ViacomCBS to Become Paramount This Week – The Hollywood Reporter

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ViacomCBS to Become Paramount This Week – The Hollywood Reporter

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The “ViacomCBS” name is being retired.

CEO Bob Bakish on Tuesday announced that the merged company will be known as simply Paramount, beginning Wednesday, Feb. 16. (The parent company’s legal name is technically Paramount Global.)

Shares of Paramount will trade on the Nasdaq as PARAA (class A common), PARA (class B common) and PARAP (preferred stock), beginning with trading on Feb. 17 at 9:30 am ET.

Bakish and Shari Redstone, nonexecutive chair of the company’s board of directors, announced the news Tuesday in a companywide memo ahead of the company’s presentation to investors. (Read the full memo, below.)

ViacomCBS had been the name of the conglomerate after Viacom and CBS agreed to re-merge the two companies a couple of years ago. Since then, the conglomerate has put all its resources into rebranding CBS All Access as Paramount+, with the streamer considered a home for all the company’s entertainment brands, including Nickelodeon, MTV, Comedy Central and BET.

The new Paramount name helps reflect brands including Paramount Pictures, Showtime, Paramount Television Studios and Paramount Network.

Here’s the full memo, below:

team,

We could not be prouder of this incredible company.

It has been one year since the spectacular launch of Paramount+ and two years since the successful merger of Viacom and CBS. In that time, we have shown the world what we knew from the start: that together, aligned around a shared vision and shared strategy, we create a whole that is far greater than the sum of its parts.

This is an exciting moment in the history of our company. Our streaming business is growing fast—and going global. Our broad and varied portfolio of content is captivating audiences around the world. Our brands are firing on all cylinders. And as results from the fourth quarter and the whole of last year make clear, our momentum is accelerating. The size of the opportunity we see ahead is matched only by our determination to seize it.

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.

We will succeed because we have the best team in the industry: all of you. This change in our name is a testament to the excellence you embody—to the evolution you’re leading, every single day.

Thanks to your hard work and vision, we have never been more excited about the future of this company. together, Paramount is on the ascent—and ready to reach new heights.

best,

Bob and Shari

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