CBS Is Planning Improved Streaming Service The new service will expand upon CBS All Access and offer a variety of Viacom networks to its customers.
The service will include live sports and news, similar to NBCUniversal's Peacock.
Last year's merger between CBS and Viacom allows networks such as BET, Comedy Central, MTV, Nickelodeon and Paramount Pictures to join its streaming platform.
CBS All Access currently costs $5.99 per month with ads or $9.99 per month for an ad-free version.
CBS All Access debuted in October 2014, but it never became a popular streaming option like Netflix or Hulu.
The company's streaming services have more than 11 million subscribers in the U.S. between All Access and Showtime.
Hulu has 30 million domestic subscribers, and Netflix has 60 million subscribers in the U.S. Disney Plus, which launched in November, already has 28 million subscribers.