The new Paramount name will help reflect brands including Paramount Pictures, Showtime, Paramount Television Studios and Paramount Network.
ViacomCBS has changed its corporate name to Paramount, effective February 16, bringing together its portfolio of premium entertainment properties under a new parent company name.
Shari Redstone, Non-Executive Chair of the company’s Board of Directors, said: “Paramount is an idea: A promise to be the best. That promise has always been at the centre of what we aspired to build as the steward of more than a century of cinematic excellence, and with businesses and brands that have defined and redefined entertainment for generation after generation. We have made enormous progress, and I have never been more excited about the future of this company.”
Bob Bakish, President and Chief Executive Officer, added: “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.”
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 AM ET.
In addition to the name change, the company detailed plans to accelerate the global momentum behind Paramount+, unveiling new content, enhanced product offerings and continued international expansion at its investor event.
Bakish continued: “We see a huge global opportunity in streaming, a much larger potential market than can be captured by linear TV and film alone. We’re excited about our ability to not just compete, but thrive, creating significant value for both consumers and shareholders. How? Because we’re broader in four key areas: our diverse content, streaming model, a mix of platforms and global reach. As we look forward, the size of the opportunity we see is matched only by our ambition to seize it.”
Paramount+ will continue to deliver what the company said is the most diverse content offering in streaming across every genre at scale, including franchise extensions and all-new buzzworthy originals spanning must-see movies, scripted dramas, unscripted reality TV, comedy, kids and family, sports, news, specials and events to super-serve the entire household.
Tanya Giles, Chief Programming Officer, Streaming, stated: “On Paramount+, we have something for everyone. We are taking our broad content offering and deepening it with more content in key categories, building on our treasure trove of IP to create lasting, hit franchises.”
The company announced that starting with 2024 film releases, Paramount+ will become the streaming home for all new Paramount Pictures movies in the US following their theatrical runs.
ViacomCBS will continue the global expansion of Paramount+ in 2022. The company announced that Paramount+ will make its debut in France as an exclusive bundle with Canal+ Group. Paramount+ will also be available on an a la carte and direct-to-consumer basis in the French market.
Tom Ryan, President and CEO, Streaming, commented: “We’re continuing to leverage our global footprint and long-standing relationships to expand Paramount+ into new markets with enormous potential quickly and economically.”
With Paramount+ and SkyShowtime, the company will have streaming services available in more than 60 markets across the UK, Latin America, Canada, Australia, South Korea, the Caribbean and all major markets in Europe by the end of 2022. In 2023, the company will look to Asia, Africa and the Middle East, building on Paramount+’s momentum to grow its presence in every region of the world.
Starting this summer in the US, Paramount+ subscribers will be able to upgrade their subscription to a bundle that includes the SHOWTIME service through two plans: $11.99 for the Paramount+ Essential tier and Showtime and $14.99 for the Paramount+ Premium tier and Showtime.
Showtime will also remain available as a standalone premium OTT subscription service and through various third-party streaming platforms.
The company delivered more than 56m total global streaming subscribers and 84% revenue growth in the direct-to-consumer segment in 2021.
As a result of its streaming momentum and incremental investments, the company is raising its global streaming subscriber goal from 65m-75m global streaming subscribers to more than 100m subscribers by year-end 2024. The company is also raising its 2024 DTC revenue goal from $6bn to $9bn.
Naveen Chopra, Executive Vice President, Chief Financial Officer, remarked: “In just one year, Paramount+ has outperformed all expectations. Our powerful content, marketing and distribution engines drove explosive growth as further proof of our ability to establish a sustainable, large scale streaming business with a differentiated global playbook.”