ViacomCBS Officially Changes Its Name To Paramount
The last five years have seen a swarm of mergers, acquisitions, and buyouts, making it difficult to keep up with who owns what property and which streaming service provides what content. Well, the folks at ViacomCBS are attempting to make things a little easier, and rebranding the corporation's name to "Paramount." A memo from Bob Bakish and Shari Redstone went out today to announce the change to staff before the company's investor event presentations:
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 ...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.
The name change is the first sign in a series of big changes for the Paramount brand, with Paramount+ streaming expanding globally. The name change goes into effect on Wednesday, February 16, 2022. The parent company's legal name is "Paramount Global," but the memo indicates that it will just be known as "Paramount," for short.
A new, old name
The Paramount name comes with immediate brand recognition, having existed for more than a century. As the memo enforces, "It's part of our history, as pioneers of the Golden Age of Hollywood." The company also sees the name as emblematic of the future, thanks to the success of Paramount+. The name change envelops all of the current ViacomCBS properties, including CBS, Showtime, MTV, Comedy Central, BET, Nickelodeon, Smithsonian, Paramount Pictures, Paramount+, Pluto TV and more.
The name change feels like the inevitable next step in the evolution of the brand following the streaming service CBS All Access turning into Paramount+. A few weeks ago, we reported that there were rumblings that the premium cable service Showtime was going to become part of Paramount+, and today's announcements confirm that for an additional fee, Showtime series will soon be available to stream directly from the Paramount+ platform. Paramount is taking huge swings with the rebranding plan and the decision will surely help them be more competitive against platforms like Netflix and Disney+.