Paramount Global
Paramount
FormerlyViacomCBS Inc. (2019–2022)
TypePublic
ISINUS92556H2067
Industry
Predecessors
FoundedDecember 4, 2019 (2019-12-04)
HeadquartersOne Astor Plaza, Manhattan,
New York City, U.S.
Area served
Worldwide
Key people
Products
Services
RevenueIncrease US$30.15 billion (2022)
Decrease US$2.342 billion (2022)
Decrease US$1.104 billion (2022)
Total assetsDecrease US$58.39 billion (2022)
Total equityIncrease US$23.04 billion (2022)
OwnerNational Amusements (9.7% equity, 79.9% voting power)[1]
Number of employees
24,500 (December 2022)
Divisions
SubsidiariesList of assets owned by Paramount Global
Websiteparamount.com
Footnotes / references
[2][3]

Paramount Global[lower-alpha 1] (doing business as Paramount,[5] until 2022 as ViacomCBS) is an American multinational mass media and entertainment conglomerate controlled by National Amusements and headquartered at One Astor Plaza in Midtown Manhattan in New York City. The company was formed on December 4, 2019, as ViacomCBS Inc. through the merger of the second incarnations of CBS Corporation and Viacom[6] (which were split from the original Viacom on December 31, 2005). The company changed its name to Paramount Global on February 16, 2022, the day after its Q4 earnings presentation.[7]

Paramount's main properties include the namesake Paramount Pictures film and television studio, the CBS Entertainment Group (consisting of the CBS and CW television networks, television stations, BET Networks, (who owns the BET and VH1 channels, among others), and other CBS-branded assets), media networks (consisting of U.S.-based cable television networks including MTV, Nickelodeon, Comedy Central, CMT, Paramount Network, and Showtime) and the company's streaming services (including Paramount+ and Pluto TV). It also has an international division that manages international versions of its pay TV networks, as well as region-specific assets including Argentina's Telefe, Chile's Chilevisión, India's Colors, the United Kingdom's Channel 5, and Australia's Network 10. Between 2011 and 2023, the division also owned a 30% stake in the Rainbow S.p.A. studio.[8]

As of 2019, the company operates over 170 networks and reaches approximately 700 million subscribers in 180 countries.[9]

Background

Paramount Pictures, CBS, and Viacom each had a history of being associated with one another through a series of various corporate mergers and splits.[10] Paramount Pictures was founded in 1912 as the Famous Players Film Company.[11] CBS was founded in 1927, which Paramount Pictures held a 49 percent ownership stake in from 1929 to 1932.[12][13] In 1952, CBS formed CBS Television Film Sales, a division which handled syndication rights for CBS's library of network-owned television series. This division was renamed CBS Films in 1958, again renamed CBS Enterprises in January 1968, and finally renamed Viacom (an acronym of Video and Audio Communications) in 1970. In 1971, this syndication division was spun off amid new FCC rules forbidding television networks from owning syndication companies (these rules were eventually abolished completely in 1993).[14] In 1985, Viacom purchased MTV Networks and Showtime/The Movie Channel Inc. from Warner Communications and American Express.[15] In 1987, Viacom was acquired by theater operator company National Amusements.[16]

Meanwhile, Paramount Pictures was acquired by Gulf and Western Industries in 1966, which then re-branded itself as Paramount Communications in 1989.[17] Viacom then purchased Paramount Communications in 1994.

In 1999, Viacom made its biggest acquisition to date by announcing plans to merge with its former parent CBS Corporation (the renamed Westinghouse Electric Corporation, which had merged with CBS in 1995). The merger was completed in 2000, resulting in CBS reuniting with its former syndication division. On December 31, 2005, Viacom was split into two companies: CBS Corporation, the former's corporate successor and the spun-off Viacom company.[18]

