ViacomCBS is no more.
Effective today, the company has rebranded itself as Paramount Global. The news was initially revealed during ViacomCBS’s investor day on Tuesday.
In a companywide memo to employees, CEO Bob Bakish and Shari Redstone, non-executive chair of the company’s Board of Directors said:
“An iconic global company deserves an iconic global name. One that reflects the power of our content; one that reflects our role as stewards of a rich heritage and as leaders in the future of entertainment. With this in mind, as we’re announcing today at our investor event, ViacomCBS is becoming Paramount Global, or, more simply, Paramount.
“For more than a century, the name Paramount has been synonymous with great entertainment and industry leadership. It’s part of our history, as pioneers of the Golden Age of Hollywood. But as Paramount+ has made clear, it’s also about our bright future. And, not least, it’s an idea: a promise to be the best.
“As Paramount, our name will reflect who we are, what we aspire to be, and all that we stand for. It will help advance our strategy of harnessing all our strength and breadth in building the businesses of tomorrow. And it will capture the collective power of our global assets, from our amazing brands—CBS, Showtime, MTV, Comedy Central, BET, Nickelodeon, Smithsonian, Paramount Pictures, Paramount+, Pluto TV and more— to our global reach and our diverse audiences. All of which adds up to Paramount being the pre-eminent home to, and producers of, the world’s greatest content.”
Also revealed during its investor day was that Paramount+ will be the exclusive streaming home for all Paramount Pictures movies beginning in 2024. This news follows in the footsteps of Paramount announcing that Jackass Forever and Scream will be hitting the streaming service in March after debuting in theaters in January. The theatrical window for Paramount films has shrunk to 45 days after release.
Paramount+ and Showtime added 9.4 million streaming subscribers in the most recent quarter, which gives them a total of 56 million subscribers. Paramount said it expected to have 100 million subscribers by 2024.
What do you think of the rebrand? Do you think Paramount+ can become a legitimate player in the Streaming Wars?