CBS Corporation is an American mass media corporation focused on commercial broadcasting, publishing, and television production, with most of its operations in the United States. The current President and Acting CEO is Joseph Ianniello. Sumner Redstone, owner of National Amusements, controls CBS by way of his majority ownership of the company's Class A voting stock; he also serves as Chairman Emeritus.
It is currently the world's fifth largest entertainment company in terms of revenue after The Walt Disney Company, NBCUniversal, WarnerMedia (in which its owned by AT&T and its subsidiary Warner Bros. owns half of The CW, formerly The WB and UPN) and Fox Corporation. The company began trading on the NYSE on January 3, 2006. Until then, the corporation was known as Viacom, and is the legal successor to said company. A new company, keeping the Viacom name, was spun off from CBS. CBS, not Viacom, retains control of over-the-air television (CBS, CW) broadcasting, TV production and distribution, publishing, pay-cable, basic cable, and recording formerly owned by the larger company. CBS has its headquarters in the CBS Building (colloquially called "Black Rock"), Midtown, Manhattan, New York City, United States.
CBS Corporation's headquarters New York City.
|Traded as||NYSE: CBS.A (Class A)|
NYSE: CBS (Class B non voting)
S&P 500 component (CBS)
Westinghouse Electric Corporation
|Founded||January 8, 1886|
January 1, 2006
(relaunched as CBS Corporation)
Manhattan, New York, U.S.
|Worldwide, with main operations in United States and Australia|
(President and Acting CEO)
|Products||Movie production, TV production, Broadcasting, Cable television, Record label, Publishing, Internet|
|Revenue||US$ 13.69 billion (2017)|
|US$ 2.42 billion (2017)|
|US$ 357 million (2017)|
|Total assets||US$ 20.84 billion (2017)|
|Total equity||US$ 1.98 billion (2017)|
|Owner||National Amusements (80% voting power)|
Number of employees
CBS Cable Networks
CBS Local Broadcasting
CBS Sports Network
CBS Television Distribution
CBS Television Studios
Simon & Schuster
Digital assets of TV Guide
The CW (50%)
Pop TV (50%)
Full list of assets here
|Footnotes / references|
Viacom was created in 1971 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 (now Paramount Network), which remained Viacom properties after the 2005 split, but the prior CBS did not own UPN, Showtime, Paramount Television, Paramount Parks, or Simon and Schuster.
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 Super Bowl XXXVIII halftime show controversy, which led to MTV not being allowed to produce any more halftime shows, they had also produced the show for Super Bowl XXXV, the first Super Bowl CBS aired since regaining NFL rights and becoming MTV's corporate sibling).
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) Leslie Moonves, and would include CBS, UPN, Infinity Broadcasting, Viacom Outdoor, Showtime Networks, and Paramount's television studio.
The split was structured such that the new Viacom 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.
With the split, the two new companies began trading on the NYSE on January 3, 2006. Investors anticipated Viacom benefiting from the split, but instead, it dropped approximately 20 percent, while CBS rose 9 percent.
Announced 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. announced that they were to create a new broadcast network, The CW Television Network. 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 own 50% of the network. Tribune Broadcasting (which previously owned a 25% stake on The WB) and CBS Corporation will contribute its stations as new network affiliates.
Three days after the announcement of The CW, on January 27, CBS announced that it was selling its Paramount Parks division. 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 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.
On February 7, 2007, CBS announced it was selling seven 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 January 12, 2018, CNBC reported that Viacom had re-entered talks to merge back into CBS Corporation, after Disney's proposed acquisition 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 currently handles U.S distribution and global sales for CBS Films).
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 Leslie 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 its and Viacom's parent company National Amusements and accused Shari Redstone of abusing her voting power in it 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, Leslie Moonves stated that he considered the Viacom channels to be an "albatross," and while he favored more content for CBS All Access, he believed that there were better deals for CBS than the Viacom deal, such as Metro-Goldwyn-Mayer, Lionsgate or Sony Pictures Entertainment. Moonves also considered Bakish a threat as he never wanted an ally of Shari Redstone as a board member of the combined company.
On September 9, 2018, following Moonves' resignation due to sexual harassment allegations, National Amusements agreed to defer any proposal of a CBS-Viacom merger for at least two years after the date of the settlement. In addition, the office of chairman will remain vacant until a new permanent CEO is appointed.
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's international unit headquarters.
CBS said the company and Mr Moonves would donate $20m (£15.4m) to groups supporting the #MeToo movement.
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 will be deducted from any severance benefits that may be due Moonves following the investigation.
CBS All Access (known as 10 All Access in Australia) is an over-the-top subscription streaming video on demand service owned and operated by CBS Interactive. It offers original content, content newly aired on CBS's broadcast properties, and content from CBS's library. In the United States, many markets offer a live stream of the local CBS affiliate's main channel.
