Description
Paramount Media Networks (founded as MTV Networks in 1984 and known under this name until 2011) is an American mass media division of Paramount Global that oversees the operations of many of its television channels and online brands. Its related international division is Paramount International Networks.
The division's original namesake, MTV, is managed through a subsidiary called MTV Entertainment Group.
History
Pre-launch: Warner Communications joint venture (1977–1984)
Warner Cable Communications was founded on December 1, 1977, by Warner Cable, itself a division of Warner Communications, to launch QUBE, an interactive cable television network. Seeing the potential in the creation of new cable networks, Warner Cable divested QUBE's biggest brands, Star Channel, Pinwheel and Sight on Sound, into nationwide outlets. Star Channel began by satellite in January 1979 and was renamed The Movie Channel by the end of the year. The original Channel C-3, by then known as Pinwheel, became Nickelodeon in April 1979. As a result of these actions, Warner Cable Communications would then be rebranded as Warner-Amex Satellite Entertainment, becoming a joint venture between Warner Cable and American Express.
In 1980, Warner-Amex formed a joint venture with Cablevision's Rainbow Media division to launch Bravo, a cable network dedicated to arts and films, on December 1, 1980. Full control of the channel, however, was sold to Rainbow Media in 1984; NBC would acquire Bravo in 2003, and the channel is now currently owned by Comcast's NBCUniversal.
On August 1, 1981, Sight on Sound was relaunched as MTV.
In 1983, concerned by the strategic and financial failure of its pay-TV venture The Movie Channel (started to reap the benefits Time Inc. was having with HBO and Cinemax), WASEC established a joint venture with Viacom, merging TMC with their premium movie network Showtime to form Showtime/The Movie Channel, Inc.; WASEC, however, had no operational involvement in the joint venture.
Launch as MTV Networks, Viacom gets full ownership (1984–2011)
On June 25, 1984, Warner Communications made the decision to divest Nickelodeon, MTV, and VH-1 (launched in 1985; Warner acquired it from Turner) into a new public corporation called MTV Networks. A year later, Warner would acquire the 50% stake from American Express.
On August 27, 1985, Warner sold 31% of MTV Networks to Viacom, with Warner also selling 19% of its Showtime/The Movie Channel, Inc. joint to Viacom as well.
In November 1985, Viacom announced that it had plans to buy the remaining 69% of MTV Networks from Warner for $326 million, The acquisition was completed on May 20, 1986, causing Viacom to instantly become a mass media company rather than simply a distributor.
In 2003, MTV Networks assumed full ownership of Comedy Central from AOL Time Warner.
On December 31, 2005, the remnants of MTV Networks and Showtime Networks were separated following Viacom's split into two entities: CBS Corporation, which retained CBS, UPN, Simon & Schuster and Showtime Networks (Showtime, The Movie Channel, and Flix), and a spun-off company under the Viacom name, which took ownership of Paramount Pictures, BET Networks and MTV Networks (Comedy Central, MTV, Nickelodeon, and VH1). MTV Networks was renamed Viacom Media Networks in 2011.
Expansion (2011–2019)
In the fall of 2012, media analysts began to report that ratings among some of Viacom's leading brands in the U.S. were experiencing declines in viewership. MTV, Comedy Central and Nickelodeon were of most concern to investors as the three account for roughly 50% of Viacom's operating profit, estimated David Bank of RBC Capital Markets.
In 2017, Viacom announced a five-point restructuring plan, in which the company would pour most of its resources behind six "flagship brands". These were MTV, Comedy Central, Nickelodeon, Nick Jr. Channel, BET, and Paramount Pictures. In February 2017, cable channels CMT and TV Land were moved from the Kids and Family Group to the Global Entertainment Group under Kevin Kay, joining up with Spike TV. During the same month, it was announced that Spike would be relaunched as Paramount Network in 2018, aligning with the namesake film studio and being positioned as Viacom's main general entertainment outlet.
In October 2018, Kevin Kay was announced to be leaving his position as head of the Entertainment Group. CMT was transferred from the Entertainment Group to the Music Group under president Chris McCarthy, with his exit. Executive Kent Alterman would take charge of Paramount Network and TV Land to go with his current leadership of Comedy Central and Bellator MMA.
In 2019, after acquiring the free streaming service Pluto TV, Viacom would launch several channels on the service branded after its Media Networks and company–owned IP.
Reintroduction and re-merger with CBS (2019–present)
In August 2019, Viacom announced that it would merge with CBS Corporation, reuniting the two entities under the ViacomCBS name. The merger closed on December 4, 2019. Announced on November 11, 2019, as part of the re–merger, the Media Networks division was renamed ViacomCBS Domestic Media Networks, and reorganized. MTV, VH1, CMT and Logo were reorganized into the "Entertainment & Youth Group", with the addition of Comedy Central, Paramount Network, Smithsonian Channel, and TV Land. BET Networks was merged with Showtime Networks under CEO David Nevins, who also temporarily gained oversight of Pop TV (formerly co-owned with Lionsgate); Pop TV was transferred to the Entertainment & Youth Group on January 15, 2020. On February 16, 2022, ViacomCBS was renamed as Paramount Global, and ViacomCBS Domestic Media Networks was renamed Paramount Media Networks.
