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ViacomCBS Changes Name To Paramount Global

ViacomCBS (VIAC, VIACA) said Tuesday that it has changed its name to Paramount Global, effective February 16, bringing together its portfolio of premium entertainment properties under a new parent company name.

The company's shares will trade on the Nasdaq stock exchange as PARAA (Class A common), PARA (Class B common) and PARAP (Preferred Stock), beginning with trading on Thursday.

The company announced that starting with 2024 film releases, Paramount+ will become the streaming home for all new Paramount Pictures movies in the U.S. following their theatrical runs. A Quiet Place Part III from John Krasinski, is confirmed for theatrical debut in 2025.

The company announced that Paramount+ will make its debut in France as an exclusive bundle with CANAL+ Group, giving subscribers immediate access to Paramount+ through the country's largest provider. Paramount+ will also be available on an a la carte and direct-to-consumer basis in the French market.

With Paramount+ and SkyShowtime, the company will have streaming services available in more than 60 markets across the UK, Latin America, Canada, Australia, South Korea, the Caribbean and all major markets in Europe by the end of this year.

In 2023, the company will look to Asia, Africa and the Middle East, building on Paramount+'s strong momentum to grow its presence in every region of the world, ViacomCBS said in a statement.

Starting this summer in the U.S., Paramount+ subscribers will be able to upgrade their subscription to a bundle that includes the SHOWTIME service through two plans, providing a huge range of content at $11.99 for the Paramount+ Essential tier and SHOWTIME; $14.99 for the Paramount+ Premium tier and SHOWTIME.

SHOWTIME will also remain available as a standalone premium OTT subscription service and through various third-party streaming platforms.

The company delivered more than 56 million total global streaming subscribers and 84% revenue growth in the direct-to-consumer segment in 2021.

The company raised its global streaming subscriber goal from 65-75 million global streaming subscribers to more than 100 million subscribers by year-end 2024. The company also raised its 2024 DTC revenue goal from $6 billion to $9 billion.

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