ViacomCBS is changing its name to Paramount, the name of its legendary studio and the streaming service the company is betting its future on.
The new name was announced Tuesday during the company’s event for analysts.
In an internal memo to staffers, Bob Bakish, president & CEO, and Shari Redstone, non-executive chair of the board noted that it has been two years since the combination of Viacom and CBS and a year since the launch of Paramount Plus.
“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,” they said.
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“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," the memo said.
During ViacomCBS's investor event on Tuesday, Redstone said the new brand brought her father, media mogul and Viacom and CBS controlling shareholder Sumner Redstone's vision to life. "One powerful company that creates content, that keeps audiences wanting more and Paramount was always at the core of that vision," she said.
Redstone said that the company is "making the right investments, in the right content in the right places" and that she is confident it will "deliver the return on investment you expect and you deserve."
Technically, the company’s name is Paramount Global, but the company will mainly refer to itself as Paramount. Its shares will trade on Nasdaq under the ticker symbols PARAA (class A common), PARA (Class B) and PARAP (preferred), effective February 17.
Here is the text of the company’s internal memo
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 ■
