In the ever-evolving landscape of digital streaming services, Paramount Plus stands out as a powerhouse offering a vast library of movies, TV shows, and original content from iconic brands like CBS, MTV, Nickelodeon, and Paramount Pictures. As viewers flock to platforms for on-demand entertainment, understanding the corporate backbone behind these services becomes crucial. So, who owns Paramount Plus? This comprehensive guide delves into the ownership structure, historical evolution, and recent developments shaping this streaming giant as of September 2025. Whether you’re a cord-cutter curious about Paramount Plus ownership or a media enthusiast tracking industry mergers, this article uncovers the facts with precision and depth.
The Evolution of Paramount Plus: From CBS All Access to Global Streaming Leader
To grasp who owns Paramount Plus today, it’s essential to trace its roots. Launched on October 27, 2014, as CBS All Access, the service was initially a venture by CBS Corporation. It catered primarily to U.S. audiences with live streaming of CBS programming and an on-demand catalog of classic episodes. This marked one of the earliest forays by traditional broadcasters into the streaming wars, predating giants like Netflix’s original content push.
The platform’s international footprint began expanding in 2018 with the launch of 10 All Access in Australia, tied to CBS-owned Network 10. By 2019, a seismic shift occurred: the merger of CBS Corporation and Viacom formed ViacomCBS, later rebranded as Paramount Global in 2022. This union infused the service with Viacom’s youthful brands—think Comedy Central, MTV, and BET—broadening its appeal beyond CBS’s news and primetime fare.
The rebranding to Paramount+ in March 2021 was a pivotal moment. Dropping “CBS All Access” honored the storied Paramount Pictures legacy, dating back to 1912 when it was founded as Famous Players Film Company. The new name signaled a global ambition, with launches in Latin America, the Nordics, and Australia. By integrating Showtime in June 2023 into a premium tier called Paramount+ with Showtime, the service enhanced its premium content offerings, including prestige series like Yellowjackets and Billions.
As of 2025, Paramount Plus boasts over 77 million subscribers worldwide, a testament to its diverse content strategy. From family-friendly SpongeBob adventures to edge-of-your-seat Star Trek explorations, it caters to all demographics. But behind this subscriber growth lies a complex web of corporate maneuvers that redefined its ownership.
Paramount Global: The Immediate Parent Before the Big Merger
Prior to recent upheavals, Paramount Plus was wholly owned and operated by Paramount Global, a multinational media conglomerate headquartered in New York City. Formed in 2019 from the $30 billion Viacom-CBS merger, Paramount Global controlled a sprawling empire: film studios like Paramount Pictures, broadcast networks including CBS and The CW, cable channels such as MTV and Nickelodeon, and streaming arms like Pluto TV.
National Amusements, Inc. (NAI) served as the controlling shareholder of Paramount Global, holding about 10% of the equity but over 77% of voting shares through a dual-class structure. Founded by Sumner Redstone in the 1960s as a drive-in theater chain, NAI evolved into a media holding company under Redstone’s daughter, Shari Redstone. This family-controlled entity steered Paramount Global through turbulent times, including the COVID-19 pandemic’s hit to theatrical releases and the cord-cutting exodus from linear TV.
Under Paramount Global, Paramount Streaming—the direct parent of Paramount Plus—was led by President Tom Ryan. This division managed not just the flagship service but also ad-supported Pluto TV, emphasizing a freemium model to capture casual viewers. In December 2024, Paramount Global consolidated its TV and streaming units, streamlining operations amid financial pressures like $15 billion in debt and streaming losses exceeding $1.5 billion annually.
Yet, by early 2025, whispers of acquisition swirled. Paramount Global’s stock had plummeted 80% from its 2019 peak, prompting Shari Redstone to explore sales. Enter Skydance Media, a production powerhouse co-founded by David Ellison in 2010, known for blockbusters like Top Gun: Maverick and Mission: Impossible – Dead Reckoning.
The Game-Changing 2025 Merger: Skydance Media Takes the Reins
The defining moment in Paramount Plus ownership came on August 7, 2025, when Paramount Global merged with Skydance Media in an $8 billion all-stock deal, birthing Paramount Skydance Corporation. This transaction, valued at approximately $4.75 billion for Skydance’s contribution and including $3.25 billion in debt assumption, received FCC approval on July 24, 2025, after navigating regulatory hurdles tied to media concentration concerns.
David Ellison, son of Oracle co-founder Larry Ellison, emerged as Chairman and CEO of the new entity. A tech-savvy filmmaker with a passion for gaming and animation, Ellison’s vision integrates Skydance’s cutting-edge production (e.g., The Tomorrow War on Amazon Prime) with Paramount’s vast IP library. Jeff Shell, former NBCUniversal CEO, was appointed President, bringing streaming expertise from Peacock.
