Who Owns CBS? The Complete Guide to the Current Parent Company and Its Corporate Structure

CBS is currently owned by Paramount Global, the media conglomerate formed through the merger of CBS Corporation and Viacom in 2019. This ownership structure places the historic broadcast network under the umbrella of a company that controls a vast portfolio of media assets, including film studios, cable networks, and streaming services. Understanding this relationship is essential for grasping how content decisions are made for one of America's oldest television institutions.

The relationship between CBS and its parent company represents a complex intersection of legacy broadcasting and modern media consolidation. As traditional television viewing habits shift toward streaming platforms, the dynamics of how CBS operates under Paramount Global have become increasingly important to understand for both industry observers and casual viewers.

CBS has a long and storied history that dates back to 1927 when it was founded as the Columbia Broadcasting System. For most of its existence, the network operated as an independent entity, though it changed hands several times:

- William S. Paley acquired the network in 1928 and built it into a major broadcasting force

- In 1995, Westinghouse Electric Corporation acquired CBS for $5.4 billion

- Westinghouse later changed its name to CBS Corporation in 1997

- In 1999, Viacom acquired the original CBS Corporation in a $37 billion deal

- In 2006, Viacom split into two companies: CBS Corporation and a new Viacom

- The two companies merged again in 2019 to form what is now Paramount Global

This complex corporate history helps explain the current ownership structure and why CBS exists within the larger Paramount Global ecosystem.

The most significant recent change in CBS ownership occurred in 2019 when CBS Corporation and Viacom reunited to form Paramount Global (originally named ViacomCBS). This $26 billion merger combined CBS's broadcast television operations with Viacom's cable networks and film studios.

Bob Bakish, CEO of Paramount Global, stated at the time of the merger: "This combination creates a more competitive, focused and efficient company that is better positioned to deliver for our consumers, customers and shareholders in the new media landscape." The merger was intended to create a more formidable competitor to other media conglomerates and streaming giants.

Paramount Global serves as the parent company for CBS and operates through several key divisions:

1. CBS Entertainment Group - Oversees the CBS broadcast network, CBS Studios, and CBS News

2. CBS Media Ventures - Handles distribution and syndication of CBS content

3. Paramount Television Studios - Produces content for both broadcast and cable

4. Paramount Global Distribution Group - Manages international distribution

5. Paramount Streaming - Oversees Paramount+ streaming service

This structure means that while CBS maintains its identity as a broadcast network, many strategic decisions flow from Paramount Global's executive leadership.

Understanding who controls CBS requires examining the leadership of Paramount Global:

- Bob Bakish serves as President and CEO of Paramount Global

- Joseph B. Field serves as Executive Chairman of the Board

- National Amusements, a privately held company controlled by the Redstone family, maintains significant voting power in Paramount Global

- The board of directors oversees major corporate decisions affecting all divisions including CBS

These individuals and entities ultimately determine the strategic direction of CBS, including programming decisions, partnerships, and business operations.

CBS operates as a division within Paramount Global's larger financial structure:

- CBS contributes to Paramount Global's total revenue, which includes all divisions

- In recent years, CBS has faced pressure to cut costs and improve profitability within the larger corporate structure

- Paramount Global allocates resources across its various divisions, including investment in CBS content

- The company reports consolidated financial results that encompass all operations

According to Paramount Global's most recent annual report, CBS Entertainment remains a significant revenue contributor to the company's overall financial performance, though the exact percentage varies by reporting period.