CBS is owned by Skydance Corporation, the company formerly called Paramount Skydance, and is controlled by the Ellison family (Lawrence and David Ellison). Since 7 August 2025, Harbor Lights Entertainment, the renamed National Amusements, has held 100% of the voting Class A stock, and Ellison entities held about 77.5% of Harbor Lights in the company’s June 2026 quarterly report; affiliates of RedBird Capital Partners were the other buyers. After closing its Warner Bros. Discovery merger on 6 October 2026, the company took the Skydance Corporation name and the NYSE ticker SKYD.
CBS is not a separate listed company. Its network, news, sports and owned stations are part of Skydance Corporation, alongside Paramount Pictures, Paramount+, Nickelodeon and MTV.
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Two classes of stock
Holders of Class A stock vote; holders of Class B stock have no voting rights except where the law requires. Harbor Lights holds all the Class A stock.
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The Ellisons control Harbor Lights
Entities controlled by Lawrence and David Ellison hold about 77.5% of Harbor Lights, so the company's filings call the Ellison family the controlling stockholder.
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A controlled company
Because Harbor Lights controls all the voting power for board elections, the company is a 'controlled company' under exchange rules and is exempt from some board independence requirements.
What changed in 2025-26
Skydance takes control (August 2025)
On 7 August 2025, Ellison-family entities and RedBird affiliates bought National Amusements, the old controlling holder of Paramount Global, and Paramount Global and Skydance became subsidiaries of Paramount Skydance Corporation (Paramount Skydance, 2026).
The Warner Bros. Discovery deal
The company agreed on 27 February 2026 to buy Warner Bros. Discovery for $31.00 per share, an equity value of $80.9 billion at signing (Paramount Skydance, 2026). After a consent decree with a group of US states was entered on 30 September 2026, the merger closed on 6 October 2026 (Skydance Corporation, 2026).
New name, new listing
From 6 October 2026 the company planned to call itself Skydance Corporation and move its Class B shares from Nasdaq to the NYSE under the ticker SKYD (Paramount Skydance, 2026). CBS’s owner is now part of a group that also holds Warner Bros. Discovery’s studios and networks.
What CBS brings
CBS Stations consisted of 29 owned broadcast stations at the end of 2025, located in the five largest US television markets and 15 of the top 20. CBS Sports carries NFL games, college football and golf majors, which anchor the network’s schedule.
The CBS ownership chain
Ultimate parent
WhoEllison family (Lawrence and David Ellison)
What the filings sayAbout 77.5% of Harbor Lights; controlling stockholder
Voting holder
WhoHarbor Lights Entertainment (formerly National Amusements)
What the filings sayHolds 100% of Class A (voting) stock
What the filings sayClass B (non-voting) on the NYSE as SKYD from October 2026
Operating brands
WhoCBS Television Network, CBS News, CBS Sports, CBS Stations
What the filings say29 owned stations at the end of 2025
What it means for you
Investors: buying SKYD shares gives an economic stake in CBS but no vote; control stays with the Class A holder.
Advertisers and partners: CBS deals are now negotiated inside a much larger group that also owns Warner Bros. Discovery's assets.
Media operators: expect decisions on CBS News, sports rights and stations to follow group strategy set by an owner-led board.
Analysts: date every ownership figure; the chain changed in August 2025 and again in October 2026.
Watch for portfolio moves: large debt-funded mergers often lead to asset sales or restructurings.
The Business Engineer lens
CBS has moved from a founding family’s holding company to a technology family’s media group in barely a year, with a large merger on top. The Business Engineer view is that broadcast networks are now valued as distribution and sports-rights assets inside bigger content and streaming platforms.
Skydance Corporation, formerly Paramount Skydance, owns CBS. It is controlled by the Ellison family through Harbor Lights Entertainment, which holds all the voting Class A stock.
Does National Amusements still own CBS?
No. Ellison-family entities and RedBird affiliates bought National Amusements on 7 August 2025, and it was renamed Harbor Lights Entertainment.
Who is the CEO of CBS's parent company?
David Ellison is chairman and CEO; Mattel's Ynon Kreiz joined as co-CEO from 5 October 2026, with Ellison remaining the principal executive officer.
Is CBS part of Warner Bros. Discovery now?
