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ViacomCBS to launch streaming service Paramount+ on March 4, to compete with Disney+, HBO Max

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Key Points
  • Newly combined ViacomCBS said Tuesday it will launch Paramount+, its streaming service, on March 4.
  • Paramount+ will enter the streaming wars at an increasingly crowded time.
Bob Bakish, president and chief executive officer of ViacomCBS Inc., center left, and Shari Redstone, chair of VicaomCBS Inc., applaud during the opening bell in celebration of the company's merger at the Nasdaq MarketSite in New York, U.S., on Thursday, December 5, 2019.
Michael Nagle | Bloomberg | Getty Images

ViacomCBS said Tuesday it will launch its Paramount+ streaming service on March 4.

Paramount+ will enter the streaming wars at an increasingly crowded time. It will join rivals such as Disney's Hulu and Disney+, NBCUniversal's Peacock, and WarnerMedia's HBO Max as traditional media companies embrace streaming.

The company's stock was down more than 1% in the premarket.

The company's current streaming service, CBS All Access, costs $5.99 per month with advertisements and $9.99 per month without, though all of the live programming includes commercials. Previously, the company's chief digital officer, Marc DeBevoise, told CNBC pricing will not change. A spokesperson said we can expect to hear more on pricing on Feb. 24.

Paramount+ will offer new content, as well as CBS All Access' existing offering of more than 20,000 episodes and movies from MTV, Nickelodeon, Comedy Central, BET, Paramount Pictures, CBS, original series and more.

The company said Paramount+ will debut in Latin America on March 4, the Nordics on March 25 and Australia in mid-2021. ViacomCBS is set to report fourth-quarter earnings Feb. 24, when it is expected to deliver an overview of its streaming strategy.

Disclosure: NBCUniversal is the parent company of CNBC.

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