After Hollywood-based Paramount Pictures Corporation announced a strategy in Sept. 2021 focused on exploring the intellectual property of its considerable content library, parent company ViacomCBS is similarly banking on nostalgia as it rebrands as Paramount Global.

During the New York-based media conglomerate’s investor day presentation on Feb. 15, its executive team, led by chairwoman Sheri Redstone, made the announcement.
“Paramount has always represented brilliant storytelling for audiences around the globe — on the big screen, the small screen and every device in between,” Redstone said to investors. “It is what we are. It is who we are. It is who we are destined to be.”

The decision comes almost one year after launching streaming service Paramount Plus and two years after Viacom and CBS officially recombined, following a shuffling of assets between the two media companies between 2006 and 2019. Paramount Plus’ subscriber numbers lag behind those of more established services. It reached 32.8 million subscribers by the end of 2021 in comparison to Netflix’s 222 worldwide subscribers and HBO Max’s 73.8 million subscribers going into 2022.

Paramount Global highlighted its emphasis on legacy properties by announcing a new “Star Trek” film slated to be released in Dec. 2023; a third “Sonic the Hedgehog” movie; and a robust slate of children’s programming.

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