ViacomCBS announced that the global media company will be known as Paramount Global (referred to as “Paramount”), uniting its leading portfolio of premium entertainment properties under a new parent company name.
“Paramount is an idea: a promise to be the best,” remarked Shari Redstone, Non-Executive Chair of the company’s Board of Directors.
As a result, the company is increasing its global streaming subscriber goal from 65-75 million to more than 100 million users by the end of 2024. The decision by ViacomCBS Networks Africa, now Paramount Global, to join the expansion expedition to deliver the subscription-based video-on-demand streaming platform, Paramount+ to Africa by 2023 supports this.
“The continuous global expansion to bring Paramount+ to Africa by 2023 highlights the value of the stories we create, which are only as powerful as the audiences they reach.” In less than a year, Paramount+ has established itself as a leading brand in the industry and will reinforce traditional business while allowing for more collaboration and growth. “This is an exciting time for the Africa business, and our future streaming plans across numerous platforms will help us to reach even greater audiences,” said Craig Paterson, Paramount Global’s Senior Vice President and General Manager.
“This ground-breaking move exemplifies our commitment to innovation, collaboration through partnerships, creativity, and global reach; it’s also an excellent opportunity to highlight the power and expansion of African content across markets,” Paterson added.
“The decision allows us to continue to focus on delivering unique stories from Africa to the world while also encapsulating the brand’s business objective and growth spectrum.” Monde Twala, Senior Vice President, General Manager, and Peer Lead at BET International said that ViacomCBS Networks Africa, now Paramount Global, “will have the impetus to go forward in delivering on driving social change, diverse entertainment content creation, and global format production partnerships.”