Bob Bakish, President and Chief Executive Officer of ViacomCBS Inc., center left, and Shari Redstone, Chairman of VicaomCBS Inc., applaud during the opening bell in celebration of the company’s merger on Nasdaq MarketSite in New York, United States, Thursday. 5th December 2019.

Michael Nagle | Bloomberg | Getty Images

ViacomCBS announced Tuesday that it will launch its Paramount + streaming service on March 4th.

Paramount + will enter the streaming wars in an increasingly crowded time. Rivals like Disney’s Hulu and Disney +, NBCUniversals Peacock and WarnerMedias HBO Max will join in as traditional media companies embrace streaming.

The company’s shares fell more than 1% in the pre-market.

The company’s current streaming service, CBS All Access, costs $ 5.99 per month with ads and $ 9.99 per month without ads, although all live programming includes ads. Previously, the company’s chief digital officer, Marc DeBevoise, said prices for CNBC won’t change. A spokesperson said we could expect to hear more about pricing on Feb.24.

Paramount + will bring new content as well as the existing offering from CBS All Access with more than 20,000 episodes and films from MTV, Nickelodeon, Comedy Central, BET, Paramount Pictures, CBS, original series and more.

The company announced that Paramount + will debut in Latin America on March 4, the Nordic countries on March 25, and Australia in mid-2021. ViacomCBS is expected to report fourth quarter earnings on February 24th, when an overview of its streaming strategy is expected.

Disclosure: NBCUniversal is the parent company of CNBC.