ViacomCBS renamed Paramount to boost streaming future

ViacomCBS has renamed itself Paramount in a nod to the company’s historic moviemaking past — and its streaming future.

The New York-based media conglomerate is placing a huge bet on streaming with its year-old Paramount+ service, which added 7.3 million subscribers during the fourth quarter. Paramount+ now has 32.8 million subscribers and is projected to grow to 100 million subscribers worldwide by 2024.

The switch to Paramount, effective on Wednesday, was announced as the company made a presentation to drum up excitement among investors about its future strategy and programming.

The company forecast it will have 100 million subscribers to its streaming services by 2024, raising earlier guidance of 65 million to 75 million customers. To get there, spending on new streaming programming will grow to more than $6 billion per year in 2024, the company said. BCS Bureau