CBS's parent completed its merger with Warner Bros. Discovery on 6 October 2026, so CBS and Warner Bros. Discovery's businesses are now in the same group.
The complete explainer, cleaned up and reformatted for mobile.
Paramount is a Media powerhouse comprising many media brands, which generated over $30 billion in revenue in 2022, consisting of brands like CBS, Paramount, Nickelodeon, MTV, Paramount+, Pluto TV, and many others.
Aspect · Description · Analysis · Examples
Products and Services
Description. CBS offers a wide array of products and services in the television and media industry. Its core offerings include news programming, entertainment shows, sports broadcasts, and original content such as TV series and reality shows. CBS also operates a streaming service, CBS All Access (now rebranded as Paramount+), which provides on-demand access to its content. The network extends its brand into merchandising, syndication, and international distribution.
Analysis. CBS’s primary products encompass news, entertainment shows, sports broadcasts, and original content. The network offers on-demand access to its content through its streaming service, CBS All Access (Paramount+). CBS’s diversification includes merchandising, syndication, and international distribution. A focus on a wide range of programming keeps CBS competitive and engaging to different audience segments.
Examples. News programming, entertainment shows, sports broadcasts, original content (TV series, reality shows), streaming service (CBS All Access/Paramount+), merchandising, syndication, international distribution, diversification catering to different audience segments.
Revenue Streams
Description. CBS generates revenue through several channels. The primary source is advertising sales during its television broadcasts. Subscription fees from cable and satellite TV providers that carry CBS are another significant revenue stream. The network also earns income through content licensing and syndication deals with other networks and international broadcasters. Streaming subscription fees from CBS All Access (Paramount+) contribute to its income.
Analysis. CBS’s primary revenue streams include advertising sales during TV broadcasts and subscription fees from cable and satellite TV providers. Content licensing and syndication deals with other networks and international broadcasters also provide substantial income. Streaming subscription fees from CBS All Access (Paramount+) contribute to revenue diversification. CBS’s multiple income sources ensure financial stability.
Examples. Revenue from advertising sales during TV broadcasts, subscription fees from cable and satellite TV providers, income from content licensing and syndication deals with other networks and international broadcasters, streaming subscription fees from CBS All Access (Paramount+), diversified revenue sources ensuring financial stability.
Customer Segments
Description. CBS targets a broad spectrum of viewers across various demographics. Its news programming appeals to adults interested in current events. Entertainment shows cater to families and entertainment enthusiasts. Sports broadcasts attract sports fans of all ages. CBS All Access (Paramount+) appeals to cord-cutters and viewers seeking on-demand access. Syndication and international distribution serve a global audience.
Analysis. Customer segments for CBS encompass adults interested in news programming, families and entertainment enthusiasts, sports fans of all ages, cord-cutters and on-demand viewers, and a global audience through syndication and international distribution. CBS’s diverse content lineup and distribution channels allow it to engage with a wide range of viewers.
Examples. Adults interested in news programming, families and entertainment enthusiasts, sports fans of all ages, cord-cutters and on-demand viewers, global audience through syndication and international distribution, diverse content lineup engaging a wide range of viewers.
Distribution Channels
Description. CBS distributes its content primarily through traditional cable and satellite television providers, which carry CBS as part of their channel packages. The network also operates CBS All Access (Paramount+), a streaming service that offers on-demand access to its content. Syndication deals allow other networks to air CBS shows, and international distribution extends its reach globally.
Analysis. Distribution channels for CBS include traditional cable and satellite TV providers that carry CBS as part of their channel packages. CBS All Access (Paramount+) caters to on-demand viewers. Syndication agreements allow other networks to air CBS shows, expanding the network’s reach. International distribution brings CBS content to a global audience. CBS utilizes multiple channels to maximize its audience reach.
Examples. Distribution through traditional cable and satellite TV providers, streaming service (CBS All Access/Paramount+) for on-demand access, syndication deals allowing other networks to air CBS shows, international distribution for a global audience, multiple distribution channels for broad audience reach.
Key Partnerships
Description. CBS collaborates with a range of partners to enhance its content and reach. Content creators, production studios, and talented actors are essential for developing original programming. Distribution agreements with cable and satellite providers ensure widespread availability. Advertising partnerships drive additional revenue through commercial spots. Content licensing and syndication deals expand CBS’s reach to other networks and international broadcasters. Partnerships with sports leagues and organizations secure sports broadcast rights.
