The rebranding will occur early next year in an attempt to attract more subscribers, says parent company ViacomCBS, which owns Paramount Pictures and the CBS television network.
CBS All Access, which launched in October 2014, now offers subscribers access to the new TV shows from the Star Trek series, and episodes and movies from BET, Comedy Central, Nickelodeon, and Paramount Pictures.
Joining The Offer on Paramount+ are four other original titles, including Lioness, a spy drama from Yellowstone creator Taylor Sheridan that "follows a young Marine recruited to befriend the daughter of a terrorist to bring the organization down from within".
It's another "plus" streaming service.
ViacomCBS will also launch Paramount+ in worldwide markets, starting with Australia, Latin America and the Nordics in 2021.
Domenic DiMeglio, EVP, head of operations and chief marketing officer for ViacomCBS Digital, said: "No other pure-play SVOD service offers championship-level live sports from the NFL to SEC football, to UEFA Champions League, March Madness, and the Masters". Now that CBS has merged with Viacom (after splitting in 2005), the combined media conglomerate is preparing to re-launch CBS All Access with more content and a new name. The expansion will bring the total amount of content up from approximately 20,000 episodes of shows to more than 30,000.
"With Paramount+, we're excited to establish one global streaming brand in the broad-pay segment that will draw on the sheer breadth and depth of the ViacomCBS portfolio to offer an extraordinary collection of content for everyone to enjoy", said president and CEO Bob Bakish.
It's official, CBS All Access is changing its name to Paramount+ next year. It's unclear, however, if the name "Paramount" will resonate with prized younger viewers as much as the company hopes, or if this general trend toward adding a "plus" sign is helping these services truly carve out their own space.
ViacomCBS did not reveal any new pricing for the newly-named Paramount+, though executives had previously told TheWrap they were not planning on changing the price. CBS All Access and the Showtime streaming service have about 13.5 million subscribers and are on track to hit 16 million by the end of the year.
CBS All Access is trading in CBS for Paramount.