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ViacomCBS (VIAC) Reorganizes Businesses to Focus on Streaming

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ViacomCBS (VIAC - Free Report) recently announced a broad structural reorganization of its streaming businesses in a bid to ramp up and streamline content offering across genres and markets.

Tanya Giles has been appointed as the Chief Programming Officer, Streaming to plot content strategy for Paramount+ and Pluto TV. Giles will be responsible for supervising and executing a comprehensive strategy for content offering across Paramount+ and Pluto TV with an aim to maximize diverse content mix and drive audience growth and engagement.

The structural reorganization has led to expanded responsibilities for other executives as well. George Cheeks, president and CEO at CBS, will also serve as Chief Content officer, News & Sports, Paramount+. Jim Gianopulos, chairman and executive officer, Paramount Pictures will also serve as Chief Content Officer, Movies, Paramount+.

Meanwhile, Bruce Gillmer, president of Music, Music Talent, Programming & Events, will also serve as chief content officer, Music, Paramount+. Chris McCarthy, president, MTV Entertainment Group, will also serve as chief content officer, Unscripted Entertainment and Adult Animation, Paramount+ to expand adult animation content for Paramount+.

Strong Streaming Content Lineup to Aid Growth

Paramount+ features massive catalogue of episodes, movies and live sporting events. Moreover, Viacom CBS continues to build upon its streaming service portfolio.

Earlier this month, Paramount+ expanded its content offering with more than 1,000 premium movies. The movie collection includes action and adventure films such as Terminator: Dark Fate, Mission: Impossible- Ghost Protocol, Skyfall and kids favorites like The Addams Family, Dora and the Lost City of Gold and horror flicks such as The Prodigy among others.

Also, ViacomCBS Sports acquired rights to Asian Football Confederation (AFC) competitions. Per the agreement, Paramount+ will serve as the U.S. home of AFC’s competitions such as the AFC Asian Qualifiers – Road to Qatar Final Round, AFC Champions League, AFC Women’s Asian Cup 2022 and AFC Asian Cup China 2023.

Pluto TV has a global audience of around 50 million Monthly Active Users (MAUs) with an addition of 6 million MAUs in first-quarter fiscal 2021. Additionally, in April, Pluto TV unveiled a new expanded category for its Spanish audience by introducing series such as CSI: Miami, Star Trek: The Next Generation, Baywatch, Narcos,America’s Next Top Model and others on its platform.

Moreover, global subscribers reached 36 million and global streaming revenue growth increased 65% yearoveryear in first-quarter fiscal 2021.

ViacomCBS faces stiff competition from the likes of Netflix (NFLX - Free Report) , Walt Disney’s (DIS - Free Report) Disney+ and Apple’s (AAPL - Free Report) Apple TV+ in the streaming space. The company has a Zacks #4 Rank (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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