On February 16, ViacomCBS will rebrand as Paramount Global, marking the latest major shift in the constantly changing media and entertainment industry. The new moniker pays homage to the company's illustrious studio as well as its flagship streaming network, Paramount+, which debuted in March 2021.

“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,” CEO Bob Bakish and Shari Redstone, non-executive chair of the company’s Board of Directors said in a companywide memo to employees. “With this in mind, as we’re announcing today at our investor event, ViacomCBS is becoming Paramount Global, or, more simply, Paramount.”

Deadline's Complete Coverage of ViacomCBS/Investors Paramount's Day

The news broke as the business published quarterly earnings and as a virtual investor conference got underway, with speeches by Bakish, Redstone, and senior operations executives slated.

Starting February 17, the company's shares will trade on the Nasdaq under the symbols PARAA (Class A common), PARA (Class B common), and PARAP (Preferred Stock).

Memo to staff today from Shari Redstone and Bob Bakish: 

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