Paramount Global

Paramount Global was one of the largest media and entertainment conglomerates in the United States. It was formed in 2019 through the merger of Viacom and CBS Corporation and operated as a subsidiary of National Amusements, Inc. Originally known as ViacomCBS, the company was renamed Paramount Global in 2022. Its headquarters were in New York City, and its primary holdings included CBS, Paramount Pictures, and a portfolio of television networks and streaming services. In 2025, Paramount Global merged with Skydance Media to form Paramount Skydance Corporation.

The major components of Paramount Global—CBS, Viacom, and Paramount—have a long and often tangled history. In 1914, Paramount Pictures was formed and soon became a leading movie studio. In 1929, the company (then part of Paramount Famous Lasky Corporation) provided much-needed funding to CBS Inc. (then Columbia Broadcasting System), which had been established two years earlier. CBS subsequently became a major entertainment company with a diverse range of holdings, but television was its flagship division. Paramount faced financial instability and legal pressures in the mid-20th century, including a ruling in a landmark antitrust case that forced it to divest its theater holdings. Even so, the studio maintained a strong presence in Hollywood, continuing to produce hit films and gradually expanding into television.

In 1966, Gulf + Western acquired Paramount, and it subsequently adopted the name Paramount Communications. Five years later CBS established Viacom to handle its cable channels, which eventually included MTV, Nickelodeon, Black Entertainment Television (BET), and Showtime. Amid financial difficulties, CBS began selling a number of its properties, and Viacom became a wholly owned subsidiary of National Amusements in 1987. Seven years later, Viacom acquired Paramount Communications and its various divisions, including Paramount Pictures.

As CBS’s fortunes continued to decline, it was purchased by Westinghouse Electric in 1995, and the resulting venture was named CBS Corporation. In 2000, Viacom acquired CBS for $35 billion in what was then the largest media deal in the United States. As a result, CBS became a subsidiary of Viacom. In 2006, Viacom and CBS split into two distinct companies, though both remained under the control of National Amusements. Paramount Pictures continued to be part of Viacom.

In 2019, CBS and Viacom once again merged and assumed the name ViacomCBS. Three years later the company was renamed Paramount Global. Though various Paramount and CBS properties remained distinct entities within the joint venture, Viacom ceased to exist.

In 2025, Paramount Global completed an $8 billion merger with Skydance Media, a production company known for such films as Top Gun: Maverick and the Mission: Impossible series. The agreement followed months of negotiations and regulatory review and was seen as a pivotal move to bolster the company’s position in an evolving entertainment industry increasingly driven by streaming and high-profile franchises.

The merger led to the formation of Paramount Skydance Corporation. In October 2026, after completing its acquisition of Warner Bros. Discovery, the company changed its name to Skydance Corporation (SKYD). Paramount Global’s former holdings, including CBS and Paramount Pictures, remain part of the combined company.