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Following the company's latest earnings call, ViacomCBS is now Paramount.
The business's chairperson, Shari Redstone, and president-CEO Bob Bakish announced the news in a statement to employees on the same day that they announced dozens of new projects that the newly-named company would be releasing in the coming months and years.
Why did this rebranding of ViacomCBS take place?
In the hunt for fans in the competitive streaming market, ViacomCBS Inc. missed Wall Street earnings projections on Tuesday as the company said it will change its name to Paramount and launch a broad spectrum of new programming.
After the markets closed, shares of the media powerhouse that owns CBS, Showtime, Comedy Central, MTV, and other networks, plunged another 6% as the company's two-hour presentation of its streaming strategy continued.
ViacomCBS announced adjusted earnings per share of 26 cents for the three months ending December 31, falling short of market expectations of 43 cents.
The transfer to Paramount, which took effect on Wednesday, was announced during a presentation to investors to pique their interest in the company's future strategy and production. Chief Executive Bob Bakish went on to say:
"We know the opportunity at hand is massive, and we've got the passion, the ambition and the discipline to deliver."
All Paramount Movies to go directly to Paramount+
Since ViacomCBS has officially changed its name to Paramount, Paramount+ has officially merged its contents with Showtime. Beginning in 2024, all Paramount films will be streamed directly on the streaming service once their theatrical run has concluded.
This appears to be a period of big rebranding for the film studio, and it may signal a huge shift in the entertainment industry as a whole.
In addition, Paramount has announced the development of numerous new projects. These include a rumored Blue's Clues film, Seth Rogen's Teenage Mutant Ninja Turtles adaptation, and a bunch of SpongeBob Squarepants films, three of which will be exclusive to streaming and one of which will be released theatrically.
According to executives, starting in 2025, all the South Park episodes will be exclusively available on Paramount+ around the world.
A Baby Shark film and a new Dora the Explorer series will be produced for younger audiences.
Tom Cruise, star of Top Gun and Mission: Impossible franchises at Paramount, made an appearance via video, saying he was "very, very pleased" with his 37-year connection with the company as an actor and producer.
Top Gun: Maverick will be released in theaters in May.
