Bob Bakish and Shari Redstone announced the news in a memo to staff ahead of the company’s presentation to investors.
The “ViacomCBS” name is being retired.
CEO Bob Bakish on Tuesday
announced that the merged company will be known as simply Paramount, beginning Wednesday, Feb. 16. (The parent company’s legal name is technically Paramount Global.)
Shares of Paramount will trade on the Nasdaq as PARAA (class A common), PARA (Class B common) and PARAP (Preferred Stock), beginning with trading on Feb. 17 at 9:30 a.m. ET.
Bakish and Shari Redstone, non-executive chair of the company’s board of directors, announced the news Tuesday in a company-wide memo ahead of the company’s presentation to investors. (Read the full memo, below.)
ViacomCBS had been the name of the conglomerate after Viacom and CBS agreed to re-merge the two companies a couple years ago. Since then, the conglomerate has put all their resources into rebranding CBS All Access as
Paramount+, with the streamer considered a home for all the company’s entertainment brands, including Nickelodeon, MTV, Comedy Central and BET, among others.
The new Paramount name helps reflect brands including Paramount Pictures, Showtime, Paramount Television Studios and Paramount Network.
Here’s the full memo, below:
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
Notes from Paramount+ Investor Event:
- Paramount+ will become the exclusive post-theatrical home for Paramount movies starting in 2024.
- Paramount+ will launch in the UK during summer 2022.
- HALO season two greenlit.
- Nickelodeon's CG-animated Transformers series premieres Fall 2022!
- Paramount+ will premiere a new CG-animated Transformers movie in 2023
- Sonic series on Paramount+ in 2023
VIACOMCBS UNVEILS NEW COMPANY NAME, GLOBAL CONTENT SLATE AND INTERNATIONAL EXPANSION PLANS FOR PARAMOUNT+ AT INVESTOR EVENT
ViacomCBS to Become "Paramount," Reaching New Heights with Evolution of Storied Brand
Presentation Showcases the Power of IP with Exciting Paramount+ Originals Across Genres, Delivering the Most Diverse Premium Content Slate in Streaming
New Partnership with CANAL+ Group in France for Continued Global Expansion of Paramount+
Paramount+ to Include SHOWTIME® in New Integrated Bundle, Unlocking Both Services in Single User Experience
Company Now Targeting Over 100 Million DTC Subscribers and $9 Billion of DTC Revenue by 2024
NEW YORK, Feb. 15, 2022 -- ViacomCBS today announced that the global media company will become Paramount Global (referred to as "Paramount"), effective February 16, bringing together its leading portfolio of premium entertainment properties under a new parent company name.
"Paramount is an idea: A promise to be the best," said Shari Redstone, Non-Executive Chair of the company's Board of Directors. "That promise has always been at the center 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."
"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," said Bob Bakish, President and Chief Executive Officer.
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.
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.
"We see a huge global opportunity in streaming, a much larger potential market than can be captured by linear TV and film alone," continued Bakish. "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, 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."
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BROAD CONTENT OFFERING
Today's event demonstrated the global power of fan-favorite IP with an expansive slate of exciting programming announcements. Paramount+ will continue to deliver the most diverse content offering in streaming across every genre at scale, including beloved 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.
"On Paramount+, we have something for everyone," said Tanya Giles, Chief Programming Officer, Streaming. "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."
Movies, Kids and Family
The best of the big screen keeps coming to Paramount+. The company announced 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 runs.
New blockbuster franchise expansions also unveiled today include:
- A QUIET PLACE – A Quiet Place Part III from John Krasinski, is confirmed for theatrical debut in 2025. As previously announced, the next installment of A Quiet Place from director Michael Sarnoski, based on an original idea from Krasinski, is set for release on September 22, 2023.
- SONIC THE HEDGEHOG – the first-ever original live-action Sonic series, featuring the character Knuckles, voiced by Idris Elba, is in development to debut on Paramount+, setting up the third film installment in the flagship franchise.
