The history of CBS ownership is a winding corporate saga moving from a struggling 1920s radio outfit to a modern multimedia conglomerate. Over nearly a century, the network changed hands through high-stakes buyouts, industrial pivots, and massive multi-billion-dollar mergers. Understanding who owned CBS requires looking past simple brand names to track the industrialists, broadcasting legends, and corporate giants who shaped American media.
From William S. Paley’s decades-long reign to the industrial shift under Westinghouse and the successive dance with Viacom and Skydance, the network's control reflects the broader evolution of corporate entertainment. Tracing these ownership shifts reveals how a single radio startup grew into a cornerstone of American culture.
The Radio Roots and the Rise of William S. Paley
CBS began in 1927 as United Independent Broadcasters, a small Chicago-based radio network put together by talent agent Arthur Judson. Struggling to stay afloat financially, the fledgling enterprise soon found backing from the Columbia Phonograph and Records Company, prompting a rename to the Columbia Broadcasting System.
The station's trajectory shifted permanently in 1928 when a young cigar heir named William S. Paley bought a major stake in the company for just over $400,000. Paley became president at age 26 and immediately overhauled how affiliate stations operated. To understand the bigger picture, check out the excellent article by The New York Times.
- The Affiliate Strategy: Paley offered free sustaining (unsponsored) programs to local stations on the condition that they carried all sponsored CBS shows, outflanking rival NBC.
- The Paramount Partnership: To survive the Great Depression, Paley sold a 49 percent stake to Paramount Pictures in 1929, though CBS bought those shares back by 1932 as the economic crisis deepened.
Paley maintained absolute cultural and operational control over CBS for decades. Under his leadership, the network transformed into a dominant radio powerhouse and successfully transitioned into television broadcasting after World War II.
Industrial Diversification and the Westinghouse Era
By the 1980s, aging leadership and shifting market dynamics brought vulnerability. To fend off a hostile takeover attempt by cable mogul Ted Turner, CBS brought in investor Lawrence Tisch in 1986. Tisch sold off non-broadcasting assets, including publishing and musical divisions, to refocus the company strictly on core television and radio operations.
By the mid-1990s, the broadcast television landscape required massive capital scale to compete. This pressure led to a seismic ownership shift:
- The Westinghouse Acquisition: In 1995, the Westinghouse Electric Corporation bought CBS Inc. for roughly $5.4 billion.
- The Industrial Pivot: Westinghouse, once a titan of heavy electrical manufacturing, systematically shed its traditional industrial factories to transform entirely into a media company.
- The Name Change: By 1997, the transformation was complete. Westinghouse officially changed its corporate name to CBS Corporation, discarding its manufacturing heritage entirely.
This era proved short-lived as media consolidation accelerated across the entire American economy.
The Viacom Mergers, Splits, and Reunions
The late 1990s and 2000s introduced a dizzying cycle of corporate marriages and divorces between CBS and media giant Viacom. Viacom had originally been spun out of CBS decades prior as a syndication arm, but the tables turned dramatically.
In 2000, Sumner Redstone’s Viacom acquired CBS Corporation in a massive $45 billion transaction. This pairing brought major cable networks, publishing houses, and film assets under one roof. However, the massive conglomerate struggled to unlock unified stock value.
In 2006, Viacom split into two separate publicly traded entities. CBS Corporation was re-established as an independent company controlling the broadcast network, television studios, and Simon & Schuster publishing, while a separate Viacom retained cable channels like MTV and Nickelodeon.
The separation lasted over a decade. Facing increased competition from streaming giants, CBS Corporation and Viacom reunited in December 2019, forming ViacomCBS. Shortly after, in early 2022, the company rebranded to Paramount Global to lean into its historic Hollywood film studio identity.
Modern Ownership: Skydance and the Current Era
The latest chapter in CBS ownership unfolded through a major transaction in the mid-2020s. In 2025, Skydance Media completed an acquisition of Paramount Global, forming Paramount Skydance Corporation.
Under this new corporate umbrella, CBS operates as the flagship television division. Control of the historic network is now guided by newer tech-and-media entrants, even as the legendary broadcast brand continues to produce foundational American news and entertainment programming.
Frequently Asked Questions
Who founded CBS?
CBS was originally organized in Chicago in 1927 as United Independent Broadcasters by talent agent Arthur Judson. William S. Paley purchased a controlling interest the following year and shaped its early identity.
Did Westinghouse really own CBS?
Yes. In 1995, Westinghouse Electric Corporation acquired CBS Inc. for $5.4 billion. The historic manufacturing company transitioned entirely into media and renamed itself CBS Corporation in 1997.
Why did CBS and Viacom merge and split up?
The companies merged in 2000 to combine broadcast and cable assets, split in 2006 to unlock distinct market valuations, and re-merged in 2019 to achieve the scale necessary to compete with modern streaming services.
Who owns CBS today?
CBS is currently housed under Paramount Skydance Corporation, which formed following Skydance Media's acquisition of Paramount Global.