History

The evolution of Paramount
1912Famous Players Film Company is founded
1913Lasky Feature Play Company is founded
1914Paramount Pictures is founded as a film distributor
1916Famous Players and Lasky merge as Famous Players–Lasky and acquire Paramount
1920Group W forms with the launch of KDKA-AM
1927CBS is founded; Famous Players–Lasky assumes Paramount's name
1929Paramount buys 49% of CBS
1932Paramount sells back shares of CBS
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 buys Paramount
1968Gulf+Western acquires Desilu and renames it Paramount Television; CBS Films becomes CBS Enterprises
1970CBS Enterprises renamed to Viacom
1971Viacom is spun off from CBS as a separate company
1985Viacom buys full ownership of Showtime and MTV Networks
1986National Amusements buys Viacom
1989Gulf+Western renamed to Paramount Communications
1994Viacom acquires Paramount Communications
1995Westinghouse buys CBS
1997Westinghouse renamed to CBS Corporation
2000Viacom buys CBS Corporation
2001Viacom buys BET Networks
2005Viacom splits into second CBS Corporation and Viacom
2019CBS Corporation and Viacom re-merge to form ViacomCBS
2022ViacomCBS changes its name to Paramount Global

Formation

On September 29, 2016, National Amusements, the parent company of CBS Corporation and Viacom, wrote to Viacom and CBS encouraging the two companies to merge back into one company.[19] On December 12, the deal was called off.[20]

On January 12, 2018, CNBC reported that Viacom had re-entered talks to merge back into CBS Corporation, after the merger of AT&T-Time Warner and Disney's proposed acquisition of most of 21st Century Fox's assets were announced. Viacom and CBS also faced heavy competition from companies such as Netflix and Amazon.[21] Shortly afterward, it was reported that the combined company could be a suitor for acquiring the film studio Lionsgate.[22] Viacom and Lionsgate were both interested in acquiring The Weinstein Company (TWC).[23] Following the Weinstein effect, Viacom was listed as one of 22 potential buyers that were interested in acquiring TWC.[23] They lost the bid, and on March 1, 2018, it was announced that Maria Contreras-Sweet would acquire all of TWC's assets for $500 million.[24][25] Lantern Capital would later acquire the studio.

On March 30, 2018, CBS made an all-stock offer slightly below Viacom's market value, insisting that its existing leadership, including long-time chairman and CEO Les Moonves, oversee the re-combined company. Viacom rejected the offer as too low, requesting a $2.8  billion increase and that Bob Bakish be maintained as president and COO under Moonves. These conflicts had resulted from Shari Redstone seeking more control over CBS and its leadership.[26][27]

Eventually, on May 14, 2018, CBS Corporation sued its and Viacom's parent company National Amusements and accused Redstone of abusing her voting power in the company and forcing a merger that was not supported by it or Viacom.[28][29] CBS also accused Redstone of discouraging Verizon Communications from acquiring it, which could have been beneficial to its shareholders.[30]

On May 23, 2018, Les Moonves explained 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 because he did not want an ally of Shari Redstone as a board member of the combined company.[31]

On September 9, 2018, Les Moonves exited CBS following multiple accusations of sexual assault. National Amusements agreed to not propose a CBS-Viacom merger for at least two years after the date of the settlement.[32]

On May 30, 2019, CNBC reported that CBS Corporation and Viacom would explore merger discussions in mid-June 2019. CBS's board of directors was revamped with people who were open to merging; the re-merger was made possible with the resignation of Moonves, who had opposed all merger attempts. The talks had started following rumors of CBS acquiring Starz from Lionsgate.[33] Reports said that CBS and Viacom reportedly set August 8 as an informal deadline for reaching an agreement to recombine the two media companies.[34][35] CBS announced to acquire Viacom as part of the re-merger deal for up to $15.4 billion.[36]

On August 2, 2019, it was reported that CBS and Viacom agreed to merge back into one entity, with both companies agreeing on the management team for the merger. Bob Bakish would serve as CEO of the combined company with the president and acting CEO of CBS, Joseph Ianniello, overseeing CBS-branded assets.[37] On August 7, 2019, CBS and Viacom separately reported their quarterly earnings as the talks about the re-merger continued.[38][39]

Initial operations

First ViacomCBS logo used from 2019 to 2020
Second ViacomCBS logo used from 2020 to 2022; the logo's colors were initially inverted

