“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 legacy and as leaders in the future of entertainment,” Bob Bakish, president and CEO, and Shari Redstone, the company’s non-executive chairman of the board, told employees in an internal on Tuesday memo with.
The two added that ViacomCBS will be legally known as “Paramount Global” but will only be referred to as Paramount.
The company trades as “PARAA” on the Nasdaq exchange. Paramount+ now totals 32.8 million subscribers after adding 7.3 million last quarter.
“For more than a century, the Paramount name has been synonymous with great entertainment and industry leadership. He’s part of our history as pioneers of Hollywood’s golden age,” said Bakish and Redstone. “But as Paramount+ made clear, it’s also about our bright future.”
Bakish and Redstone noted that the new name “will reflect who we are, what we aspire to and what we stand for”.
Paramount is one of the most recognizable names in Hollywood history. The new name also helps unify its collection of brands, which includes Paramount Pictures, CBS, Comedy Central, Nickelodeon, BET and MTV, under one recognizable name.