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Los Angeles Times
Los Angeles Times
Business
Meg James

ViacomCBS renamed Paramount in a nod to its past and streaming future

Paramount Viacom CBS ViacomCBS Sumner Redstone Shari Redstone Paramount+ Tom Cruise

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

Chairwoman Shari Redstone announced the name change Tuesday during a virtual investor day to share the company's strategy and upcoming programming.

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.

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