On August 13, 2019, CBS and Viacom officially announced their merger; the combined company was to be named ViacomCBS, with Shari Redstone serving as chair.[40][41][42] Upon the merger agreement, Viacom and CBS jointly announced that the transaction is expected to close by the end of 2019, pending regulatory and shareholder approvals.[42] The merger required approval by the Federal Trade Commission (FTC).[42]

On October 28, 2019, the merger was approved by National Amusements, which then announced the deal would close in early December; the recombined company trades its shares on Nasdaq under the symbols "VIAC" and "VIACA" after CBS Corporation delisted its shares on the New York Stock Exchange (NYSE).[43][44]

On November 25, 2019, Viacom and CBS announced the merger would close on December 4 and begin trading on NASDAQ on the next day.[45][46] On December 4, 2019, Bakish confirmed that the ViacomCBS merger had closed.[47]

On December 10, 2019, days after the merger, Bakish announced that ViacomCBS would look to divest Black Rock, the building that held CBS's headquarters since 1964. He stated, "Black Rock is not an asset we need to own and we believe that money would be put to better use elsewhere."[48] On December 20, 2019, ViacomCBS agreed to acquire a 49% minority stake in film studio Miramax from beIN Media Group for $379 million. As part of the purchase, Paramount Pictures reached a long-term deal for exclusive distribution rights to its library, and first-look agreements to co-develop new film and television projects based on Miramax-owned properties.[49]

On March 2, 2020, executive vice president Dana McClintock announced that he would depart the company after 27 years in CBS Communications.[50] On March 4, the company announced plans to potentially sell its Simon & Schuster publishing unit, with Bakish arguing that it lacked a "significant connection for our broader business."[51]

On June 19, 2020, Jaime Ondarza, formerly the senior vice president of Turner Broadcasting South Europe and Africa, became the new head of ViacomCBS Networks International for France, Spain, Italy, the Middle East, Greece, and Turkey.[52]

On August 4, 2020, ViacomCBS announced that the company's connected video advertising platform, EyeQ, is set to launch in fall 2020.[53]

On September 14, 2020, ViacomCBS announced an agreement to sell the CBSi-owned CNET Media Group to Red Ventures for $500 million. The deal included the eponymous CNET tech site, as well as ZDNet, GameSpot, the TV Guide digital assets, Metacritic, and Chowhound.[54][55] The deal closed on October 30, 2020.[56]

On November 17, 2020, various news outlets reported that companies such as Vivendi, Bertelsmann's Penguin Random House and News Corp's HarperCollins had considered acquiring Simon & Schuster for as much as $1.7 billion. ViacomCBS had expected the bids to be placed before November 26.[57] On November 25, 2020, Penguin Random House agreed to purchase Simon & Schuster for $2.175 billion;[58] however, the deal was blocked two years later by U.S. federal judge Florence Y. Pan.[59] On August 16, 2021, ViacomCBS announced that they had agreed to sell the CBS Building to the real estate investment and management firm Harbor Group International for $760 million, leasing the space back under a short-term lease.[60] On September 28, 2021, ViacomCBS announced that they had agreed to partner with software and data firm VideoAmp.[61] On October 28, 2021, ViacomCBS announced that they had agreed to acquire a majority stake in the Spanish-language content producer TeleColombia & Estudios TeleMexico.[62] On November 30, 2021, ViacomCBS announced that they had agreed to sell the CBS Studio Center to Hackman Capital Partners and Square Mile Capital Management for $1.85 billion.[63]

On January 5, 2022, The Wall Street Journal reported that ViacomCBS and WarnerMedia (whose then-owner AT&T was selling it to Discovery to form Warner Bros. Discovery) were exploring a possible sale of either a majority stake or all of The CW, and that Nexstar Media Group was considered a leading bidder.[64] Reports indicated that ViacomCBS and WarnerMedia could include a contractual commitment that would require any new owner to buy new programming from those companies, allowing them to reap some continual revenue through the network.[65] Then-network president/CEO Mark Pedowitz confirmed talks of a potential sale in a memo to CW staffers, but added that "It's too early to speculate what might happen."[66][67]

