Paramount (PARA) is merging its Paramount+ and Showtime streaming services into one offering — dubbed "Paramount+ with Showtime" — as the company eyes a greater integration between linear television and streaming in an increasingly crowded landscape.
In an internal memo obtained by Yahoo Finance, and first reported by Variety, Paramount CEO Bob Bakish wrote to employees:
This new combined offering demonstrates how we can leverage our entire collection of content to drive deeper connections with consumers and greater value for our distribution partners.
This change will also drive stronger alignment across our domestic and international Paramount+ offerings, as international Paramount+ already includes Showtime content. And, very importantly, this integration will unlock operational efficiencies and financial benefits across our broader portfolio.
The new offering and name change will launch later this year and only involve the premium tier of Paramount+ and the SHOWTIME linear network in the U.S.
Bakish's memo did not outline any new pricing structures for the offering, but said additional details will be shared in the coming weeks. Paramount is expected to report quarterly results on Feb. 16.
Chris McCarthy, who serves as president and CEO of Showtime and Paramount Media Networks, explained in a separate staff memo the rebrand will allow Showtime to utilize more resources in order to build out the brand.
"To do this, we will divert investment away from areas that are underperforming and that account for less than 10% of our views," he added. "We have already begun conversations with our production partners about what content makes sense moving forward and which shows have franchise potential.”
Paramount stock was little changed in after-hours trading on Monday following the news.
Alexandra is a Senior Entertainment and Media Reporter at Yahoo Finance. Follow her on Twitter @alliecanal8193 and email her at alexandra.canal@yahoofinance.com
Click here for the latest trending stock tickers of the Yahoo Finance platform
Click here for the latest stock market news and in-depth analysis, including events that move stocks
Read the latest financial and business news from Yahoo Finance
Download the Yahoo Finance app for Apple or Android
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
Related Quotes
Alphyn Capital Management, an investment management firm, released its fourth-quarter 2022 investor letter. The same can be downloaded here. The fund returned 20.4% in the fourth quarter compared to a 7.6% return for the S&P500 Index. For 2022, the fund returned -20.8% compared to the -18.1% return for the S&P 500 Index. The top 10 positions […]
Shares of Roku (NASDAQ: ROKU) are running 4.5% higher Tuesday morning at 10:29 a.m. ET after the streaming video platform came to an agreement with Warner Bros. Discovery (NASDAQ: WBD) to bring the studio's branded free, ad-supported TV (FAST) channels to the Roku Channel. Additionally, Roku and Warner Bros. have agreed to license some 2,000 hours of the studio's on-demand library programming, including hundreds of TV series and movies from HBO, HBO Max, Discovery Channel, HGTV, and Food Network.
The best recent horror movies you may not have heard of.
OpenAI, the creator of the popular chatbot ChatGTP, has released a software tool to identify text generated by artificial intelligence, the company said in a blog post on Wednesday. ChatGPT is a free program that generates textin response to a prompt, including articles, essays, jokes and even poetry, which has gained wide popularity since its debut in November, while raising concerns about copyright and plagiarism. The AI classifier, a language model trained on the dataset of pairs of human-written and AI-written text on the same topic, aims to distinguish text that is written by AI.
ElevenLabs' AI speech synthetizer is being used to generate clips featuring voices that sound like celebrities reading or saying something questionable.
"It was a beautiful film that tackled so many aspects — identity, culture, race, and yes relationships."
OpenAI’s use and content policies specifically warn against deceptive practices. But it’s humans we’re talking about.
Bryan Cranston returns for a second season of the crime drama, while Orphan: First Kill delivers a prequel to the noughties cult horror.
Although they lost their jobs and ruined their reputations, at least they have each other, right? Amy Robach was spotted with TJ Holmes outside of a restaurant the same day they were let go by ABC. The photos, which featured the pair kissing, holding hands and Robach jumping on Holmes, were published exclusively by Page Six.
The 34-year-old automotive personality talks about the deal with the Chernin Group to redline growth of his online marketplace.
Whether you’re a fan of horror, anime or the many varieties of British accent, we’ve found a streaming service tailored for your preferences.
“Why don’t people think writers should be paid just like any other profession?”
Neither CBS Sports nor Tony Romo has commented on the social media fervor as of Tuesday morning.
The family of actor Cindy Williams confirmed her death at the age of 75 on Jan. 30.
Meta, the parent company of Facebook and Instagram, had one of its toughest years in 2022. It's facing fierce competition and a hit to its advertising business. But artificial intelligence that processes the company’s data to better pinpoint user interest could be about to turn that around. WSJ social-media reporter Salvador Rodriguez joins host Zoe Thomas to explain.
Remember when Richard Linklater took 12 whole years to film Boyhood so we could watch the actors age in real time? Turns out he could have just waited another nine and saved himself all that effort.
Sacha Baron Cohen previously claimed her role ended their marriage
The crooner gave such a stunning performance that Cowell said he should have won 'Britain's Got Talent' … and even evoked the name of a certain 'BGT' sensation.
For country music icon Shania Twain, posing nude for the first time was an act of courage.
Get ready for new seasons of 'You,' 'Outer Banks,' 'Drive to Survive' and much more
Paramount merging Paramount+ and Showtime to 'unlock operational efficiencies' – Yahoo Finance
