Streaming platforms Paramount+ and Showtime are merging to rebrand as Paramount+ with Showtime, a linear-pay television channel and streaming business run by Chris McCarthy and Tom Ryan, respectively.
In the statement, Bakish said that although the merger will “unlock operational efficiencies and financial benefits” for the company, changes in programming and company layoffs are likely to follow.
“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,” he said.
In a separate memo, McCarthy said that the company plans to lean into better-performing shows as they are Showtime’s “brand strengths and content filters.”
“To do this, we will divert investment away from areas that are underperforming and that account for less than 10% of our views,” the Paramount Media Networks CEO wrote. “We have already begun conversations with our production partners about what content makes sense moving forward and which shows have franchise potential.”
Due to this decision, several shows have already been cut off the channel’s slate, including Let the Right One In, American Gigolo, and Three Women, which had just finished wrapping.
The offering Paramount+ “Premium” for $9.99 a month will be replaced by Paramount+ with Showtime for $14.99 later this year.