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Paramount Global

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Not to be confused with Paramount Communications.
Paramount Global
Paramount
FormerlyViacomCBS (2019–2022)
Company typePublic
ISINUS92556H2067
IndustryMass media
Entertainment
Predecessors
FoundedDecember 4, 2019; 4 years ago (2019-12-04)
FounderShari Redstone
HeadquartersOne Astor Plaza,
Manhattan, New York City
,
U.S.
Area served
Worldwide
Key people
RevenueIncrease US$25.29 billion (2020)
Decrease US$4.14 billion (2020)
Increase US$2.42 billion (2020)
Total assetsIncrease US$52.66 billion (2020)
Total equityIncrease US$15.37 billion (2020)
OwnersNational Amusements and Shari Redstone[a]
Number of employees
22,109[3]
Subsidiaries
Websitewww.paramount.com

Paramount Global,[b] doing business as Paramount,[4] is an American diversified multinational mass media and entertainment conglomerate.

The company was formed as ViacomCBS through the merger of the second incarnation of CBS Corporation and the second incarnation of Viacom on December 4, 2019[5] (which were split from the original incarnation of Viacom in 2006) and headquartered at the One Astor Plaza complex in Midtown Manhattan, New York City, United States. The company operates over 170 networks and reaches approximately 700 million subscribers in approximately 180 countries, as of 2019.[6] The company's main properties include the namesake Paramount Pictures film and television studio, the CBS Entertainment Group (consisting of the CBS and The CW television networks, television stations, and other CBS-branded assets), domestic networks (consisting of U.S.-based cable television networks including but not limited to MTV, Nickelodeon, BET, Comedy Central, and Showtime), and the company's streaming services (including Paramount+ and Pluto TV). Paramount also has a dedicated international division that manages international versions of its networks, as well as region-specific assets like Argentina's Telefe, Chile's Chilevisión and a 30% stake in the Rainbow S.p.A. studio in Italy.[7] The current name was adopted on February 16, 2022, during the company's Q4 earnings presentation.[8]

Background

Main articles: Viacom (1952–2006), CBS Corporation, and Viacom (2005–2019)
Original Viacom logo (1990–2005)
CBS Corporation logo (2005–2019)
Spun-off Viacom logo (2005–2019)

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, and again renamed CBS Enterprises Inc. 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. (The rules were abolished completely in 1993.)[9] In 1985, Viacom purchased MTV Networks and Showtime/The Movie Channel Inc. from Warner Communications and American Express.[10] In 1986, Viacom was acquired by its present owner, theater operator company National Amusements. In 1994, Viacom acquired the original Paramount Communications.

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 January 3, 2006, Viacom was split into two companies: CBS Corporation, the former's corporate successor and the spun-off Viacom company.[11]

History

Further information: 2019 merger of CBS and Viacom
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

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.[12] On December 12, the deal was called off.[13]

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.[14] Shortly afterward, it was reported that the combined company could be a suitor for acquiring the film studio Lionsgate.[15] Viacom and Lionsgate were both interested in acquiring The Weinstein Company.[16] Following the Weinstein effect, Viacom was listed as one of 22 potential buyers that were interested in acquiring TWC.[16] 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.[17][18] 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.[19][20]

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.[21][22] CBS also accused Redstone of discouraging Verizon Communications from acquiring it, which could have been beneficial to its shareholders.[23]

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, he believed that there were better deals for CBS than the Viacom deal, such as Metro-Goldwyn-Mayer, 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.[24]

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.[25]

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.[26] Reports said that CBS and Viacom reportedly set August 8 as an informal deadline for reaching an agreement to recombine the two media companies.[27][28] CBS announced to acquire Viacom as part of the re-merger deal for up to $15.4 billion.[29]

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.[30] On August 7, 2019, CBS and Viacom separately reported their quarterly earnings as the talks about the re-merger continued.[31][32]

Operations

ViacomCBS logo (2019–2022)

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.[33][34][35] 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.[35] The merger required approval by the Federal Trade Commission.[35]

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.[36][37]

On November 25, 2019, Viacom and CBS announced the merger would close on December 4 and begin trading on NASDAQ on next day.[38][39] On December 4, 2019, Bakish confirmed that the ViacomCBS merger had closed.[40]

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."[41] 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.[42]

On March 2, 2020, executive vice president Dana McClintock announced that he would depart the company after 27 years in CBS Communications.[43] 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.”[44]

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.[45]

On August 4, 2020, ViacomCBS announced that the company's connected video advertising platform, EyeQ, is set to launch in fall 2020.[46]

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.[47][48] The deal closed on October 30, 2020.[49]

On November 17, 2020, various news outlets had 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.[50] On November 25, 2020, Penguin Random House agreed to purchase Simon & Schuster for $2.175 billion, pending regulatory approval.[51] 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.[52] On September 28, 2021, ViacomCBS announced that they had agreed to partner with software and data firm VideoAmp.[53] On October 28, 2021, ViacomCBS announced that they had agreed to acquire a majority stake in the Spanish-language content producer TeleColombia & Estudios TeleMexico.[54] 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.[55]

On January 5, 2022, The Wall Street Journal reported that WarnerMedia and ViacomCBS were exploring a possible sale of either a majority stake or all of The CW, and that Nexstar Media Group (which became The CW's largest affiliate group when it acquired former WB co-owner Tribune Broadcasting in 2019) was considered a leading bidder.[56] The news led to speculation that, should a sale take place, new ownership could steer the network in a new direction, transforming The CW from a young adult-oriented network into one that featured more unscripted and even national news programming.[57] However, reports also indicated that WarnerMedia and ViacomCBS 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.[58] 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" and that the network "must continue to do what we do best."[59][60]

