CBS Corporation

{{For|the present day company|Paramount Global}}{{Infobox company

| name = CBS Corporation

| logo = File:CBS Corporation logo.svg

| logo_caption = Logo used from 2006 to 2019

| image = CBS Building Jul 2021 28.jpg

| image_size = 250px

| image_caption = Headquarters at the CBS Building in New York City

| type = Public

| traded_as = {{ubl|{{NYSE was|CBS.A}} (Class A)|{{NYSE was|CBS}} (Class B non voting)}}

| industry = Mass media

| fate = {{plain list|

Merged with the first incarnation of Viacom (First incarnation)
Merged with the second incarnation of Viacom to form ViacomCBS (Second incarnation)

}}

| predecessor = {{plain list|

Westinghouse Electric Corporation (First incarnation)
Viacom (First incarnation) (Second incarnation)

}}

| successor = Viacom (First incarnation) (First incarnation)
Paramount Global (Second incarnation)

| foundation = {{Start date and age|1997|11|30}} (first incarnation)
{{Start date and age|2005|12|31}} (second incarnation)

| defunct = {{end date and age|2000|4|15}} (first incarnation)
{{end date and age|2019|12|4}} (second incarnation)

| location = {{plain list|

CBS Building, New York City, U.S.

}}

| area_served = Worldwide, with main operations in the United States and Australia

| key_people = {{ubl|Strauss Zelnick
(interim chairman)|Joseph Ianniello
(president and acting CEO)}}

| products = Movie production, TV production, broadcasting, cable television, record label, publishing, Internet

| revenue = {{increase}} US$ 14.514 billion

| revenue_year = 2018

| operating_income = {{decrease}} US$ 2.768 billion

| income_year = 2018

| net_income = {{decrease}} US$ 1.960 billion

| net_income_year = 2018

| assets = {{decrease}} US$ 21.86 billion

| assets_year = 2018

| equity = {{decrease}} US$ 2.80 billion

| num_employees = ~12,700 (2017)

| equity_year = 2018

| owner = National Amusements (80% voting power)

| divisions = CBS Entertainment Group
CBS Cable Networks
CBS Publishing
CBS Local Media
CBS Productions
CBS Experiences{{cite web|url=https://www.prnewswire.com/news-releases/cbs-corporation-announces-launch-of-cbs-experiences-cbsx-a-new-live-and-experiential-events-division-300664895.html|title=CBS Corporation Announces Launch Of CBS Experiences (CBSX), A New Live And Experiential Events Division|website=PR Newswire|publisher=Cision|date=June 12, 2018|access-date=May 30, 2019}}

| subsid = CBS
CBS News
CBS Sports
CBS Films
CBS Interactive
CBS Records
CBS Sports Network
CBS Television Distribution
CBS Television Studios
Showtime Networks
Simon & Schuster
TV Guide (digital assets)
The CW (50%)
Pop TV

| homepage = [https://web.archive.org/web/20191204181903/https://www.cbscorporation.com www.cbscorporation.com] (archived Dec 4, 2019)

| footnotes = Financials {{as of|2017|12|31|df=US|lc=y}}.{{NoteTag|The Viacom-CBS split was structured in such a way that the first Viacom changed its name to CBS Corporation, while the second Viacom was an entirely spun-off company. For this reason, the rechristened CBS Corporation was actually the same company (Viacom) that was founded in 1986. The 1986 Viacom, in turn, was the successor to a previous company also known as Viacom and founded in 1971.}}{{cite web|url=https://www.sec.gov/Archives/edgar/data/813828/000081382818000018/cbs_10k-123117.htm |title=US SEC: Form 10-K CBS Corporation|publisher=U.S. Securities and Exchange Commission|access-date=February 25, 2018}}