- SPONGEBOB SQUAREPANTS UNIVERSE – a further expansion of the SpongeBob universe is coming exclusively to Paramount+ with three brand-new movies based on the show's original characters, with the first dropping in 2023. In addition, a fourth SpongeBob release from Nickelodeon Animation is currently in development for theatrical release.
- STAR TREK – the next theatrical film, with Matt Shakman directing and J.J. Abrams producing, will feature the original cast and new characters.
- TEEN WOLF – the first-ever original production from MTV Entertainment Studios and MGM's Orion Television, Paramount+ will reunite the original Teen Wolf cast for an exclusive full-length movie. Tyler Posey, Holland Roden, Shelley Hennig and Crystal Reed are set to reprise their iconic roles alongside Orny Adams, Linden Ashby, JR Bourne, Seth Gilliam, Colton Haynes, Ryan Kelley, Melissa Ponzio and Dylan Sprayberry. Additional names to be announced.
- TEENAGE MUTANT NINJA TURTLES – a new era of TMNT-mania takes over in 2023 with a new animated take on the Turtles coming to theaters, produced by Point Grey Pictures' Seth Rogen and Evan Goldberg and directed by Jeff Rowe. Nickelodeon Animation will fast follow that film with a series of exclusive movies for Paramount+ beginning in 2023, each centering on one of the property's storied villains in never-before-told tales.
- TRANSFORMERS – the next chapter begins with Transformers: Rise of the Beasts in 2023, where director Steven Caple Jr. and star Anthony Ramos, will lead the first of three film installments of the iconic Hasbro property. Additionally, the previously announced Untitled Animated Transformers film, a Paramount/eOne co-production with Josh Cooley attached to direct, will debut in theaters on July 19, 2024.
Other Kids and Family content announcements included updates to animated preschool favorites:
- Blue's Big City Adventure – the now-announced animation/live-action hybrid title to this brand-new Blue's Clues & You! movie from Nickelodeon Animation is set to premiere later this year and follows host Josh and Blue as they head to New York City, with the help of Steve and Joe, to audition for a big Broadway musical.
- Dora the Explorer – the preschool return of the groundbreaking Latina heroine in an all-new CG-animated series produced by Nickelodeon Animation, and featuring the beloved characters, plus key modernization to the storytelling, debuts in 2023.
Additionally, an update in Kids and Family live-action programming included:
- Dora the Explorer – in addition to the character's animated preschool return, now in development from Nickelodeon is the first-ever live-action Dora the Explorer series, inspired by the tone of Paramount Pictures' 2019 Dora and the Lost City of Gold theatrical release, with this new version for Paramount+ targeting the tween demo.
Adult Animation and Global Unscripted
Paramount+ doubles down on adult animation with new takes and news on two of the most successful and well-known IP in the history of the genre:
- BEAVIS AND BUTT-HEAD – the duo is back and stupider than ever in an all-new series premiering across Paramount+ globally. Alongside this fresh take, the full 200+ episode Beavis and Butt-Head library and previously announced new film, Beavis and Butt-Head do the Universe, will also arrive on the service.
- SOUTH PARK – the TV series will arrive on Paramount+ internationally as the exclusive SVOD home later this year with over 300 episodes. Additionally, South Park will begin rolling out on Paramount+ globally as the new exclusive SVOD home starting with Season 27 in 2024, and the full library is headed to Paramount+ U.S. in 2025.
A fresh slate of global unscripted series, expanding industry-defining franchises, include:
- All Star Shore – a competition docu-series that will feature 14 of reality TV's most iconic stars from around the world and television's biggest series – including Jersey Shore Family Vacation, Love is Blind, RuPaul's Drag Race, Geordie Shore, Acapulco Shore, Bachelor in Paradise and more – as they come together for an epic vacation at the ultimate Shore house in Gran Canaria, Spain, to battle it out for the grand prize and global bragging rights.
