ViacomCBS changes name to Paramount in a bid to boost streaming future

The switch to Paramount, effective on Wednesday, was announced as the company made a presentation to drum up excitement among investors about its future strategy and programming

ViacomCBS Inc missed Wall Street profit forecasts on Tuesday as the company announced it will change its name to Paramount and unveiled a broad range of new programming in the battle for viewers in the crowded streaming market.

Shares of the media conglomerate that owns CBS, Showtime, Comedy Central, MTV and other networks, which initially fell 3%, slipped to a 6% loss as the company's two-hour presentation of its streaming strategy continued after the markets closed.

ViacomCBS reported adjusted earnings per share of 26 cents for October through December, below analyst projections of 43 cents.

The switch to Paramount, effective on Wednesday, was