Shares of the company formerly known as ViacomCBS sank more than 20 percent on Wednesday morning, after reporting earnings on Tuesday that missed Wall Street forecasts.

The media conglomerate announced it will change its name to Paramount, effective Wednesday, and unveiled a broad range of new programming as it tries to gain firmer footing in the crowded - but lucrative - streaming market to compete with rivals like Netflix and Disney+.

Shares of the company that owns CBS, Showtime, Comedy Central, MTV and other networks, began their retreat in after-hours trading on Tuesday, as the company announced the name change during a two-hour presentation to drum up excitement among investors about its streaming strategy.

Paramount forecast it will have 100 million subscribers to its streaming services by 2024, raising an earlier outlook. The company said it currently has 56 million.

To hit that target, the company said spending on new streaming programming will grow to more than $6 billion a year in 2024.

Paramount said it had ordered a second season of the upcoming video game TV adaptation series "Halo," a "Yellowstone" spinoff called "1932," and two animated "South Park" movies every year through 2027. And starting in 2025, all episodes of the cartoon comedy will only be available on Paramount+.

Starting in 2024, Paramount+ will also become the exclusive home for all of the company's theatrical movies after they play in cinemas.

Tom Cruise appeared in Paramount's investor presentation via video, saying he was "very, very proud" of his 37-year relationship with the movie studio. "Top Gun: Maverick" is scheduled to hit movie theaters in May.