CBS Corporation and Time Warner each owned 50% of the network. holding) and UPN (a CBS Corporation holding). The network is the result of a merger of The WB (a Warner Bros. The network formally debuted on September 20 with the 2-hour premiere of America's Next Top Model. The network officially debuted on September 18, 2006. On January 24, 2006, CBS Corporation and Warner Bros. Thus, this block would be called " KOL's Saturday Morning Secret Slumber Party on CBS". In June 2006, DiC added a production partner AOL's KOL. In January 2006, CBS and DIC Entertainment signed a multi-year deal in which DIC bought the Saturday morning airtime as "CBS's Saturday Morning Secret Slumber Party". Investors anticipated Viacom benefiting from the split, but instead, it dropped approximately 20 percent, while CBS Corporation rose 9 percent, that same year, Paramount Parks became a wholly-owned theme park unit of CBS Corporation. With the split, the two companies began trading on the New York Stock Exchange on January 3, 2006. However, in this case, CBS retained virtually all of the prior firm's broadcast television assets, including its various syndication companies. In a sense, this was a repeat of the 1971 spinoff. The split was structured such that the second Viacom was spun off from the first Viacom, which was renamed CBS Corporation. The CBS Corporation name would be revived for one of the companies, to be headed by longtime television executive (and Viacom co-president) Les Moonves, and would include the namesake television network CBS, UPN, Infinity Broadcasting Corporation, Viacom Outdoor, Showtime Networks, and Paramount Television. On June 14, 2005, the Viacom board of directors approved the split of the company into two firms. In March 2005, Viacom contemplated 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 becoming MTV's corporate sibling). ViacomCBS changes its name to Paramount Global Viacom splits into second CBS Corporation and ViacomĬBS Corporation and Viacom re-merge to form ViacomCBS Gulf+Western renamed as Paramount Communications Viacom buys full ownership of Showtime & MTV Networks Viacom is spun off from CBS as a separate company Gulf+Western acquires Desilu and renames it Paramount Television & CBS Films becomes CBS Enterprises History The evolution of Paramountĭesilu is founded & CBS distributes its television programsĬBS creates the CBS Television Film Sales divisionĬBS Television Film Sales renamed as CBS Films The prior CBS Corporation also owned CMT and The Nashville Network, which remained Viacom properties after the 2005 split, but the prior CBS did not own UPN, Showtime, Paramount Television, Paramount Parks, or Simon & Schuster. However, in 1999, Viacom acquired its former parent, by this time also named CBS Corporation, formerly Westinghouse Electric. The first incarnation of Viacom was created in 1952 as the television syndication division of CBS and was spun off in 1971. ĬBS Corporation merged with Viacom for the second time on December 4, 2019, creating the combined company named ViacomCBS (now Paramount Global). It was the world's eighth largest entertainment company in terms of revenue and headquartered at the CBS Building in Midtown Manhattan, New York City. ĬBS Corporation comprised the over-the-air television ( CBS and The CW) broadcasting, television production and distribution, publishing, pay-cable, and recording assets that were previously owned by the first Viacom. The spin-off was structured so that CBS Corporation would be the legal successor to the first Viacom, with the second Viacom being an entirely separated company. It was one of two companies which succeeded the original incarnation of Viacom, alongside the second incarnation of Viacom both were controlled by National Amusements, a theater company controlled by billionaire Sumner Redstone. It was one of the two companies formed from the Decemspin-off of the Viacom assets of the original Viacom, as founded by Ralph Baruch in 1952 as CBS Television Film Sales. The second incarnation of CBS Corporation (the first being a short-lived rename of the Westinghouse Electric Corporation) was an American multinational media conglomerate with interests primarily in commercial broadcasting, publishing, and television production.
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