Home Explainers Why did ViacomCBS change their name?

Why did ViacomCBS change their name?

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VIACOMCBS is undergoing a rebranding process that will result in a name change.

The parent company of MTV, Nickelodeon and more will be known as Paramount Global going forward.

Paramount Global is a media conglomerate of networks, streamers and distributors

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Paramount Global is a media conglomerate of networks, streamers and distributors

Why did ViacomCBS change their name?

CBS News anchor Nora O’Donnell told viewers that ViacomCBS will adopt the name Paramount Global.

O’Donnell did not explicitly state why the company was rebranding but did note that the company’s streaming platforms Paramount+ and Showtime are becoming increasingly popular.

Reporting by AdWeek notes a company memo that sought continuity in branding and the Paramount name and logo offers just that.

Who is Shari Redstone?

Shari Redstone is a third-generation figure in the Paramount family of brands and networks. 

Her grandfather Michael Redstone founded National Amusements, the holding company of what would eventually grow to be the Redstone media empire. 

Michael’s son and Shari’s father Sumner Redstone acquired Viacom with an aggressiveness that would make Logan Roy shudder. 

In 1987, Sumner told The New York Times with calculated sternness “I did not want to be a minority shareholder in a private company,” and after a $3.4billion dollar bid to takeover Viacom, he wasn’t. 

Apple developed a podcast about Sumner aptly titled Hostile Takeover.

In 2019, Shari oversaw the merger of Viacom with CBS and is chairwoman of the board for the company now known as Paramount Global.

Sumner Redstone died in 2020 at the age of 97

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Sumner Redstone died in 2020 at the age of 97Credit: Reuters
Shari Redstone and her ex-husband Ira Korff have three children

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Shari Redstone and her ex-husband Ira Korff have three childrenCredit: Getty Images – Getty

How much is Paramount Global worth?

As of February 16, 2022, the company is still trading on the NASDAQ using VIACA as their stock ticker. 

According to MarketWatch, Paramount Global is trading at approximately $31 dollars a share with a market capitalization of over $23billion.

Shari Redstone and National Amusements have 77.4% of the voting power within Paramount Global, based on reporting by the business tabloid Barron’s.

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