The merger absorbed National Amusements into Paramount Skydance, diluting the Redstone family’s control but retaining Shari Redstone on the board. Post-merger, the corporate structure realigned: Paramount Streaming remains the operational parent of Paramount Plus, but now reports to a new Direct-to-Consumer division under Cindy Holland, formerly of Netflix. Tom Ryan continues as Streaming President, ensuring continuity.
This union addresses Paramount’s challenges head-on. Skydance’s $2.4 billion cash infusion bolsters the balance sheet, while synergies promise $500 million in annual cost savings by 2027. For Paramount Plus, it means accelerated content investments, including a “soft merger” with Pluto TV by late 2026—unifying back-end tech while keeping user interfaces distinct.
What the Merger Means for Paramount Plus Users and the Industry
For subscribers, Paramount Plus ownership under Paramount Skydance signals stability and innovation. The platform’s 77 million users (up 20% year-over-year) gain from enhanced tech infrastructure, potentially reducing buffering and personalizing recommendations via Oracle’s cloud tech—a $100 million annual partnership announced in July 2025.
Content-wise, expect a surge in originals. On August 11, 2025, Paramount Skydance inked a $7.7 billion, seven-year UFC deal, making Paramount Plus the exclusive U.S. streamer for all events starting 2026, with CBS handling select broadcasts. This follows a $1.5 billion South Park renewal in July 2025, securing 14 specials through 2027 and full series rights from 2025.
Sports expansion continues: A May 2025 World Rugby pact positions Paramount Plus as the U.S. home through 2029, complementing NFL on CBS. Gaming ties deepen too—September 2025 saw a Call of Duty live-action film deal with Activision Blizzard, Ellison’s “dream project.”
Globally, partnerships proliferate. February 2025 launched Paramount Plus in Turkey via BeIN Media; April brought Japan entry with Lemino; and October 2024 extended MENA reach. These moves counter Netflix’s dominance, leveraging localized dubs of hits like 1883.
Industry ripple effects are profound. Paramount Skydance’s 200 million+ subscribers (merging with potential Warner Bros. Discovery talks) challenge Netflix (300 million) and Amazon Prime. A rumored $55 billion Warner merger could unite HBO Max and Paramount Plus, creating a behemoth with Succession, Dune, and SpongeBob. Yet, risks loom: antitrust scrutiny and integration pains could spike costs.
Ownership Structure: A Snapshot in 2025
| Aspect | Details |
|---|---|
| Ultimate Owner | Paramount Skydance Corporation (formed August 7, 2025) |
| Key Executives | David Ellison (Chairman/CEO), Jeff Shell (President), Tom Ryan (Streaming President) |
| Controlling Interest | David Ellison and Skydance investors (majority post-merger) |
| Subsidiaries | Paramount Pictures, CBS Entertainment Group, Paramount Media Networks |
| Subscriber Base | 77 million (Paramount+), plus Pluto TV’s 100 million monthly users |
| Recent Investments | UFC ($7.7B), South Park ($1.5B), Oracle cloud ($100M/year) |
This table highlights the streamlined yet expansive structure post-merger.
Challenges and Future Outlook for Paramount Plus
Despite optimism, Paramount Plus faces headwinds. Streaming profitability remains elusive, with 2024 losses at $1.1 billion. Ad-tier growth (now 60% of subs) and bundling with Walmart+ help, but competition from Disney+ and Apple TV+ intensifies.
Looking ahead, Paramount Skydance eyes AI-driven content creation and metaverse experiences. A September 2025 sports division launch promises interactive rugby and UFC games. If Warner talks fructify, Paramount Plus could evolve into a super-app rivaling YouTube.
In summary, Paramount Plus is owned by Paramount Skydance Corporation, a fusion of legacy Hollywood and modern production prowess. This ownership shift not only secures its future but redefines streaming possibilities. As David Ellison steers the ship, expect bolder bets on live sports, global expansion, and franchise revivals—keeping Paramount Plus at the forefront of entertainment.
References
- Wikipedia. (2025, September 14). Paramount+. https://en.wikipedia.org/wiki/Paramount%2B
- Wikipedia. (2025, September 18). Paramount Global. https://en.wikipedia.org/wiki/Paramount_Global
- ABC News. (2025, July 24). $8 billion acquisition of Paramount by Skydance Media approved by the FCC. https://abcnews.go.com/US/8-billion-acquisition-paramount-skydance-media-approved-fcc/story?id=124053303
- TheStreet Pro. (2025, September 17). Paramount, Warner Brothers Merger Risky With $55 Billion Price Growing. https://pro.thestreet.com/trade-ideas/paramount-warner-brothers-merger-risky-with-55-billion-price-growing
- Wikipedia. (2025, September 18). Merger of Skydance Media and Paramount Global. https://en.wikipedia.org/wiki/Merger_of_Skydance_Media_and_Paramount_Global
