ViacomCBS changes its corporate name to Paramount

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ViacomCBS will change its corporate name to Primordial effective Feb. 16, calling the move an effort to adopt “an iconic global name” to reflect the conglomerate’s increasingly global focus.

The Company’s shares will trade on the NASDAQ index under the symbol PARA (for Class B common stock), PARAA (for Class A common stock) and PARAP (for Class A preferred stock).

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The moniker makeover was announced Tuesday by ViacomCBS President Shari Redstone and President and CEO Bob Bakish in a memo to staff members. The news came the same day ViacomCBS is hosting a nearly three-hour investor presentation to outline its global streaming strategy and plans to expand streaming service Paramount Plus and other businesses in the U.S. and overseas. ‘foreigner.

SCS is a fundamental name in broadcasting – the Columbia Broadcasting System’s origins date back to 1927 and the beginnings of commercial radio. The Eye name will live on on the broadcast network and other existing assets.

“As Paramount, our name will reflect who we are, what we aspire to be and all that we stand for. This will help advance our strategy of mobilizing all of our strength and scale to build the businesses of tomorrow. And it will capture the collective power of our global assets, our incredible brands—CBS, Showtime, MTV, Comedy Central, BET, Nickelodeon, Smithsonian, Paramount Pictures, Paramount+, Pluto TV and more—to our global reach and diverse public. . All of this makes Paramount the primary home and producer of the greatest content in the world,” Redstone and Bakish wrote.

The name change was the first news announced at the presentation on Tuesday, after Redstone and Bakish made a theatrical entrance in a sports car on a soundstage at Kaufman Astoria Studios in New York, which Redstone said was the original New York home from Paramount Pictures.

The pair also revealed that Paramount has updated its financial forecast for Wall Street, predicting that the company will reach 100 million streaming homes worldwide by 2024. This compares to last year’s forecast from ViacomCBS according to which it was aiming for 65 million to 75 million by 2024.

Here is the full memo from Redstone and Bakish:

Team,

We couldn’t be more proud of this amazing company.

It’s been a year since the spectacular launch of Paramount+ and two years since the successful merger of Viacom and CBS. During this time, we have shown the world what we have known all along: that together, aligned around a shared vision and strategy, we create a whole far greater than the sum of its parts.

This is an exciting time in the history of our company. Our streaming business is growing rapidly and going global. Our wide and varied content portfolio captivates audiences around the world. Our brands are running at full speed. And as the fourth quarter and full year results clearly show, our momentum is accelerating. The magnitude of the opportunity before us 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 are announcing today at our investor event, ViacomCBS is becoming Paramount Global, or, more simply, Paramount.

For more than a century, the Paramount name 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 everything we stand for. This will help advance our strategy of mobilizing all of our strength and scale to build the businesses of tomorrow. And it will capture the collective power of our global assets, our incredible brands – CBS, Showtime, MTV, Comedy Central, BET, Nickelodeon, Smithsonian, Paramount Pictures, Paramount+, Pluto TV and more – to our global reach and our diverse public. . All of this makes Paramount the primary home and producer of the greatest content in the world.

We will succeed because we have the best team in the business: all of you. This name change testifies to the excellence that you embody, to the evolution that you lead every 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 rise and ready to reach new heights.

Better,

Bob and Shari

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