The premium cable network Showtime will no longer stand on its own. Paramount Global revealed today that Showtime will be integrated with the streaming platform Paramount+ across both linear and streaming. As a result, the cable channel will be rebranded as Paramount+ with Showtime and the network's content will finally move into the streaming space through Paramount+. Once everything is finalized, customers will be able to access the cable network's catalog as part of the streamer's premium tier offerings. All changes are expected to be finalized later this year and will only affect the U.S.
Paramount has been taking steps toward integrating Showtime for some time now. Last year, they already brought Paramount+ and Showtime under one umbrella with a subscription bundle that greatly simplified the process of accessing each brand's catalogs. Integration of Showtime was done in order to ensure the most certainty for the economic future of the company. For Showtime, it's the second major shake-up in recent memory as they also parted ways with longtime CEO David Nevins last year.
Paramount Global head Bob Bakish hailed the move as a crucial economic move for the company as a whole, telling staff in a memo Monday:
"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."
President and CEO of Showtime and Paramount's Media Networks Chris McCarthy touted the move in his own memo as important for the future growth of Showtime and for sending content creation in the company's desired direction. He added:
"As a part of Paramount+, we can put more resources into building out the lanes that have made the SHOWTIME brand famous, as well as turning our hit shows into global hit franchises. To do this, we will divert investment away from areas that are underperforming and that account for less than 10% of our views. We have already begun conversations with our production partners about what content makes sense moving forward and which shows have franchise potential."
Showtime's Integration Won't Come Without Casualties
As indicated in McCarthy's statement, this Paramount+ with Showtime omelet won't be made without cracking a few eggs. Showtime has already scrapped a few series that were not seen as viable for the network going forward and were deemed as necessary cuts as Paramount Global aims to create cost synergies and improve overall efficiency within the operation. Deadline reported that the freshman series American Gigolo and Let the Right One In were among the shows canceled while an already-complete series that had yet to be released, the Shailene Woodley, Betty Gilpin, DeWanda Wise, and Gabrielle Creevy-led Three Women, will be shopped around for a new home.
Bakish also indicated that layoffs are a likely side effect of the integration. "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," he continued in his memo. "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." McCarthy will remain at the helm for Showtime, managing the studio and operating the linear network while working with Tom Ryan who will now handle the streaming side of Paramount+ with Showtime. McCarthy will apprise all employees of the changes going forward in a town hall on February 23.
Stay tuned here at Collider for more information from the Paramount+ with Showtime rebranding plays out.