As a result, CBS was able to make a smooth transition into the new medium, in which it consistently outrated its competition through the 1950s and ’60s. Accordingly, the network ushered in a new era of progressive, cutting-edge entertainment, exemplified by such groundbreaking sitcoms as All in the Family (1971–79) and M*A*S*H (1972–83). Peter Goldmark of CBS laboratories invented high-fidelity long-playing records, and the Columbia record label introduced them to the public in 1948. Developments in the late 20th and early 21st centuries, https://www.britannica.com/topic/CBS-Corporation. Both deals created enormous media conglomerates that included production facilities, broadcast stations, cable channels, and an assortment of other major media venues. CBS Radio operated scores of radio stations throughout the top markets in the United States and broadcast play-by-play coverage of many of the country’s leading professional sports franchises. Until 2005, the company was known as Viacom. All rights reserved. Although the new administration’s budgetary cutbacks caused the network to lose some of its standing in the industry, CBS scored a number of significant successes in the years that followed, notably the acquisition of talk-show host David Letterman, who hosted The Late Show from 1993 to 2015, and the debut of the pioneering “reality” television series Survivor (2000– ). Over more than six decades, Redstone’s businesses traced—and at times, charted—industry trends from the explosion of movie theaters to the rise of in-home viewing to the insurgence of online streaming. Market Digest: SIVB, ITRI, AAP, CTSH, INCY, NTAP, CBS, Discover new investment ideas by accessing unbiased, in-depth investment research, NYSE - NYSE Delayed Price. In the 1960s and ’70s CBS diversified into the production of books, magazines, musical instruments, and toys, but from 1985 to 1988 the company divested itself of all these other operations and also sold its highly successful record unit, which was bought by the Sony Corporation. Let us know if you have suggestions to improve this article (requires login). The merger was finished on December 4, 2019. In 1995 CBS Inc. was bought by the Westinghouse Electric Corporation, which changed its name in 1997 to the CBS Corporation. The network’s news division also made great strides during the 1970s; Walter Cronkite, adjudged by many observers as “the most trusted man in America,” anchored CBS’s evening newscast, while the weekly TV newsmagazine 60 Minutes (1968– ) dominated the Sunday-night ratings. The company was incorporated in 1927 as United Independent Broadcasters, Inc. Its name was changed a year later to Columbia Broadcasting System, Inc., and in 1974 it adopted the name CBS Inc. During this period CBS Television enjoyed a reputation as the “Tiffany Network,” exhibiting high quality and sophistication in its dramatic programs (Studio One [1948–58]; Playhouse 90 [1956–61]) and variety series (notably The Ed Sullivan Show). Although the most popular radio stars and programs of the 1930s and ’40s were heard over the rival National Broadcasting Company (NBC) network, CBS nonetheless maintained a huge audience, thanks largely to the dynamic leadership of Paley’s second in command, Frank Stanton, who served as president of CBS from 1946 to 1971. Subscribe to Premium to view Fair Value for CBS. In 2019, CBS Corporation and Viacom were merged together. Plagued with mounting financial losses, the network was purchased for a modest $400,000 by William S. Paley, whose father owned the company that made La Palina cigars, one of the network’s principal advertisers. Under the direction of the enterprising Paley as the network’s longtime chairman, CBS made media history beginning in the late 1920s. By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica. This page was last changed on 12 February 2020, at 00:54. Find the latest CBS Corporation (CBS) stock quote, history, news and other vital information to help you with your stock trading and investing. Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox. The history of the Columbia Broadcasting System (CBS) began in 1927 when talent agent Arthur Judson, unable to obtain work for any of his clients on the radio programs carried by the National Broadcasting Company (NBC), established his own network, United Independent Broadcasters. In 2019, CBS Corporation and Viacom were merged together. A new company, keeping the Viacom name, was spun off from CBS. This created ViacomCBS, a combination of the two companies. Realizing that the key to radio success was large audiences that would attract advertisers, Paley offered programming free to affiliated stations in return for having a certain part of their schedules devoted to sponsored network shows. The biggest power players on Wall Street have already seen it coming – and quietly changed their outlook for 2021. On January 18, 1929, the newly christened Columbia Broadcasting System signed on the air. Our editors will review what you’ve submitted and determine whether to revise the article. Headquarters are in New York City. With the emergence of television during the 1940s, the appearance of performers became as important as their voices, and in 1948 Paley staged a talent raid of rival NBC, signing up stars such as Freeman Gosden and Charles Correll (better known as Amos ’n’ Andy), Edgar Bergen, George Burns and Gracie Allen, and Jack Benny, who proved as popular on television as they had been on radio. CBS Corporation Americas. Omissions? Until 2005, the company was known as Viacom. CBS Corporation was an American mass media corporation focused on broadcasting, publishing, and television production. © 2020 Verizon Media. [4], From Simple English Wikipedia, the free encyclopedia, Viacom International (Viacom Productions), company (Viacom) that was founded in 1986, "CBS CORP 2013 Annual Report Form (10-K)", "CBS CORP 2014 Q1 Quarterly Report Form (10-Q)", "CBS, Viacom complete merger in a win for Shari Redstone", https://simple.wikipedia.org/w/index.php?title=CBS_Corporation&oldid=6816000, Companies listed on the New York Stock Exchange, Creative Commons Attribution/Share-Alike License, Television, radio, publishing, broadcasting, movies and. Morley Safer, stalwart of CBS News, dies at 84 The correspondent had announced his retirement just a few days before his death People. The merger was finished on December 4, … CBS Corporation was an American mass media corporation focused on commercial broadcasting, publishing, and television production, with most of its operations in the United States. By 1970 it was perceived that CBS’s audience was too old and “rural” for the tastes of its sponsors. Get exclusive access to content from our 1768 First Edition with your subscription. Thenceforth, under the direction of Lawrence Tisch, who had been brought in in 1986 to prevent a hostile takeover by cable-TV mogul Ted Turner, CBS concentrated on the core of its operations—television and radio broadcasting. Moody's Investors Service, ("Moody's") assigned a B3 rating to Cedar Fair, L.P.'s (Cedar Fair) proposed $300 million senior note. To mark this transformation Westinghouse in 1997 dropped its own corporate name and assumed the name CBS Corporation. Sumner Redstone, owner of National Amusements, controlled CBS by way of his majority ownership of the company's Class A voting stock; he also serves as Chairman Emeritus. This created ViacomCBS, a combination of the two companies. The presence of stars such as Phil Harris, Fred Allen, Bing Crosby, and Kate Smith on CBS swelled the network’s listenership. Judson’s network subsequently merged with the Columbia Phonograph and Records Co. and changed its name to the Columbia Phonograph Broadcasting Company.
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