After conducting changes with the company with warned layoffs and new programmings, the CEO of the company announced a new move for Paramount. Paramount will merge its own Paramount Plus and Showtime Channel into one.
The Showtime logo is seen during the premiere event for the Shotwime comedy series "I Love That For You" at the Pacific Design Center in West Hollywood on April 27, 2022. PATRICK T. FALLON/AFP via Getty Images
(Photo : PATRICK T. FALLON/AFP via Getty Images) The Showtime logo is seen during the premiere event for the Shotwime comedy series "I Love That For You" at the Pacific Design Center in West Hollywood on April 27, 2022.
Paramount+ with Showtime
Paramount Chief Executive Officer Bob Bakish announced through an internal memorandum to the company's staff confirming the merging of both of its platforms, Showtime and Paramount+. Variety reported that both streaming services will now be called "Paramount + with Showtime."
The company also plans to transition original series from Paramount Plus to the television network such as Halo and 1923. The integration of both platforms was described as the natural next step in the world's evolution.
President and CEO of Showtime and Paramount Media Networks Chris McCarthy will lead the Showtime Studio and linear channel, while Tom Ryan will oversee the streaming business. According to Bakish, these changes will unlock operation efficiencies and financial-related benefits.
Changes
"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," he added.
Because of this, there will be cuts related to the merged platforms that are soon yet to be announced. Paramount+ already offers bundled plans with Showtime, but Spokesperson Karen Shosfy stated that new pricing information will be announced by the company in the next few weeks.
Paramount Chief Financial Officer Naveen Chopra already hinted last November that the company might increase its pricing for Paramount+, as he cites the rise of subscription prices from other streaming services like Hulu, Disney+, and Netflix.
Merging Showtime and Paramount+ may help the company to squeeze subscribers into one. According to The Verge, this will become the definitive multi-platform brand in the streaming space, which makes them the first company to integrate streaming and linear content in this manner.
McCarthy called out series from Showtime, including Yellowjackets, Billions, Dexter, and The Chi, as they plan to lean into shows that are tightly associated with Showtime's brand strengths and content filters.
He added that they will divert financial support away from shows that are underperforming with an account that obtains less than 10% of the company's views.
"We have already begun conversations with our production partners about what content makes sense moving forward and which shows have franchise potential," McCarthy wrote.
Several shows from Showtime were already canceled to move forward at the premium cable network. Based on a report from Hollywood Reporter, this includes shows like Let The Right One In, American Gigolo, and the adaptation of Three Women led by Shailene Woodley despite the production already completed.