Analysis. Collaborations with content creators, production studios, and actors are crucial for developing engaging original programming. Distribution agreements with cable and satellite providers secure widespread availability. Advertising partnerships drive additional revenue through commercial spots. Content licensing and syndication deals expand CBS’s reach to other networks and international broadcasters. Collaborations with sports leagues and organizations secure sports broadcast rights, further enhancing CBS’s offerings.
Examples. Collaborations with content creators, production studios, and actors for engaging original programming, distribution agreements with cable and satellite providers for widespread availability, advertising partnerships for additional revenue, content licensing and syndication deals expanding reach, collaborations with sports leagues and organizations securing sports broadcast rights, partnerships enhancing CBS’s offerings.
Key Resources
Description. CBS’s key resources include a library of original content and intellectual property, a team of content creators, production facilities, a network of cable and satellite television providers, streaming platforms (CBS All Access/Paramount+), a dedicated website and digital presence, advertising partnerships, content licensing agreements, and collaborations with sports leagues and organizations.
Analysis. A library of original content and intellectual property forms the foundation of CBS’s offerings. A team of content creators and production facilities enable the development of engaging programming. A network of cable and satellite providers ensures broad distribution. Streaming platforms and a digital presence expand accessibility. Advertising partnerships and content licensing agreements contribute to revenue and global reach. Collaborations with sports leagues enhance CBS’s sports offerings. CBS manages these resources to deliver diverse content to its audience.
Examples. Library of original content and intellectual property, a team of content creators and production facilities for engaging programming, a network of cable and satellite providers for broad distribution, streaming platforms and digital presence for accessibility, advertising partnerships, content licensing agreements, collaborations with sports leagues and organizations enhancing sports offerings, resource management for diverse content delivery.
Cost Structure
Description. CBS incurs costs related to content production, including writer salaries, actor fees, production expenses, and studio operations. Marketing and promotional expenses are essential for attracting viewers and advertisers. Distribution costs involve agreements with cable and satellite providers. Operating streaming platforms like CBS All Access (Paramount+) have associated expenses. Licensing fees may be incurred for third-party content used on the network. Sports broadcast rights can also be a significant cost.
Analysis. Costs related to content production encompass salaries for writers, actor fees, production expenses, and studio operations. Marketing and promotional expenses attract viewers and advertisers. Distribution costs involve agreements with cable and satellite providers. Operating streaming platforms like CBS All Access (Paramount+) has associated expenses. Licensing fees may be incurred for third-party content. Acquiring sports broadcast rights can be a substantial cost, particularly for major events. CBS manages its cost structure to maintain profitability.
Examples. Costs related to content production, marketing and promotional expenses, distribution costs, operating streaming platforms (CBS All Access/Paramount+), licensing fees for third-party content, acquisition of sports broadcast rights, cost management for profitability.
Description. CBS’s competitive advantage lies in its extensive library of original content and intellectual property, including iconic shows and events. The network’s commitment to delivering diverse programming across genres sets it apart in the television industry. Broad distribution through cable and satellite providers ensures accessibility. Partnerships with content creators, advertisers, and sports organizations enhance its competitiveness. CBS’s strong brand reputation and a broad spectrum of content attract both viewers and advertisers.
Analysis. CBS’s competitive advantage is rooted in its rich library of original content and intellectual property, which includes iconic shows and events. A commitment to diverse programming across genres distinguishes it in the television industry. Broad distribution ensures accessibility, while partnerships with content creators, advertisers, and sports organizations enhance competitiveness. A strong brand reputation and a wide spectrum of content cater to both viewers and advertisers.
Examples. Extensive library of original content and intellectual property, commitment to diverse programming, broad distribution through cable and satellite providers, partnerships with content creators, advertisers, and sports organizations, strong brand reputation, wide spectrum of content, competitiveness in the television industry.
Key Highlights:
CBS and Paramount Ownership: CBS is a part of the Paramount conglomerate, which includes various media brands.
Paramount’s Media Empire: Paramount operates as a media powerhouse with a diverse portfolio of media brands, including CBS, Paramount, Nickelodeon, MTV, Paramount+, Pluto TV, and many others.
