholder & serves as ]. The company began trading on the ] on January 3, 2006. Until then, the corporation was known as ], and is the legal successor to said company.<ref name=autogenerated2>{{cite web|url=http://www.cbscorporation.com/media/pdf/CleanShareholderletterS.pdf |title=Certain Federal Income Tax Information Regarding the Separation of Viacom Inc. |format=PDF |date=January 12, 2006 |publisher=CBS Corporation |accessdate=2008-11-30 |archiveurl = http://web.archive.org/web/20080625000756/http://www.cbscorporation.com/media/pdf/CleanShareholderletterS.pdf |archivedate = 2008-06-25}}</ref> A new company, keeping the ] name was spun off from CBS. CBS, not Viacom, retains control of the ] and ] over-the-air television & ] broadcasting, ] & ] , ], ], ], and ] assets formerly owned by the larger company. CBS has its headquarters in ], ], ], ], United States.<ref>"." CBS Corporation. Retrieved on November 3, 2009.</ref>
| foundation = {{Start date and age|2005|12|31}}
| defunct = {{end date and age|2019|12|4}}
| location = {{plain list|
* ], ], U.S.
}}
| area_served = Worldwide, with main operations in the ] and ]
| key_people = {{ubl|]<br />(interim chairman)|]<br />(president and acting CEO)}}
| products = ], ], ], ], ], ], ]
| revenue = {{increase}} ] 14.514 billion
| revenue_year = 2018
| operating_income = {{decrease}} US$ 2.768 billion
| income_year = 2018
| net_income = {{decrease}} US$ 1.960 billion
| net_income_year = 2018
| assets = {{decrease}} US$ 21.86 billion
| assets_year = 2018
| equity = {{decrease}} US$ 2.80 billion
| num_employees = ~12,700 (2017)
| equity_year = 2018
| owner = ] (80% voting power)
| divisions = CBS Entertainment<br>CBS Cable Networks<br>CBS Publishing<br>CBS Local Media<br>CBS Experiences<ref>{{cite web|url=https://www.prnewswire.com/news-releases/cbs-corporation-announces-launch-of-cbs-experiences-cbsx-a-new-live-and-experiential-events-division-300664895.html|title=CBS Corporation Announces Launch Of CBS Experiences (CBSX), A New Live And Experiential Events Division|website=]|publisher=]|date=June 12, 2018|access-date=May 30, 2019}}</ref>
| subsid = ]<br>]<br>]<br>]<br>]<br>]<br>]<br>]<br>]<br>] (digital assets)<br>] (50%)<br>]
| homepage = (archived Dec 4, 2019)
| footnotes = Financials as of December 31, 2017.{{NoteTag|The ]-CBS split was structured in such a way that the first Viacom changed its name to CBS Corporation, while the second Viacom was an entirely spun-off company. For this reason, the rechristened CBS Corporation was actually the same ]. The 1986 Viacom, in turn, was the successor to a previous company also known as Viacom and founded in 1971.}}<ref name="10-K 2017">{{cite web|url=https://www.sec.gov/Archives/edgar/data/813828/000081382818000018/cbs_10k-123117.htm |title=US SEC: Form 10-K CBS Corporation|publisher=]|access-date=February 25, 2018}}</ref>
}}

The second incarnation of '''CBS Corporation''' (the first being a short-lived rename of the ]) was an American ] media company with interests primarily in ], ], and ] ]. It was ] from the ] on December 31, 2005, alongside the ]; both CBS Corporation and the second Viacom were controlled by ], a theater company owned by billionaire ].<ref name="autogenerated2">{{cite web|url=http://www.cbscorporation.com/media/pdf/CleanShareholderletterS.pdf |title=Certain Federal Income Tax Information Regarding the Separation of Viacom Inc. |date=January 12, 2006 |publisher=CBS Corporation|access-date=November 30, 2008|archive-url=https://web.archive.org/web/20080625000756/http://www.cbscorporation.com/media/pdf/CleanShareholderletterS.pdf |archive-date = June 25, 2008}}</ref>

CBS Corporation comprised the over-the-air television (] and ]) broadcasting, ] and ], ], ], and ] assets that were previously owned by the first Viacom. It was the world's eighth largest entertainment company in terms of revenue and headquartered at the ] in ], ].<ref>" {{webarchive|url=https://web.archive.org/web/20091129233955/http://www.cbscorporation.com/contact_info/index.php |date=November 29, 2009 }}." CBS Corporation. Retrieved on November 3, 2009.</ref>

CBS Corporation announced on August 13, 2019, that it would ] to form ViacomCBS (now known as ]).<ref name=":0" /> The merger was completed on December 4.<ref>{{Cite news|url=https://deadline.com/2019/11/viacom-cbs-announce-expected-closing-date-of-merger-1202794424/|title=Viacom And CBS Announce Expected Closing Date Of Merger|last=Hayes|first=Dade|date=November 25, 2019|work=Deadline|access-date=November 25, 2019|language=en-US}}</ref><ref name="ViacomCBSMerger">{{Cite web|url=https://www.cbsnews.com/news/viacom-cbs-merger-stock-companies-are-officially-back-together-again/|title=Viacom and CBS Corp. are officially back together again|work=]|date=December 4, 2019}}</ref>


== History == == History ==
{{ViacomCBS evolution}}
=== Early years ===
{{Main|Viacom (1971–2005)}}
] was created in 1970 as the television ] division of ], and was spun off in 1971. However, in 1999, Viacom acquired its former parent, by this time also named CBS Corporation, formerly ]. The prior CBS Corporation also owned ] and ] (now ]), which remained Viacom properties after the 2005 split, but the prior CBS did not own ], Showtime, Paramount Television, Paramount Parks, or Simon and Schuster.


=== Early history ===
In March 2005, Viacom announced plans of looking into splitting the company into two publicly traded companies, amid issues of the stock price stagnating (although it was alleged that another main force behind the split was the ], which led to MTV not being allowed to produce any more halftime shows, they had also produced the show for ], the first Super Bowl CBS aired since regaining ] rights and become MTV's corporate sibling).
The ] was created in 1952 as the television ] division of ] and was spun off in 1971. However, in 1999, Viacom acquired its former parent, by this time also named CBS Corporation, formerly ]. The prior CBS Corporation also owned ] and ] (TNN), which remained Viacom properties after the 2005 split, but the prior CBS did not own ], ], ], ], or ].


In March 2005, Viacom contemplated splitting the company into two publicly traded companies, amid issues of the stock price stagnating and clashing corporate cultures between the cable and broadcast divisions, which came to a head with the ] a year previous with the ]-produced show causing controversy for game broadcaster ].
]


On June 14, 2005, the Viacom board of directors approved the split of the company into two firms. The CBS Corporation name would be revived for one of the companies, to be headed by longtime television executive (and Viacom co-President) ], and would include CBS, UPN, Infinity Broadcasting, Viacom Outdoor, Showtime Networks, and Paramount's television studio. On June 14, 2005, the Viacom board of directors approved the split of the company into two firms.<ref>{{cite news |url=https://www.nytimes.com/2005/06/15/business/media/15viacom.html|title=viacom board agrees to split of company|last=Fabrikant |first=Geraldine|date=June 15, 2005|newspaper=]|access-date=July 28, 2014}}</ref> The CBS Corporation name would be revived for one of the companies, to be headed by longtime television executive (and Viacom co-president) ], and would include the namesake television network ], ], ], ], ], and ].


