Paramount Global and its predecessor companies have gone through several tumultuous decades. Here’s a timeline of key events that led up to the company’s most recent M&A drama, in this week’s cover story: What Went Wrong: Inside Paramount’s Failed Merger Talks and the Battle to Salvage the Company.
MARCH 4, 1987: Sumner Redstone’s National Amusements Inc. acquires Viacom for $3.4 billion
MARCH 11, 1994: Viacom acquires control of Paramount Communications for about $10 billion
SEPT. 7, 1999: Viacom announces deal to acquire CBS Corp. for $35 billion
MARCH 16, 2005: Sumner Redstone shocks Hollywood and Wall Street with plan to split Viacom and CBS Corp. into separate entities
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DEC. 31, 2005: Viacom and CBS Corp. split is completed. Tom Freston named CEO of Viacom; Leslie Moonves to lead CBS
SEPT. 5, 2006: Sumner Redstone fires Tom Freston as CEO of Viacom, naming Philippe Dauman as his successor
OCT. 16, 2014: CBS Corp. launches CBS All Access streaming service
FEB. 3, 2016: Sumner Redstone resigns as Viacom and CBS Corp. chairman under pressure from shareholders about his mental capacity
MAY 20, 2016: Shari Redstone begins overhaul of NAI board, setting the stage for her to take control of Viacom
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AUG. 20, 2016: Viacom reaches legal settlement over NAI board fight that includes Philippe Dauman’s departure as CEO
DEC. 12, 2016: Bob Bakish named president and CEO of Viacom
MAY 14, 2018: CBS Corp. files lawsuit against NAI and Shari Redstone to block efforts to re-merge Viacom and CBS to take control of Viacom
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SEPT. 9, 2018: Leslie Moonves fired as CBS Corp.’s chairman-CEO amid sexual misconduct allegations; CBS and NAI settle litigation
DEC. 4, 2019: Viacom closes $12 billion deal to reunite with CBS, forming ViacomCBS
AUG. 11, 2020: Sumner Redstone dies at age 97
MARCH 4, 2021: ViacomCBS relaunches CBS All Access streamer as Paramount+
FEB. 16, 2022: ViacomCBS changes its moniker to Paramount Global
NOVEMBER 2023: Reports emerge of Skydance Media’s proposal to merge with Paramount Global
JAN. 30, 2024: Byron Allen’s Allen Media Group makes a $30 billion offer for Paramount Global
MID-MARCH: Apollo Global Management floats $11 billion bid for the Paramount Pictures studio
APRIL 3: Paramount Global agrees to 30-day exclusive negotiating window with Skydance Media
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APRIL 29: Bob Bakish removed as CEO of Paramount Global, replaced by “Office of the CEO” led by George Cheeks, Chris McCarthy and Brian Robbins
MAY 1: Sony Pictures and Apollo Global Management submit $26 billion offer for Paramount Global
MAY 3: Paramount Global and Skydance Media’s exclusive negotiating window ends with no deal
EARLY JUNE: Edgar Bronfman Jr. expresses interest in National Amusements, with backing from Bain Capital. Producer Steven Paul floats interest in buying NAI
JUNE 11: NAI ends negotiations with Skydance Media, saying it has “not been able to reach mutually acceptable terms” for a merger
Source Agencies
