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Paramount Global: the story on HearLore | HearLore
Common questions
When did CBS Corporation and Viacom officially merge to form ViacomCBS?
CBS Corporation and Viacom officially merged to form ViacomCBS on the 4th of December 2019. This merger marked the culmination of a decades-long saga of splits, acquisitions, and power struggles that began with the founding of the Famous Players Film Company in 1912 and the establishment of CBS in 1927.
What date did ViacomCBS change its name to Paramount Global?
ViacomCBS changed its name to Paramount Global on the 15th of February 2022. This rebranding was a strategic move to unify the company's diverse assets and reflect its aspirations to leverage the iconic global name.
When was the merger between Paramount Global and Skydance Media approved and closed?
The merger between Paramount Global and Skydance Media was approved on the 24th of July 2025 and closed by the 7th of August 2025. This deal was valued at $28 billion and resulted in David Ellison assuming the roles of chairman and CEO of the merged entity.
Why did Paramount Global cancel The Late Show with Stephen Colbert in 2025?
Paramount Global canceled The Late Show with Stephen Colbert after agreeing to pay a $16 million bribe to settle a lawsuit filed by President Donald Trump regarding deceptive editing of an October 2024 60 Minutes interview. The cancellation was reported to have been informed to Colbert's talent manager on the 27th of June.
What are the three business segments of Paramount Global?
Paramount Global is structured into three business segments: Filmed Entertainment, Direct-to-Consumer, and TV Media. The Filmed Entertainment segment includes film studios and Nickelodeon-branded studios, the Direct-to-Consumer segment focuses on streaming services, and the TV Media segment consists of linear television networks and content production.
Paramount Global
On the 4th of December 2019, the media landscape shifted forever when two giants, CBS Corporation and Viacom, officially merged to form ViacomCBS, a move that would eventually see the company rebrand as Paramount Global. This was not merely a corporate reshuffling but the culmination of a decades-long saga of splits, acquisitions, and power struggles that began with the founding of the Famous Players Film Company in 1912 and the establishment of CBS in 1927. The history of this entity is a tangled web of ownership, where CBS once held a 49% stake in Paramount Pictures, and where the syndication division that became Viacom was spun off in 1971 due to new Federal Communications Commission rules. The merger was driven by the need to compete with streaming behemoths like Netflix and Amazon, yet it was fraught with internal conflict, particularly between the leadership of CBS and Viacom. Les Moonves, the long-time chairman and CEO of CBS, viewed the Viacom channels as an albatross, a burden that dragged down the company, while Shari Redstone, the controlling shareholder through National Amusements, pushed for the merger to consolidate power. The deal was not without its legal battles, as CBS Corporation sued National Amusements in May 2018, accusing Redstone of abusing her voting power to force a merger that was not supported by the company or Viacom. The merger finally closed on the 4th of December 2019, with Bob Bakish serving as CEO of the combined company, marking the beginning of a new era for the media conglomerate.
The Rebranding And The Sale
By the 15th of February 2022, the company had changed its name from ViacomCBS to Paramount Global, a decision intended to leverage the iconic global name and reflect the company's aspirations. This rebranding was not just a cosmetic change but a strategic move to unify the company's diverse assets, which included Paramount Pictures, CBS Entertainment Group, BET Media Group, and Paramount Media Networks. The company operated over 170 networks and reached approximately 700 million subscribers in 180 countries, making it a dominant force in the media industry. However, the rebranding was accompanied by significant divestitures and sales, including the sale of the CBS Building to Harbor Group International for $760 million and the sale of the CBS Studio Center to Hackman Capital Partners and Square Mile Capital Management for $1.85 billion. The company also sold its Simon & Schuster publishing unit to KKR for $1.6 billion, a move that was part of a broader strategy to streamline operations and focus on core media assets. The rebranding also saw the company divest Black Rock, the building that held CBS's headquarters since 1964, as Bakish stated that it was not an asset they needed to own. The company's international division managed region-specific assets, including Argentina's Telefe, Chile's Chilevisión, the United Kingdom's 5, and Australia's Network 10, while also holding a 30% stake in Rainbow S.p.A. of Italy from 2011 to 2023. The rebranding was a pivotal moment in the company's history, signaling a shift in strategy and a focus on the future of media and entertainment.