The split was structured such that ] was spun off from the "old" Viacom, which was renamed CBS Corporation. In a sense, this was a repeat of the 1971 spinoff. However, in this case, CBS retained virtually all of the prior firm's broadcast TV assets, including its various syndication companies. The split was structured such that ] was spun off from the first Viacom, which was renamed CBS Corporation. In a sense, this was a repeat of the 1971 spin-off. However, in this case, CBS retained virtually all of the prior firm's broadcast television assets, including its various syndication companies.


With the split, the two companies began trading on the ] (NYSE) under the ticker symbols "CBS.A" and "CBS" (the latter symbol was previously used by CBS, Inc. as an independent company prior to its 1995 acquisition by Westinghouse) on January 3, 2006. Investors anticipated Viacom benefiting from the split, but instead, it dropped approximately 20 percent, while CBS Corporation rose 9 percent, that same year, ] became a wholly-owned theme park unit of CBS Corporation.<ref>{{cite news|url=https://www.nytimes.com/2006/07/22/business/media/22viacom.html?pagewanted=all|title=a surprise after the split: Viacom struggles as CBS holds its own|last=Fabrikant|first=Geraldine|date=July 22, 2006|newspaper=The New York Times|access-date=July 28, 2014}}</ref>
With the split, the two new companies began trading on the NYSE on January 3, 2006.


=== Subsequent developments ===
===Transactions during and after the merger===
In January 2006, CBS and ] signed a multi-year deal in which DIC bought the Saturday morning airtime as "CBS's Saturday Morning Secret Slumber Party". In June 2006, DiC added a production partner AOL's KOL. Thus, this block would be called "]".<ref>{{cite web|first=John |last=Consoli |url=http://www.mediaweek.com/mw/news/networktv/article_display.jsp?vnu_content_id=1002725721 |archive-url=https://web.archive.org/web/20060713195740/http://www.mediaweek.com/mw/news/networktv/article_display.jsp?vnu_content_id=1002725721 |archive-date=July 13, 2006 |title=DIC, KOL to Produce On CBS |date=June 21, 2006 |publisher=MediaWeek |access-date=November 30, 2008}}</ref>
====2004====
In the interim, Viacom/CBS was involved in a number of transactions. On December 2, 2004 Viacom acquired CBS affiliate KOVR-TV in Sacramento, from ]. Viacom also acquired two stations in West Palm Beach.


On January 24, 2006, CBS Corporation and ] created a new broadcast network, ]. The network officially debuted on September 18, 2006. The network formally debuted on September 20 with the 2-hour premiere of '']''. The network is the result of a merger of ] (a Warner Bros. holding) and UPN (a CBS Corporation holding). CBS Corporation and ] each owned 50% of the network. ] (which previously owned a 25% stake on The WB) and ] contributed its stations as new network affiliates.
====2005====
Viacom/CBS has announced it would sell several non-] UPN affiliates, in ], ], ], and ], with possibilities of additional sales.


On May 23, 2006, CBS Corporation sold Paramount Parks to the ]. With this acquisition, Cedar Fair became the third-largest theme park operator.<ref>{{cite news|title=CBS to Sell Amusement Parks to Cedar Fair|url=https://www.nytimes.com/2006/05/23/business/23park.html|work=The New York Times|date=May 23, 2006}}</ref> On June 30, 2006, Cedar Fair completed its acquisition of Paramount Parks from CBS Corporation in a cash transaction valued at US$1.24 billion. The transaction included a 10-year license that allowed Cedar Fair to use the Paramount name in the parks through the 2017 season.<ref>{{cite news|author=Cedar Fair, L.P.|title=Cedar Fair, L.P. Completes Acquisition of the Paramount Parks|url=http://www.prnewswire.com/news-releases/cedar-fair-lp-completes-acquisition-of-the-paramount-parks-57034657.html|work=prnewswire.com}}</ref>
CBS announced on November 3, 2005, that it would acquire College Sports TV (now ]) for ]325 million. CEO of CSTV ] will continue to run that network and report to Leslie Moonves, chairman of CBS. The transaction was completed in January 2006.


On February 7, 2007, CBS sold seven smaller-market stations in ], ], ] and ] to ] for US$185 million.<ref>{{cite web|url=http://www.cbscorporation.com/news/prdetails.php?id=1624 |title=CBS Corporation To Sell Local TV Stations In Four Markets To Cerberus Capital Management, L.P |publisher=CBS Corporation |date=February 7, 2007 |access-date=December 27, 2008 |url-status=dead |archive-url=https://web.archive.org/web/20090111091950/http://www.cbscorporation.com/news/prdetails.php?id=1624 |archive-date=January 11, 2009 }}</ref> It sold another station, ] in ], and its satellite station, ] in ], ], to ] on February 13, 2007.<ref>{{cite web|url=http://ir.libertymedia.com/releasedetail.cfm?releaseid=576324|title=Liberty Media and CBS Corporation Agree to Exchange CBS Shares Held By Liberty|website=libertymedia.com|date=February 13, 2007|access-date=December 2, 2016|archive-date=December 3, 2016|archive-url=https://web.archive.org/web/20161203123646/http://ir.libertymedia.com/releasedetail.cfm?releaseid=576324|url-status=dead}}</ref> News reports estimate the deal at about US$234 million. CBS is swapping the stations and US$170 million in cash for 7.59 million shares of CBS common stock held by Liberty Media.
====2006====
Announced early in 2006, CBS and ] signed a multi-year deal to provide three hours of programming that meet ] standards for educational programming. The block would be called "]" -- which is also a partnership with ] '''KOL''' kids service and premiered on September 16, 2006.


On February 26, 2007, CBS began investing in Electric Sheep, which is a virtual world content developer. CBS hired Electric Sheep to develop some projects, including the creation of "The L-Word in Second Life". CBS also shot a commercial within the virtual world ] to promote its show '']''. Another project that Electric Sheep was working on for CBS was a '']''-themed area in Second Life. By investing in Electric Sheep, CBS hoped to expand its activity "beyond the living room".<ref>{{cite web|url=http://www.usb4ever.com/cbs-investment-p.html|archive-url=https://web.archive.org/web/20070726224522/http://www.usb4ever.com/cbs-investment-p.html|archive-date=July 26, 2007|title=CBS Invests in Virtual World Content Developer}}</ref> On March 20, CBS/CSTV had acquired ], an online high school sports network.<ref>{{cite web |url=http://www.cbscorporation.com/news-article.php?id=425 |title=CBS Corporation acquires MaxPreps, the leading nationwide high school sports network online; business to be part of CSTV: College Sports Television |date=March 20, 2007 |publisher=CBS Corporation |access-date=January 2, 2012}}</ref> On April 12, CBS Corporation created the CBS Interactive Audience Network.<ref>{{cite web |url=http://www.cbscorporation.com/news-article.php?id=373 |title=CBS Corporation announces the creation of the CBS Interactive Audience Network |date=April 12, 2007 |publisher=CBS Corporation |access-date=January 2, 2012}}</ref> On May 30, 2007, ] bought ] for £140 million.<ref>, ''BBC'', May 30, 2007</ref>
Shows included are ], ], ], ] and many others.<ref>{{cite web|url=http://www.cbscorporation.com/news/prdetails.php?id=469 |title=CBS AND DIC Entertainment Unveil 2006/07 Children's Programming Slate |publisher=CBS Corporation |location=Burbank, California |date=2006-03-30 |accessdate=2008-12-27}} {{Dead link|date=September 2010|bot=H3llBot}}</ref> It was originally supposed to be called "CBS's Saturday Morning Secret Slumber Party" but was renamed with KOL's alliance.<ref>{{cite web|first=John |last=Consoli |url=http://www.mediaweek.com/mw/news/networktv/article_display.jsp?vnu_content_id=1002725721 |archiveurl=http://web.archive.org/web/20060713195740/http://www.mediaweek.com/mw/news/networktv/article_display.jsp?vnu_content_id=1002725721 |archivedate=2006-07-13 |title=DIC, KOL to Produce On CBS |date=June 21, 2006 |publisher=MediaWeek |accessdate=2008-11-30}}</ref>


