ViacomCBS Inc missed Wall Street earnings projections after announcing a brand change to Paramount and a slew of new programmes in the quest for viewers in the competitive streaming sector.

Shares of the media giant that owns CBS, Showtime, Comedy Central, MTV, and other networks plunged 6% after originally falling 3%, as the company's two-hour presentation of its streaming plan continued after markets closed.

The transfer to Paramount was disclosed at a briefing to investors to pique their interest in the organization's strategic vision and content.

"We recognise the magnitude of the potential before us, and we have the passion, ambition, and discipline to execute," stated Chief Executive Bob Bakish.

The business expects to have 100 million subscribers to its streaming services by 2024, up from its previous estimate of 65 million to 75 million people. To get there, the business predicts that investment in new streaming programmes would exceed $6 billion per year by 2024.

Executives promised a substantial slate of programmes to help attract new internet subscribers who have many alternatives, including Netflix Inc, Walt Disney Co., and others.

ViacomCBS has commissioned a second season of the forthcoming video game TV adaption series "Halo," as well as a "Yellowstone" spinoff named "1932" and two animated "South Park" features per year until 2027.

According to officials, all "South Park" episodes will be exclusively available on Paramount+ across the world beginning in 2025. The business will release a "Baby Shark" film and a new "Dora the Explorer" series for younger audiences.

Tom Cruise, star of Paramount's "Top Gun" and "Mission: Impossible" series, spoke via video, saying he was "very, very pleased" with his 37-year connection as an actor and producer with the company.

Beginning in 2024, Paramount+ will become the sole home for all of the company's theatrical films once they have been released in theatres.

In a statement to workers, Bakish and Chair Shari Redstone stated that the new Paramount moniker "will assist advance our goal of utilising all of our power and breadth in establishing the enterprises of future."

The corporation also profited from the return of live sports and an increase in affiliate income at its cable networks, which refers to payments earned from cable and satellite providers, as well as online distributors.

According to Refinitiv IBES data, revenue increased 16 per cent to $8 billion in the three months ended Dec. 31, compared to analysts' projections of $7.51 billion.

Operating income increased to $2.66 billion from $1.08 billion the previous year.

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