FEBRUARY 17, 2022 - Viacom, CBS, and Paramount have had a complex and storied relationship over the years, going back at least as far as the 1990s, when then-chairman Sumner Redstone brought together the three companies. (Not to mention that Viacom had been spun off from CBS way back in 1971.) Then almost three years ago, Viacom and CBS came back together again and reunited the Star Trek universe.

On Tuesday, the Los Angeles Times reported that Redstone’s daughter and current chairwoman, Shari Redstone, who had ushered in the merger of Viacom and CBS, announced during a virtual investor day that ViacomCBS is rebranding.

As media companies attempt to balance traditional content delivery mechanisms with new and competitive models such as streaming, Redstone said, “Our strategy has always been to harness the strength of our traditional business to build something new. Paramount was always at the core of this vision. Today we are thrilled to announce that ViacomCBS has become Paramount Global, or simply Paramount.” Apparently, investors are yet to be convinced, as ViacomCBS shares dropped 17.8% on Wednesday.

In addition to J.J. Abrams’ announcement of a new Kelvin timeline film during the same presentation, ViacomCBS Chief Executive Bob Bakish also noted that films from Paramount Pictures would land on the Paramount+ streaming service after the expiration of current licensing arrangements that steer such films to the ePix cable and satellite network. 

For more on the goings-on at ViacomCBS - that is, Paramount Global - head over to the Los Angeles Times.