On May 15, 2008, CBS Interactive agreed to buy ] for $1.8 billion, with the deal due to close in the third quarter of 2008.<ref> {{webarchive |url=https://web.archive.org/web/20080518032023/http://www.cbscorporation.com/news/prdetails.php?id=3263 |date=May 18, 2008 }}, ''CBS Press Release'', May 15, 2008</ref> On July 2 CBS acquired CNET and put it under ].<ref>{{cite news|url=http://cbs3.com/consumer/cbs.cnet.purchase.2.761897.html |title=CNET's Content To Boost CBS Coverage | newspaper=]|publisher=CBS Television Stations |location=New York |date=July 2, 2008 |access-date=December 27, 2008}} {{Dead link|date=September 2010|bot=H3llBot}}</ref>
=====The CW=====
{{Main|The CW}}
]
On January 24, 2006, CBS Corporation, and ] announced that they were to create a new broadcast network, ]. The network officially debuted on September 18, 2006. The network formally debuted on September 20 with the 2 hour premiere of ].


On February 14, 2013, CBS acquired a minority stake in ] in exchange for programming and marketing.<ref>{{cite news|last=Bond |first=Paul|url=https://www.hollywoodreporter.com/news/cbs-takes-stake-axs-tv-421626|title=CBS Takes Stake in AXS TV|newspaper=]|publisher=]|date=February 14, 2013|access-date=December 3, 2016}}</ref> On March 26, CBS and Lionsgate entered a 50/50 joint venture to operate the ] (TVGN) and TVGuide.com.<ref>Andreeva, Nellie. '']'' (March 22, 2013)</ref><ref>Andreeva, Nellie. '']'' (March 26, 2013)</ref> On May 31, CBS bought the remaining half of TV Guide Digital from ].<ref>Andreeva, Nellie. '']'' (May 31, 2013)</ref> The latter still retained its share of TVGN (later rebranded as Pop) until it was acquired by CBS on March 12, 2019.<ref>{{cite magazine|title=CBS Takes Control of Pop TV Cabler, Buys Out Lionsgate's 50% Stake|date=March 12, 2019|magazine=]|url=https://variety.com/2019/tv/news/cbs-pop-schitts-creek-lionsgate-50-1203161651/|access-date=March 12, 2019}}</ref> On July 16, CBS agreed to sell CBS Outdoor International to Platinum Equity for about $225 million.<ref>{{cite news | url=https://deadline.com/2013/07/cbs-sells-overseas-billboard-business-542087/ | title=CBS Sells Overseas Billboard Business | website=Deadline Hollywood |publisher=] | access-date=July 16, 2013}}</ref> The CBS Outdoor division began trading as a separate company on the NYSE under "CBSO" on March 28, 2014. CBS Outdoor would be fully divested from CBS by July into an independent real estate investment trust, renamed as ].
The network is the result of a merger of ] (a Warner Brothers holding) and ] (a CBS Corporation holding). CBS Corporation and Time Warner will each own 50% of the network. ] (which previously owned a 25% stake on The WB) and CBS Corporation will contribute its stations as new network affiliates.


On November 17, 2017, CBS Corporation sold ] to ], making that company the second-largest owner of radio stations in the United States.<ref>{{cite news|last1=Lieberman|first1=David|title=CBS Agrees To Merge Radio Business With Entercom|url=https://deadline.com/2017/02/cbs-merge-radio-business-entercom-1201900783/|website=Deadline Hollywood|publisher=Penske Media Corporation|date=February 2, 2017}}</ref><ref>{{Cite news|url=http://www.insideradio.com/free/entercom-sets-friday-morning-close-for-cbs-radio-merger/article_c613cfd8-caab-11e7-8e38-eb120211080a.html|title=Entercom Sets Friday Morning Close For CBS Radio Merger.|work=Insideradio.com|access-date=2017-11-17|language=en}}</ref>
=====Paramount Parks=====
In the same year, CBS purchased Australian broadcaster ]. The network was previously in voluntary ].<ref>{{Cite news|url=http://www.abc.net.au/news/2017-08-28/cbs-agrees-to-buy-ten-off-administrator/8848124|title=Ten Network to be purchased by US giant CBS|date=August 28, 2017|work=] |publisher=]|access-date=August 28, 2017}}</ref>


As of November 2018, CBS Corporation ranked 197th on the ] list of the largest United States corporations by revenue.<ref>{{Cite web|url=http://fortune.com/fortune500/list|title=Fortune 500 Companies 2018: Who Made the List|website=Fortune|language=en-US|access-date=2018-11-23|archive-date=May 2, 2019|archive-url=https://web.archive.org/web/20190502115903/http://fortune.com/fortune500/list/|url-status=dead}}</ref> CBS Corp. sold Television City to Los Angeles real estate investment company Hackman Capital Partners for $750 million in a deal finalized in mid-December 2018. The deal gives the buyer the right to use the Television City name. Programs produced at Television City will continue to be based there as will CBS' international unit headquarters.<ref name=lat>{{cite news |last1=James |first1=Meg |last2=Vincent |first2=Roger |title=CBS sells Television City for $750 million to Los Angeles real estate developer |url=https://www.latimes.com/business/hollywood/la-fi-ct-cbs-sells-television-city-20181210-story.html |access-date=11 December 2018 |newspaper=The Los Angeles Times |date=December 10, 2018}}</ref>
{{Main|Paramount Parks}}
Three days after the announcement of The CW, on January 27, CBS announced that it was selling its ] division. On May 23, 2006, CBS Corp. sold Paramount Parks to the ]. With this acquisition, Cedar Fair becomes the third-largest theme park operator{{Citation needed|date=November 2010}}.


=== Re-merger deal with Viacom ===
On June 30, 2006, Cedar Fair announced that it has completed its acquisition of Paramount Parks from CBS Corporation in a cash transaction valued at US$1.24 billion. The transaction included a 10 year license that allowed Cedar Fair to use the Paramount name in the parks through the 2017 season.{{Citation needed|date=January 2010}}
{{Further|2019 merger of CBS and Viacom}}
On September 29, 2016, ] sent a letter to the company and Viacom, encouraging the two companies to merge back into one company.<ref>{{Cite news|url=https://www.hollywoodreporter.com/news/national-amusements-calls-viacom-cbs-933705|title=National Amusements Proposes Viacom, CBS Reunion, Cites "Substantial Synergies"|newspaper=The Hollywood Reporter|access-date=October 13, 2016}}</ref> On December 12, the deal was called off.<ref>{{cite web|title=Shari Redstone withdraws CBS-Viacom merger proposal|website=]|date=December 12, 2016|url=https://www.cnbc.com/amp/2016/12/12/shari-redstone-withdraws-cbs-viacom-merger-proposal.html|access-date=December 17, 2016}}</ref>


