If you still think the Redstone family is calling the shots at the "Eye Network," you're living in 2023. Honestly, things moved fast. By the time we hit early 2026, the entire landscape of legacy media basically did a backflip.
CBS is now owned by Paramount Skydance.
It’s a name that might sound like a sci-fi studio, and in a way, it is. This is the house that David Ellison built. If that name rings a bell, it’s probably because he’s the son of Larry Ellison, the billionaire founder of Oracle. David didn't just inherit a tech legacy; he went out and swallowed one of the "Big Three" American broadcasters.
The Ellison Era: How We Got Here
The handoff wasn't exactly a quiet affair. For decades, Shari Redstone and her father, Sumner Redstone, ran the show through a holding company called National Amusements. They fought off corporate raiders, internal coups, and the relentless tide of Netflix.
But gravity eventually won.
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In August 2025, the merger between Skydance Media and Paramount Global (the parent company of CBS) officially closed. This wasn't just a change in letterhead. It was a $8 billion earthquake that ended the Redstone era for good. Shari Redstone, who had been the gatekeeper of the CBS legacy, finally stepped back, selling her family's controlling stake.
Now, David Ellison sits at the top as Chairman and CEO of Paramount Skydance.
He isn't doing it alone, though. He’s backed by RedBird Capital Partners, a massive private equity firm. This is why CBS feels a bit different lately. It’s no longer a family-run dynasty; it’s a tech-integrated, private-equity-fueled content machine.
Who Actually Controls the Content?
You might be wondering if a tech billionaire's son actually cares about what happens on 60 Minutes or The Price Is Right. The answer is a resounding yes, though his approach is way more "disruptive" than the old guard.
One of the first big moves under the new ownership was the hiring of Bari Weiss as Editor-in-Chief to shake up CBS News. This was a clear signal that the new owners wanted to move away from the traditional "center-left" media vibe and try something more "heterodox."
It’s been controversial, to say the least.
- David Ellison: The CEO and the face of the new Paramount.
- Jeff Shell: The former NBCUniversal chief who is now President, basically handling the day-to-day grit.
- George Cheeks: A holdover from the previous regime who still oversees much of the CBS network and stations.
The ownership structure is a mix of David Ellison’s personal capital, Larry Ellison’s massive financial backing (the man is one of the richest people on the planet), and institutional investors. Because the company—now trading under the ticker PSKY—is public, you can technically own a piece of it too. But make no mistake: David Ellison has the steering wheel.
Wait, What About the $16 Million Settlement?
You can't talk about who owns CBS in 2026 without mentioning the legal drama that cleared the way for the merger. Before the deal could finalize, the network had to clean up some serious baggage.
There was a massive lawsuit regarding the editing of a 60 Minutes interview with Kamala Harris back in 2024. Donald Trump sued the network for $10 billion, claiming "election interference" via deceptive editing. While legal experts thought the case was a long shot, the "old" Paramount Global settled for **$16 million** right before the Ellisons took over.
Some Hollywood insiders called it a "sweetener." Basically, it was a way to clear the legal deck so the Skydance deal wouldn't be tied up in court for years. It worked, but it left a bit of a bruise on the network's reputation for editorial independence.
Is CBS Still Part of Paramount Global?
Kinda, but the name "Paramount Global" is mostly a relic now. The entity is Paramount Skydance Corporation.
This new company owns:
- The CBS Network: Everything from NFL broadcasts to Survivor.
- Paramount Pictures: The legendary movie studio.
- Paramount+: The streaming service that they are desperately trying to make profitable.
- Pluto TV: The free, ad-supported streaming giant.
- Cable Brands: MTV, Nickelodeon, and Comedy Central (though there’s constant talk about selling some of these off).
Interestingly, the new leadership has been aggressive. As of early 2026, David Ellison is even eyeing a hostile bid for Warner Bros. Discovery. If that happens, CBS could end up in the same corporate family as CNN and HBO. It’s a wild time to be watching TV.
Why This Ownership Matters to You
When a tech-heavy group like Skydance takes over a legacy broadcaster like CBS, things change for the viewer. You’ve likely noticed more high-tech integrations in sports broadcasts and a push for "AI-enhanced" storytelling—whatever that actually means in practice.
More importantly, the editorial tone has shifted. With Bari Weiss in the newsroom and the Ellisons at the helm, the network is clearly trying to court a broader, perhaps more conservative-leaning audience that felt alienated by traditional media.
What’s Next for the Eye Network?
If you want to keep track of who is influencing what you watch, keep an eye on these three things:
The Ticker Symbol: Check PSKY on the Nasdaq. If the stock takes a dive, expect the Ellisons to start selling off "non-core" assets like BET or even some of the local CBS stations.
The Newsroom Shakeups: Watch who Bari Weiss hires next. The shift in CBS News is the most visible sign of the new ownership’s philosophy.
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The WBD Bid: If Paramount Skydance successfully buys Warner Bros. Discovery, the "Big Three" will effectively become the "Big Two," and the power concentrated in David Ellison's hands will be unprecedented in modern media.
The days of the Redstone family legacy are over. CBS is officially a tech-media hybrid now, and its future is being written in Silicon Valley as much as it is in New York City.
To stay ahead of the curve, you should regularly check the SEC filings for PSKY or follow media industry trade publications like Variety and The Hollywood Reporter. These sources provide the "dry" data that explains the "why" behind the programming changes you see on your screen every night.