}}

CBS Corporation was an American multinational media company with interests primarily in commercial broadcasting, publishing and television production. It was split from Viacom on December 31, 2005, alongside an entirely new Viacom; both CBS Corporation and the second Viacom were controlled by National Amusements, a theater company owned by billionaire Sumner Redstone.{{cite web|url=http://www.cbscorporation.com/media/pdf/CleanShareholderletterS.pdf |title=Certain Federal Income Tax Information Regarding the Separation of Viacom Inc. |date=January 12, 2006 |publisher=CBS Corporation|access-date=November 30, 2008|archive-url=https://web.archive.org/web/20080625000756/http://www.cbscorporation.com/media/pdf/CleanShareholderletterS.pdf |archive-date = June 25, 2008}}

CBS Corporation comprised the over-the-air television broadcasting (CBS and The CW), television production and distribution, publishing, pay-cable, and recording assets that were previously owned by the first Viacom. 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."[http://www.cbscorporation.com/contact_info/index.php Contact Info] {{webarchive|url=https://web.archive.org/web/20091129233955/http://www.cbscorporation.com/contact_info/index.php |date=November 29, 2009 }}." CBS Corporation. Retrieved on November 3, 2009.

CBS Corporation announced on August 13, 2019, that it would merge with Viacom for the second time to form ViacomCBS (now known as Paramount Global). The merger was completed on December 4.{{Cite news|url=https://deadline.com/2019/11/viacom-cbs-announce-expected-closing-date-of-merger-1202794424/|title=Viacom And CBS Announce Expected Closing Date Of Merger|last=Hayes|first=Dade|date=November 25, 2019|work=Deadline|access-date=November 25, 2019|language=en-US}}{{Cite web|url=https://www.cbsnews.com/news/viacom-cbs-merger-stock-companies-are-officially-back-together-again/|title=Viacom and CBS Corp. are officially back together again|work=CBS News|date=December 4, 2019}}

History

== Early history ==

File:CBS Corporation 1997.svgThe first incarnation of Viacom was created in 1952 as the television syndication division of CBS and was spun off in 1971. In late 1994, in a major change of direction, Westinghouse acquired the CBS television network and renamed itself CBS Corporation. Most of its remaining industrial businesses were sold off at this time. CBS Corporation was acquired by the first incarnation of Viacom in April 2000.{{Cite web |date=April 26, 2000 |title=CBS And Viacom Complete Merger |url=https://www.cbsnews.com/news/cbs-and-viacom-complete-merger/ |access-date=February 16, 2021 |website=CBS News |language=en-US}} The prior CBS Corporation also owned CMT and The Nashville Network (TNN), which remained Viacom properties after the 2005 split, but the prior CBS did not own UPN, Showtime, Paramount Television, Paramount Parks, or Simon & Schuster.

In March 2005, Viacom contemplated splitting the company into two publicly traded companies, amid issues of the stock price stagnating and clashing corporate cultures between the cable and broadcast divisions, which came to a head with the Super Bowl XXXVIII halftime show controversy a year previous with the MTV-produced show causing controversy for game broadcaster CBS.

On June 14, 2005, the Viacom board of directors approved the split of the company into two firms.{{cite news |url=https://www.nytimes.com/2005/06/15/business/media/15viacom.html|title=viacom board agrees to split of company|last=Fabrikant |first=Geraldine|date=June 15, 2005|newspaper=The New York Times|access-date=July 28, 2014}} 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.

The split was structured such that the second Viacom was spun off from the first Viacom, which was renamed CBS Corporation. In a sense, this was a repeat of the 1971 spin-off. However, in this case, CBS retained virtually all of the prior firm's broadcast television assets, including its various syndication companies.

