Paramount+ and Showtime To Merge Services
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FEBRUARY 3, 2023 - Paramount is planning a huge change to its streaming services. The news has come out that it will be merging Paramount+ and Showtime. With the coming changes, executives warned that layoffs are likely to happen as well as changes to programming to follow in the coming weeks.
Paramount CEO Bob Bakish announced the move in a memo to staff Monday afternoon, confirming rumors that have been spreading among the staff for quite a while. The currently two separate platforms, the Showtime linear pay-TV channel and the premium tier of Paramount+ will be rebranded as Paramount+ With Showtime. Chris McCarthy will lead the Showtime studio and linear channel, while Tom Ryan will oversee the streaming business. The Showtime-Paramount+ Merger: is projected to result in a $300M-Plus in Cost Savings.
Bakish added that the changes will also “unlock operational efficiencies and financial benefits” for the company. He went on to say: “While we are confident this is the right move for our company, our consumers, and our partners, we know this change brings uncertainty for the teams working on these brands and businesses. We are committed to being as transparent and thoughtful as possible throughout this process, and we expect to share additional details in the coming weeks.”
Reading between the lines, there will be cuts in connection with the merge, with details still TBD. Other changes, like the pricing and plan for merging accounts for people with both Showtime and Paramount+, will also come in the next few weeks.
In his own memo, McCarthy said that the company plans to lean into shows that are tightly associated with Showtime’s “brand strengths and content filters,” calling out programs like Yellowjackets, Billions, Dexter, and The Chi. Doing so by diverting investment away from areas that are underperforming and that account for less than 10% of our views,” McCarthy wrote. “We have already begun conversations with our production partners about what content makes sense moving forward and which shows have franchise potential.”
Already announced, the first three shows to face the ax are the scripted dramas Let the Right One In and American Gigolo getting canceled and the Shailene Woodley-led adaptation of Three Women, no longer moving forward, has already completed production, is being shopped to other outlets.
The shift in business strategy comes as Paramount seeks to create a stronger hand in streaming as it tries to compete with the likes of Netflix, Disney+, and Warner Bros. Discovery.
For more details as well as memos sent out to the staff, head over to HollywoodReporter.com
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