The service is noted for streaming the Grammy Awards and Star Trek: Discovery. As of August 2018, it has over 2.5 million subscribers.CBS Interactive
CBS Interactive Inc. (formerly CBS Digital Media Group) is an American media company and is a division of the CBS Corporation. It is an online content network for information and entertainment. Its websites cover news, sports, entertainment, technology, and business. It is headed by Jim Lanzone.CBS Interactive coordinates with CBS Network Sales to bring together ad sales operations, as well as the corporation's television, sports, and news groups, who will continue to be involved in program development.CBS Paramount Domestic Television
CBS Paramount Domestic Television (CPDT) was an American television distribution company/production that was formed on January 17, 2006 and owned by CBS Corporation, which existed mainly as an interim transition company shortly after the split of the original Viacom into the current Viacom and CBS Corporation, where CBS took the majority of Viacom's broadcast television assets, including Paramount Television.
The company distributed television series from Desilu Productions, Paramount Television, Viacom Productions, Republic Pictures Television, Big Ticket Television, CBS Productions, Spelling Television, Rysher Entertainment (and its predecessor Bing Crosby Productions) DreamWorks Television (after Viacom acquired DreamWorks), Group W Productions, its own series, and the film libraries from Paramount Pictures, DreamWorks (distributed in association with Tribune Entertainment), Republic Pictures and CBS Films.
On September 4, 2006, CBS Corporation announced that King World and CBS Paramount Television's broadcast syndication operations would be combined to form CBS Television Distribution. Roger King was announced as the CEO of the new group. However, he died on December 8, 2007, after suffering a stroke the previous day. Paul Franklin currently serves as President of CTD.
CPDT kept its on-screen identity for its television programs until September 26, 2007 when CBS Television Distribution's logo debuted on Entertainment Tonight.CBS Sports Network
CBS Sports Network is an American digital cable and satellite television network that is owned by the CBS Corporation. When it launched in 2002 as the National College Sports Network (later College Sports Television also known as CSTV), it operated as a multi-platform media brand which also included its primary website, collegesports.com, and a network of websites operated for the athletic departments of 215 colleges and universities.
After CSTV was acquired by CBS in 2008, the network was re-branded as the CBS College Sports Network. The network initially maintained its college sports focus, but in February 2011, the service was re-branded as CBS Sports Network to re-position it as a mainstream sports service. The network continues to have a particular focus on college sports, along with coverage of smaller leagues and events, simulcasts of sports radio shows both the CBS Sports Radio network and Entercom's WFAN (formerly owned outright by CBS), and studio and analysis programming.CBS Studios International
CBS Studios International (formerly CBS Paramount International Television) is a multinational television production-distribution arm of CBS Television Studios and owned by CBS Corporation that was formed in 2004 by Viacom as CBS Paramount International Television, a result of a merger between two television companies, CBS Broadcast International and Paramount International Television. Since September 26, 2006, the company has been part of the CBS Television Distribution Group. In May 2009, CBS Paramount International Television was renamed to CBS Studios International.
The company distributes the CBS Studios library as well as the Rysher Entertainment library (owned domestically by 2929 Entertainment), the King World Productions library, and certain HBO shows internationally. It owns Network Ten, an Australian free-to-air television network.CBS Television Distribution
CBS Television Distribution (CTD) is an American television distribution company, formed from the merger of CBS Corporation's domestic television distribution arms CBS Paramount Domestic Television and King World Productions, including its home entertainment arm CBS Home Entertainment. The division, the main distribution arm of CBS Television Studios (formerly CBS Paramount Network Television) and of the CBS and CW television networks, was formed on September 26, 2006 by CBS Corporation and was headed by Roger King, the CEO of King World until his death in 2007. The current president is Paul Franklin.CBS Television Stations
CBS Television Stations is a division of CBS Corporation that owns and operates a group of American television stations. As of November 2017, CBS Corporation owns 28 stations, broken down as follows: fifteen are the core stations of the CBS Television Network; eight are aligned with The CW Television Network, which is co-owned by CBS with WarnerMedia; and five independent stations, two of which carry the MyNetworkTV programming service in primetime.CBS Television Studios
CBS Studios, Inc., doing business as CBS Television Studios (CTS) is an American television production company that was formed on January 17, 2006 by CBS Corporation as CBS Paramount Television, merging Paramount Television and CBS Productions. It is the television production arm of the CBS network (CBS Productions previously assumed such functions), and, alongside Warner Bros. Television, it is also the television production arm of The CW (in which CBS has a 50% ownership stake).Castlevania
Castlevania () is an action-adventure gothic horror video game series created and developed by Konami. It has been released on various platforms, from early systems to modern consoles, as well as handheld devices such as mobile phones. The franchise has also expanded into other media, including comic books, an animated TV series and several spin-off video games.Castlevania is largely set in the eponymous castle of Count Dracula, the main antagonist of the Belmont clan of vampire hunters. It debuted with 1986's Castlevania for the Family Computer Disk System. The first entry and the majority of its sequels are side-scrolling action platformers, and were later succeeded by the 1997 game, Castlevania: Symphony of the Night. Originally released for the PlayStation, it returned to the nonlinear gameplay seen in Castlevania II: Simon's Quest, which introduced RPG elements and exploration. Several installments later adopted Symphony of the Night's gameplay, and along with Super Metroid, it has popularized the Metroidvania genre. 2010 saw the release of Castlevania: Lords of Shadow, a 3D action-adventure reboot of the series developed by MercurySteam.It is one of Konami's most critically acclaimed franchises and also one of the best-selling of all time.Gulf and Western Industries
Gulf and Western Industries, Inc., (stylized as Gulf+Western) was an American conglomerate. Gulf and Western's origins date to a manufacturer named the Michigan Bumper Company founded in 1934, although Charles Bluhdorn treated his 1958 takeover of what was then Michigan Plating and Stamping, as its "founding" for the purpose of later anniversaries. Through asset management, the company's non-publishing and entertainment assets were dismantled; with the company re-branding as Paramount Communications in 1989 after Paramount Pictures. The company's current remnants operate as Viacom and CBS Corporation.National Amusements
National Amusements, Inc. is an American privately-owned theater company and mass media holding company based in Dedham, Massachusetts and incorporated in Maryland. It was the parent company of the first incarnation of Viacom, and is the parent company of CBS Corporation and second incarnation of Viacom that were split off in 2006.
