ViacomCBS rebrands as Paramount

ViacomCBS on Wednesday said the company plans to rebrand as "Paramount," matching its corporate name to its streaming service, Paramount+ and its movie studio, Paramount Pictures.

Why it matters: The name reflects Shari Redstone's ambition to create a single, unified brand that is centered around streaming.

• ViacomCBS was the name given to the company after Redstone pushed to merge the two sister companies in 2019.

Details: The rebrand, effective February 16, will bring all of ViacomCBS' many assets, including Paramount Pictures, its free and ad-supported streaming services, Viacom's cable networks and CBS, together under one brand name.

• The legal name of the company will be Paramount Global, but the company plans to be referred to commonly as "Paramount."
• The company’s shares will trade on the Nasdaq as PARAA (Class A common), PARA (Class B common) and PARAP (Preferred Stock), beginning with trading on February 17, 2022.

In an internal note, Shari Redstone, Non-Executive Chair of the company’s Board of Directors and Bob Bakish, President & CEO of the company, said "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."

• "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."