ViacomCBS announced Tuesday that the company will become known as Paramount.
“Effective February 16, we will combine our flagship portfolio of premium leisure properties under the new parent company name,” the company said.
“This is an exciting moment in our company’s history,” President and CEO Bob Bakish and Shari Redstone, the company’s non-executive chair of the company’s board of directors, said in an internal memo.
“It’s been one year since the incredible launch of Paramount+ and two years since the successful merger of Viacom and CBS. In that time, we showed the world what we’ve known from the start: that together, aligned with a shared vision and shared strategy, we create a whole much greater than the sum of its parts. “.
They announced this at an investor event on Tuesday, revealing that “ViacomCBS has become Paramount Global, or, simply put, Basic.“
“For more than a century, the Paramount name has been synonymous with great entertainment and industry leadership,” Bakish and Redstone said. “It’s part of our history, as pioneers in the golden age of Hollywood.”
“But as Paramount+ explained, it’s also about our bright future.”
The company’s shares will be traded on the Nasdaq as PARAA (Common Class A), PARA (Common Class B), and PARAP (Preferred Stock), beginning with trading on February 17, 2022.