ViacomCBS will be changing its name to Paramount Global come Feb. 16, Chair Shari Redstone and President-CEO Bob Bakish announced Tuesday in a memo to staffers, per Variety.
"An iconic global company deserves an iconic global name," Redstone and Bakish wrote in their memo. "As Paramount, our name will reflect who we are, what we aspire to be, and all that we stand for."
"It will help advance our strategy of harnessing all our strength and breadth in building the businesses of tomorrow," they continued. "And it will capture the collective power of our global assets from our amazing brands." The rebrand is also meant to "focus on the company's future, where it will focus on becoming a major player in streaming," writes The Verge.
Viacom and CBS decided on their shared moniker after a merger back in 2019, notes The Hollywood Reporter. CBS, Showtime, MTV, Nickelodeon, Paramount Pictures, Paramount+, and more all fall under the media conglomerate's umbrella.
Read Bakish and Redstone's full memo at Variety.