CBS Corporation

This article is about the post-2005 media conglomerate named CBS Corporation. For the holding company known as CBS Corporation from 1997 to 2000, see Westinghouse Electric (1886). For this company's history before 2000 and the Viacom/CBS split, see Viacom (original) and CBS. For the company now known as Viacom, see Viacom.
CBS Corporation
Public
Traded as NYSE: CBS
NYSE: CBS.A
S&P 500 Component
Industry Mass media
Predecessor
Founded May 3, 1971 (1971-05-03)
(as Viacom International (Viacom Productions)
January 3, 2006 (2006-01-03)[N 1] (as CBS Corporation)
Headquarters CBS Building, Manhattan, New York, United States
Area served
 United States
Key people
 Sumner Redstone
(Chairman Emeritus)
Leslie Moonves
(President, CEO, and Exec. Chairman)
Products Movie production, TV production, Broadcasting, Cable television, Record label, Publishing, Internet
Revenue Increase US$ 13.88 billion (2015)[1]
Increase US$ 2.417 billion (2015)[1]
Decrease US$ 1.413 billion (2015)[1]
Total assets Increase US$ 23.76 billion (2015)[1]
Total equity Increase US$ 5.563 billion (2015)[1]
Owner National Amusements (80%)
Divisions
Subsidiaries
Website www.cbscorporation.com

CBS Corporation is an American mass media corporation focused on commercial broadcasting, publishing, and television production, with most of its operations in the United States. The president, chief executive and executive chairman of the company is Leslie Moonves. Sumner Redstone, owner of National Amusements, is CBS's majority shareholder and serves as chairman emeritus. The company began trading on the NYSE on January 3, 2006. Until then, the corporation was known as Viacom, and is the legal successor to said company.[2] A new company, keeping the Viacom name, was spun off from CBS. CBS, not Viacom, retains control of over-the-air television (CBS, CW) and radio broadcasting, TV production and distribution, publishing, pay-cable, basic cable (Pop), and recording formerly owned by the larger company. CBS has its headquarters in the CBS Building (colloquially called "Black Rock"), Midtown, Manhattan, New York City, United States.[3]

History

Early years

Main article: Viacom (original)

Viacom was created in 1971 as the television syndication division of CBS, and was spun off in 1971. However, in 1999, Viacom acquired its former parent, by this time also named CBS Corporation, formerly Westinghouse Electric. The prior CBS Corporation also owned CMT and The Nashville Network (now Spike), which remained Viacom properties after the 2005 split, but the prior CBS did not own UPN, Showtime, Paramount Television, Paramount Parks, or Simon and Schuster.

In March 2005, Viacom announced plans of looking into splitting the company into two publicly traded companies, amid issues of the stock price stagnating (although it was alleged that another main force behind the split was the Super Bowl XXXVIII halftime show controversy, which led to MTV not being allowed to produce any more halftime shows, they had also produced the show for Super Bowl XXXV, the first Super Bowl CBS aired since regaining NFL rights and becoming MTV's corporate sibling).

Old separate Viacom logo (1990-2005).

On June 14, 2005, the Viacom board of directors approved the split of the company into two firms.[4] The CBS Corporation name would be revived for one of the companies, to be headed by longtime television executive (and Viacom co-President) Leslie Moonves, and would include CBS, UPN, Infinity Broadcasting, Viacom Outdoor, Showtime Networks, and Paramount's television studio.

The split was structured such that the "new" Viacom was spun off from the "old" Viacom, which was renamed CBS Corporation. In a sense, this was a repeat of the 1971 spinoff. However, in this case, CBS retained virtually all of the prior firm's broadcast TV assets, including its various syndication companies.

With the split, the two new companies began trading on the NYSE on January 3, 2006. Investors anticipated Viacom benefiting from the split, but instead, it dropped approximately 20 percent, while CBS rose 9 percent.[5]

Transactions during and after the merger

2004

In the interim, Viacom/CBS was involved in a number of transactions. On December 2, 2004 Viacom acquired CBS affiliate KOVR in Sacramento, from Sinclair Broadcast Group. Viacom also acquired two stations in West Palm Beach.

2005

Viacom/CBS has announced it would sell several non-duopoly UPN affiliates, in Indianapolis, Columbus, New Orleans, and Oklahoma City, with possibilities of additional sales.

CBS announced on November 3, 2005, that it would acquire College Sports TV (now CBS Sports Network) for US$325 million. CEO of CSTV Brian Bedol will continue to run that network and report to Leslie Moonves, chairman of CBS. The transaction was completed in January 2006.

2006

Announced early in 2006, CBS and DIC Entertainment signed a multi-year deal to provide three hours of programming that meet FCC standards for educational programming. The block would be called "KOL Secret Slumber Party on CBS"—which is also a partnership with America Online's KOL kids service and premiered on September 16, 2006.

Shows included are Sabrina, the Animated Series, Horseland, Madeline, Dance Revolution and many others.[6] It was originally supposed to be called "CBS's Saturday Morning Secret Slumber Party" but was renamed with KOL's alliance.[7]

The CW
Main article: The CW
The CW logo

On January 24, 2006, CBS Corporation, and Warner Bros. announced that they were to create a new broadcast network, The CW Television Network. The network officially debuted on September 18, 2006. The network formally debuted on September 20 with the 2 hour premiere of America's Next Top Model.

