Paramount Global

Paramount Global
Name	Paramount Global
Type	Public
Traded as	NASDAQ: PARA, PARAA
Industry	Mass media
Founded	04 December 2019
Founder	Shari Redstone
Predecessor	ViacomCBS
Hq location	One Astor Plaza
Hq location city	New York City
Hq location country	United States
Key people	Shari Redstone (Chair), Bob Bakish (President & CEO)
Products	Film production, Television production, Streaming media, Broadcasting, Publishing
Website	www.paramount.com

Paramount Global. It is a major American multinational mass media and entertainment conglomerate formed from the recombination of CBS Corporation and the second iteration of Viacom in 2019, which were themselves previously split from the original Viacom in 2006. The company, controlled by National Amusements through Shari Redstone, owns a vast portfolio of iconic assets including the Paramount Pictures film studio, the CBS broadcast network, and a suite of cable channels like MTV, Comedy Central, and Nickelodeon. Its operations span film and television production, broadcasting, streaming services, and publishing, making it one of the most significant entities in the global media landscape.

History

The company's lineage traces back to the original Viacom, which was created as a spin-off of the television syndication division of CBS in 1971. Under the leadership of Sumner Redstone, who gained control in 1987, Viacom expanded aggressively, acquiring Paramount Communications in 1994, which brought the storied Paramount Pictures studio into the fold, and later merging with CBS Corporation in 2000. In 2006, the conglomerate split into two separate publicly traded companies: the "new" CBS Corporation, which held the broadcasting assets, and the second iteration of Viacom, focused on cable networks and film. Pressure from shareholders and the controlling Redstone family led to a renewed merger discussion, culminating in the 2019 recombination to form ViacomCBS, which was rebranded to its current name in 2022 to emphasize the value of the Paramount brand in the streaming era.

Corporate structure

The company operates as a publicly traded entity with dual-class shares listed on the NASDAQ under the symbols PARA and PARAA, ensuring the controlling stake held by National Amusements is maintained. Its corporate governance is led by a board of directors chaired by Shari Redstone, with Bob Bakish serving as President and Chief Executive Officer. The organization is divided into several key operating segments, including TV Media, which encompasses its broadcast and cable networks; Filmed Entertainment, led by Paramount Pictures; and Direct-to-Consumer, which houses its streaming platforms. This structure is designed to leverage its extensive library of intellectual property and distribution channels across traditional and digital media.

Assets and divisions

Its portfolio includes some of the most recognizable brands in entertainment. The Filmed Entertainment group is anchored by the Paramount Pictures studio, known for franchises like Mission: Impossible and Star Trek, and includes specialty labels such as Paramount Animation. The TV Media division owns the CBS television network, its owned-and-operated stations, and a vast array of cable channels including MTV, Nickelodeon, Comedy Central, BET, and Showtime Networks. The Direct-to-Consumer segment is led by the flagship streaming service Paramount+, which incorporates content from CBS, Paramount Pictures, and libraries from Nickelodeon and MTV, alongside the free, ad-supported service Pluto TV. Other assets include the publisher Simon & Schuster, which was agreed to be sold to Penguin Random House, and international networks like the Channel 5 in the United Kingdom.

Leadership and governance

Executive leadership is headed by President and CEO Bob Bakish, a longtime executive from the Viacom side of the business who was instrumental in the merger. The board of directors is chaired by Shari Redstone, president of National Amusements, which holds the controlling voting interest. Other key executives include George Cheeks, who oversees the CBS portfolio, and Brian Robbins, who leads Paramount Pictures and Nickelodeon. The governance structure has been a point of focus, especially following the passing of patriarch Sumner Redstone and the subsequent consolidation of power by his daughter, Shari Redstone, who championed the recombination to better compete with rivals like The Walt Disney Company and Netflix.

Financial performance

Revenue is generated across its three main segments: TV Media (advertising and affiliate fees), Filmed Entertainment (theatrical and licensing), and Direct-to-Consumer (subscription and advertising). The company has invested heavily in its streaming strategy, leading to significant content spending for Paramount+ and resulting in operating losses for the Direct-to-Consumer division as it pursues subscriber growth. This mirrors investments made by competitors like Warner Bros. Discovery and Comcast. Traditional linear television revenues, particularly from its cable networks, have faced pressure from cord-cutting, a trend affecting the entire industry. The planned sale of Simon & Schuster was aimed at strengthening its balance sheet to fund its streaming ambitions and pay down debt.

Corporate affairs and controversies

The company has navigated several high-profile corporate and legal challenges. The reign of Sumner Redstone was marked by internal power struggles and lawsuits, including a very public legal battle with former girlfriend Manuela Herzer. More recently, the company faced shareholder lawsuits related to the merger and allegations that the controlling Redstone family benefited at the expense of minority shareholders. Its news division, CBS News, has dealt with controversies such as the firing of anchor Dan Rather and investigations into former host Charlie Rose. Like other media giants, it has also faced scrutiny over workplace culture, including allegations of misconduct at MTV and Nickelodeon, and has engaged in ongoing negotiations with talent unions like the Writers Guild of America and SAG-AFTRA.

Category:Mass media companies of the United States Category:Companies listed on NASDAQ Category:Entertainment companies based in New York City