The original incarnation of Viacom Inc.[lower-alpha 1] (derived from "Video & Audio Communications") was an American mass media and entertainmentconglomerate based in New York City. It began as CBS Television Film Sales, the broadcast syndication division of the CBS television network in 1952; it was renamed CBS Films in 1958, renamed CBS Enterprises in 1968, renamed Viacom in 1970, and spun off into its own company in 1971. Viacom was a distributor of CBS television series throughout the 1970s and 1980s, and also distributed syndicated television programs. The company went under Sumner Redstone's control in 1987 through his cinema chain company National Amusements.[3]
In 2000, Viacom acquired the parent company of CBS, the former Westinghouse Electric Corporation, which became the original CBS Corporation in 1997. Viacom was split into the second CBS Corporation and Viacom incarnations — both remained under National Amusements ownership — in 2005;[4] the split was structured with the second CBS Corporation being the original Viacom's legal successor, and the second Viacom being an entirely new company.
Viacom originated on March 16, 1952 — when CBS founded its broadcast syndication division, CBS Television Film Sales.[5][6][7] It renamed as CBS Films in October 1958.[8][9] On December 1, 1967, it again renamed as CBS Enterprises Inc..[10][11] On July 6, 1970, it announced that CBS Enterprises would be spin out from its parent company,[12] and the same month the division was incorporated as Viacom,[13][14][15][16][17] and spun off on January 1, 1971,[18] amid new FCC rules forbidding television networks from owning syndication companies (the rules were later repealed).
The original Viacom logo used from 1971 to 1976
In addition to CBS TV series syndication rights, Viacom also held cable systems with 90,000 cable subscribers, at that time the largest in the US. In 1976, Viacom started Showtime, a pay movie channel, with Warner-Amex taking a half-share ownership. The company went into original programming production starting in the late 1970s until the early 1980s with middling results.[17]
In 1985, Viacom acquired Showtime/The Movie Channel, Inc. from Warner-Amex, ending the joint venture. Around the same time, Viacom bought MTV Networks, which owned MTV, VH-1, and Nickelodeon.[27] This led to Viacom becoming a mass media company rather than simply a distribution company, and completed in 1986.
In 1987, Viacom sought to expand its horizons by launching the new Viacom Network Enterprises division, which was led by Ronald C. Bernard, in order to develop and exploit properties outside of the core cable business and the company would ride herd on diverse enterprises as Viacom's pay-per-view venture, Viewer's Choice, Satellite Direct, Inc. and SMA TV, and handle strategic planning and new business development for Viacom Networks Group, and would develop merchandising, licensing and home video business around the two Viacom subsidiaries it was currently operating, Showtime-The Movie Channel, Inc. and MTV Networks.[28]
Sumner Redstone, via his theater chain operator National Amusements, acquired a controlling interest in Viacom on June 10, 1987.[3] Redstone made a string of large acquisitions in the early 1990s, announcing plans to merge with Paramount Communications (formerly Gulf+Western), parent of Paramount Pictures, in 1993, and buying the Blockbuster Video chain in 1994. The acquisition of Paramount Communications on July 7, 1994 made Viacom one of the world's largest entertainment companies.[29] Also in 1993, WTXX entered into a part-time local marketing agreement with Viacom's NBC station WVIT.[30]
The Paramount and Blockbuster acquisitions gave Viacom access to large television holdings: An archive of programming controlled by Aaron Spelling's company which included, along with his own productions, the pre-1973 ABC and NBC libraries under Worldvision Enterprises and Republic Pictures; and an expanded group of television stations which merged Viacom's five existing outlets into Paramount's seven-station group. Viacom used some of these stations to launch the UPN network, which started operations in January 1995 as a joint venture with Chris-Craft Industries. Shortly afterward, Viacom/Paramount spent the next two years selling off its non-UPN affiliated stations to various owners. In 1997, Viacom exited the broadcast radio business, albeit temporarily, when it sold the majority of its stations to Chancellor Media, a predecessor company of iHeartMedia.
In 1999, Viacom made its biggest acquisition to date by announcing plans to merge with its former parent CBS via the original CBS Corporation (the last name for Westinghouse Electric Corporation).[31] The merger was completed in May 2000, bringing CBS's cable channels TNN (now Paramount Network) and Country Music Television (CMT) under Viacom's MTV Networks wing, as well as CBS's production and distribution units Eyemark Entertainment (formerly Group W Productions) and King World under the main wing.[32]
In 2001, Viacom completed its purchase of BET Holdings, the owners of the Black Entertainment Television (BET) network.[33] As with CBS Cable, it was immediately integrated into MTV Networks, causing some outcry among BET workers in the Washington, D.C., area (where BET was based before the merger). As a result, BET was separated from MTV Networks, into a division known as BET Networks.
Although a majority economic interest in Viacom was held by independent shareholders, the Redstone family maintained 71-percent voting control of the company through National Amusements' holdings of Viacom's stock.
