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The network is expected to unveil the service in late February, according to the Hollywood Reporter.
The service would have brands like Comedy Central, Paramount Network, BET, MTV and CBS News, among other offerings.
CBS All Access was launched in 2014 and has been led by original programming from the "Star Trek" franchise as well as scripted dramas like "The Good Fight" and a reboot of "The Twilight Zone."
The new streaming product is expected to include news and sports along with scripted and unscripted content.
CBS All Access and Showtime together boast about 10 million subscribers, with CBS All Access is priced at $6 and Showtime at $11 and have a combined 10 million subscribers.
Viacom's advertising-supported streaming service Pluto TV, which it bought for $340 million in January 2019, has 20 million monthly users.
The streaming landscape has become crowded with the new ViacomCBS service to compete against rivals Netflix, Apple tv+, Amazon Prime, Hulu, Disney+, ESPN+, Starz,and YouTube TV.
Still to launch are WarnerMedia's HBO Max and NBCUniversal's Peacock.