With the split, the two companies began trading on the New York Stock Exchange (NYSE) under the ticker symbols "CBS.A" and "CBS" (the latter symbol was previously used by CBS, Inc. as an independent company prior to its 1994 acquisition by Westinghouse) on January 2, 2006. Investors anticipated Viacom benefiting from the split, but instead, it dropped approximately 20%, while CBS Corporation rose 9%, that same year, Paramount Parks became a wholly-owned theme park unit of CBS Corporation.{{cite news|url=https://www.nytimes.com/2006/07/22/business/media/22viacom.html?pagewanted=all|title=a surprise after the split: Viacom struggles as CBS holds its own|last=Fabrikant|first=Geraldine|date=July 22, 2006|newspaper=The New York Times|access-date=July 28, 2014}}

= Subsequent developments =

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". In June 2006, DiC added a production partner AOL's KOL. Thus, this block would be called "KOL's Saturday Morning Secret Slumber Party on CBS".{{cite web|first=John |last=Consoli |url=http://www.mediaweek.com/mw/news/networktv/article_display.jsp?vnu_content_id=1002725721 |archive-url=https://web.archive.org/web/20060713195740/http://www.mediaweek.com/mw/news/networktv/article_display.jsp?vnu_content_id=1002725721 |archive-date=July 13, 2006 |title=DIC, KOL to Produce On CBS |date=June 21, 2006 |publisher=MediaWeek |access-date=November 30, 2008}}

On January 24, 2006, CBS Corporation and Time Warner created a new broadcast network, The CW. The network officially debuted on September 18, 2006. The CW formally debuted on September 20 with the 2-hour premiere of America's Next Top Model. The CW is the result of a merger of The WB (a Warner Bros. holding) and UPN (a CBS Corporation holding). CBS Corporation and Time Warner each owned 50% of The CW. Tribune Broadcasting (which previously owned a 25% stake on The WB) and CBS Television Stations contributed its stations as new network affiliates.

On May 23, 2006, CBS Corporation sold Paramount Parks to the Cedar Fair Entertainment Company. With this acquisition, Cedar Fair became the third-largest theme park operator.{{cite news|title=CBS to Sell Amusement Parks to Cedar Fair|url=https://www.nytimes.com/2006/05/23/business/23park.html|work=The New York Times|date=May 23, 2006}} On June 30, 2006, Cedar Fair completed its acquisition of Paramount Parks from CBS Corporation in a cash transaction valued at US$1.24 billion. The transaction included a 10-year license that allowed Cedar Fair to use the Paramount name in the parks through the 2017 season.{{cite news|author=Cedar Fair, L.P.|title=Cedar Fair, L.P. Completes Acquisition of the Paramount Parks|url=http://www.prnewswire.com/news-releases/cedar-fair-lp-completes-acquisition-of-the-paramount-parks-57034657.html|work=prnewswire.com}}

On February 7, 2007, CBS sold seven smaller-market stations in Providence, Rhode Island, Austin, Texas, Salt Lake City, and West Palm Beach, Florida to Cerberus Capital Management for US$185 million.{{cite web|url=http://www.cbscorporation.com/news/prdetails.php?id=1624 |title=CBS Corporation To Sell Local TV Stations In Four Markets To Cerberus Capital Management, L.P |publisher=CBS Corporation |date=February 7, 2007 |access-date=December 27, 2008 |url-status=dead |archive-url=https://web.archive.org/web/20090111091950/http://www.cbscorporation.com/news/prdetails.php?id=1624 |archive-date=January 11, 2009 }} It sold another station, WFRV-TV in Green Bay, Wisconsin, and its satellite station, WJMN-TV in Escanaba, Michigan, to Liberty Media on February 13, 2007.{{cite web|url=http://ir.libertymedia.com/releasedetail.cfm?releaseid=576324|title=Liberty Media and CBS Corporation Agree to Exchange CBS Shares Held By Liberty|website=libertymedia.com|date=February 13, 2007|access-date=December 2, 2016|archive-date=December 3, 2016|archive-url=https://web.archive.org/web/20161203123646/http://ir.libertymedia.com/releasedetail.cfm?releaseid=576324|url-status=dead}} News reports estimate the deal at about US$234 million. CBS is swapping the stations and US$170 million in cash for 7.59 million shares of CBS common stock held by Liberty Media.