The network is the result of a merger of The WB (a Warner Brothers holding) and UPN (a CBS Corporation holding). CBS Corporation and Time Warner each own 50% of the network. Tribune Broadcasting (which previously owned a 25% stake on The WB) and CBS Corporation will contribute its stations as new network affiliates.

Paramount Parks
Main article: Paramount Parks

Three days after the announcement of The CW, on January 27, CBS announced that it was selling its Paramount Parks division. On May 23, 2006, CBS Corp. sold Paramount Parks to the Cedar Fair Entertainment Company. With this acquisition, Cedar Fair became the third-largest theme park operator.

On June 30, 2006, Cedar Fair announced that it has completed its acquisition of Paramount Parks from CBS Corporation in a cash transaction valued at US$1.24 billion. The transaction included a 10-year license that allowed Cedar Fair to use the Paramount name in the parks through the 2017 season.

2007

2008

2013

2014

Possible re-merger with Viacom

On September 29, 2016, National Amusements sent a letter to both the company and Viacom, encouraging the two companies to merge back into one company.[21]

Corporate governance

The board of directors of CBS Corp. include:

Assets

Further information: List of assets owned by CBS

See also

Notes

  1. ↑ The Viacom-CBS split was structured in such a way that the existing company (Viacom) changed its name to CBS Corporation, while the new Viacom is actually a newly founded spin-off company. For this reason, the newly rechristened CBS Corporation is actually the same company (Viacom) that was founded in 1986. The 1986 Viacom, in turn, was the successor to a previous company also known as Viacom and founded in 1971.

References

  1. 1 2 3 4 5 "CBS Corporation 2015 Annual Report Form (10-K)". EDGAR. United States Securities and Exchange Commission. February 27, 2016. Retrieved December 21, 2015.
  2. ↑ "Certain Federal Income Tax Information Regarding the Separation of Viacom Inc." (PDF). CBS Corporation. January 12, 2006. Archived from the original (PDF) on 2008-06-25. Retrieved 2008-11-30.
  3. ↑ "Contact Info." CBS Corporation. Retrieved on November 3, 2009.
  4. ↑ Fabrikant, Geraldine (15 June 2005). "viacom board agres to split of company". NYT. Retrieved 28 July 2014.
  5. ↑ Fabrikant, Geraldine (July 22, 2006). "a surprise after the spli: viacom struggles as cbs holds its own". NYT. Retrieved July 28, 2014.
  6. ↑ "CBS AND DIC Entertainment Unveil 2006/07 Children's Programming Slate". Burbank, California: CBS Corporation. March 30, 2006. Archived from the original on April 11, 2008. Retrieved December 27, 2008.
  7. ↑ Consoli, John (June 21, 2006). "DIC, KOL to Produce On CBS". MediaWeek. Archived from the original on July 13, 2006. Retrieved November 30, 2008.
  8. ↑ "CBS Corporation To Sell Local TV Stations In Four Markets To Cerberus Capital Management, L.P". CBS Corporation. February 7, 2007. Archived from the original on January 11, 2009. Retrieved December 27, 2008.
  9. ↑ "Liberty Media and CBS Corporation Agree to Exchange CBS Shares Held By Liberty". libertymedia.com. February 13, 2007. Retrieved December 2, 2016.
  10. ↑ "CBS Invests in Virtual World Content Developer". Archived from the original on July 26, 2007.
  11. ↑ "CBS Corporation acquires MaxPreps, the leading nationwide high school sports network online; business to be part of CSTV: College Sports Television". CBS Corporation. March 20, 2007. Retrieved January 2, 2012.
  12. ↑ "CBS Corporation announces the creation of the CBS Interactive Audience Network". CBS Corporation. April 12, 2007. Retrieved January 2, 2012.
  13. ↑ Music site Last.fm bought by CBS, BBC, May 30, 2007
  14. ↑ CBS Corporation to acquire CNET Networks, inc. Archived May 18, 2008, at the Wayback Machine., CBS Press Release, May 15, 2008
  15. ↑ "CNET's Content To Boost CBS Coverage". New York: cbs3.com. July 2, 2008. Retrieved December 27, 2008.
  16. ↑ Bond, Paul (February 14, 2013). "CBS Takes Stake in AXS TV". The Hollywood Reporter. Retrieved December 3, 2016.
  17. ↑ Andreeva, Nellie. "CBS Poised To Buy Half Of TV Guide, Partner With Lionsgate." Deadline.com (March 22, 2013)
  18. ↑ Andreeva, Nellie. "It’s Official: CBS Acquires Half Of TV Guide, Partners With Lionsgate." Deadline.com (March 26, 2013)
  19. ↑ Andreeva, Nellie. "It’s Official: CBS Takes Full Control Of TVGuide.Com, Acquiring Lionsgate’s 50%." Deadline.com (May 31, 2013)
  20. ↑ "CBS Sells Overseas Billboard Business". Deadline.com. Retrieved July 16, 2013.
  21. ↑ http://www.hollywoodreporter.com/news/national-amusements-calls-viacom-cbs-933705
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