CBS is owned by Skydance Corporation, which operates as the parent company following a high-profile corporate merger. The network is not an independent publicly traded company on its own; instead, it functions as a primary division under the broader Skydance media ecosystem, sitting alongside Paramount Pictures, Paramount+, and Nickelodeon.
Control of Skydance Corporation rests with the Ellison family—specifically Lawrence and David Ellison—who hold the majority of the voting stock through specialized holding entities like Harbor Lights Entertainment. Understanding how America's oldest major broadcast network arrived at this ownership structure requires tracing decades of media consolidation, corporate splits, and multi-billion-dollar buyouts.
The Current Corporate Hierarchy Behind CBS
To see who pulls the strings at CBS, you have to look past the network branding and examine the parent organization's voting shares. Skydance Corporation utilizes a dual-class stock structure. Class A shares carry voting rights, while Class B shares are non-voting equities traded publicly.
The Ellison family, alongside strategic financial partners, acquired controlling interest through the purchase of National Amusements (rebranded as Harbor Lights Entertainment). This entity holds the vital block of Class A voting shares, ensuring that executive direction remains centralized under David Ellison as CEO and leadership appointed by the family office.
Within this structure, CBS operates under the CBS Entertainment Group. This subsidiary manages the core television network, CBS News, CBS Sports, and the company's owned-and-operated local television stations across major U.S. media markets.
From Radio Roots to the Viacom Era
The history of CBS dates back to 1927, when it launched under the name Columbia Phonographic Broadcasting System before shortening to the Columbia Broadcasting System. Early investor William S. Paley took control of the company in 1928 and spent decades building it into a powerhouse of American radio and television.
Throughout the late twentieth century, the company changed hands multiple times:
- The Westinghouse Era: In 1995, industrial giant Westinghouse Electric Corporation acquired CBS. Westinghouse subsequently sold off its traditional industrial manufacturing operations, renamed itself CBS Corporation, and merged with Viacom in 2000.
- The First Split: In 2005, Viacom split into two separate publicly traded entities. One company retained the Viacom name (covering cable networks like MTV and Nickelodeon), while the second company took the CBS Corporation name, encompassing the broadcast network, publishing assets, and Showtime.
- The Reunion: In 2019, CBS Corporation and Viacom formally re-merged to form ViacomCBS, which was later rebranded as Paramount Global in 2022 to emphasize its streaming footprint with Paramount+.
The Skydance Acquisition and Modern Era
The corporate structure shifted again when Skydance Media, backed by the Ellison family and RedBird Capital, negotiated a transaction to acquire Paramount Global. The deal consolidated Paramount's film studios, television networks, and streaming services under the unified umbrella of Skydance Corporation.
This transition placed CBS under tech-backed media leadership. Unlike previous eras defined strictly by traditional broadcast and cable executives, the current leadership focuses heavily on integrating traditional linear broadcasting with modern streaming distribution, artificial intelligence toolsets, and digital-first content delivery.
Key Leadership Figures at CBS
While the Ellison family maintains ultimate financial and voting control, day-to-day operations across the network are managed by veteran media executives.
- George Cheeks serves as the President and Chief Executive Officer of the CBS Entertainment Group, overseeing entertainment programming, news, and television stations.
- Amy Reisenbach leads CBS Entertainment as its president, managing prime-time scheduling, script development, and series renewals.
- David Berson heads CBS Sports, managing high-value broadcast rights for properties like the NFL, NCAA March Madness, and the PGA Tour.
Frequently Asked Questions
Does Shari Redstone still own CBS?
No. Shari Redstone and the Redstone family's holding company, National Amusements, sold their controlling stake during the Skydance transaction. The Ellison family now holds the primary voting control over the parent organization.
Is CBS a publicly traded company?
CBS does not trade as an independent stock. Instead, it is a subsidiary of Skydance Corporation, meaning investors buy shares in the overarching parent entity rather than CBS directly.
Who owns the local CBS television stations?
While CBS owns and operates a major cluster of television stations in top U.S. markets, many local affiliates across the country are owned by independent broadcast groups such as Nexstar Media Group and Tegna, which license CBS programming for local broadcast.
How does CBS make money under its current owner?
Revenue stems from a hybrid model combining traditional advertising sales during live broadcasts (such as sports and prime-time dramas), retransmission fees collected from cable and satellite providers, and subscription and ad-supported revenue generated through Paramount+ and Pluto TV.
For more details on corporate filings and regulatory disclosures, you can review records provided by the Federal Communications Commission or corporate updates via Skydance Corporation.
