ViacomCBS announced Tuesday that the company will become known as Paramount.

“This is an exciting moment in the history of our company,” president & CEO Bob Bakish and Shari Redstone, non-executive chair of the company’s Board of Directors, said in an internal memo.

READ MORE: Republic Win Over Earthquakes At US Open Cup Match Gives New Hope To MLS Dream

“It has been one year since the spectacular launch of Paramount+ and two years since the successful merger of Viacom and CBS. In that time, we have shown the world what we knew from the start: that together, aligned around a shared vision and shared strategy, we create a whole that is far greater than the sum of its parts.”

They made the announcement at an investor event Tuesday, revealing that “ViacomCBS is becoming Paramount Global, or, more simply, Paramount.

READ MORE: Missing Auburn Man Found Dead Near Gold Country Fairgrounds

“For more than a century, the name Paramount has been synonymous with great entertainment and industry leadership. It’s part of our history, as pioneers of the Golden Age of Hollywood,” Bakish and Redstone said.

“But as Paramount+ has made clear, it’s also about our bright future.”

MORE NEWS: Turlock Man Accused Of Sending And Receiving Child Porn Online

The company’s shares will trade on the Nasdaq stock exchange as PARAA (Class A common), PARA (Class B common) and PARAP (Preferred Stock), beginning with trading on February 17, 2022.