On January 12, 2018, ] reported that Viacom had re-entered talks to merge back into CBS Corporation, after ]'s purchase of Time Warner was planned and ]'s plan to ] bulk of ] assets and the heavy competition from companies such as ] and ].<ref>{{Cite news|url=https://www.cnbc.com/2018/01/12/viacom-shares-jump-9-percent-percent-on-wrap-report-that-its-looking-to-merge-with-cbs.html|title=Viacom, CBS shares surge after report Shari Redstone pursuing merge of companies|last=Wang|first=Christine|date=January 12, 2018|work=CNBC|access-date=January 12, 2018}}</ref> Shortly afterward, it was reported that the combined company could be a suitor for acquiring the film studio Lionsgate (which handled US distribution and global sales for ]).<ref name="Penske Business Media">{{cite news|title=Lionsgate Takes Over CBS Films' Distribution & Global Sales|url=https://deadline.com/2014/11/cbs-films-lionsgate-distribution-sales-partnership-1201283340/|access-date=November 13, 2014|website=Deadline Hollywood|publisher=Penske Business Media|date=November 13, 2014}}</ref><ref>{{Cite web|url=https://deadline.com/2018/01/lionsgate-talks-amazon-verizon-cbs-viacom-1202244991/|title=Lionsgate Ripe For Takeover As Amazon, Verizon and CBS-Viacom Emerge As Potential Suitors|website=Deadline Hollywood|date=January 18, 2018|access-date=January 19, 2018}}</ref> A re-merger could benefit CBS's streaming service ], as it could potentially have access to content from core Viacom brands such as ], ], and ], as well as the ] library. Viacom's international presence could also benefit distribution.<ref>{{Cite news|url=https://www.hollywoodreporter.com/news/how-a-merged-cbs-viacom-could-try-compete-hollywood-giants-1225453|title=How a Merged CBS-Viacom Could Try to Compete with Hollywood Giants|work=]|date=July 19, 2019|access-date=August 7, 2019}}</ref>
====2007====
* '''February 7''': CBS announced it was selling seven stations in ], ], ] and ] to ] for US$185 million.<ref>{{cite web|url=http://www.cbscorporation.com/news/prdetails.php?id=1624 |title=CBS Corporation To Sell Local TV Stations In Four Markets To Cerberus Capital Management, L.P |publisher=CBS Corporation |date=2007-02-07 |accessdate=2008-12-27}} {{Dead link|date=September 2010|bot=H3llBot}}</ref> It sold another station, ] in ], and its satellite station, WJMN-TV in ], ], to ] on February 13, 2007.<ref>{{Dead link|date=November 2008}}</ref> News reports estimate the deal at about US$234 million. CBS is swapping the stations and US$170 million in cash for 7.59 million shares of CBS common stock held by Liberty Media.
* '''February 26''': CBS announced that it will invest in Electric Sheep, which is a virtual world content developer. CBS hired Electric Sheep to develop some projects, including the creation of "The L-Word in Second Life". CBS also shot a commercial within the virtual world ] so to promote its show "]." Another project that Electric Sheep is working on for CBS is a ]-themed area in Second Life. By investing in Electric Sheep, CBS hopes to expand its activity "beyond the living room".<ref>{{cite web|url=http://www.usb4ever.com/cbs-investment-p.html|archiveurl=http://web.archive.org/web/20070726224522/http://www.usb4ever.com/cbs-investment-p.html|archivedate=2007-07-26|title=CBS Invests in Virtual World Content Developer}}</ref>
* '''March 20''': CBS/CSTV announced it had acquired an online high school sports network, ].<ref> ''InfoNIAC''</ref>
* '''April 12''': CBS Corporation announces the creation of the CBS Interactive Audience Network.<ref>, ''Yahoo!'', April 12, 2007</ref>
* '''May 30''': ] announced that it had bought ] for £140 million.<ref>, ''BBC'', May 30, 2007</ref>


On March 30, 2018, CBS made an all-stock offer slightly below Viacom's market value and insisting that its existing leadership, including long-time chairman and CEO Les Moonves, oversee the re-combined company. Viacom rejected the offer as being too low, requesting an increase by $2.8 billion, and requesting that ] be maintained as president and COO under Moonves. It was reported these conflicts had resulted from ] seeking more control over CBS and its leadership.<ref>{{Cite news|url=https://www.hollywoodreporter.com/news/moonves-redstone-inside-poisonous-war-control-cbs-viacom-1101570|title=Moonves vs. Redstone: Inside the Poisonous War for Control of CBS and Viacom|work=The Hollywood Reporter|access-date=April 11, 2018}}</ref><ref>{{Cite news|url=https://variety.com/2018/biz/news/cbs-viacom-leslie-moonves-2-1202749787/|title=Could CBS-Viacom Strife Cause Leslie Moonves to Walk Away?|last=Littleton|first=Cynthia|date=April 11, 2018|work=Variety|access-date=April 11, 2018}}</ref>
====2008====
* '''May 15''': CBS Interactive announced that it had agreed to buy ] for $1.8 billion, with the deal due to close in the third quarter of 2008.<ref>, ''CBS Press Release'', May 15, 2008</ref> During the July 2nd noon broadcast, ], a CBS owned-and-operated station in Philadelphia, announced that its parent acquired ] and was putting it under ].<ref>{{cite web|url=http://cbs3.com/consumer/cbs.cnet.purchase.2.761897.html |title=CNET's Content To Boost CBS Coverage |publisher=cbs3.com |location=New York |date=July 2, 2008 |accessdate=2008-12-27}} {{Dead link|date=September 2010|bot=H3llBot}}</ref>


Eventually, on May 14, 2018, CBS Corporation sued National Amusements and accused Shari Redstone of abusing her voting power and ].<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2018-05-14/cbs-sues-redstone-s-nai-to-let-board-meeting-on-dividend-happen|title=CBS Sues Redstones' Firm in Escalation of Longstanding Fight|date=May 14, 2018|work=Bloomberg.com|access-date=May 14, 2018}}</ref><ref>{{Cite news|url=https://deadline.com/2018/05/shari-redstones-national-amusements-outraged-cbs-suit-1202390493/|title=National Amusements Fires Back At CBS Suit, Says It's "Outraged" By Allegations|last=Chmielewski|first=Dawn C.|date=May 14, 2018|work=Deadline|access-date=May 14, 2018}}</ref> CBS also accused Redstone of discouraging ] from acquiring it, which could have been beneficial to its shareholders.<ref>{{Cite news|url=https://deadline.com/2018/05/verizon-expressed-interest-acquiring-cbs-before-viacom-talks-heated-up-1202390751/amp/|title=Verizon Expressed Interest In Acquiring CBS Before Viacom Talks Heated Up
==Corporate governance==
|last=Chmielewski|first=Dawn C.|date=May 14, 2018|work=Deadline|access-date=May 26, 2018}}</ref>
] in New York City]]
The ] of CBS Corp. include:
*]
*]
*]
*]
*]
*]
*]
*]
*]
*]
*]
*] (non-executive Vice-Chair)
*] (])
*]


On May 23, 2018, Les Moonves stated that he considered the Viacom channels to be an "albatross," and while he favored more content for ] (now Paramount+), he believed that there were better deals for CBS than the Viacom deal, such as ] (MGM), Lionsgate or ]. Moonves also considered Bakish a threat as he never wanted an ally of Shari Redstone as a board member of the combined company.<ref>{{cite news |url = https://www.hollywoodreporter.com/amp/news/behind-leslie-moonves-crusade-save-cbs-viacom-1114203 |title=Behind Leslie Moonves' Crusade to Save CBS From Viacom|last=Bond|first=Paul|date=May 23, 2018|work=The Hollywood Reporter|access-date=May 26, 2018}}</ref> Following Moonves' resignation due to sexual harassment allegations, National Amusements agreed in September 2018 to defer any proposal of a CBS-Viacom merger for at least two years after the date of the settlement with former CEO Moonves, donating $20 million to groups supporting the ] as result of his resign.<ref>{{cite news |title=Les Moonves resigns from CBS after sexual misconduct allegations |url=https://www.bbc.com/news/world-us-canada-45467975 |access-date=10 September 2018 |work=BBC |date=10 September 2018 |quote=CBS said the company and Mr Moonves would donate $20m (£15.4m) to groups supporting the #MeToo movement.}}</ref><ref>{{cite news |last1=Tom McCarthy |title=Les Moonves resigns from CBS after six more women accuse him of sexual harassment |url=https://www.theguardian.com/media/2018/sep/09/les-moonves-cbs-accused-of-sexual-misconduct-new-ronan-farrow-report |access-date=10 September 2018 |work=The Guardian |date=10 September 2018 |quote=Moonves and CBS will donate $20m to one or more organisations that support the #MeToo movement and equality for women in the workplace. This donation was deducted from any severance benefits that may be due to Moonves following the investigation.}}</ref><ref>{{Cite news|url=https://www.hollywoodreporter.com/news/les-moonves-accused-sex-crimes-violence-by-more-women-1141436|title=Leslie Moonves Exits CBS After Being Accused of Sex Crimes, Violence by More Women|last=Parker|first=Ryan|date=2018-09-09|work=The Hollywood Reporter|access-date=2018-09-09}}</ref>
==Assets==
{{See|List of assets owned by CBS}}


