ViacomCBS is officially changing its name to Paramount as of Feb. 16. The move is to promote greater recognition, and create a unified “umbrella brand” instead of giving the illusion of two companies, according to President and CEO Bob Bakish.
“Paramount’s iconic peak represents a rich history for our company as pioneers in the Golden Age of Hollywood. Today, as we embrace the Paramount name, we are pioneers of an exciting new future,” Bakish said in a statement.
The company’s shares will trade on the Nasdaq stock exchange as PARAA (Class A common), PARA (Class B common) and PARAP (Preferred Stock), beginning with trading on February 17, 2022, at 9:30 a.m. ET.
Along with the rebrand, Paramount unveiled a new slate of content and confirmed that starting with 2024 film releases, Paramount+ will become the streaming home for all new Paramount Pictures movies in the U.S. following their theatrical run.
In addition, Paramount+ subscribers will be able to upgrade their subscription starting this summer to a bundle that includes the SHOWTIME service through two plans, providing a huge range of content at value price:
- $11.99 for the Paramount+ Essential tier and SHOWTIME
- $14.99 for the Paramount+ Premium tier and SHOWTIME
During the Investor Event Tuesday, Bakish shared that the company’s streaming services reached 56 million subscribers in total. Paramount+ added 7.3 million subscribers to reach 32.8 million by the end of the quarter. Paramount’s combined services are expected to reach 100 million paid subscribers by 2024.