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Paramount Global’s Tumultuous Timeline: Tracking 35 Years of Corporate Intrigue and Drama

Todd Spangler and Cynthia Littleton
·3-min read

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

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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

NEW YORK CITY, NY - NOVEMBER 16: Tom Freston attends The AMERICAN MUSEUM OF NATURAL HISTORY's Annual "Museum Gala" at The American Museum of Natural History on November 16, 2005 in New York City. (Photo by Billy Farrell/Patrick McMullan via Getty Images)
NEW YORK CITY, NY - NOVEMBER 16: Tom Freston attends The AMERICAN MUSEUM OF NATURAL HISTORY's Annual "Museum Gala" at The American Museum of Natural History on November 16, 2005 in New York City. (Photo by Billy Farrell/Patrick McMullan via Getty Images)

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

NEW YORK, NY - JUNE 13: President, CEO and Chairman of Viacom Philippe Dauman speaks on stage Prince Walk of Fame Induction and 2016 Spring Gala at The Apollo Theater on June 13, 2016 in New York City. (Photo by Shahar Azran/WireImage)
NEW YORK, NY - JUNE 13: President, CEO and Chairman of Viacom Philippe Dauman speaks on stage Prince Walk of Fame Induction and 2016 Spring Gala at The Apollo Theater on June 13, 2016 in New York City. (Photo by Shahar Azran/WireImage)

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

Leslie Moonves (Photo by Chelsea Lauren/Variety/Penske Media via Getty Images)
Leslie Moonves (Photo by Chelsea Lauren/Variety/Penske Media via Getty Images)

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

Bob Bakish, President and CEO of ViacomCBS, attends the premiere of "Dexter: New Blood" at Alice Tully Hall on November 1, 2021 in New York. (Photo by Bryan R. Smith / AFP) (Photo by BRYAN R. SMITH/AFP via Getty Images)
Bob Bakish, President and CEO of ViacomCBS, attends the premiere of "Dexter: New Blood" at Alice Tully Hall on November 1, 2021 in New York. (Photo by Bryan R. Smith / AFP) (Photo by BRYAN R. SMITH/AFP via Getty Images)

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

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