“We’re working closely with both teams to ensure a smooth transition,” he said.
Paramount Global is looking to expand its streaming and cable TV business with the integration of Showtime's TV network and streaming service into Paramount+. The move will result in a rebranding of Showtime as Paramount+ with Showtime, with pricing and other details to be announced in the coming weeks. It is expected the combined streaming platform will start at $4.99 a month, with a bundled offering at $11.99 a month. According to a report, Paramount+ had 46 million customers in November. The move is part of a larger effort by media companies to make their streaming businesses profitable, as competition has increased following a pandemic-fueled streaming boom.
The restructuring of Showtime also includes executive David Nevins departing, and Chris McCarthy and Tom Ryan taking over. McCarthy will remain in charge of Paramount's cable-TV networks and Ryan will maintain his position with the streaming segment. Paramount CEO Bob Bakish acknowledged the integration brings uncertainty to the teams working on each brand, but assured that “we’re working closely with both teams to ensure a smooth transition.”