ViacomCBS (VIAC) is rebranding to Paramount Global effective February 16, 2022. The rebranding drive is part of the global media company’s push to become a major player in streaming. VIAC shares rose 2.74% to close at $35.99 on February 15.
ViacomCBS is a multinational mass media company that owns and operates broadcast television stations. It also offers cable networking services.
Rebranding
Paramount Global is the new company that will house premium entertainment properties. Viacom has also detailed plans to accelerate the global momentum behind Paramount+. As part of the drive, it will focus on a new slate of content, enhanced product offerings, and international expansion.
Consequently, ViacomCBS has confirmed Paramount+ will make its much-awaited debut in France as a bundle of CANAL+ Group. The company also plans to stream Paramount+ and SkyShowtime in more than 60 markets across Europe, Latin America, Asia, and the Caribbean.
ViacomCBS shares will trade on the Nasdaq stock exchange under ticker PARAA for class A common shares, PARA for class B common share, and PARAP for the preferred stock starting February 17.
Stock Rating
Last month, KeyBanc analyst Brandon Nispel upgraded ViacomCBS to a Hold from a Sell. The upgrade was based on data showing an uptick in the momentum of gross ads.
Consensus among analysts is a Moderate Buy based on 3 Buys and 3 Holds. The average ViacomCBS price target of $42.00 implies 16.70% upside potential to current levels.
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