Showtime to combine with Paramount+, rebrand with new name
In this photo illustration the Paramount+ (Paramount Plus) logo seen displayed on a smartphone against its website in the background.
Pavlo Gonchar | SOPA Pictures | light flare | Getty Images
World Paramount joins its streaming and cable television business by combining its Showtime TV network and its streaming service, Paramount+.
The company said Monday that it plans to fully integrate Showtime’s streaming service into Paramount+, its marquee standalone streaming platform and response to the streaming wars.
But the union does not stop there. As part of the integration, the premium cable television network, known for shows such as “Yellowjackets,” “Billions” and “Dexter,” will be rebranded as Paramount+ along with Showtime. The TV channel will also feature content from Paramount+, which has produced original series from the popular “Yellowstone” and “Criminal Minds” franchises. People can subscribe to Showtime for an additional charge on their pay TV package,
Pricing for the combined streaming platform and other details will be announced in the coming weeks, a Paramount spokesperson said Monday. Paramount+ starts at $4.99 per month and Showtime’s streaming service costs $10.99 per month. A bundle of the two already exists, starting at $11.99 per month.
In November, Paramount announced that Paramount+ had 46 million customers. The company announces its fourth quarter results on February 16.
The move comes as media companies scramble to make their streaming businesses profitable. Competition is at an all-time high after a pandemic-fueled streaming boom slowed subscriber additions. Stock prices have suffered, in part, because of this, and these companies have experimented to grow their streaming businesses.
Last year netflix introduced a cheaper, ad-supported tier. While disney was early to bundle its streaming options — Disney+, Hulu and ESPN+ — it also launched an ad-supported option and raised prices last year. Discovery of Warner Bros. pulled content for its HBO Max as it seeks to cut costs, and also plans to launch a combined HBO Max and Discovery streaming app in the spring.
“This new combined offering shows how we can leverage our entire collection of content to deepen relationships with consumers and deliver greater value to our channel partners,” Paramount CEO Bob Bakish said Monday. , in a memo to employees.
During the fall, Paramount restructured its Showtime business. Executive David Nevins, who had led the network since 2016, left and Chris McCarthy and Tom Ryan took over. McCarthy also manages Paramount’s cable television networks like MTV and Comedy Central. Ryan leads Paramount’s streaming segment.
While McCarthy and Ryan will remain in place, Bakish acknowledged that the integration “brings uncertainty to the teams” working on each brand.
–CNBC Stephane Desaulniers contributed to this report.
Showtime to combine with Paramount+, rebrand with new name