On February 26, 2007, CBS began investing in Electric Sheep, which is a virtual world content developer. CBS hired Electric Sheep to develop some projects, including the creation of "The L-Word in Second Life". CBS also shot a commercial within the virtual world Second Life to promote its show Two and a Half Men. Another project that Electric Sheep was working on for CBS was a Star Trek-themed area in Second Life. By investing in Electric Sheep, CBS hoped to expand its activity "beyond the living room".{{cite web|url=http://www.usb4ever.com/cbs-investment-p.html|archive-url=https://web.archive.org/web/20070726224522/http://www.usb4ever.com/cbs-investment-p.html|archive-date=July 26, 2007|title=CBS Invests in Virtual World Content Developer}} On March 20, CBS/CSTV had acquired MaxPreps, an online high school sports network.{{cite web |url=http://www.cbscorporation.com/news-article.php?id=425 |title=CBS Corporation acquires MaxPreps, the leading nationwide high school sports network online; business to be part of CSTV: College Sports Television |date=March 20, 2007 |publisher=CBS Corporation |access-date=January 2, 2012}} On April 12, CBS Corporation created the CBS Interactive Audience Network.{{cite web |url=http://www.cbscorporation.com/news-article.php?id=373 |title=CBS Corporation announces the creation of the CBS Interactive Audience Network |date=April 12, 2007 |publisher=CBS Corporation |access-date=January 2, 2012}} On May 30, 2007, CBS Interactive bought Last.fm for £140 million.[http://news.bbc.co.uk/1/hi/technology/6701863.stm Music site Last.fm bought by CBS], BBC, May 30, 2007

On May 15, 2008, CBS Interactive agreed to buy CNET Networks for $1.8 billion, with the deal due to close in the third quarter of 2008.[http://www.cbscorporation.com/news/prdetails.php?id=3263 CBS Corporation to acquire CNET Networks, inc.] {{webarchive |url=https://web.archive.org/web/20080518032023/http://www.cbscorporation.com/news/prdetails.php?id=3263 |date=May 18, 2008 }}, CBS Press Release, May 15, 2008 On July 2 CBS acquired CNET and put it under CBS Interactive.{{cite news|url=http://cbs3.com/consumer/cbs.cnet.purchase.2.761897.html |title=CNET's Content To Boost CBS Coverage | newspaper=KYW-TV|publisher=CBS Television Stations |location=New York |date=July 2, 2008 |access-date=December 27, 2008}} {{Dead link|date=September 2010|bot=H3llBot}}

On February 14, 2013, CBS acquired a minority stake in AXS TV in exchange for programming and marketing.{{cite news|last=Bond |first=Paul|url=https://www.hollywoodreporter.com/news/cbs-takes-stake-axs-tv-421626|title=CBS Takes Stake in AXS TV|newspaper=The Hollywood Reporter|publisher=Eldridge Industries|date=February 14, 2013|access-date=December 3, 2016}} On March 26, CBS and Lionsgate entered a 50/50 joint venture to operate the TV Guide Network (TVGN) and TVGuide.com.Andreeva, Nellie. [https://deadline.com/2013/03/cbs-acquiring-tv-guide-partner-with-lionsgate-459698/ "CBS Poised To Buy Half Of TV Guide, Partner With Lionsgate."] Deadline Hollywood (March 22, 2013)Andreeva, Nellie. [https://deadline.com/2013/03/its-official-cbs-acquires-half-of-tv-guide-partners-with-lionsgate-461764/ "It's Official: CBS Acquires Half Of TV Guide, Partners With Lionsgate."] Deadline Hollywood (March 26, 2013) On May 31, CBS bought the remaining half of TV Guide Digital from Lionsgate.Andreeva, Nellie. [https://web.archive.org/web/20130607071253/http://www.deadline.com/2013/05/its-official-cbs-takes-full-control-of-tvguide-com-acquiring-lionsgate%E2%80%99s-50/ "It's Official: CBS Takes Full Control Of TVGuide.Com, Acquiring Lionsgate's 50%."] Deadline Hollywood (May 31, 2013) The latter still retained its share of TVGN (later rebranded as Pop) until it was acquired by CBS on March 12, 2019.{{cite magazine|title=CBS Takes Control of Pop TV Cabler, Buys Out Lionsgate's 50% Stake|date=March 12, 2019|magazine=Variety|url=https://variety.com/2019/tv/news/cbs-pop-schitts-creek-lionsgate-50-1203161651/|access-date=March 12, 2019}} On July 16, CBS agreed to sell CBS Outdoor International to Platinum Equity for about $225 million.{{cite news | url=https://deadline.com/2013/07/cbs-sells-overseas-billboard-business-542087/ | title=CBS Sells Overseas Billboard Business | website=Deadline Hollywood |publisher=Penske Media Corporation | access-date=July 16, 2013}} The CBS Outdoor division began trading as a separate company on the NYSE under "CBSO" on March 28, 2014. CBS Outdoor would be fully divested from CBS by July into an independent real estate investment trust, renamed as Outfront Media.