On May 30, 2019, CNBC reported that CBS Corporation and Viacom would explore merger discussions in mid-June 2019. The company's board of directors was revamped with people who are open to a merger and the talks were made possible with the resignation of Moonves, who opposed all attempts for a Viacom merger. The talks had started following rumors of CBS acquiring ] from Lionsgate.<ref>{{Cite news|url=https://www.latimes.com/business/hollywood/la-fi-ct-cbs-viacom-merger-talks-20190530-story.html|title=CBS and Viacom merger negotiations expected to resume|last=James|first=Meg|work=Los Angeles Times|date=May 30, 2019|access-date=June 2, 2019}}</ref> Reports said that CBS and Viacom reportedly set August 8 as an informal deadline for reaching an agreement to recombine the two media companies.<ref>{{Cite news|url=https://www.fiercevideo.com/video/cbs-viacom-want-remerger-deal-set-by-early-august-report|title=CBS, Viacom set early August deadline for re-merger agreement – report|last=Munson|first=Ben|date=July 16, 2019|work=FierceVideo|access-date=July 20, 2019}}</ref><ref>{{Cite news|url=https://variety.com/2019/biz/news/cbs-viacom-boards-wrestle-with-post-merger-management-decisions-ending-coo-role-exclusive-1203273848/|title=CBS, Viacom Boards Wrestle With Post-Merger Management Decisions, Ending COO Role (EXCLUSIVE)|last=Littleton|first=Synthia|date=July 19, 2019|work=Variety|access-date=July 20, 2019}}</ref> As part of the re-merger deal, CBS acquired Viacom for up to $15.4&nbsp;billion.<ref>{{Cite news|url=https://www.hollywoodreporter.com/news/how-a-merged-cbs-viacom-could-try-compete-hollywood-giants-1225453|title=How a Merged CBS-Viacom Could Try to Compete with Hollywood Giants|quote=CBS' plan to acquire Viacom for up to $15.4 billion could be announced Aug. 8, giving its controlling shareholder the ability to leverage IP like 'Star Trek' across film and TV to better compete with Disney, Netflix and the rest.|date=July 19, 2019|work=]|access-date=August 7, 2019}}</ref>
==Accounting Ratios==
{| class="wikitable" border="1" style="margin:auto;"
|+ CBS Corporation Accounting Ratios '''
|- style="background:lightblue;"
! Fiscal Year
! 2005
! 2004
! 2003
! 2002
! 2001
|- style="background:lightblue;"
! Fiscal Year End Date
! 12/31/05
! 12/31/04
! 12/31/03
! 12/31/02
! 12/31/01
|-
| Receivables Turnover
| 5.3
| 5.3
| 6.1
| 6.6
| 6.5
|-
| Receivables - Number of Days
| 86.2
| 68.4
| 54.6
| 53.4
| 58.5
|-
| Inventory Turnover
| 8.8
| 10.3
| 11.7
| 11.0
| 10.0
|-
| Inventory - Number of Days
| 41.0
| 35.0
| 30.8
| 32.7
| 36.2
|-
| Gross Property, Plant & Equipment Turnover
| 2.8
| 2.9
| 2.5
| 2.5
| 2.5
|-
| Net Property, Plant & Equipment Turnover
| 4.5
| 4.8
| 4.4
| 4.0
| 3.7
|-
| Depreciation, Depletion & Amortization
|
|
|
|
|
|-
| % of Gross Property, Plant & Equipment
| 9.8%
| 10.4%
| 9.4%
| 9.6%
| 32.9%
|-
| Depreciation, Depletion & Amortization
|
|
|
|
|
|-
| Year to Year Change (Millions US Dollars)
| -31.1
| -19.0
| 5.4
| -213.9
| 86.1
|-
| Depreciation, Depletion & Amortization
|
|
|
|
|
|-
| Year to Year % Change
| -38.4%
| -19.0%
| 5.7%
| -69.3%
| 38.7%
|-
| colspan="6" style="font-size:smaller"| Source: CorporateInformation CBS Corporation Company Snapshot
|}


On August 13, 2019, CBS and Viacom agreed to merge into a new entity known as ViacomCBS (now ]), with Viacom CEO Bob Bakish as president and CEO of the new company and CBS CEO Ianniello as chairman and CEO of CBS and oversee CBS-branded assets. Shari Redstone will also serve as chairwoman of ViacomCBS.<ref name=":0">{{cite magazine|url=https://www.hollywoodreporter.com/news/cbs-viacom-strike-deal-recombine-1075545 | title = CBS, Viacom Strike Deal to Recombine|magazine =] |date=August 13, 2019 |access-date=August 15, 2019 |first1=George |last1 = Szalai |first2=Paul |last2=Bond |first3 = Etan |last3=Vlessing}}</ref><ref>{{Cite web|url=https://www.cbscorporation.com/wp-content/uploads/2019/08/ViacomCBS-Press-Release-FINAL.pdf|title=CBS and Viacom To Combine|work=CBS|date=August 12, 2019|archive-url=https://web.archive.org/web/20190813190148/https://www.cbscorporation.com/wp-content/uploads/2019/08/ViacomCBS-Press-Release-FINAL.pdf|archive-date=August 13, 2019|url-status=dead}}</ref> On October 29, 2019, ] approved the re-merger deal, to be completed by early December 2019, with the recombined company trading on ] under the symbol "VIAC" and "VIACA" after CBS delist its shares on the NYSE.<ref>{{cite magazine|url=https://www.billboard.com/articles/business/8541228/viacom-cbs-merger-now-expected-to-close-in-early-december|title=Viacom-CBS Merger Now Expected to Close in 'Early December'|last=Weprin|first=Alex|magazine=]|date=October 29, 2019}}</ref> On December 4, the deal was completed, with the merger structured such that CBS Corporation absorbed Viacom and changed its name to ViacomCBS.<ref name="ViacomCBSMerger"/><ref>{{cite web|url=https://secfilings.nasdaq.com/edgar_conv_html%2f2020%2f02%2f20%2f0000813828-20-000013.html|title=ViacomCBS Report on Form 10-K|work=]|quote=On December 4, 2019, Viacom Inc. (“Viacom”) merged with and into CBS Corporation (“CBS”), with CBS continuing as the surviving company (the “Merger”), pursuant to an Agreement and Plan of Merger dated as of August 13, 2019, as amended on October 16, 2019 (the “Merger Agreement”). At the effective time of the Merger, we changed our name to “ViacomCBS Inc.”|access-date=March 15, 2020}}</ref>
==See also==
{{Portal box|New York City|Companies}}
*], the prior name of the post-2005 CBS Corporation.
*], an old instance of the company, purchased by the old Viacom in 1999,
*], the current Viacom, broke off in 2005.
*], the logo/branding guidelines used on TV stations owned by CBS Corporation.
*] and ]
*]/], part of the new Viacom corporation.