Rebranding

On February 15, 2022, during a presentation to investors, ViacomCBS announced that it would change its name to Paramount Global beginning the following day; in a memo to staff announcing the change, it was stated that the rebranding was intended to leverage the "iconic global name", and would "reflect who we are, what we aspire to be, and all that we stand for." The company primarily does business as simply "Paramount".[68] In May 2022, Berkshire Hathaway acquired a 15.4% stake in the company for $2.6 billion.[69][70]

Nexstar announced on August 15 that it would acquire a 75% majority share in The CW; the remaining 25% would be shared equally by Paramount and WBD.[71][72] As the deal did not require any regulatory approvals (unlike the "Big Four" networks, which includes CBS, The CW does not directly own any of its stations), Nexstar immediately took operational control of the network on the same day. The deal was closed on October 3, with CEO Mark Pedowitz stepping down and Dennis Miller taking Pedowitz's role as president of The CW.[73][74] Paramount's CBS News and Stations unit announced on May 5, 2023, that its eight CW stations would become independent on September 1, per the Nexstar buyout deal.[75] On August 7, Paramount announced that it had agreed to sell Simon & Schuster to private equity firm KKR for $1.6 billion in cash.[76] The sale was completed on October 30.[77]

Potential sale

On January 10, 2024, National Amusements was confirmed to be putting Paramount Global up for sale. Potential bidders include Warner Bros. Discovery and RedBird Capital Partners, as well as Skydance Media, already a co-financier of select Paramount movies which RedBird also invests in.[78]

Company units

Paramount Global comprises six major units:

Other assets owned by Paramount include Republic Pictures. The company also has an undisclosed stake in FuboTV, which it acquired in 2020.[83]