On November 17, 2017, CBS Corporation sold CBS Radio to Entercom, making that company the second-largest owner of radio stations in the United States.{{cite news|last1=Lieberman|first1=David|title=CBS Agrees To Merge Radio Business With Entercom|url=https://deadline.com/2017/02/cbs-merge-radio-business-entercom-1201900783/|website=Deadline Hollywood|publisher=Penske Media Corporation|date=February 2, 2017}}{{Cite news|url=http://www.insideradio.com/free/entercom-sets-friday-morning-close-for-cbs-radio-merger/article_c613cfd8-caab-11e7-8e38-eb120211080a.html|title=Entercom Sets Friday Morning Close For CBS Radio Merger.|work=Insideradio.com|access-date=2017-11-17|language=en}}

In the same year, CBS purchased Australian broadcaster Network 10. The network was previously in voluntary administration.{{Cite news|url=http://www.abc.net.au/news/2017-08-28/cbs-agrees-to-buy-ten-off-administrator/8848124|title=Ten Network to be purchased by US giant CBS|date=August 28, 2017|work=ABC News |publisher=Australian Broadcasting Corporation|access-date=August 28, 2017}}

As of November 2018, CBS Corporation ranked 197th on the Fortune 500 list of the largest United States corporations by revenue.{{Cite web|url=http://fortune.com/fortune500/list|title=Fortune 500 Companies 2018: Who Made the List|website=Fortune|language=en-US|access-date=2018-11-23|archive-date=May 2, 2019|archive-url=https://web.archive.org/web/20190502115903/http://fortune.com/fortune500/list/|url-status=dead}} CBS Corp. sold Television City to Los Angeles real estate investment company Hackman Capital Partners for $750 million in a deal finalized in mid-December 2018. The deal gives the buyer the right to use the Television City name. Programs produced at Television City will continue to be based there as will CBS' international unit headquarters.{{cite news |last1=James |first1=Meg |last2=Vincent |first2=Roger |title=CBS sells Television City for $750 million to Los Angeles real estate developer |url=https://www.latimes.com/business/hollywood/la-fi-ct-cbs-sells-television-city-20181210-story.html |access-date=11 December 2018 |newspaper=The Los Angeles Times |date=December 10, 2018}}

= Re-merger deal with Viacom =

On September 29, 2016, National Amusements sent a letter to CBS Corporation and Viacom, encouraging the two companies to merge back into one company.{{Cite news|url=https://www.hollywoodreporter.com/news/national-amusements-calls-viacom-cbs-933705|title=National Amusements Proposes Viacom, CBS Reunion, Cites "Substantial Synergies"|newspaper=The Hollywood Reporter|access-date=October 13, 2016}} On December 12, the deal was called off.{{cite web|title=Shari Redstone withdraws CBS-Viacom merger proposal|website=CNBC|date=December 12, 2016|url=https://www.cnbc.com/2016/12/12/shari-redstone-withdraws-cbs-viacom-merger-proposal.html|access-date=December 17, 2016}}