==Corporate governance==
==References==
The ] of CBS Corporation included:<ref>{{cite web |title=About CBS Corporation |url=https://www.cbscorporation.com/about-cbs/#cbs-board-of-directors |website=CBS Corporation |access-date=July 30, 2018}}</ref>
{{Reflist}}
*Candace K. Beinecke
*Barbara M. Byrne
*Gary L. Countryman
*]
*Linda M. Griego
*Robert N. Klieger
*]
*] (vice-chair)
*] (chairman emeritus)
*Susan Schuman
*Frederick O. Terrell
*] (interim chairman)


==External links== == See also ==
{{Portal|New York City|Companies}}
*
* ], an old instance of the company, purchased by the old Viacom in 1999.
*
* ], the holding company that assumes operation of CBS Corp.'s television stations.
* ] and ]
* ]/], part of the new ] corporation.


== Notes ==
{{CBS}}
{{NoteFoot}}


== References ==
{{DEFAULTSORT:Cbs Corporation}}
{{Reflist}}
]

]
== External links ==
]
* (archived, 1 Dec 2018)
]

{{Finance links historical
| name = CBS Corporation
| sec_cik = CBS
}}
{{Paramount Global}}
{{National Amusements}}
{{Westinghouse}}
{{authority control}}


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Latest revision as of 18:38, 31 December 2024

American mass media company (2005–2019) This article is about the media conglomerate in operation from 2005 to 2019. For the original CBS Corporation that operated from 1997 to 2000, see Westinghouse Electric Corporation. For the media conglomerate that acquired the first incarnation in 1999 and ceased operations in 2005, see Viacom (1952–2005).

CBS Corporation
Logo used from 2005 to 2019
Headquarters at the CBS Building in New York City
Company typePublic
Traded as
  • NYSE: CBS.A (Class A)
  • NYSE: CBS (Class B non voting)
IndustryMass media
Predecessors
FoundedDecember 31, 2005; 19 years ago (2005-12-31)
DefunctDecember 4, 2019; 5 years ago (2019-12-04)
FateMerged with the second incarnation of Viacom
SuccessorViacomCBS (now known as Paramount Global)
Headquarters
Area servedWorldwide, with main operations in the United States and Australia
Key people
ProductsMovie production, TV production, broadcasting, cable television, record label, publishing, Internet
RevenueIncrease US$ 14.514 billion (2018)
Operating incomeDecrease US$ 2.768 billion (2018)
Net incomeDecrease US$ 1.960 billion (2018)
Total assetsDecrease US$ 21.86 billion (2018)
Total equityDecrease US$ 2.80 billion (2018)
OwnerNational Amusements (80% voting power)
Number of employees~12,700 (2017)
DivisionsCBS Entertainment
CBS Cable Networks
CBS Publishing
CBS Local Media
CBS Experiences
SubsidiariesCBS
CBS Films
CBS Interactive
CBS Records
CBS Sports Network
CBS Television Distribution
CBS Television Studios
Showtime Networks
Simon & Schuster
TV Guide (digital assets)
The CW (50%)
Pop TV
Websitewww.cbscorporation.com (archived Dec 4, 2019)
Footnotes / references
Financials as of December 31, 2017.

The second incarnation of CBS Corporation (the first being a short-lived rename of the Westinghouse Electric Corporation) was an American multinational media company with interests primarily in commercial broadcasting, publishing, and television production. It was split from the original Viacom on December 31, 2005, alongside the second incarnation of Viacom; both CBS Corporation and the second Viacom were controlled by National Amusements, a theater company owned by billionaire Sumner Redstone.

CBS Corporation comprised the over-the-air television (CBS and The CW) broadcasting, television production and distribution, publishing, pay-cable, and recording assets that were previously owned by the first Viacom. It was the world's eighth largest entertainment company in terms of revenue and headquartered at the CBS Building in Midtown Manhattan, New York City.

CBS Corporation announced on August 13, 2019, that it would merge with Viacom for the second time to form ViacomCBS (now known as Paramount Global). The merger was completed on December 4.

History

The evolution of Paramount
1886Westinghouse Electric Corporation is founded as Westinghouse Electric & Manufacturing Company
1912Famous Players Film Company is founded
1913Lasky Feature Play Company is founded
1914Paramount Pictures is founded
1916Famous Players and Lasky merge as Famous Players–Lasky and acquire Paramount
1927Famous Players–Lasky renamed to Paramount Famous Lasky Corporation; CBS is founded with investment from Columbia Records
1929Paramount acquires 49% of CBS
1930Paramount Famous Lasky Corporation renamed to Paramount Publix Corporation
1932Paramount sells back its shares of CBS
1934Gulf+Western is founded as the Michigan Bumper Corporation
1935Paramount Publix Corporation renamed to Paramount Pictures
1936National Amusements is founded as Northeast Theater Corporation
1938CBS acquires Columbia Records
1950Desilu is founded and CBS distributes its television programs
1952CBS creates the CBS Television Film Sales division
1958CBS Television Film Sales renamed to CBS Films
1966Gulf+Western acquires Paramount
1967Gulf+Western acquires Desilu and renames it Paramount Television (now CBS Studios)
1968CBS Films renamed to CBS Enterprises
1970CBS Enterprises renamed to Viacom
1971Viacom is spun off from CBS
1987National Amusements acquires Viacom
1988CBS sells Columbia Records to Sony
1989Gulf+Western renamed to Paramount Communications
1994Viacom acquires Paramount Communications
1995Westinghouse acquires CBS
1997Westinghouse renamed to CBS Corporation
2000Viacom acquires UPN and CBS Corporation
2005Viacom splits into second CBS Corporation and Viacom
2006CBS Corporation shuts down UPN and replaces it with The CW
2017CBS Corporation sells CBS Radio to Entercom (now Audacy)
2019CBS Corporation and Viacom re-merge as ViacomCBS
2022ViacomCBS renamed to Paramount Global
2024Skydance Media and Paramount Global agree to merge

Early history

The first incarnation of Viacom was created in 1952 as the television syndication division of CBS and was spun off in 1971. However, in 1999, Viacom acquired its former parent, by this time also named CBS Corporation, formerly Westinghouse Electric. The prior CBS Corporation also owned CMT and The Nashville Network (TNN), which remained Viacom properties after the 2005 split, but the prior CBS did not own UPN, Showtime, Paramount Television, Paramount Parks, or Simon & Schuster.

In March 2005, Viacom contemplated splitting the company into two publicly traded companies, amid issues of the stock price stagnating and clashing corporate cultures between the cable and broadcast divisions, which came to a head with the Super Bowl XXXVIII halftime show controversy a year previous with the MTV-produced show causing controversy for game broadcaster CBS.

On June 14, 2005, the Viacom board of directors approved the split of the company into two firms. The CBS Corporation name would be revived for one of the companies, to be headed by longtime television executive (and Viacom co-president) Les Moonves, and would include the namesake television network CBS, UPN, Infinity Broadcasting Corporation, Viacom Outdoor, Showtime Networks, and Paramount Television.

The split was structured such that the second Viacom was spun off from the first Viacom, which was renamed CBS Corporation. In a sense, this was a repeat of the 1971 spin-off. However, in this case, CBS retained virtually all of the prior firm's broadcast television assets, including its various syndication companies.

