The company’s rebrand is global and was announced by CEO Bob Bakish during an investor meeting.
ViacomCBS announced that effective Wednesday, the global media company has become Paramount Global.
The company’s rebrand is global and was announced by CEO Bob Bakish during an investor meeting on Tuesday (15).
“Paramount’s peak represents a rich history for our company as a pioneer in the Golden Age of Hollywood. Today, in adopting the Paramount name, we are pioneering an exciting new future,” said Bob Bakish, president and CEO of the company.
In addition to the name change, the company detailed plans to accelerate the global momentum behind Paramount+, Paramount’s streaming platform, by unveiling new content, enhanced product offerings and continued international expansion at its investor event.
“Paramount is an idea: a promise to be the best,” said Shari Redstone, non-executive chairman of the company’s Board of Directors. “That promise has always been at the heart of what we aspire to build as the custodian of over a century of cinematic excellence and with companies and brands that have defined and redefined entertainment for generation after generation. We’ve made tremendous progress and I’ve never been more excited about the future of this company.”
The company also announced that starting in 2024, Paramount+ will become the streaming home for all new Paramount Pictures movies in the US after their theatrical showings.
“We see a huge global opportunity in streaming, a much larger potential market than can be captured by linear TV and film alone,” said Bakish. “We are excited about our ability to not only compete, but thrive, creating significant value for consumers and shareholders. Like? Because we’re broader in four key areas: our diverse content, streaming model, platform mix, and global reach. As we look to the future, the size of the opportunity we see is matched only by our ambition to seize it.”
The — now — Paramount will continue the global expansion of Paramount+ in 2022 and announced that the streaming will make its debut in France with an exclusive package, in partnership with the CANAL+ Group.
“We continue to leverage our global presence and long-standing relationships to expand Paramount+ into new markets with enormous potential quickly and cost-effectively,” said Tom Ryan, president and CEO of Streaming.
As of this Thursday (17), the company’s shares will be traded on the Nasdaq stock exchange as PARAA (class A common stock), PARA (class B common stock) and PARAP (preferred stock).