The owner of Channel 5, MTV, Nickelodeon and Comedy Central has changed its name with immediate effect.
From today, the company will trade as Paramount Global, or just ‘Paramount’ to consumers. Following the announcement – made last night after the close of stock markets in New York – commentators were quick to seize on the fact the name Paramount Global is already used by an international packaging company; its UK base is in County Durham.
The change from ViacomCBS legally brings together all of its media brands under the Paramount banner, something that its streaming service Paramount+ is already doing on-screen as it expands around the world.
The company also confirmed that in addition to launching in the UK this year, Paramount+ would also launch in France, thanks to a partnership with Canal+. As previously announced, Paramount+ will launch in other countries where Sky is present, while Sky and Paramount will launch Sky Showcase in other European countries.
In the UK, all of Paramount’s premium content will be bundled in to Paramount+, while free-to-air catch-up from Channel 5 remains on My5. Ahead of the changes, the Paramount name was removed from linear TV, with Paramount Network UK changing to 5ACTION in January. My5 has been reorganised to focus on Paramount’s free-to-air channels, ditching third-party services from the platform.
Shari Redstone, Non-Executive Chair of the Paramount Global’s Board of Directors said:
“Paramount is an idea: A promise to be the best. 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.”