On January 12, 2018, CNBC reported that Viacom had re-entered talks to merge back into CBS Corporation, after AT&T's purchase of Time Warner was planned and Disney's plan to acquire bulk of 21st Century Fox assets and the heavy competition from companies such as Netflix and Amazon.{{Cite news|url=https://www.cnbc.com/2018/01/12/viacom-shares-jump-9-percent-percent-on-wrap-report-that-its-looking-to-merge-with-cbs.html|title=Viacom, CBS shares surge after report Shari Redstone pursuing merge of companies|last=Wang|first=Christine|date=January 12, 2018|work=CNBC|access-date=January 12, 2018}} Shortly afterward, it was reported that the combined company could be a suitor for acquiring the film studio Lionsgate (which handled US distribution and global sales for CBS Films).{{cite news|title=Lionsgate Takes Over CBS Films' Distribution & Global Sales|url=https://deadline.com/2014/11/cbs-films-lionsgate-distribution-sales-partnership-1201283340/|access-date=November 13, 2014|website=Deadline Hollywood|publisher=Penske Business Media|date=November 13, 2014}}{{Cite web|url=https://deadline.com/2018/01/lionsgate-talks-amazon-verizon-cbs-viacom-1202244991/|title=Lionsgate Ripe For Takeover As Amazon, Verizon and CBS-Viacom Emerge As Potential Suitors|website=Deadline Hollywood|date=January 18, 2018|access-date=January 19, 2018}} A re-merger could benefit CBS's streaming service CBS All Access, as it could potentially have access to content from core Viacom brands such as Comedy Central, MTV, and Nickelodeon, as well as the Paramount Pictures library. Viacom's international presence could also benefit distribution.{{Cite news|url=https://www.hollywoodreporter.com/news/how-a-merged-cbs-viacom-could-try-compete-hollywood-giants-1225453|title=How a Merged CBS-Viacom Could Try to Compete with Hollywood Giants|work=The Hollywood Reporter|date=July 19, 2019|access-date=August 7, 2019}}

On March 30, 2018, CBS made an all-stock offer slightly below Viacom's market value and insisting that its existing leadership, including long-time chairman and CEO Les Moonves, oversee the re-combined company. Viacom rejected the offer as being too low, requesting an increase by $2.8 billion, and requesting that Bob Bakish be maintained as president and COO under Moonves. It was reported these conflicts had resulted from Shari Redstone seeking more control over CBS and its leadership.{{Cite news|url=https://www.hollywoodreporter.com/news/moonves-redstone-inside-poisonous-war-control-cbs-viacom-1101570|title=Moonves vs. Redstone: Inside the Poisonous War for Control of CBS and Viacom|work=The Hollywood Reporter|access-date=April 11, 2018}}{{Cite news|url=https://variety.com/2018/biz/news/cbs-viacom-leslie-moonves-2-1202749787/|title=Could CBS-Viacom Strife Cause Leslie Moonves to Walk Away?|last=Littleton|first=Cynthia|date=April 11, 2018|work=Variety|access-date=April 11, 2018}}

