Paramount Global reunited CBS and Viacom — then lost $6.2B in a year

Paramount Global was created in December 2019 when CBS and Viacom merged for the second time — they had been split since 2005. The idea was that combining CBS's broadcast network with Viacom's cable channels (MTV, Nickelodeon, Comedy Central, BET) and Paramount Pictures would create a streaming competitor. But the merger reunited two declining businesses and added billions in debt.

The core problem was that linear television — the main revenue source for both CBS and Viacom — was collapsing as viewers moved to streaming. Paramount+ launched late and never gained the scale to replace the losses. By 2024, the company reported a $6.2 billion net loss driven by a $6 billion write-down of its cable network assets. Revenue was $29.2 billion, down from earlier peaks.

To stay afloat, Paramount sold assets at a rapid pace: the Blackstone building for $760 million, CBS Studio Center for $1.85 billion, CNET for $500 million, Simon & Schuster for $1.62 billion (after a prior deal collapsed at $2.175 billion), and 75% of the CW network. The company cut 800 jobs in February 2024 and another 2,000 in August 2024 — roughly 15% of its US workforce.

CEO Bob Bakish was fired in April 2024 after opposing a sale to Skydance Media, a production company founded by David Ellison. After months of negotiations, Paramount agreed to be acquired by Skydance for approximately $28 billion enterprise value in August 2024. The deal closed in August 2025, dissolving Paramount Global. Shari Redstone received only $2.4 billion from the sale — a fraction of what the company was once worth. Warren Buffett, who had invested in Paramount, admitted he had sold at a big loss.