With the split, the two companies began trading on the New York Stock Exchange (NYSE) under the ticker symbols "CBS.A" and "CBS" (the latter symbol was previously used by CBS, Inc. as an independent company prior to its 1995 acquisition by Westinghouse) on January 3, 2006. Investors anticipated Viacom benefiting from the split, but instead, it dropped approximately 20 percent, while CBS Corporation rose 9 percent, that same year, Paramount Parks became a wholly-owned theme park unit of CBS Corporation.

Subsequent developments

In January 2006, CBS and DIC Entertainment signed a multi-year deal in which DIC bought the Saturday morning airtime as "CBS's Saturday Morning Secret Slumber Party". In June 2006, DiC added a production partner AOL's KOL. Thus, this block would be called "KOL's Saturday Morning Secret Slumber Party on CBS".

On January 24, 2006, CBS Corporation and Warner Bros. created a new broadcast network, The CW. The network officially debuted on September 18, 2006. The network formally debuted on September 20 with the 2-hour premiere of America's Next Top Model. The network is the result of a merger of The WB (a Warner Bros. holding) and UPN (a CBS Corporation holding). CBS Corporation and Time Warner each owned 50% of the network. Tribune Broadcasting (which previously owned a 25% stake on The WB) and CBS Television Stations contributed its stations as new network affiliates.

On May 23, 2006, CBS Corporation sold Paramount Parks to the Cedar Fair Entertainment Company. With this acquisition, Cedar Fair became the third-largest theme park operator. On June 30, 2006, Cedar Fair completed its acquisition of Paramount Parks from CBS Corporation in a cash transaction valued at US$1.24 billion. The transaction included a 10-year license that allowed Cedar Fair to use the Paramount name in the parks through the 2017 season.

On February 7, 2007, CBS sold seven smaller-market stations in Providence, Rhode Island, Austin, Texas, Salt Lake City and West Palm Beach, Florida to Cerberus Capital Management for US$185 million. It sold another station, WFRV-TV in Green Bay, Wisconsin, and its satellite station, WJMN-TV in Escanaba, Michigan, to Liberty Media on February 13, 2007. News reports estimate the deal at about US$234 million. CBS is swapping the stations and US$170 million in cash for 7.59 million shares of CBS common stock held by Liberty Media.

On February 26, 2007, CBS began investing in Electric Sheep, which is a virtual world content developer. CBS hired Electric Sheep to develop some projects, including the creation of "The L-Word in Second Life". CBS also shot a commercial within the virtual world Second Life to promote its show Two and a Half Men. Another project that Electric Sheep was working on for CBS was a Star Trek-themed area in Second Life. By investing in Electric Sheep, CBS hoped to expand its activity "beyond the living room". On March 20, CBS/CSTV had acquired MaxPreps, an online high school sports network. On April 12, CBS Corporation created the CBS Interactive Audience Network. On May 30, 2007, CBS Interactive bought Last.fm for £140 million.

On May 15, 2008, CBS Interactive agreed to buy CNET Networks for $1.8 billion, with the deal due to close in the third quarter of 2008. On July 2 CBS acquired CNET and put it under CBS Interactive.

On February 14, 2013, CBS acquired a minority stake in AXS TV in exchange for programming and marketing. On March 26, CBS and Lionsgate entered a 50/50 joint venture to operate the TV Guide Network (TVGN) and TVGuide.com. On May 31, CBS bought the remaining half of TV Guide Digital from Lionsgate. The latter still retained its share of TVGN (later rebranded as Pop) until it was acquired by CBS on March 12, 2019. On July 16, CBS agreed to sell CBS Outdoor International to Platinum Equity for about $225 million. The CBS Outdoor division began trading as a separate company on the NYSE under "CBSO" on March 28, 2014. CBS Outdoor would be fully divested from CBS by July into an independent real estate investment trust, renamed as Outfront Media.

On November 17, 2017, CBS Corporation sold CBS Radio to Entercom, making that company the second-largest owner of radio stations in the United States. In the same year, CBS purchased Australian broadcaster Network 10. The network was previously in voluntary administration.

As of November 2018, CBS Corporation ranked 197th on the Fortune 500 list of the largest United States corporations by revenue. CBS Corp. sold Television City to Los Angeles real estate investment company Hackman Capital Partners for $750 million in a deal finalized in mid-December 2018. The deal gives the buyer the right to use the Television City name. Programs produced at Television City will continue to be based there as will CBS' international unit headquarters.

Re-merger deal with Viacom

Further information: 2019 merger of CBS and Viacom

On September 29, 2016, National Amusements sent a letter to the company and Viacom, encouraging the two companies to merge back into one company. On December 12, the deal was called off.

On January 12, 2018, CNBC reported that Viacom had re-entered talks to merge back into CBS Corporation, after AT&T's purchase of Time Warner was planned and Disney's plan to acquire bulk of 21st Century Fox assets and the heavy competition from companies such as Netflix and Amazon. Shortly afterward, it was reported that the combined company could be a suitor for acquiring the film studio Lionsgate (which handled US distribution and global sales for CBS Films). A re-merger could benefit CBS's streaming service CBS All Access, as it could potentially have access to content from core Viacom brands such as Comedy Central, MTV, and Nickelodeon, as well as the Paramount Pictures library. Viacom's international presence could also benefit distribution.

On March 30, 2018, CBS made an all-stock offer slightly below Viacom's market value and insisting that its existing leadership, including long-time chairman and CEO Les Moonves, oversee the re-combined company. Viacom rejected the offer as being too low, requesting an increase by $2.8 billion, and requesting that Bob Bakish be maintained as president and COO under Moonves. It was reported these conflicts had resulted from Shari Redstone seeking more control over CBS and its leadership.

Eventually, on May 14, 2018, CBS Corporation sued National Amusements and accused Shari Redstone of abusing her voting power and forcing a merger that was not supported by it or Viacom. CBS also accused Redstone of discouraging Verizon Communications from acquiring it, which could have been beneficial to its shareholders.

On May 23, 2018, Les Moonves stated that he considered the Viacom channels to be an "albatross," and while he favored more content for CBS All Access (now Paramount+), he believed that there were better deals for CBS than the Viacom deal, such as Metro-Goldwyn-Mayer (MGM), Lionsgate or Sony Pictures. Moonves also considered Bakish a threat as he never wanted an ally of Shari Redstone as a board member of the combined company. Following Moonves' resignation due to sexual harassment allegations, National Amusements agreed in September 2018 to defer any proposal of a CBS-Viacom merger for at least two years after the date of the settlement with former CEO Moonves, donating $20 million to groups supporting the #MeToo movement as result of his resign.

On May 30, 2019, CNBC reported that CBS Corporation and Viacom would explore merger discussions in mid-June 2019. The company's board of directors was revamped with people who are open to a merger and the talks were made possible with the resignation of Moonves, who opposed all attempts for a Viacom merger. The talks had started following rumors of CBS acquiring Starz from Lionsgate. Reports said that CBS and Viacom reportedly set August 8 as an informal deadline for reaching an agreement to recombine the two media companies. As part of the re-merger deal, CBS acquired Viacom for up to $15.4 billion.

On August 13, 2019, CBS and Viacom agreed to merge into a new entity known as ViacomCBS (now Paramount Global), with Viacom CEO Bob Bakish as president and CEO of the new company and CBS CEO Ianniello as chairman and CEO of CBS and oversee CBS-branded assets. Shari Redstone will also serve as chairwoman of ViacomCBS. On October 29, 2019, National Amusements approved the re-merger deal, to be completed by early December 2019, with the recombined company trading on Nasdaq under the symbol "VIAC" and "VIACA" after CBS delist its shares on the NYSE. On December 4, the deal was completed, with the merger structured such that CBS Corporation absorbed Viacom and changed its name to ViacomCBS.

