The leading global media and entertainment company ViacomCBS officially changed its name to Paramount, effective Wednesday last.

The announcement was made by Bob Bakish, President and CEO, and Shari Redstone, non-executive chair of the company’s board of directors. The company’s legal name will be Paramount Global, but it will be known as Paramount, the company said in a statement.

The news was made ahead of ViacomCBS’ investors day streaming event on Tuesday afternoon.

“Paramount is an idea: A promise to be the best,” said Redstone, daughter of the American media magnate Sumner Redstone.

“That promise has always been at the centre of what we aspired to build as the steward of more than a century of cinematic excellence, and with businesses and brands that have defined and redefined entertainment for generation after generation. We have made enormous progress, and I have never been more excited about the future of this company,” Shari added.

Bakish said, “Paramount’s iconic peak represents a rich history for our company as pioneers in the Golden Age of Hollywood. Today, as we embrace the Paramount name, we are pioneers of an exciting new future.”

In addition to the name change, the company detailed plans to accelerate the global momentum behind its OTT platform Paramount+, unveiling new content, enhanced product offerings and continued international expansion at its investor event.

“We see a huge global opportunity in streaming, a much larger potential market than can be captured by linear TV and film alone, as We’re excited about our ability to not just compete, but thrive, creating significant value for both consumers and shareholders. How? Because we’re broader in four key areas: our diverse content, streaming model, a mix of platforms and global reach. As we look forward, the size of the opportunity we see is matched only by our ambition to seize it,” Bakish added.

India’s Reliance-controlled Network18 has a joint venture with Viacom, Viacom18, which is house to the GEC channels, apart from MTV amongst others. Network18 is the majority shareholder with 51 percent.

With 46 channels reaching out to 80 countries in eight languages, across age groups, Viacom18’s on air shows deliver the most entertaining, enriching and engaging content in India. VOOT is the joint ventures streaming platform.