ViacomCBS is giving its streaming channel CBS All Access a new brand, Paramount+, which will run on the channel's already existing tech platform. The rebrand follows the merger of Viacom and CBS in 2019 in a $30 billion deal that aligned CBS All Access with Viacom's BET+, Showtime, Pluto TV, and Nickelodeon through a deal with Netflix (NFLX  ). Paramount+ will launch in early 2021.

"Paramount is an iconic and storied brand beloved by consumers all over the world, and it is synonymous with quality, integrity and world-class storytelling," said ViacomCBS president and CEO Bob Bakish in a statement. "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."

CBS All Access already has over 20,000 episodes and movies from networks like MTV, VH1, Nickelodeon, Comedy Central, BET, Paramount Pictures, and CBS, including original series. These days, even before officially rebranding CBS All Access as Paramount+, ViacomCBS has been expanding the channel with the intent on eventually housing more than 30,000 movies and show episodes.

New shows on Paramount+ will include "Lioness," "The Offer," "The Real Criminal Minds," SpongeBob SquarePants spinoff "Kamp Koral," a revival of BET's "The Game," and a new version of MTV's "Behind the Music" covering the last 40 years. Paramount+ will also release a new SpongeBob movie exclusive to the streaming service.

CBS All Access, the soon-to-be Paramount+, has several major streaming rivals, including HBO Max of AT&T's WarnerMedia (T  ), Disney's Hulu and Disney+ (DIS  ), and Peacock of Comcast-owned NBCUniversal (CMCSA  ).

However, Bakish isn't deterred by the competition.

"All the data suggests, and we're still relatively early in the streaming world, that overwhelmingly people will subscribe to more than one service," Bakish told CNBC. "It's why differentiation and brand positioning is so important. With Paramount+ we see that in spades."

In addition to its initial launch, Paramount+ will also expand internationally next year, beginning in the Australian, Latin American, and Nordic markets.