ViacomCBS changes name to Paramount to boost streaming future

NEW YORK, Feb 15 (Reuters) – ViacomCBS Inc missed Wall Avenue revenue forecasts on Tuesday as the corporate introduced it is going to change its identify to Paramount and unveiled a broad vary of latest programming within the battle for viewers within the crowded streaming market.

Shares of the media conglomerate that owns CBS, Showtime, Comedy Central, MTV and different networks, which initially fell 3%, slipped to a 6% loss as the corporate’s two-hour presentation of its streaming technique continued after the markets closed.

ViacomCBS reported adjusted earnings per share of 26 cents for October by December, beneath analyst projections of 43 cents.

The swap to Paramount, efficient on Wednesday, was introduced as the corporate made a presentation to drum up pleasure amongst buyers about its future technique and programming. learn extra

“We all know the chance at hand is very large, and we have got the fervour, the ambition and the self-discipline to ship,” Chief Govt Bob Bakish mentioned.

The corporate forecast it is going to have 100 million subscribers to its streaming companies by 2024, elevating earlier steerage of 65 million to 75 million clients. To get there, spending on new streaming programming will develop to greater than $6 billion per yr in 2024, the corporate mentioned.

Executives introduced a big slate of programming to assist draw new on-line clients who’ve a number of choices from Netflix Inc , Walt Disney Co (DIS.N) and others.

Amongst them, ViacomCBS ordered a second season of upcoming online game TV adaptation collection “Halo,” a “Yellowstone” spinoff known as “1932,” and two animated “South Park” films yearly by 2027.

Beginning in 2025, all “South Park” episodes shall be completely obtainable across the globe on Paramount+, executives mentioned.

For youthful viewers, the corporate will produce a “Child Shark” film and a brand new “Dora the Explorer” collection.

Tom Cruise, star of Paramount’s “Prime Gun” and “Mission: Inconceivable,” franchises, appeared through video, saying he was “very, very proud” of his 37-year relationship with the film studio as an actor and producer. “Prime Gun: Maverick” is scheduled to hit film theaters in Might.

Beginning in 2024, Paramount+ will develop into the unique house for all the firm’s theatrical films after they play in cinemas.

The brand new Paramount identify “will assist advance our technique of harnessing all our power and breadth in constructing the companies of tomorrow,” Bakish and Chair Shari Redstone mentioned in a memo to workers.

Earlier on Tuesday, the corporate mentioned it added 9.4 million world streaming subscribers within the fourth quarter, taking its whole depend to 56 million subscribers.

The corporate additionally benefited from the resumption of dwell sports activities and an increase in affiliate income at its cable networks, which refers back to the charges collected from cable and satellite tv for pc operators and on-line distributors.

Income rose 16% to $8 billion within the three months ended Dec. 31, in contrast with analysts’ estimates of $7.51 billion, based on IBES knowledge from Refinitiv.

Working revenue rose to $2.66 billion from $1.08 billion a yr earlier.

Reporting by Eva Mathews in Bengaluru, Lisa Richwine in Los Angeles and Helen Coster in New York
Enhancing by Aditya Soni, Kenneth Li and Matthew Lewis

: The Thomson Reuters Trust Principles.