ViacomCBS used its Investors Day to get existential.
Revealing a business strategy — philosophy? — in which all roads lead to streaming and franchises, it announced that the Company Formerly Known As ViacomCBS would now be Paramount Global, a nod to the company’s oldest asset (Paramount Pictures), its most important product (Paramount+), and the worldwide reach it needs to thrive.“We have set in motion a virtuous cycle,” said board chair Shari Redstone, who made her entrance in a pre-recorded segment that saw her and CEO Bob Bakish arrive in the Bumblebee Camaro from “Transformers” after fighting off evil robots.
“Our legacy business powers our transformation, and transformation enhances and expands our legacy.”This is the second time that Redstone’s company has changed its name in two years, but it was all part of the day’s 2 1/2-hour bid to convince Wall Street that it stands a chance in the
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