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CBS Corporation () is a Media Conglomerate focused largely on the United States market, specifically Broadcasting , Publishing , Billboards , and Television production. The President and CEO of the company is Leslie Moonves . Sumner Redstone , whose company National Amusements is CBS's majority shareholder, serves as Chairman . The company split from Viacom and officially became its own publicly traded corporation on December 31 , 2005 . HISTORY Viacom was created in 1970 as the television Syndication division of CBS, and was spun off in 1971 . However, in 1999 , Viacom acquired its former parent, by this time also named CBS Corporation , formerly Westinghouse Electric Corporation . (The prior CBS Corp. also owned CMT and Spike TV , which remain Viacom properties, but did not own UPN, Showtime, or Paramount Television.) In March 2005, Viacom announced plans of looking into splitting the company into two publicly traded companies, amid issues of the stock price stagnating (although it was alleged that another main force behind the split was the Super Bowl XXXVIII Halftime Show Controversy , which led to MTV not being allowed to produce any more halftime shows, they had also produced the show for Super Bowl XXXV , the first Super Bowl CBS aired since regaining NFL rights and become MTV's corporate sibling). On June 14 , 2005 , the Viacom board of directors approved the split of the company into two firms. The CBS Corporation name would be revived for one of the companies, to be headed by longtime television executive (and Viacom co-President) Leslie Moonves , and would include CBS, UPN, Infinity Broadcasting, Viacom Outdoor, Showtime Networks, and Paramount's television studio. These businesses were categorized as the "slow growth businesses" because while they provided steady cash flow, they don't have any growth potential. Some analysts argued that these businesses were suffocating the growth of the MTV Networks cable businesses. The split is structured such that CBS Corporation is actually the company previously known as Viacom, from which the "new" Viacom was spun off, in that sense repeating the 1971 spinoff. However, in this case, CBS retained virtually all of the prior firm's broadcast TV assets, including its various syndication companies. The split was completed on December 31 , 2005 .. In the interim, Viacom/CBS was involved in a number of recent station sales. On December 2 , 2004 Viacom acquired CBS affiliate KOVR-TV in Sacramento, from Sinclair Broadcast Group . Viacom also acquired two stations in West Palm Beach. During 2005 , Viacom/CBS has announced it would sell several non- Duopoly UPN affiliates, in Indianapolis , Columbus , New Orleans , and Oklahoma City , with possibilities of additional sales. On January 24 , 2006 , CBS announced that they would merge UPN into Warner Brothers ' WB network under the new name of The CW Television Network , effective in the fall of that year. Three days later, CBS announced that it was selling its Paramount Parks division, which had been associated with UPN. Announced early in 2006 , CBS and DIC Entertainment signed a multi-year deal to provide three hours of programming that meet FCC standards for educational programming. The block would be called "CBS's Secret Saturday Morning Slumber Party" and would begin airtime in the 2006 Fall season. Shows included are Sabrina, The Animated Series , Archie's Weird Mysteries , Madeline , Sonic Underground and many others. {Link without Title} CORPORATE GOVERNANCE The Board Of Directors of CBS include David R. Andelman , Joseph A. Califano, Jr. , William S. Cohen , Charles K. Gifford , Bruce S. Gordon , Philippe P. Dauman , Leslie Moonves , Shari Redstone (non-executive Vice-Chair), Sumner Redstone ( Chairman ), Ann N. Reese , Judith A. Sprieser , and Robert D. Walter . ASSETS ''This is a summary of the main CBS divisions. For detailed assets see List Of Assets Owned By CBS .''
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