As of October 6, 2026, CBS and Paramount sit within the combined company named Skydance. Before that combination, CBS was part of Paramount Global, which became a wholly owned subsidiary of Paramount Skydance Corporation in August 2025. The Ellison family held voting control of that parent after the 2025 transaction, but the company’s October 2026 announcement does not give a new ownership-percentage breakdown for the combined company.
Who owns CBS now?
Skydance is the corporate umbrella announced after the company completed its acquisition of Warner Bros. Discovery on October 6, 2026. The company’s announcement lists CBS among its television assets, alongside HBO and other media properties. Skydance said the transaction closed after required regulatory approvals and customary closing conditions were satisfied. Skydance Corporation’s October 6, 2026 announcement
That answer refers to the corporate group, not to a claim that the CBS brand and every CBS operation are a single legal entity. Brands, operating companies and broadcast stations can sit within subsidiaries while control is exercised through a parent company.
How the ownership changed
| Date | Corporate relationship | Control detail |
|---|---|---|
| Before August 7, 2025 | Paramount Global was the parent of CBS-related businesses. | National Amusements, Inc. (NAI) was Paramount Global’s controlling stockholder, according to the SEC filing describing the transaction. SEC Form 10-Q |
| August 7, 2025 | Paramount Global and Skydance became wholly owned subsidiaries of Paramount Skydance Corporation. | The closing Form 8-K describes Paramount as a “wholly owned, direct subsidiary” of Paramount Skydance Corporation. Paramount Global Form 8-K |
| After the 2025 closing | NAI was renamed Harbor Lights Entertainment, Inc., and held all of Paramount Skydance Corporation’s Class A common stock. | The SEC reported that Ellison-family entities indirectly held approximately 77.5% of the parent’s voting Class A stock through Harbor Lights. This is a 2025 filing figure, not a verified post-2026 percentage. SEC Form 10-Q ownership disclosure |
| October 6, 2026 | Skydance announced that its acquisition of Warner Bros. Discovery had closed and that the combined company was named Skydance. | The announcement places CBS in the combined television portfolio but does not establish a detailed post-closing ownership-percentage breakdown. Skydance Corporation announcement |
Why “Paramount owns CBS” is incomplete
For the period before the October 2026 combination, “Paramount owns CBS” was a useful shorthand: CBS was within the Paramount corporate group. The FCC’s description of the 2025 transaction identifies Paramount subsidiaries and the ultimate parent of CBS-owned and operated broadcast stations. Federal Communications Commission, July 24, 2025
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But that shorthand leaves out the chain of control. In 2025, Paramount Global sat below Paramount Skydance Corporation, while voting control of that parent was held through Harbor Lights and Ellison-family entities. After the later Warner Bros. Discovery closing, the company announced Skydance as the combined company name. Corporate names and ownership relationships therefore need to be tied to a date.
What the 77.5% figure does—and does not—mean
The approximately 77.5% figure refers to the Ellison family’s indirect stake in Paramount Skydance Corporation’s voting Class A common stock after the August 2025 transaction, as reported in that year’s SEC filing. It is not a figure for CBS’s ownership, an acquisition price, or an updated percentage in the combined Skydance company after October 2026.
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The same SEC filing reports a $6.0 billion PIPE investment made concurrently with the 2025 NAI transaction. That amount relates to that transaction, not the Warner Bros. Discovery acquisition.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Keep the two major transactions separate
The 2025 Paramount-Skydance transaction
On August 7, 2025, affiliates of investors in Skydance—including entities controlled by the Ellison family and affiliates of RedBird Capital Partners—purchased all outstanding NAI equity. Paramount Global and Skydance then became wholly owned subsidiaries of Paramount Skydance Corporation, according to the SEC closing filing. SEC Form 8-K SEC Form 10-Q
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The 2026 Warner Bros. Discovery acquisition
On October 6, 2026, Skydance announced that its acquisition of Warner Bros. Discovery had closed and that the combined company was named Skydance. This was a separate event from the 2025 NAI and Paramount-Skydance transactions. The announcement establishes the new corporate umbrella and mentions CBS among the group’s television assets; it does not provide a new detailed voting-ownership breakdown. Skydance Corporation announcement
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