References

  1. ↑ Exact name as stated in Delaware Division of Corporations registry no. 2106821.[4]
  1. ↑ "2021 Proxy Statement". ViacomCBS, Inc. Archived from the original on March 26, 2022. Retrieved February 17, 2022.
  2. ↑ "SEC Filing – ViacomCBS Inc". ViacomCBS. Archived from the original on July 18, 2020. Retrieved July 14, 2020.
  3. ↑ "Paramount Global Annual Report (Form 10-K)". SEC.gov. U.S. Securities and Exchange Commission. February 16, 2023. Archived from the original on February 16, 2023. Retrieved February 16, 2023.
  4. ↑ "Delaware Corporate Entity Search". Archived from the original on September 21, 2015. Retrieved April 29, 2023.
  5. ↑ Goldsmith, Jill (February 15, 2022). "ViacomCBS To Rebrand As Paramount Global". Deadline. Retrieved December 18, 2023.
  6. ↑ "CBS and Viacom Reveal December Merger Date". November 25, 2019. Archived from the original on November 29, 2019. Retrieved November 26, 2019.
  7. ↑ Baccardax, Martin (February 16, 2022). "ViacomCBS Stock Plunges After Q4 Earnings Miss, Paramount Name Change". TheStreet. Archived from the original on February 17, 2022. Retrieved February 16, 2022.
  8. ↑ Roxborough, Scott; Brzeski, Patrick (May 24, 2021). "Why Local-Language Adaptations Are the Next Round of Remakes". The Hollywood Reporter. ViacomCBS counts Argentina's Telefe and producer Iginio Straffi's Italian TV shingle Rainbow, in which it has a 30 percent stake, among its global assets.
  9. ↑ "ViacomCBS | Company Profile". Vault. Archived from the original on April 16, 2021. Retrieved March 30, 2021.
  10. ↑ Spencer, Samuel (February 16, 2022). "Did Paramount Buy ViacomCBS? The Reason Behind the Company's Name Change". Newsweek. Archived from the original on June 27, 2022. Retrieved February 19, 2022.
  11. ↑ Abel, Richard (1994). The Ciné Goes to Town: French Cinema, 1896–1914. University of California Press. p. 10. ISBN 0-520-07936-1.
  12. ↑ Laurence Bergreen (1980). Look Now, Pay Later: The Rise of Network Broadcasting. New York City: Doubleday and Co. p. 61. ISBN 978-0-451-61966-2.
  13. ↑ Erik Barnouw (1966). A Tower in Babel: A History of Broadcasting in the United States to 1933. New York City: Oxford University Press. p. 261. ISBN 978-0-19-500474-8.
  14. ↑ D. Croteau; W. Hoynes (2006). The Business of Media: Corporate Media and the Public Interest. Thousand Oaks, California: Pine Forge Press. pp. 100–101.
  15. ↑ Fabrikant, Geraldine (September 17, 1986). "Viacom Chief Leads Group's Buyout Bid". The New York Times. ISSN 0362-4331. Archived from the original on January 30, 2021. Retrieved January 23, 2021. In November 1985, Viacom acquired MTV for $326 million in cash and warrants. One-third of MTV was publicly owned; the rest was owned by Warner Communications and the American Express Company. At the same time, Viacom bought 50 percent of Showtime, the pay television service, that it did not already own for $184 million.
  16. ↑ "Viacom Inc. has acquired Viacom International Inc". Los Angeles Times. June 10, 1987. Archived from the original on June 15, 2023. Retrieved June 15, 2023.
  17. ↑ Williams, Linda (April 10, 1989). "Gulf & Western Wants Buyer for Finance Division: Paramount's Parent Plans to Change Name, Focus on Entertainment, Publishing". Los Angeles Times. Archived from the original on June 26, 2013.
  18. ↑ "CBS And Viacom Complete Merger". CBS News. April 26, 2000. Archived from the original on October 20, 2020. Retrieved March 30, 2021.
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  23. 1 2 "Weinstein Co Talking to 22 Buyers, $300 Million Expected Price, Bob Weinstein Must Exit". The Wrap. October 26, 2017. Archived from the original on November 23, 2017. Retrieved October 26, 2017.
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  25. ↑ Chmielewski, Dawn (March 2, 2018). "TWC Board, New York AG Confirm Maria Contreras-Sweet Group Has Acquired Weinstein Company Assets". Deadline Hollywood. Archived from the original on March 2, 2018. Retrieved March 2, 2018.
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  30. ↑ Chmielewski, Dawn C. (May 14, 2018). "Verizon Expressed Interest in Acquiring CBS Before Viacom Talks Heated Up". Deadline Hollywood. Archived from the original on May 27, 2018. Retrieved May 26, 2018.
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  32. ↑ Parker, Ryan (September 9, 2018). "Leslie Moonves Exits CBS After Being Accused of Sex Crimes, Violence by More Women". The Hollywood Reporter. Archived from the original on February 16, 2022. Retrieved February 16, 2022.
  33. ↑ James, Meg (May 30, 2019). "CBS and Viacom merger negotiations expected to resume". Los Angeles Times. Archived from the original on June 1, 2019. Retrieved June 2, 2019.
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  51. ↑ Baysinger, Tim (March 4, 2020). "ViacomCBS to Sell Publisher Simon and Schuster". TheWrap. Archived from the original on August 18, 2020. Retrieved July 14, 2020.
  52. ↑ "ViacomCBS hires former Turner exec Jaime Ondarza for Europe role". TBI Vision. June 19, 2020. Archived from the original on October 6, 2020. Retrieved June 24, 2020.
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  55. ↑ Mullin, Benjamin (September 14, 2020). "WSJ News Exclusive | ViacomCBS to Sell CNET to Red Ventures for $500 Million". The Wall Street Journal. ISSN 0099-9660. Archived from the original on October 10, 2020. Retrieved September 15, 2020.
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  59. ↑ Alter, Alexandra; Harris, Elizabeth A. (October 31, 2022). "Judge Blocks a Merger of Big Publishers". The New York Times. ISSN 0362-4331. Archived from the original on November 22, 2022. Retrieved November 22, 2022.
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  65. ↑ Farley, Ashley (January 13, 2022). "REPORT: The CW's Potential Sale May Kill Its Original Programming". Comic Book Resources. Archived from the original on January 14, 2022. Retrieved January 14, 2022.
  66. ↑ Goldberg, Lesley; Weprin, Alex (January 6, 2022). "ViacomCBS and WarnerMedia Exploring Sale of The CW". The Hollywood Reporter. Archived from the original on January 6, 2022. Retrieved January 9, 2022.
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