History Timeline of CBS Corporation
CBS has had quite an eventful history. Here is a timeline of all the important dates in its storied past.
January 27, 1927, Arthur Judson founds United Independent Broadcasters, Inc. (UIB) in Chicago.
Columbia Phonograph invests in UIB, and the Columbia Phonograph Broadcasting System is founded.
Due to skyrocketing costs, Columbia Phonograph and Judson sell to William S. Paley and the network is renamed Columbia Broadcasting System (CBS).
January 18, 1929, the newly christened Columbia Broadcasting System signs onto the air.
CBS now has 300 employees and total sales of $7.2M.
CBS becomes the largest radio network in the United States.
Consisting of 144 stations, CBS purchases American Record Corporation, which later becomester becoming Columbia Records.
FCC declines CBS's submission for its color tv broadcasting system because it is "premature".
CBS applies to the FCC and is granted to use its color television broadcasting system.
CBS purchases an 80 percent interest in the New York Yankees, then sells it ten years later to George Steinbrenner.
CBS now has 22,000 employees and net profits of more than $64 million.
CBS, Columbia Pictures, and HBO join forces to form Tri-Star Pictures.
CBS sells its interest in the Tri-Star Pictures to Sony.
Ted Turner (TBS) announces his intentions to take over CBS. To prevent this, CBS spends $955M to purchase 21% of its own outstanding stock.
CBS sells Columbia Records to Sony Entertainment for $2 billion.
After years of losses, CBS sells itself to Westinghouse Electric Corporation for $5.4B.
Westinghouse begins transforming itself into CBS by selling its industrial businesses off.
Westinghouse pays $4.9B for Infinity Broadcasting Corporation, the second largest radio station network in the US.
December 1, 1997, Westinghouse changes its name to CBS Corporation and moves its HQ from Pittsburgh to NYC.
CBS is acquired by Sumner Redstone's media giant Viacom Inc. for $45B.
Viacom splits itself and re-establishes CBS Corporation, both of which are still controlled by Redstone through National Amusements.
CBS Corporation and Warner Brothers Entertainment launch The CW Network as a joint-venture.
CBS now has global revenues of $14B, owns-and-operates 16 stations and has affiliation agreements with 222 others.