Paramount is owned by Paramount Global, a separate company from CBS — though they share history and some leadership

Paramount and Paramount+ are owned by Paramount Global, a publicly traded media company. CBS is a separate company owned by Paramount Global's parent company, National Amusements. The two are not the same entity, but they are controlled by the same holding company, which is why they often appear connected.

In 2022, Paramount Global (formerly ViacomCBS) reorganized its structure. Paramount Global now owns the Paramount+ streaming service, the Paramount film studio, and other entertainment properties. CBS remains a distinct broadcast network under the same corporate umbrella. National Amusements, a private holding company controlled by the Redstone family, owns both Paramount Global and CBS.

This means Paramount+ content sometimes includes CBS shows and broadcasts, but the streaming service is not run by CBS directly. Paramount Global decides what goes on Paramount+, what airs on CBS, and how the two services work together. Understanding this structure helps explain why you see CBS content on Paramount+ and why the two services sometimes promote each other.

Key Takeaways

  • Paramount Global owns Paramount+ and is a separate company from CBS, though both are controlled by the same parent holding company, National Amusements.
  • CBS is a broadcast television network; Paramount+ is a streaming service — they operate independently but share corporate ownership.
  • Paramount Global was renamed from ViacomCBS in 2022 as part of a corporate restructuring that emphasized streaming over broadcast.
  • The Redstone family controls National Amusements, which owns both Paramount Global and CBS.
  • Because both companies share a parent, CBS shows often move to Paramount+ after their broadcast run ends.

How the ownership structure changed in 2022

Before 2022, the company was called ViacomCBS. It owned both the Paramount film and television studio and the CBS broadcast network under one corporate name. In May 2022, the company renamed itself Paramount Global to reflect its focus on the Paramount+ streaming service and the Paramount film brand.

The restructuring did not change who owns what — National Amusements still controls both Paramount Global and CBS. It was a rebranding move meant to signal that streaming, not broadcast television, is now the company's main business. CBS remains a major asset, but it is no longer the company's primary identity. The change was largely symbolic but reflected a real shift in where the company invests its resources and attention.

What Paramount Global owns

Paramount Global owns the Paramount+ streaming service, the Paramount film studio (which produces movies and television shows), MTV Networks, BET, Comedy Central, Nickelodeon, and other cable channels. It also owns the rights to thousands of films and television shows that appear on Paramount+. These properties generate content that flows across multiple platforms owned by the parent company.

CBS, while owned by the same parent company (National Amusements), operates as its own broadcast network. CBS produces and airs its own shows, news programs, and sports broadcasts. Some CBS content appears on Paramount+ after its initial broadcast run, but CBS is not owned or operated by Paramount Global directly. The two companies maintain separate management teams and separate business strategies, even though they answer to the same ultimate owner.

Why Paramount+ and CBS content overlap

Because Paramount Global and CBS are both owned by National Amusements, the companies share content and sometimes coordinate. CBS shows often appear on Paramount+ after they air on broadcast television. Paramount+ also produces original shows that may later air on CBS or other networks owned by the parent company. This arrangement allows content to reach multiple audiences across different platforms.

This shared ownership allows the companies to move content between platforms and bundle services without negotiating with outside parties. However, it does not mean CBS runs Paramount+ or that Paramount Global runs CBS. Each operates its own business, but they answer to the same parent company. The result is a more integrated media ecosystem than you would see if the companies were completely independent.

National Amusements and the Redstone family

National Amusements is a private holding company that owns both Paramount Global and CBS. It was founded by Sumner Redstone and is currently controlled by his daughter, Shari Redstone, who serves as chair. National Amusements also owns a chain of movie theaters, making it a diversified media and entertainment company.

Because National Amusements is private, not publicly traded, the Redstone family's decisions about the company are not subject to the same public disclosure rules as Paramount Global or CBS. However, National Amusements' ownership of both companies is a matter of public record. The family's control means that long-term strategy decisions about both Paramount Global and CBS ultimately rest with the Redstone family rather than with public shareholders.

How this affects what you watch on Paramount+

The corporate structure means Paramount+ can license CBS content without negotiating with an outside company. It also means Paramount Global can move shows between Paramount+, CBS, and other networks it owns. From a viewer's perspective, this results in a larger library of content on Paramount+ than might otherwise be available. You get access to decades of CBS programming alongside original Paramount+ shows and films.

It also means that if you subscribe to Paramount+, you are supporting the same parent company that owns CBS, even though you are not paying CBS directly. The two services operate separately, with different subscription costs and different content libraries, but the money flows to the same corporate parent. This shared ownership structure is one reason why Paramount+ includes so much broadcast television content compared to some other streaming services.

Frequently Asked Questions

Is CBS owned by Paramount?

No. CBS and Paramount Global are both owned by National Amusements, a private holding company. They are sister companies under the same parent, not owned by each other.

Can I watch CBS shows on Paramount+?

Yes, many CBS shows appear on Paramount+ after they air on broadcast television. Some CBS content is exclusive to Paramount+. The availability of specific shows depends on licensing agreements between Paramount Global and CBS.

Why did ViacomCBS change its name to Paramount Global?

The company renamed itself in 2022 to emphasize its focus on streaming and the Paramount brand rather than broadcast television. The ownership and structure remained the same; only the corporate name changed to reflect the company's strategic priorities.

Who makes decisions about what goes on Paramount+?

Paramount Global makes decisions about Paramount+ content. CBS makes decisions about CBS broadcast content. Both companies answer to National Amusements, but they operate independently in their day-to-day business and content strategy.

Does owning both Paramount+ and CBS give the company an unfair advantage?

The shared ownership allows Paramount Global to move content between platforms more easily than competitors can. This gives the company flexibility in how it distributes shows and films, but both services operate as separate businesses with distinct pricing and content strategies.