CBS isn't an independent standalone company. Instead, the historic broadcast network operates as a core asset inside a larger entertainment conglomerate, changing hands through a century of radio and television restructuring. Understanding who owns CBS requires tracing a complex corporate lineage from its founding days to multi-billion-dollar modern media mergers.
The network sits beneath Skydance Corporation (formerly Paramount Skydance), which absorbed the media portfolio following high-profile corporate consolidation. Control of this parent entity rests with the Ellison family, led by Lawrence and David Ellison, via holding structures that govern voting shares.
The Modern Corporate Structure: Who Controls CBS Today
The ownership trail leads directly to Skydance Corporation, which completed a landmark three-way transaction involving Paramount Global, National Amusements, and Skydance Media. Following this restructuring, entities managed by the Ellison family secured majority voting control over the combined organization.
Within this corporate family, CBS operates alongside major entertainment assets:
- Paramount Pictures film studios
- The Paramount+ streaming service
- Cable networks including MTV, Nickelodeon, and Comedy Central
- A vast portfolio of owned-and-operated local television broadcast stations
Class A voting stock rests primarily with these controlling entities, while public investors hold Class B non-voting shares. This dual-class structure ensures that high-level strategic decisions remain centralized with the primary backers rather than fluctuating public markets.
A Century of Changes: How CBS Shifted Owners
The Columbia Broadcasting System started in 1927 as a small radio cooperative before William S. Paley bought a majority stake. Paley shaped the network for decades, steering it into the television era. Even in its early years, ownership intersected with Hollywood when Paramount Pictures bought a 49 percent stake in 1929 before selling it back during the Great Depression.
As media regulations and market pressures evolved, CBS entered a dizzying cycle of corporate marriages and divorces:
- The Westinghouse Era (1995): Industrial giant Westinghouse Electric Corporation acquired CBS Inc. for $5.4 billion, later renaming itself CBS Corporation.
- The First Viacom Merger (2000): Viacom—itself originally spun off from CBS in 1971—bought its former parent company in a massive consolidation wave led by Sumner Redstone.
- The 2005 Split: Viacom split into two separate publicly traded companies: a new CBS Corporation (handling the network, television stations, and publishing) and a separate Viacom. Both remained under the control of National Amusements, the Redstone family's holding company.
- The 2019 Reunion: CBS Corporation and Viacom merged back together to form ViacomCBS, which was later renamed Paramount Global in 2022 to emphasize its global streaming footprint.
- The Skydance Era: National Amusements and Paramount Global combined with Skydance Media, shifting ultimate control to the Ellison family.
Why Corporate Ownership Matters for CBS Viewers
Media ownership shifts directly impact how newsrooms operate, how sports rights are acquired, and how streaming apps are bundled. When CBS merged into larger entities, it gained immediate access to cross-platform synergies. For example, content moves fluidly from broadcast television to the Paramount+ library, while local news stations share resources across regional markets.
However, these transactions also introduce financial pressures. Parent companies often mandate cost-cutting measures, corporate restructuring, or workforce reductions to manage debt loads acquired during multi-billion-dollar mergers. Viewers might not notice the boardroom transactions on a day-to-day basis, but funding for investigative journalism, expensive NFL broadcast rights, and original scripted programming flows directly from the financial health and strategic vision of the parent corporation.
Common Misconceptions About CBS Ownership
Audiences often confuse historical iterations of media giants. A frequent error assumes that CBS still operates as an independent, publicly traded media stock under the old ticker symbols. In reality, retail investors trade shares of the parent conglomerate rather than standalone CBS equity. Another confusion stems from the old corporate sibling relationships; networks like The CW, which CBS historically co-owned with Warner Bros, have transitioned through entirely different ownership structures over the years.
Frequently Asked Questions
Does National Amusements still own CBS?
No. National Amusements was absorbed into the structure that formed Skydance Corporation, ending the Redstone family's long-standing era of control.
Is CBS publicly traded?
You cannot buy stock specifically for CBS. Investors buy shares in its parent company, Skydance Corporation, which trades on public exchanges.
Who founded CBS?
Arthur Judson created the foundational network concept in Chicago in 1927, which William S. Paley acquired and built into a national powerhouse.
What television stations does CBS own?
The network owns and operates local broadcast stations across major American media markets, including top-tier cities like New York, Los Angeles, and Chicago.