In 2002, Viacom's MTV Networks International bought independently run Dutch music video channel TMF, which at the time was broadcasting in Belgium and the Netherlands. In June 2004, MTVNI bought VIVA Media AG, the German equivalent to MTV. The same month, plans were announced to dispose of Viacom's interest in Blockbuster later that year by means of an exchange offer; the spinoff of Blockbuster was completed in October.
Also in 2002, Viacom acquired the remaining shares of Infinity Broadcasting radio chain, which resulted in Viacom's return to operating radio stations after it originally exited the broadcast radio business in 1997. In April 2003, Viacom acquired the remaining ownership shares of Comedy Central from then-AOL Time Warner, integrating Comedy Central into MTV Networks.
Viacom Cable
From its formation until 1995, Viacom operated several cable television systems generally located in the Dayton, San Francisco, Nashville and Seattle metropolitan areas.[34] Several of these were originally independent systems that CBS acquired in the 1960s. The division was known as Viacom Cablevision until the early 1990s, when it was renamed to Viacom Cable. By 1995, Viacom Cable had about 1.1 million subscribers. Viacom sold the division to TCI in 1995.[35] Viacom's cable assets are now part of Comcast.
Corporate spin-off (2005)
CBS Corporation logo (2005–2019)Logo of the spun-off Viacom (2005–2019), introduced on December 31, 2005
In March 2005, Viacom announced that it would split into two companies – one would contain Viacom's "slow-growth" assets; the other would consist of the company's "high-growth" divisions – under National Amusements' control because of a stagnating stock price. The internal rivalry between CBS chairman Les Moonves and MTV Networks chief executive officerTom Freston, and the controversy of the Super Bowl XXXVIII halftime show were also seen as factors. After the departure of Mel Karmazin in 2004, Redstone, who served as chairman and CEO, decided to split the offices of president and chief operating officer between Moonves and Freston. Redstone was set to retire in the near future, and a split would be a creative solution to the matter of replacing him.[36]
The existing Viacom would become the second CBS Corporation as it was headed by Moonves and kept CBS, Simon & Schuster,[37] and Paramount Network Television (now known as CBS Studios), among other assets; while MTV Networks, BET Networks, and Paramount Pictures would spin-off to a sister company headed by Freston under the Viacom name. The split was approved by Viacom's board on June 14, 2005,[38] and took effect on December 31.[4] The second iterations of CBS Corporation and Viacom began trading on January 3, 2006.[39]
Logo of ViacomCBS (2019–2022), introduced on December 4, 2019 (Shown here is the first variant used from 2019 to 2020.)
On August 13, 2019, CBS and Viacom officially announced their re-merger deal; the combined company would be called ViacomCBS, with Bob Bakish as president and CEO and Shari Redstone as the chairwoman of the new company.[40][41][42] The deal was closed on December 4.[43] Despite ViacomCBS renaming itself to Paramount Global on February 16, 2022, Paramount's Viacom International unit retains the Viacom name to the present day.[44]
Two boldface asterisks appearing following a station's call letters (**) indicate a station that was purchased from Sonderling Broadcasting in 1980, which initiated Viacom's entry into radio station ownership (WAST television in Albany was also purchased through the Sonderling deal);
This list does not include other stations owned by Paramount Stations Group which were acquired by Viacom through its acquisition of Paramount Pictures in 1994, nor any other station purchased by Viacom/Paramount following the Paramount acquisition and prior to its merger with CBS in 2000.
Showtime is an American premium television network owned by Paramount Media Networks, and is the flagship property of the namesake parent company, Showtime Networks, a part of Paramount Media Networks. Showtime's programming includes theatrically released motion pictures, original television series; boxing and mixed martial arts matches; occasional stand-up comedy specials, and made-for-TV movies.
The second incarnation of Viacom Inc. was an American multinational mass media and entertainment conglomerate with interests primarily in film and television. It was established on December 31, 2005, as one of two companies which succeeded the original Viacom, alongside the second CBS Corporation. The controlling shareholder of both companies was National Amusements, a theater company headed by businessman Sumner Redstone. The split was structured so that the original Viacom changed its name to CBS Corporation and spun out its cable and film interests as a new Viacom.
Sumner Murray Redstone was an American billionaire businessman and media magnate. He was the founder and chairman of the second incarnation of Viacom, chairman of CBS Corporation, and the majority owner and chairman of the National Amusements theater chain. Through National Amusements, Redstone, up until his death, was, and his family remains, majority voting shareholder of mass media conglomerate ViacomCBS which is in turn, the parent company of the Paramount Pictures film studio, the CBS television network, and various cable networks. According to Forbes, as of April 2020, he was worth US$2.6 billion.
National Amusements, Inc. is an American privately owned movie theater operator and mass media holding company incorporated in Maryland and based in Norwood, Massachusetts.