Revenue and Impact: Paramount’s conglomerate of media brands collectively generated over $30 billion in revenue in 2022, highlighting the significant influence and presence of its brands in the media industry.
FourWeekMBABusiness EngineerAt a glance
Paramount is a Media powerhouse comprising many media brands, which generated over $30 billion in revenue in 2022, consisting of brands like CBS, Paramount, Nickelodeon, MTV, Paramount+, Pluto TV, and many others.
Subscription fees from cable and satellite TV providers that carry CBS are another significant revenue stream.
Partnerships with sports leagues and organizations secure sports broadcast rights.
Layout refreshed 7 October 2026. The article text below is unchanged.
Why it mattersFrom the article
Paramount's Media Empire: Paramount operates as a media powerhouse with a diverse portfolio of media brands, including CBS, Paramount, Nickelodeon, MTV, Paramount+, Pluto TV, and many others.
The revenue experienced a steady increase between 2018 and 2019, growing from $27.25 billion to $27.81 billion. In 2020, revenue was a noticeable decline to $25.28 billion, indicating a slowdown in growth. The trend reversed in 2021, with revenue bouncing back to $28.58 billion, surpassing 2019. The revenue continued its upward trajectory in 2022, reaching $30.15 billion, marking the highest revenue figure in five years. Despite the dip in 2020, Paramount’s revenue demonstrates a general growth trend over the five years.
Profits in 2018 were $3.46 billion but experienced a slight decline to $3.3 billion in 2019.
A more significant drop in profits occurred in 2020, falling to $2 billion.
In 2021, profits rebounded strongly to $4.38 billion, marking the highest profit figure in five years.
However, profits took a sharp downturn in 2022, decreasing to just $0.725 billion, representing a substantial decline compared to the previous years.
TV Media revenue decreased from $22.73 billion in 2021 to $21.73 billion in 2022, marking a decline of approximately 4.4%.
Direct-to-Consumer revenue experienced substantial growth, from $3.33 billion in 2021 to $4.9 billion in 2022, a rise of about 47.1%.
Filmed Entertainment revenue also increased, growing from $2.69 billion in 2021 to $3.7 billion in 2022, representing an increase of around 37.5%.
Eliminations representing intersegment transactions showed a slight increase in negative value from -$0.162 billion in 2021 to -$0.188 billion in 2022, indicating a higher level of intersegment revenue offsets.
While the TV Media segment experienced a decline, Direct-to-Consumer and Filmed Entertainment revenue streams showed significant growth, contributing to the overall increase in Paramount’s total revenue.
The number of Paramount+ subscribers in 2020 was 11.7 million.
There was a significant increase in subscribers in 2021, with the count rising to 32.8 million, representing a growth of approximately 180%.
The growth trend continued in 2022, with the subscriber count reaching 55.9 million, a further increase of about 70% compared to the previous year.
Paramount+ revenue in 2020 was $0.63 billion.
In 2021, the revenue more than doubled, reaching $1.35 billion, which indicates a significant increase in the platform’s performance.
The growth trend persisted in 2022, with revenue climbing to $2.77 billion, representing a growth of over 100% compared to the previous year.
Pluto TV’s revenue in 2020 was $0.56 billion.
In 2021, the revenue almost doubled, reaching $1.06 billion, which indicates a significant improvement in the platform’s financial performance.
The growth trend continued, albeit at a slower pace, in 2022, with revenue rising to $1.11 billion, representing an increase of about 4.7% compared to the previous year.
In 2020, Paramount’s revenue of $25.28 billion was approximately 2.12 times its content costs of $11.93 billion.
In 2021, the revenue increased to $28.58 billion, while content costs rose to $14.7 billion. The revenue was about 1.94 times the content costs during this year.
Comparing both years, the revenue-to-content-costs multiplier decreased from 2020 to 2021, indicating that the company’s content costs have increased faster than its revenue. This could result from investments in original content, increased licensing fees, or other content-related expenses.
Paramount is a Media powerhouse comprising many media brands, which generated over $30 billion in revenue in 2022, comprising brands like CBS, Paramount, Nickelodeon, MTV, Paramount+, Pluto TV, and many others.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
