Paramount’s new rebrand is in the works after CEO Bob Bakish announced that the company is merging Showtime and Paramount+. As part of the merger, Paramount+ will be renamed Paramount+With Showtime, which will be overseen by Tom Ryan. Meanwhile, Chris McCarthy will continue to oversee network operations for Showtime, a move Bakish says will create opportunities for the company and consumers.
In a note to employees, Bakish said the changes “will unlock operational efficiencies and financial benefits” for Paramount. The note shared by Hollywood ReporterIt did not confirm whether the merger would lead to layoffs or whether there would be a price change for subscribers, saying only that there would be updates in the coming weeks.
Bakish In the memo he wrote, “While we are confident this is the right move for our company, our consumers and our partners, we know this change brings uncertainty to the teams working on these brands and businesses.” He added, “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.”
The news comes a year after Paramount created a discount bundle offer for customers to subscribe to both Showtime and Paramount+ while keeping both the channel and the app separate. Paramount+ currently starts at $4.99 per month, Showtime’s streaming service is $10.99 per month, and subscribers who combine the two pay $11.99 per month.
Paramount says the impending change will result in cuts to TV shows on both platforms that McCarthy says bring in less than 10% of viewership. The company revealed the first three canceled shows, which include dramas Let the right oneAnd american gigolo, and an adaptation of Three Women starring Shailene Woodley.
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It is said that other offers Under consideration for the chopping block include Yellow jackets, Billions, Dexter, and The Chi. McCarthy said that Paramount has “already begun conversations with our production partners about what content makes sense moving forward and which shows have a franchise”.
The merger comes as streaming services have taken the lead and boosted subscribers In an increasingly saturated streaming scene. Disney was one of the first companies to offer the option to stream the package, which was integrated Disney +and Hulu and ESPN+, while Netflix offered a cheaper version, Ad supported option last year.
Although the competition is fierce there and reports that some shows have already been cut, McCarthy said in the memo that by merging Showtime and Paramount+, the company will be able to reach a larger global audience and will provide more content to consumers.
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