ViacomCBS saw revenues rise 16% year-over-year in the fourth quarter of 2021 to $8 billion, just as the company announced a major rebrand.
As of Wednesday, the company changed its name to Paramount, aligning its brand with flagship streaming service Paramount+.
Football was once again key to the media conglomerate’s performance.
Streaming revenue leapt 48% from Q4 2020 to $1.3 billion.
The company added 9.4 million streaming subscribers to reach 56 million.
The company missed revenue estimates, and its stock dipped around 6.1% in after-hours trading immediately following the earnings release.
ViacomCBS will pay the NFL around $2 billion each year from 2023-2033 for broadcast and streaming rights, plus a place in the Super Bowl rotation, with its next turn coming in 2024.