Paramount Media Networks is an American mass media division of Paramount Global that oversees the operations of many of its television channels and online brands. Its related international division is Paramount International Networks.
Flix is an American premium cable and satellite television network owned by Showtime Networks, a subsidiary of Paramount Global operated through its Paramount Media Networks division. Its programming consists solely of theatrically released motion pictures released from the 1970s to the present day, interspersed with some films from the 1950s and 1960s.
Thomas E. Freston is an American media proprietor, businessman, and financier.
CBS Studios, Inc. is an American television production company which is a subsidiary of CBS Entertainment Group unit of Paramount Global. It was formed on January 17, 2006, by CBS Corporation as CBS Paramount Television, as a renaming of the original incarnation of the Paramount Television studio.
The Westinghouse Broadcasting Company, also known as Group W, was the broadcasting division of Westinghouse Electric Corporation. It owned several radio and television stations across the United States and distributed television shows for syndication.
The second incarnation of CBS Corporation was an American multinational media company with interests primarily in commercial broadcasting, publishing, and television production. It was formed on December 31, 2005, as the legal successor of the original Viacom, following the spin-off of the second incarnation of Viacom; both CBS Corporation and the second Viacom were controlled by National Amusements, a theater company owned by billionaire Sumner Redstone.
Infinity Broadcasting Corporation was a radio company that existed from 1972 until 2005. It was founded by Michael A. Wiener and Gerald Carrus. It became associated with popular radio personalities like Howard Stern, Opie and Anthony, Don Imus and Mike Francesa. Infinity merged with CBS Corporation in 1997 and later became part of Viacom in 2000, when CBS and Viacom merged, serving as the radio division of CBS. After the Viacom split in 2005, Infinity changed its name to CBS Radio.
Showtime Networks Inc. is an American entertainment company that oversees the company's premium cable television channels, including its flagship service Showtime. It is a subsidiary of media conglomerate Paramount Global under its networks division.
Paramount Stations Group was a company that controlled a group of American broadcast television stations. The company existed from 1991 until 2001.
Paramount Global Content Distribution is the international television distribution arm of American media conglomerate, Paramount Global, originally established in 1962 as the international distribution division of Desilu Productions. With the sale of Desilu to Gulf+Western, then-owners of film studio Paramount Pictures, in 1968, the division evolved into Paramount's first foray into the international television industry in the 1970s.
Viacom Productions was a television production arm of Viacom International. Viacom Enterprises was also a movie production, and a sports production. The division was active from 1971 until 2004, when the company was folded into Paramount Network Television 10 years following Viacom's acquisition of Paramount Pictures, and led Perry Simon to move itself to Paramount for a production deal.
CBS Media Ventures is the television broadcast syndication arm of the CBS Entertainment Group division of Paramount Global founded on September 26, 2006 by CBS Corporation from a merger of CBS Paramount Domestic Television and King World Productions.
Paramount Domestic Television (PDT) was the television distribution arm of American television production company Paramount Television, once the TV arm of Paramount Pictures. It was formed in 1982 originally as Paramount Domestic Television and Video Programming, the successor to Paramount Television Domestic Distribution, Paramount Television Sales, and Desilu Sales.
Paramount Global 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. The company changed its name to Paramount Global on February 16, 2022, the day after its Q4 earnings presentation.
The 2019 merger of CBS Corporation and Viacom was announced on August 13, 2019, and was completed on December 4, 2019. The merger of equals reunited CBS Corporation and Viacom into a single company known as ViacomCBS after their separation from the first incarnation of Viacom on December 31, 2005. Both companies were owned by the theater company National Amusements, which remains the owner of the merged entity.
↑ Hagey, Keach (2018). The King of Content: Sumner Redstone's Battle for Viacom, CBS, and Everlasting Control of His Media Empire. New York: HarperBusiness. p.131. ISBN9780062654090. In the beginning, Sumner's Viacom—which he had renamed VIE-uh-com during the first board meeting, in a nod to his fighting spirit […]
↑ Fabrikant, Geraldine (1986-09-17). "VIACOM CHIEF LEADS GROUP'S BUYOUT BID (Published 1986)". The New York Times. ISSN0362-4331. Retrieved 2021-01-23. 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 the 50 percent of Showtime, the pay television service, that it did not already own for $184 million.{{cite news}}: CS1 maint: url-status (link)
↑ "75 Power Players: The Outsiders". Next Generation. No.11. Imagine Media. November 1995. p.61. Viacom completed acquisition of Paramount Communications in July 1994, creating one of the world's largest entertainment companies.
↑ Taylor, Chuck (29 December 1994). "Viacom Expected To Sell Cable Franchises – TCI Group Would Gain 1.1 Million Subscribers". The Seattle Times.
↑ Taylor, Chuck (22 January 1995). "Cable Execs To Visit Viacom Sites In Seattle Area – Intermedia Partners Optimistic As They Face Regulatory Hurdles, Tax Scrutiny By Congress". The Seattle Times.
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