On Tuesday, ViacomCBS announced that the company is adopting a new name: Paramount, following the. Company chairman Shari Redstone pointed to Paramount's 100-year-old legacy of creating entertainment.
"Paramount has always represented brilliant storytelling for audiences around the globe, on the big screen, the small screen and every device in between," Redstone said. "Today we are thrilled to announce that ViacomCBS has become Paramount Global -- or simply Paramount."
The company encompasses CBS and Viacom-owned networks that include The CW, MTV, BET, Comedy Central, and more. The name change is seemingly part of an effort to connect its Paramount Plus streaming service, linear networks, cinematic arm, and global businesses.
The news was part of an investor presentation held Tuesday.