- Ink Master – the hit tattoo competition makes its premiere on Paramount+ in markets around the world with all-new episodes later this year. Featuring some of the nation's top tattoo artists battling it out in permanent ink for $250,000 and the prized title of Ink Master, the competitors will test their technical skills and on-the-spot creativity in challenges unlike ever before.
- The Challenge: War of the Worlds – winners from four new Challenge series The Challenge: CBS (working title), The Challenge: Argentina, The Challenge: Australia and The Challenge: U.K. will advance to the first-ever globally connected tournament, The Challenge: War of the Worlds, and battle for the title of Challenge World Champion.
- The Real World Homecoming: New Orleans – the third installment of the hit original unscripted series will reunite original New Orleans cast members David "Tokyo" Broom, Melissa Howard, Jamie Murray, Danny Roberts, Matt Smith, Julie Stoffer and Kelley Wolf in "The Big Easy." In addition, the original season of The Real World: New Orleans will be available to stream on Paramount+ beginning in April.
In addition to these all-new titles, seven upcoming iterations from THE SHORE franchise will launch on Paramount+ in territories around the globe, including Argentina Shore, Colombia Shore and Australian Shore, with more cities to be announced.
And, the following top-performing reality series have been renewed for Paramount+: Queen of the Universe, RuPaul's Drag Race All Stars and The Challenge: All Stars. Internationally, global phenomenons Acapulco Shore, Geordie Shore: Return of the OGs and Rio Shore have also been renewed.
Global Scripted
The Taylor Sheridan universe continues to expand with new chapters of the Dutton family drama with a new original from the Yellowstone co-creator announced today:
- 1932 – the next chapter of the Yellowstone origin story is ordered. Produced by MTV Entertainment Studios and 101 Studios, 1932 will follow a new generation of Duttons during the time of western expansion, Prohibition and the Great Depression.
Additionally, casting and production updates were included for the following highly anticipated series:
- Land Man – Academy Award® winner Billy Bob Thornton has been tapped to lead the upcoming series as a crisis manager for an oil company. Land Man will be executive produced by Taylor Sheridan and David C. Glasser, Ron Burkle, Bob Yari, David Hutkin and Geyer Kosinski. The series will also be executive produced by Dan Friedkin, Jason Hoch, Scott Brown, and Megan Creydt.
- Lioness – Zoe Saldaña will play 'Joe,' a strong-willed, hard-nosed, station chief of the CIA's Lioness Program, and the show will be executive produced by Taylor Sheridan, David C. Glasser, Ron Burkle, Bob Yari and David Hutkin. Tom Brady will also serve as executive producer and showrunner. Nicole Kidman, with her production company Blossom Films, Zoe Saldaña, Geyer Kosinski, and Jill Wagner are also set to executive produce.
- Tulsa King – previously announced and starring Sylvester Stallone, production begins March 2022 and the series will premiere this Fall.
New expansions of the most popular prime-time entertainment include:
- NCIS: Sydney – a new original series from one of the biggest and most successful global franchises. The series, which is slated for 2023, will feature local stories with Australian actors and producers, and will be filmed in one of the world's most scenic harbor cities. Shane Brennan, the Aussie creator of NCIS: Los Angeles, is attached.
- SEAL TEAM MOVIE – CBS will also expand the storytelling universe for the hit Paramount+ drama SEAL Team, producing a stand-alone movie for the streaming service.
Upcoming international hits in the making include:
- A Gentleman in Moscow (UK) – based on the best-selling novel by Amor Towles, this drama series tells the story of Count Rostov who, in 1922, finds himself stuck in Moscow and on the wrong side of history. The Communist Party agrees to let him live but he is never allowed to set foot outside the Metropole Hotel until the day he dies. Co-produced by ViacomCBS International Studios (VIS) and eOne.
- Sexy Beast (UK) – the prequel series, based on the hit cult classic film of the same name, begins with Gal Dove and Don Logan just as they descend into the seductive madness of the London criminal world during the vibrant and volatile 1990s. At its core, this is a love story between two men -- à la Butch Cassidy and the Sundance Kid. In association with VIS, produced by Chapter One, with showrunner Michael Caleo (The Sopranos).