Eventually, on May 14, 2018, CBS Corporation sued National Amusements and accused Shari Redstone of abusing her voting power and forcing a merger that was not supported by it or Viacom.{{Cite news|url=https://www.bloomberg.com/news/articles/2018-05-14/cbs-sues-redstone-s-nai-to-let-board-meeting-on-dividend-happen|title=CBS Sues Redstones' Firm in Escalation of Longstanding Fight|date=May 14, 2018|work=Bloomberg.com|access-date=May 14, 2018}}{{Cite news|url=https://deadline.com/2018/05/shari-redstones-national-amusements-outraged-cbs-suit-1202390493/|title=National Amusements Fires Back At CBS Suit, Says It's "Outraged" By Allegations|last=Chmielewski|first=Dawn C.|date=May 14, 2018|work=Deadline|access-date=May 14, 2018}} CBS also accused Redstone of discouraging Verizon Communications from acquiring it, which could have been beneficial to its shareholders.{{Cite news|url=https://deadline.com/2018/05/verizon-expressed-interest-acquiring-cbs-before-viacom-talks-heated-up-1202390751/|title=Verizon Expressed Interest In Acquiring CBS Before Viacom Talks Heated Up

|last=Chmielewski|first=Dawn C.|date=May 14, 2018|work=Deadline|access-date=May 26, 2018}}

On May 23, 2018, Les Moonves stated that he considered the Viacom channels to be an "albatross," and while he favored more content for CBS All Access (now Paramount+), he believed that there were better deals for CBS than the Viacom deal, such as Metro-Goldwyn-Mayer (MGM), Lionsgate or Sony Pictures. Moonves also considered Bakish a threat as he never wanted an ally of Shari Redstone as a board member of the combined company.{{cite news |url = https://www.hollywoodreporter.com/news/general-news/behind-leslie-moonves-crusade-save-cbs-viacom-1114203 |title=Behind Leslie Moonves' Crusade to Save CBS From Viacom|last=Bond|first=Paul|date=May 23, 2018|work=The Hollywood Reporter|access-date=May 26, 2018}} Following Moonves' resignation due to sexual harassment allegations, National Amusements agreed in September 2018 to defer any proposal of a CBS-Viacom merger for at least two years after the date of the settlement with former CEO Moonves, donating $20 million to groups supporting the #MeToo movement as result of his resign.{{cite news |title=Les Moonves resigns from CBS after sexual misconduct allegations |url=https://www.bbc.com/news/world-us-canada-45467975 |access-date=10 September 2018 |work=BBC |date=10 September 2018 |quote=CBS said the company and Mr Moonves would donate $20m (£15.4m) to groups supporting the #MeToo movement.}}{{cite news |last1=Tom McCarthy |title=Les Moonves resigns from CBS after six more women accuse him of sexual harassment |url=https://www.theguardian.com/media/2018/sep/09/les-moonves-cbs-accused-of-sexual-misconduct-new-ronan-farrow-report |access-date=10 September 2018 |work=The Guardian |date=10 September 2018 |quote=Moonves and CBS will donate $20m to one or more organisations that support the #MeToo movement and equality for women in the workplace. This donation was deducted from any severance benefits that may be due to Moonves following the investigation.}}{{Cite news|url=https://www.hollywoodreporter.com/news/les-moonves-accused-sex-crimes-violence-by-more-women-1141436|title=Leslie Moonves Exits CBS After Being Accused of Sex Crimes, Violence by More Women|last=Parker|first=Ryan|date=2018-09-09|work=The Hollywood Reporter|access-date=2018-09-09}}