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 will primarily refer to itself as simply "Paramount".[61] However, on February 16, Paramount's stock plummeted by 20 percent, with investors being unnerved about the heavier investment the company plans to make into the streaming business.[62][63]

Paramount Global Distribution Group

Paramount Global Distribution Group
FormerlyViacom International Inc. (1971–2021)
ViacomCBS International Inc. (2021–2022)
Company typeDivision
Founded1971; 53 years ago (1971)
Headquarters
New York City, New York
,
United States
Revenue30,154,000,000 United States dollar (2022) Edit this on Wikidata
2,342,000,000 United States dollar (2022) Edit this on Wikidata
1,104,000,000 United States dollar (2022) Edit this on Wikidata
ParentParamount Global

Paramount Global Distribution Group (formerly known as Viacom International Inc. and ViacomCBS International Inc.) is the subsidiary responsible called for copyrights and trademarks associated with its corporate websites and cable networks, specifically its Domestic Media Networks division, and is the division which licenses the product rights for their various properties. Before 1986, Viacom International was the parent company of Viacom, and the old CBS television show catalogs. Before the merger with CBS Corporation in 1999, it also acted as the first Viacom's licensee company for Viacom's owned television stations; for instance, WVIT in New Britain, Connecticut, currently an NBC owned-and-operated station for the Hartford market owned by Viacom from 1978 until 1997, took their call letters from Viacom International. Since the second merger between Viacom and CBS in 2019, this subsidiary has been renamed in 2021.

History

Viacom International Inc. was founded in 1971, Viacom International renamed as CBS Operations, Inc. in 2006. The second Viacom International Inc was founded in 2005. The company's line of business includes the dissemination of visual and textual television programs on a subscription or fee basis. Viacom International Inc. is a subsidiary of Viacom. It is the holding company for copyrights and trademarks associated with Viacom's corporate websites and its cable networks, specifically Viacom Media Networks, and is the division which licenses the product rights for their various properties. This subsidiary was also credited as Viacom International Inc. before it was renamed in 2021 as ViacomCBS International Inc. ever since the second merger between Viacom and CBS in 2019 began briefly.

Leadership

Board of directors

Senior management

  • Robert Bakish, President and CEO
    • Raffaele Annecchino, President and CEO, Paramount Networks International
    • Alex Berkett, Executive Vice President, Corporate Development and Strategy
    • George Cheeks, President and CEO, CBS and Chief Content Officer, News and Sports, Paramount+
    • Naveen Chopra, Executive Vice President, Chief Financial Officer
      • Anthony DiClemente, Executive Vice President, Investor Relations
      • Katherine Gill-Charest, Executive Vice President, Controller and Chief Accounting Officer
      • Richard M. Jones, Executive Vice President, General Tax Counsel and Chief Veteran Officer
      • Phil Wiser, Executive Vice President, Chief Technology Officer
    • Dan Cohen, President, Global Distribution Group
    • Christa A. D'Alimonte, Executive Vice President, General Counsel and Secretary
    • Bruce Gillmer, President, Music, Music Talent, Programming and Events, Paramount Media Networks
    • Ray Hopkins, President, U.S. Networks Distribution
    • Jonathan Karp, President and chief executive officer, Simon & Schuster
    • Pam Kaufman, President of Paramount Consumer Products
    • DeDe Lea, Executive Vice President, Global Public Policy and Government Relations
    • Chris McCarthy, President and CEO, Media Networks and Chief Content Officer, Unscripted Entertainment and Adult Animation, Paramount+
    • Scott M. Mills, CEO, BET
    • David Nevins, Chief Content Officer, Scripted Originals, Paramount+ and Chairman & CEO, Showtime Networks Inc.
      • Scott M. Mills, CEO, BET
    • Julia Phelps, Executive Vice President, Chief Communications and Corporate Marketing Officer
    • Nancy Phillips, Executive Vice President, Chief People Officer
    • Brian Robbins, President and CEO, Paramount Pictures and Nickelodeon; and Chief Content Officer, Kids & Family, Paramount+
    • Colleen Fahey Rush, Executive Vice President and Chief Research Officer
    • Jo Ann Ross, President and Chief Advertising Revenue Officer, ViacomCBS Domestic Advertising Sales
    • Tom Ryan, President and CEO, Paramount Streaming
    • Marva Smalls, Executive Vice President, Global Head of Inclusion, ViacomCBS and Executive Vice President, Public Affairs, Kids & Family Entertainment Brands, Paramount Media Networks

Company units

For a more comprehensive list, see List of assets owned by Paramount Global.

Paramount comprises five major units:

Other assets owned by Paramount include the namesake Paramount Pictures film and television studio, book publisher Simon & Schuster, multi-genre online video conference VidCon, mixed martial arts promoter Bellator, and media and entertainment company Awesomeness. As of November 2019, Awesomeness is overseen by its co-founder Brian Robbins, an executive for Paramount Domestic Networks.[67] The company also has an undisclosed stake in FuboTV, acquired in 2020.[68]

Notes

  1. ^ National Amusements is privately owned by Shari Redstone, with 80% voting power; Redstone owns the remaining 20% voting power directly.[2]
  2. ^ Exact name as shown on the Delaware corporations registry under file no. 2106821.

References

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