Key Stats
CBS Corporation operated as one of the leading mass media companies in the United States before merging with Viacom in December 2019. The company created and distributed premium content across television, cable networks, publishing, and digital platforms.
CBS maintained operations through five primary segments that included Entertainment, Cable Networks, Publishing, Local Broadcasting, and the CBS Television Network. The company owned broadcast television stations in major markets and cable properties like Showtime Networks.
The Entertainment segment encompassed CBS Television Studios, CBS Global Distribution Group, CBS Films, and CBS Interactive. Publishing operations centered on Simon & Schuster, while Cable Networks included Showtime, CBS Sports Network, and Smithsonian Networks.
CBS Corporation History
CBS Corporation Co-founders
Arthur Judson
Created United Independent Broadcasters network in Chicago in 1927, establishing the foundation that would become CBS
William S. Paley
Became president in 1928 and transformed CBS into a major broadcasting network through strategic vision and belief in radio advertising power
Sumner Murray Redstone
Founded the second incarnation of CBS Corporation on December 31, 2005, after the split from Viacom
CBS Corporation Revenue
CBS Corporation demonstrated consistent revenue growth throughout its operational years. The company reported $14.51 billion in total annual revenue in 2018.
CBS Corporation Acquisitions
CBS Corporation pursued strategic acquisitions throughout its existence to expand market presence and enhance content capabilities. The company made several significant purchases that strengthened its position in digital media and international broadcasting markets.
In 2008, CBS completed the acquisition of CNET Networks for $1.8 billion in cash. This purchase brought technology news sites including CNET, ZDNet, and GameSpot under the CBS umbrella. The deal made CBS one of the top 10 most popular internet companies in the United States with 65 million unique monthly users domestically and 200 million worldwide. CBS Interactive absorbed CNET Networks, which later became part of ViacomCBS before being sold to Red Ventures in 2020 for $500 million.
The company expanded internationally through the 2017 acquisition of Network Ten, an Australian free-to-air broadcaster. CBS purchased the company for $123 million after Network Ten entered voluntary administration due to financial difficulties. Network Ten operated television channels including Ten, 10 Peach, and 10 Bold across Australia. CBS had been Network Ten’s largest creditor before completing the purchase, which included the Eleven channel that was already a joint venture between the two companies.
CBS also made smaller strategic investments in content and distribution. The company acquired TV Guide Digital’s remaining half from Lionsgate in 2012. In 2019, CBS purchased the remaining stake in TVGN, later rebranded as Pop, from Lionsgate for expanded cable network capabilities. These acquisitions aligned with CBS’s strategy to build presence across traditional broadcasting and emerging digital platforms before the eventual merger with Viacom that created ViacomCBS.
The acquisition strategy focused on properties that complemented existing CBS operations. Similar to how other major media companies like Time Warner and News Corp expanded through strategic purchases, CBS targeted assets that provided either technological capabilities or geographic expansion. The company invested in platforms that could distribute CBS content while maintaining the quality standards expected from the broadcasting network.
CBS Corporation Market Cap
CBS Corporation traded on the New York Stock Exchange under the ticker symbols CBS.A and CBS before the 2019 merger. The company maintained investment grade ratings throughout its existence as an independent entity.
CBS Corporation Competitors
CBS Corporation competed against major media conglomerates in broadcasting, cable television, and digital content distribution. The competitive landscape included established networks and emerging streaming services.
| Competitor | Industry Focus |
|---|---|
| The Walt Disney Company | Media networks, theme parks, film studios |
| NBCUniversal | Broadcast television, cable networks, film production |
| Netflix | Streaming video on demand services |
| Fox Corporation | Broadcast television, news networks, sports |
| WarnerMedia | Cable networks, film studios, streaming |
| Hulu | Streaming television and films |
| Sony Pictures | Film production and television networks |
| Discovery Communications | Cable television networks |
| AMC Networks | Cable and streaming entertainment |
| Lionsgate | Film and television production |
FAQs
What happened to CBS Corporation?
CBS Corporation merged with Viacom in December 2019 to form ViacomCBS, which was later renamed Paramount Global in February 2022.
When was CBS Corporation founded?
The second incarnation of CBS Corporation was founded on December 31, 2005, after splitting from Viacom. The original CBS dates back to 1927.
Who owned CBS Corporation?
National Amusements, owned by the Redstone family, controlled CBS Corporation through ownership of voting shares. Sumner Redstone founded the second CBS Corporation entity.
What did CBS Corporation own?
CBS Corporation owned the CBS Television Network, Showtime Networks, Simon & Schuster publishing, CBS Television Stations, and CBS Sports Network among other properties.
How much revenue did CBS Corporation generate?
CBS Corporation generated $14.51 billion in total annual revenue in 2018, with Entertainment contributing 70% of consolidated revenues before the Viacom merger.