On May 30, 2019, CNBC reported that CBS Corporation and Viacom would explore merger discussions in mid-June 2019. The company's board of directors was revamped with people who are open to a merger and the talks were made possible with the resignation of Moonves, who opposed all attempts for a Viacom merger. The talks had started following rumors of CBS acquiring Starz from Lionsgate.{{Cite news|url=https://www.latimes.com/business/hollywood/la-fi-ct-cbs-viacom-merger-talks-20190530-story.html|title=CBS and Viacom merger negotiations expected to resume|last=James|first=Meg|work=Los Angeles Times|date=May 30, 2019|access-date=June 2, 2019}} Reports said that CBS and Viacom reportedly set August 8 as an informal deadline for reaching an agreement to recombine the two media companies.{{Cite news|url=https://www.fiercevideo.com/video/cbs-viacom-want-remerger-deal-set-by-early-august-report|title=CBS, Viacom set early August deadline for re-merger agreement – report|last=Munson|first=Ben|date=July 16, 2019|work=FierceVideo|access-date=July 20, 2019}}{{Cite news|url=https://variety.com/2019/biz/news/cbs-viacom-boards-wrestle-with-post-merger-management-decisions-ending-coo-role-exclusive-1203273848/|title=CBS, Viacom Boards Wrestle With Post-Merger Management Decisions, Ending COO Role (EXCLUSIVE)|last=Littleton|first=Synthia|date=July 19, 2019|work=Variety|access-date=July 20, 2019}} As part of the re-merger deal, CBS acquired Viacom for up to $15.4 billion.{{Cite news|url=https://www.hollywoodreporter.com/news/how-a-merged-cbs-viacom-could-try-compete-hollywood-giants-1225453|title=How a Merged CBS-Viacom Could Try to Compete with Hollywood Giants|quote=CBS' plan to acquire Viacom for up to $15.4 billion could be announced Aug. 8, giving its controlling shareholder the ability to leverage IP like 'Star Trek' across film and TV to better compete with Disney, Netflix and the rest.|date=July 19, 2019|work=The Hollywood Reporter|access-date=August 7, 2019}}

On August 13, 2019, CBS and Viacom agreed to merge into a new entity known as ViacomCBS (now Paramount Global), with Viacom CEO Bob Bakish as president and CEO of the new company and CBS CEO Ianniello as chairman and CEO of CBS and oversee CBS-branded assets. Shari Redstone will also serve as chairwoman of ViacomCBS.{{cite magazine|url=https://www.hollywoodreporter.com/news/cbs-viacom-strike-deal-recombine-1075545 | title = CBS, Viacom Strike Deal to Recombine|magazine =The Hollywood Reporter |date=August 13, 2019 |access-date=August 15, 2019 |first1=George |last1 = Szalai |first2=Paul |last2=Bond |first3 = Etan |last3=Vlessing}}{{Cite web|url=https://www.cbscorporation.com/wp-content/uploads/2019/08/ViacomCBS-Press-Release-FINAL.pdf|title=CBS and Viacom To Combine|work=CBS|date=August 12, 2019|archive-url=https://web.archive.org/web/20190813190148/https://www.cbscorporation.com/wp-content/uploads/2019/08/ViacomCBS-Press-Release-FINAL.pdf|archive-date=August 13, 2019|url-status=dead}} On October 29, 2019, National Amusements approved the re-merger deal, to be completed by early December 2019, with the recombined company trading on Nasdaq under the symbol "VIAC" and "VIACA" after CBS delist its shares on the NYSE.{{cite magazine|url=https://www.billboard.com/articles/business/8541228/viacom-cbs-merger-now-expected-to-close-in-early-december|title=Viacom-CBS Merger Now Expected to Close in 'Early December'|last=Weprin|first=Alex|magazine=Billboard|date=October 29, 2019}} On December 4, the deal was completed, with the merger structured such that CBS Corporation absorbed Viacom and changed its name to ViacomCBS.{{cite web|url=https://secfilings.nasdaq.com/edgar_conv_html%2f2020%2f02%2f20%2f0000813828-20-000013.html|title=ViacomCBS Report on Form 10-K|work=Nasdaq|quote=On December 4, 2019, Viacom Inc. (“Viacom”) merged with and into CBS Corporation (“CBS”), with CBS continuing as the surviving company (the “Merger”), pursuant to an Agreement and Plan of Merger dated as of August 13, 2019, as amended on October 16, 2019 (the “Merger Agreement”). At the effective time of the Merger, we changed our name to “ViacomCBS Inc.”|access-date=March 15, 2020}}

Corporate governance

The board of directors of CBS Corporation included:{{cite web |title=About CBS Corporation |url=https://www.cbscorporation.com/about-cbs/#cbs-board-of-directors |website=CBS Corporation |access-date=July 30, 2018}}