CBS Corporation
On June 14, 2005, Viacom announced that it would be split into two companies due to declining performance of the company's stock; both the original Viacom – which was renamed CBS Corporation – and a new company that took the Viacom name would be controlled by the original Viacom's parent National Amusements (controlled by Sumner Redstone), which also controlled the new CBS Corporation. UPN became part of CBS Corporation, while the new Viacom kept Paramount Pictures among other holdings each company acquired in the deal. The split took effect on December 31, 2005.