What Happened to CBS (Columbia Broadcasting System)?

The Columbia Broadcasting System, or CBS, began its journey in 1927 as a radio network, quickly establishing itself as a dominant force in American media. Its influence expanded significantly with the advent of television, where it maintained a leading position for decades. The network underwent its first major corporate restructuring in 1995 when it was acquired by Westinghouse Electric Corporation, which subsequently rebranded itself as CBS Corporation in 1997.

A pivotal period for CBS began in 2000 with its merger into Viacom Inc., a deal valued at $45 billion. However, this combined entity was short-lived, as regulatory pressures and strategic differences led to a split in 2005, re-establishing CBS Corporation and a separate Viacom. Both companies remained under the control of National Amusements, owned by the Redstone family.

The evolving media landscape, marked by the rise of streaming and increased competition, prompted the two entities to reunite. In December 2019, CBS Corporation and Viacom re-merged to form ViacomCBS, an all-stock deal valued at approximately $30 billion. This merger aimed to create a media powerhouse with a vast content library and strengthened position in the streaming industry. In February 2022, ViacomCBS rebranded as Paramount Global, a move intended to leverage the globally recognized Paramount brand and better connect its diverse businesses, including its burgeoning streaming service, Paramount+.

The consolidation trend continued, and by 2023, Paramount Global's parent company, National Amusements, began exploring further merger and acquisition opportunities. After months of speculation and competing bids from entities like Sony Pictures and Apollo Global Management, Paramount Global ultimately agreed to merge with Skydance Media. This $8 billion deal, which saw Skydance first acquire Shari Redstone's controlling stake in National Amusements, was completed on August 7, 2025, forming the new entity, Paramount Skydance Corporation. David Ellison, CEO of Skydance, is expected to lead the combined company.

As of March 2026, CBS remains a vital part of Paramount Skydance Corporation, continuing its broadcast operations and contributing to the parent company's content pipeline. The network has already announced significant portions of its 2025-2026 and 2026-2027 programming schedules, including renewals for popular shows like 'Tracker,' 'NCIS,' and 'Survivor,' and new series such as 'CIA' and 'Y: Marshals.' Paramount Skydance is heavily invested in its streaming strategy, with Paramount+ seeing price increases in early 2026 and a focus on expanding original content and features like short-form video and sports multiview. The company is also actively pursuing a potential $60 billion merger with Warner Bros. Discovery, projecting significantly increased revenue if the deal materializes. Paramount Skydance reported a wider net loss in 2025 but anticipates $30 billion in revenue for fiscal year 2026, driven by streaming growth.