In the summer of 2024, the media world was abuzz with rumors of a potential merger between Paramount Global and Skydance Media, a deal that would see David Ellison, the founder of Skydance, assume the roles of chairman and CEO of the merged entity. The negotiations were complex and fraught with challenges, as Shari Redstone, the controlling shareholder, was reportedly displeased with the revised terms, which would see her receive less money for her shares and assume legal liabilities in the case of shareholder lawsuits. The deal was initially agreed upon on the 3rd of June 2024, but by the 11th of June, the merger talks had fallen apart, resulting in the proposed merger being called off. The companies later re-negotiated the deal, and on the 2nd of July 2024, Skydance reached a preliminary agreement to form Paramount Skydance Corporation through a three-way merger between it, National Amusements, and Paramount. The merger was approved on the 24th of July 2025, over a year after a merger agreement, and was closed by the 7th of August 2025. The deal was valued at $28 billion, with Ellison to be appointed as chairman and CEO, and former NBCUniversal CEO Jeff Shell to become company president. The merger also saw the sale of several Paramount assets deemed not strategic to their plans, including BET and others. The deal was a testament to the company's ability to navigate the complex landscape of media mergers and acquisitions, and to adapt to the changing needs of the industry.
The Bribe And The Cancellation
In the summer of 2025, Paramount Global found itself at the center of a legal and ethical storm when it agreed to pay a $16 million bribe to settle a lawsuit filed by President Donald Trump alleging deceptive editing of its October 2024 60 Minutes interview with his Democratic rival, Kamala Harris. The payment, which was described by Late Show host Stephen Colbert as a big fat bribe, led to the cancellation of The Late Show with Stephen Colbert, a move that was later reported to have been informed to Colbert's talent manager on the 27th of June. The cancellation sparked outrage among the Writers Guild of America East and West, who called for New York Attorney General Letitia James to look into wrongdoing at Paramount, specifically investigating whether The Late Show's cancellation was a bribe, sacrificing free speech to curry favor with the Trump Administration as the company looked for merger approval. The incident highlighted the precarious position of media companies in the face of political pressure and the potential consequences of such decisions on the company's reputation and operations. The cancellation of The Late Show was a significant blow to the company, which had long been a platform for political satire and commentary, and it raised questions about the independence and integrity of the media industry in the face of political influence.
The Structure And The Strategy
Paramount Global was structured into seven major units split into three business segments, each with its own unique role and responsibility within the company. The Filmed Entertainment segment consisted of the company's film studios as well as the Nickelodeon-branded television and film studios, including Paramount Pictures Corporation, Republic Pictures, and a 49% stake in Miramax. The Direct-to-Consumer segment focused on the global over-the-top streaming services that encompassed Paramount+, Pluto TV, SkyShowtime, CBS News 24/7, CBS Sports HQ, and BET+. The TV Media segment consisted of the company's linear television networks as well as television content production, outside of Nickelodeon, including CBS Entertainment Group, which consisted of CBS-branded assets such as the CBS television network, CBS News and Stations, CBS Sports, CBS Studios, CBS Media Ventures, and Big Ticket Television. The company also had a 12.5% ownership stake in The CW Television Network, and the BET Media Group, which contained BET, BET Her, and other BET-branded cable television channels. The company's international division managed region-specific assets, including Argentina's Telefe, Chile's Chilevisión, the United Kingdom's 5, and Australia's Network 10, while also holding a 30% stake in Rainbow S.p.A. of Italy from 2011 to 2023. The company's strategy was to leverage its diverse assets to create a comprehensive media and entertainment ecosystem, capable of competing with other major players in the industry.
The Leadership And The Changes
The leadership of Paramount Global was a complex and evolving structure, with Shari Redstone serving as Non-Executive Chair and a board of directors that included Mary M. Boies, Barbara M. Byrne, Linda M. Griego, Hon. Roanne Sragow Licht, Charles E. Ryan, and Susan Schuman. The executive team was led by an Office of the CEO, with George Cheeks serving as President and CEO of CBS and Chief Content Officer of News and Sports, Chris McCarthy as President and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks, and Brian Robbins as President and CEO of Paramount Pictures and Nickelodeon, and Chief Content Officer of Movies & Kids & Family. The leadership changes were a reflection of the company's strategic shifts and the need to adapt to the changing media landscape. The appointment of Bob Bakish as CEO of the combined company in 2019 was a significant moment, as he was tasked with leading the company through the merger and the subsequent rebranding. However, Bakish's tenure was cut short in April 2024, when he stepped down from his role as president and CEO, replaced by an office of the CEO led by Brian Robbins, George Cheeks, and Chris McCarthy. The changes in leadership were a response to the company's need to streamline operations and focus on core media assets, and to adapt to the changing needs of the industry. The leadership of Paramount Global was a testament to the company's ability to navigate the complex landscape of media mergers and acquisitions, and to adapt to the changing needs of the industry.