As of December 2016, National Amusements, directly and through subsidiaries, holds approximately 79.8% of the Class A (voting) common stock of Viacom Inc., constituting 10% of the overall equity of the Company, and holds approximately 79.5% of the Class A (voting) common stock and 2.4% of the Class B (non‐voting) common stock of CBS Corporation, constituting 9.1% of the overall equity of the Company.
The company operates more than 1,500 movie screens across the Northeastern United States, the United Kingdom, Latin America, and Russia under its Showcase Cinemas, Multiplex Cinemas, Cinema de Lux, and KinoStar brands.Paramount Stations Group
Paramount Stations Group (sometimes abbreviated as PSG) was a company that controlled a group of American broadcast television stations. The company existed from 1991 until 2001.Pocket Books
Pocket Books is a division of Simon & Schuster that primarily publishes paperback books.Showtime Networks
Showtime Networks Inc. (SNI) is an American entertainment company that oversees the company's premium cable television channels, including its flagship service Showtime. It is a subsidiary of media conglomerate CBS Corporation.UPN
The United Paramount Network (UPN) was an American broadcast television network that launched on January 16, 1995. The network was originally owned by Chris-Craft Industries and United Television; Viacom (through its Paramount Television unit, which produced most of the network's series) turned the network into a joint venture in 1996 after acquiring a 50% stake in the network, and subsequently purchased Chris-Craft's remaining stake in 2000. In December 2005, UPN was spun off to CBS Corporation when Viacom split into two separate companies.
CBS Corporation and Time Warner jointly announced on January 24, 2006 that the companies would shut down UPN and competitor The WB to launch a new joint venture network later that year. UPN ceased broadcasting on September 15, 2006, with The WB following suit two days later. Select programs from both networks moved to the new network, The CW, when it launched on September 18, 2006.Viacom (1952–2006)
The original incarnation of Viacom Inc. (originally an initialism of Video & Audio Communications) was an American media conglomerate. During the 1970s and 1980s, Viacom was a prominent distributor of syndicated CBS television series. They also distributed syndicated shows which originated during the 1980s, with the biggest examples being The Cosby Show and Roseanne (which were produced by Carsey-Werner Productions, who later began distributing their own programming). On December 31, 2005, Viacom split into two new companies, resulting in the creation of CBS Corporation and the current incarnation of Viacom.WBXI-CD
WBXI-CD, UHF digital channel 47, is a Start TV-affiliated television station licensed to Indianapolis, Indiana, United States. The station is owned by the CBS Television Stations subsidiary of CBS Corporation. WBXI-CD's transmitter is located atop the Salesforce Tower (near Monument Circle) in downtown Indianapolis.Westinghouse Electric Corporation
The Westinghouse Electric Corporation was an American manufacturing company. It was founded on January 8, 1886, as Westinghouse Electric Company and later renamed Westinghouse Electric Corporation by its founder George Westinghouse (1846–1914). George Westinghouse had previously founded the Westinghouse Air Brake Company. The corporation purchased the CBS broadcasting company in 1995 and became the original CBS Corporation in 1997.Westinghouse Licensing Corporation
Westinghouse Electric Corporation (commonly known as Westinghouse Licensing) is a Delaware General Corporation Law organized subsidiary that was founded in 1998 by Westinghouse-CBS (the renamed "original Westinghouse" and predecessor of the current CBS Corporation) in managing the intellectual property assets relating to the Westinghouse trademarks produced from 1886 until 1996.
Westinghouse Licensing has its headquarters in New York City inside the headquarters of its parent, CBS Corporation; its predecessor was located in Pittsburgh, Pennsylvania.