ViacomCBS is no more. Two years after merging to become a global media super company, the multinational conglomerate is changing its name to better represent its global brand. Starting February 16, the company will be known simply as Paramount and will trade on the NASDAQ as PARAA (Class A common), PARA (Class B common), and PARAP (Preferred Stock) starting on February 17.

Paramount announced its name change internally via a memo to employees from chairman Shari Redstone and president-CEO Bob Bakish. The news broke as the company was preparing for a three-hour investor presentation on their plans for further globalization of Paramount+, and overall expansion of business abroad. It also comes on the heels of the company reporting 56 million users had paid subscriptions to at least one of their streaming platforms in 2021.

In the memo, Redstone and Backish discussed the reasoning behind the change, marking it as an appeal to customers all over the world:

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. And it will capture the collective power of our global assets, from our amazing brands—CBS, Showtime, MTV, Comedy Central, BET, Nickelodeon, Smithsonian, Paramount Pictures, Paramount+, Pluto TV and more— to our global reach and our diverse audiences. All of which adds up to Paramount being the pre-eminent home to, and producers of, the world’s greatest content.

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Image via Paramount+

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With the name change, Paramount ditches the name and legacy of one storied studio for another. CBS has been broadcasting since 1927, making waves first as a radio company before jumping over to television and hosting an incredible swathe of early talent including George Burnes, Gracie Allen, Jack Benny, and Andy Griffith. Paramount has become the dominant name within the company though, especially with Paramount Pictures' own impressive history and the launch of the wildly successful Paramount+. CBS branding won't disappear completely from Paramount's lineup though as The Eye's television network will keep its name and logo.