Due to legal reasons resulting from a 1970 Federal Communications Commission ruling that forbid the American broadcast networks from distributing their own network programming for off-network syndication or from producing shows for first-run syndication, CBS Enterprises was spun off in 1971, creating a new, independent company; Viacom. The main subsidiaries of Viacom were Viacom Enterprises, which took CBS Enterprises' old duties, and Viacom Productions, which was created to produce series for the major networks.
In 1976, Viacom launched premium cable channel Showtime, and during the late 1970s and the 1980s, they acquired several radio and TV stations. In 1985, they bought Warner-Amex Satellite Entertainment (which had been co-owner of Showtime/TMC, soon to be renamed Showtime Networks, the company managing Showtime as well as its sister channel The Movie Channe), renaming it MTV Networks.
In 1994 Viacom acquired major movie studio Paramount Pictures, including its TV production and distribution companies. This was followed in 2000 by the purchase of the CBS and UPN broadcasting networks (alongside CBS's production and syndication units, as well as cable channels TNN (now Spike) and CMT). Later that year Viacom also bought the BET Networks.
The Viacom split
Due to personal conflicts and stagnating stock price, Viacom split in 2005. The "old" Viacom was renamed CBS Corporation, and remained owner of CBS and its subsidiaries, UPN, Showtime Networks, and the Paramount television subsidiaries. Meanwhile the "new" Viacom gained Paramount Pictures, BET Networks and MTV Networks, which by now included most of the company's acquired cable networks.
On September 29, 2016, CBS Corporation parent National Amusements announced that it is seeking to encourage CBS and co-owned Viacom to re-merge into one company, which would remain under the ownership of National Amusements, which also announced that it would not accept any offers from outside companies to acquire control of that company, Viacom or CBS Corporation.
Current US television assets
- The CW (joint-venture of CBS Corporation (50%) and Warner Bros. (50%)
- Showtime Networks
- CBS Sports Network
- MountainWest Sports Network (joint-venture with CBS Corporation (40%), Mountain West Conference (30%) and Comcast (30%).)
Additional US television assets
- Bing Crosby Productions
- Group W Productions
- King World Productions
- National Telefilm Associates
- Quinn Martin Productions
- Spelling Television