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ViacomCBS is changing its name to Paramount Global, starting Wednesday, February 16, the company said Tuesday while making a slew of programming announcements.
The new name brings together several entertainment properties, including broadcast network CBS, cable networks Paramount Network, Comedy Central, MTV and more; streaming service Paramount Plus and premium network Showtime.
Paramount Plus had more than 56 million total global streaming subscribers and 84% revenue growth in the direct-to-consumer segment in 2021, Paramount told investors Tuesday, and intends to reach 100 million subscribers by year-end 2024.
“Paramount’s iconic peak represents a rich history for our company as pioneers in the Golden Age of Hollywood. Today, as we embrace the Paramount name, we are pioneers of an exciting new future,” said Bob Bakish, Paramount Global president and chief executive officer, in a statement.
“We see a huge global opportunity in streaming, a much larger potential market than can be captured by linear TV and film alone. We’re excited about our ability to not just compete, but thrive, creating significant value for both consumers and shareholders. How? Because we’re broader in four key areas: our diverse content, streaming model, mix of platforms and global reach. As we look forward, the size of the opportunity we see is matched only by our ambition to seize it.”
To that end, Paramount plans to expand its streaming bundle both in the U.S. and abroad by giving subscribers the option to bundle Paramount Plus and Showtime together, while Showtime will also remain available as a standalone service.
It also is actively working to expand globally. This year, Paramount Plus will debut in France as part of the Canal Plus Group, both as part of a bundle or via a la carte and direct-to-consumer.
With Paramount Plus and merged service SkyShowtime in the U.K., the company will have streaming services available in more than 60 markets across the U.K., 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 expand to Asia, Africa and the Middle East.
On the programming front, Paramount has ordered another spinoff of Taylor Sheridan’s hit series Yellowstone. 1932 will follow a generation of Duttons during the time of Western expansion, Prohibition and the Great Depression.
Paramount Plus is in development on several unscripted series, including All Star Shore, Ink Master, The Challenge: War of the Worlds and The Real World Homecoming: New Orleans.
The service also renewed Queen of the Universe, RuPaul’s Drag Race All Stars and The Challenge: All Stars. Internationally, Acapulco Shore, Geordie Shore: Return of the OGs and Rio Shore also have been renewed.
Paramount Plus is building out its adult animation offerings with both MTV’s Beavis and Butt-Head and Comedy Central’s South Park headed to the streamer. Beavis and Butt-Head has more than 200 episodes available in its library as well as a new film in the works. South Park’s library of more than 300 episodes will be available internationally on Paramount Plus starting later this year, and Paramount Plus will become the animated series’ exclusive global home starting with season 27 in 2024. The full South Park library will be available across Paramount Plus in all territories starting in 2025.
Beginning in 2024, Paramount Plus will be the streaming home for all Paramount film releases in the U.S. following their theatrical runs. These films include A Quiet Place Part III from John Krasinksi, set to release on September 22, 2023; Star Trek 4, starring the original cast from J.J. Abrams’ trilogy, including Chris Pine as a young James T. Kirk and Zachary Quinto as a young Mr. Spock; four new original Spongebob Squarepants movies; a Teen Wolf movie starring the original cast; an animated Teenage Mutant Ninja Turtles movie produced by Seth Rogen and Evan Goldberg coming in 2023; and Transformers: Rise of the Beasts in 2023, starring Anthony Ramos, with three more Transformers films to follow.