- Simon Beckett's The Chemistry of Death (Germany) – a thrilling, psychological crime series based on Simon Beckett's bestselling novels following forensic anthropologist Dr. David Hunter. Written by BAFTA-winning screenwriter Sukey Venables Fisher (Electricity, Unconditional) and directed by Richard R. Clark (War of the Worlds, Versailles, Outlander), the series will be shot in the UK. Producing partners are Nadcon Film and Cuba Pictures, in association with VIS.
- Yonder (South Korea) – set in 2032, Yonder is an unknown space designed for the dead to be able to live on by uploading memories of their lifetime from their brain. The story unfolds as a man receives a message from his deceased wife, inviting him to the unknown space, 'Yonder'. The drama/science-fiction series raises questions about life and death and what it means to have eternal happiness as humanity comes face to face with a world created by advancements in science technology. Presented by TVING (CJ ENM's streaming platform) and ViacomCBS, produced by Doodoong Pictures and CJ ENM, directed by Lee Joon-ik.
These new titles join a growing roster of previously announced and highly-anticipated scripted series, including: Fatal Attraction, Grease: Rise of the Pink Ladies, Rabbit Hole and The Offer.
Additionally, Season 2 renewals for Halo, and international hits Cecilia and Los Enviados (The Envoys) were announced. Season 2 of Super Pumped and Season 7 of Billions for SHOWTIME were also ordered.
***
GLOBAL EXPANSION
ViacomCBS will continue the global expansion of Paramount+ in 2022. The company announced today that Paramount+ will make its debut in France as an exclusive bundle with CANAL+ Group, giving subscribers immediate access to Paramount+ through the country's largest provider. Paramount+ will also be available on an a la carte and direct-to-consumer basis in the French market.
"We're continuing to leverage our global footprint and long-standing relationships to expand Paramount+ into new markets with enormous potential quickly and economically," said Tom Ryan, President and CEO, Streaming.
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 this year. In 2023, the company will look to Asia, Africa and the Middle East, building on Paramount+'s strong momentum to grow its presence in every region of the world.
***
NEW PARAMOUNT+ AND SHOWTIME INTEGRATED OFFERING
Paramount+ subscribers will soon be able to enjoy SHOWTIME in a new integrated offering that pairs together both services in an unrivaled streaming collection of live and on-demand entertainment with critically acclaimed and boundary-pushing programming in a single user experience.
Starting this summer in the U.S., Paramount+ subscribers will be able to upgrade their subscription to a bundle that includes the SHOWTIME service through two plans, providing a huge range of content at an incredible value:
- $11.99 for the Paramount+ Essential tier and SHOWTIME
- $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.
***
CONTINUED MOMENTUM
Paramount+ has exceeded the company's goals since its launch, and ahead of schedule, as the key driver of ViacomCBS' overall streaming growth. The company delivered more than 56 million 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 65-75 million global streaming subscribers to more than 100 million subscribers by year-end 2024. The company is also raising its 2024 DTC revenue goal from $6 billion to $9 billion.
"In just one year, Paramount+ has outperformed all expectations," said Naveen Chopra, Executive Vice President, Chief Financial Officer. "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."
***
*Head to @ViacomCBS on Twitter to see all of today's announcements
ABOUT VIACOMCBS
ViacomCBS (NASDAQ: VIAC; VIACA), to be known as Paramount, is a leading global media and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic studios, networks and streaming services, its portfolio of consumer brands includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+, Pluto TV and Simon & Schuster, among others. The company delivers the largest share of the U.S. television audience and boasts one of the industry's most important and extensive libraries of TV and film titles. In addition to offering innovative streaming services and digital video products, ViacomCBS provides powerful capabilities in production, distribution and advertising solutions.
Live on February 16, 2022, please visit
www.paramount.com and @ParamountCo on Twitter for more information about the company.
VIAC-IR
SOURCE ViacomCBS Inc.
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