Corporate governance

The board of directors of CBS Corporation included:

See also

Notes

  1. The Viacom-CBS split was structured in such a way that the first Viacom changed its name to CBS Corporation, while the second Viacom was an entirely spun-off company. For this reason, the rechristened CBS Corporation was actually the same company (Viacom) that was founded in 1986. The 1986 Viacom, in turn, was the successor to a previous company also known as Viacom and founded in 1971.

References

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  2. "US SEC: Form 10-K CBS Corporation". U.S. Securities and Exchange Commission. Retrieved February 25, 2018.
  3. "Certain Federal Income Tax Information Regarding the Separation of Viacom Inc" (PDF). CBS Corporation. January 12, 2006. Archived from the original (PDF) on June 25, 2008. Retrieved November 30, 2008.
  4. "Contact Info Archived November 29, 2009, at the Wayback Machine." CBS Corporation. Retrieved on November 3, 2009.
  5. ^ Szalai, George; Bond, Paul; Vlessing, Etan (August 13, 2019). "CBS, Viacom Strike Deal to Recombine". The Hollywood Reporter. Retrieved August 15, 2019.
  6. Hayes, Dade (November 25, 2019). "Viacom And CBS Announce Expected Closing Date Of Merger". Deadline. Retrieved November 25, 2019.
  7. ^ "Viacom and CBS Corp. are officially back together again". CBS News. December 4, 2019.
  8. Fabrikant, Geraldine (June 15, 2005). "viacom board agrees to split of company". The New York Times. Retrieved July 28, 2014.
  9. Fabrikant, Geraldine (July 22, 2006). "a surprise after the split: Viacom struggles as CBS holds its own". The New York Times. Retrieved July 28, 2014.
  10. Consoli, John (June 21, 2006). "DIC, KOL to Produce On CBS". MediaWeek. Archived from the original on July 13, 2006. Retrieved November 30, 2008.
  11. "CBS to Sell Amusement Parks to Cedar Fair". The New York Times. May 23, 2006.
  12. Cedar Fair, L.P. "Cedar Fair, L.P. Completes Acquisition of the Paramount Parks". prnewswire.com.
  13. "CBS Corporation To Sell Local TV Stations In Four Markets To Cerberus Capital Management, L.P". CBS Corporation. February 7, 2007. Archived from the original on January 11, 2009. Retrieved December 27, 2008.
  14. "Liberty Media and CBS Corporation Agree to Exchange CBS Shares Held By Liberty". libertymedia.com. February 13, 2007. Archived from the original on December 3, 2016. Retrieved December 2, 2016.
  15. "CBS Invests in Virtual World Content Developer". Archived from the original on July 26, 2007.
  16. "CBS Corporation acquires MaxPreps, the leading nationwide high school sports network online; business to be part of CSTV: College Sports Television". CBS Corporation. March 20, 2007. Retrieved January 2, 2012.
  17. "CBS Corporation announces the creation of the CBS Interactive Audience Network". CBS Corporation. April 12, 2007. Retrieved January 2, 2012.
  18. Music site Last.fm bought by CBS, BBC, May 30, 2007
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  21. Bond, Paul (February 14, 2013). "CBS Takes Stake in AXS TV". The Hollywood Reporter. Eldridge Industries. Retrieved December 3, 2016.
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  23. Andreeva, Nellie. "It's Official: CBS Acquires Half Of TV Guide, Partners With Lionsgate." Deadline Hollywood (March 26, 2013)
  24. Andreeva, Nellie. "It's Official: CBS Takes Full Control Of TVGuide.Com, Acquiring Lionsgate's 50%." Deadline Hollywood (May 31, 2013)
  25. "CBS Takes Control of Pop TV Cabler, Buys Out Lionsgate's 50% Stake". Variety. March 12, 2019. Retrieved March 12, 2019.
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  27. Lieberman, David (February 2, 2017). "CBS Agrees To Merge Radio Business With Entercom". Deadline Hollywood. Penske Media Corporation.
  28. "Entercom Sets Friday Morning Close For CBS Radio Merger". Insideradio.com. Retrieved November 17, 2017.
  29. "Ten Network to be purchased by US giant CBS". ABC News. Australian Broadcasting Corporation. August 28, 2017. Retrieved August 28, 2017.
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  31. James, Meg; Vincent, Roger (December 10, 2018). "CBS sells Television City for $750 million to Los Angeles real estate developer". The Los Angeles Times. Retrieved December 11, 2018.
  32. "National Amusements Proposes Viacom, CBS Reunion, Cites "Substantial Synergies"". The Hollywood Reporter. Retrieved October 13, 2016.
  33. "Shari Redstone withdraws CBS-Viacom merger proposal". CNBC. December 12, 2016. Retrieved December 17, 2016.
  34. Wang, Christine (January 12, 2018). "Viacom, CBS shares surge after report Shari Redstone pursuing merge of companies". CNBC. Retrieved January 12, 2018.
  35. "Lionsgate Takes Over CBS Films' Distribution & Global Sales". Deadline Hollywood. Penske Business Media. November 13, 2014. Retrieved November 13, 2014.
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  37. "How a Merged CBS-Viacom Could Try to Compete with Hollywood Giants". The Hollywood Reporter. July 19, 2019. Retrieved August 7, 2019.
  38. "Moonves vs. Redstone: Inside the Poisonous War for Control of CBS and Viacom". The Hollywood Reporter. Retrieved April 11, 2018.
  39. Littleton, Cynthia (April 11, 2018). "Could CBS-Viacom Strife Cause Leslie Moonves to Walk Away?". Variety. Retrieved April 11, 2018.
  40. "CBS Sues Redstones' Firm in Escalation of Longstanding Fight". Bloomberg.com. May 14, 2018. Retrieved May 14, 2018.
  41. Chmielewski, Dawn C. (May 14, 2018). "National Amusements Fires Back At CBS Suit, Says It's "Outraged" By Allegations". Deadline. Retrieved May 14, 2018.
  42. Chmielewski, Dawn C. (May 14, 2018). "Verizon Expressed Interest In Acquiring CBS Before Viacom Talks Heated Up". Deadline. Retrieved May 26, 2018.
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  45. Tom McCarthy (September 10, 2018). "Les Moonves resigns from CBS after six more women accuse him of sexual harassment". The Guardian. Retrieved September 10, 2018. Moonves and CBS will donate $20m to one or more organisations that support the #MeToo movement and equality for women in the workplace. This donation was deducted from any severance benefits that may be due to Moonves following the investigation.
  46. Parker, Ryan (September 9, 2018). "Leslie Moonves Exits CBS After Being Accused of Sex Crimes, Violence by More Women". The Hollywood Reporter. Retrieved September 9, 2018.
  47. James, Meg (May 30, 2019). "CBS and Viacom merger negotiations expected to resume". Los Angeles Times. Retrieved June 2, 2019.
  48. Munson, Ben (July 16, 2019). "CBS, Viacom set early August deadline for re-merger agreement – report". FierceVideo. Retrieved July 20, 2019.
  49. Littleton, Synthia (July 19, 2019). "CBS, Viacom Boards Wrestle With Post-Merger Management Decisions, Ending COO Role (EXCLUSIVE)". Variety. Retrieved July 20, 2019.
  50. "How a Merged CBS-Viacom Could Try to Compete with Hollywood Giants". The Hollywood Reporter. July 19, 2019. Retrieved August 7, 2019. CBS' plan to acquire Viacom for up to $15.4 billion could be announced Aug. 8, giving its controlling shareholder the ability to leverage IP like 'Star Trek' across film and TV to better compete with Disney, Netflix and the rest.
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  54. "About CBS Corporation". CBS Corporation. Retrieved July 30, 2018.

External links

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    • SEC filings
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