CBS Corporation
This article describes the present CBS Corporation. For the CBS broadcasting networks, see CBS. From 1997 to 1999, there was a prior instance of CBS Corporation (formerly named Westinghouse) that was later purchased by Viacom; for details of this defunct company during the period, see CBS Corporation (1997). CBS Corporation () is an
American-based
media conglomerate focused on
broadcasting,
publishing,
billboards, and
television production, with most of its operations in the United States. The
President and
CEO of the company is
Leslie Moonves.
Sumner Redstone, whose company
National Amusements is CBS's majority shareholder, serves as
Chairman. The company came into being on December 31, 2005 and began trading on the NYSE on January 3, 2006. It is the legal successor to the
"old" Viacom (see below).
[http://www.cbscorporation.com/media/pdf/CleanShareholderletterS.pdf]Viacom was created in
1970 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 Corporation. The prior CBS Corp. also owned
CMT and
The Nashville Network (now
Spike TV), 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 become MTV's corporate sibling). On
June 14,
2005, the Viacom board of directors approved the split of the company into two firms. 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. These businesses were categorized as the "slow growth businesses" because while they provided steady cash flow, they don't have any growth potential. Some analysts argued that these businesses were suffocating the growth of the MTV Networks cable businesses.
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.
The split was completed on
December 31,
2005, and the two new companies began trading on the NYSE, on the next business day, January 3, 2006.
[http://www.cbscorporation.com/media/pdf/CleanShareholderletterS.pdf] The CBS network ran an advertisement stating that the CBS Corporation would exist "beginning on January 3, 2006," (likely referring to be beginning of trading on the
New York Stock Exchange), but the websites of the CBS Corporation and Viacom were split beforehand, with a notice on both sites stating that it officially occurred on December 31, 2005.
In the interim, Viacom/CBS was involved in a number of recent station sales. On
December 2,
2004 Viacom acquired CBS affiliate KOVR-TV in Sacramento, from
Sinclair Broadcast Group. Viacom also acquired two stations in West Palm Beach. During
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.
On
January 24,
2006, CBS announced that it would merge UPN into
Warner Bros.'
WB network under the new name of
The CW Television Network, effective in the fall of that year. Three days later, CBS announced that it was selling its
Paramount Parks division. On
May 23, 2006, CBS sold Paramount Parks to
Cedar Fair, L.P.. With this acquisition, Cedar Fair becomes the third-largest theme park operator.
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's Saturday Morning Secret Slumber Party on CBS" -- which is also a partnership with 's
KOL kids service and will premiere on
September 16,
2006. Shows included are
Sabrina, the Animated Series,
Littlest Pet Shop,
Madeline,
Dance Revolution and many others. [
1] It was originally supposed to be called "CBS's Saturday Morning Secret Slumber Party" but was renamed with KOL's alliance. [
2]
On
June 30, 2006,
Cedar Fair, L.P. announced that it has completed its acquistion of Paramount Parks from
CBS Corporation in a cash transaction valued at $1.24 billion.
The
board of directors of CBS include
David R. Andelman,
Joseph A. Califano, Jr.,
William S. Cohen,
Charles K. Gifford,
Bruce S. Gordon,
Philippe P. Dauman,
Leslie Moonves,
Shari Redstone (non-executive Vice-Chair),
Sumner Redstone (
Chairman),
Ann N. Reese,
Judith A. Sprieser, and
Robert D. Walter.
This is a summary of the main CBS divisions. For detailed assets see List of assets owned by CBS.*
Television networks: ,
UPN (soon to be merged with The WB as
CW in the fall of 2006),
CSTV Networks,
Showtime Networks*
Television broadcast affiliates:
CBS Television Stations*
Television production and distribution:
CBS Paramount Television,
King World, etc.
*
Radio:
CBS Radio*
Digital Media:
CBS Digital Media*
Outdoor advertising:
CBS Outdoor*
Publishing:
Simon & Schuster*
Consumer products:
CBS Consumer Products*
Legacy brands:
Westinghouse Electric Corporation (1998)*
Viacom (1971-2005), the prior name of the post-2005 CBS Corporation.
*
CBS Corporation (1997), an old instance of the company, purchased by the old Viacom in 1999,
*
Viacom, the current Viacom, spun off in 2005.
*
CBS Mandate, the logo/branding guidelines used on TV stations owned by CBS Corporation.
*
Official website*
SEC filing (Form S-4) relating to split
