The long-anticipated merger of Paramount Global's two big streaming brands will be called “Paramount+ with Showtime” to be launched later this year -- both for its streaming and linear TV networks.
The combination -- in the U.S. -- will be the streaming “premium” ad-free option for Paramount, and will sit alongside its current “essential” ad-supported option called “Paramount+”.
“Paramount+ with Showtime” will also be the new name for the company’s current linear TV branded Showtime networks.
In a memo to staff, Bob Bakish, president and chief executive officer of Paramount Global, announced the news.
Monthly price and launch date details were not disclosed.
The U.S. offering will more closely look like what is available on Paramount international offerings which includes Showtime program content.
The current Paramount+ “premium” ad-free streaming plan costs $9.99/month. Its ad-supported “essential” option is $4.99/month.
Paramount+, as of the third quarter of 2022, had 46 million global subscribers. It has targeted a goal to get to 88 million in 2027.
A year ago, the ViacomCBS corporate name was rebranded as Paramount Global.
In the memo, Bakish said:“Chris McCarthy [president/CEO of media networks at Paramount Global] will continue to lead the Showtime studio and oversee network operations for the linear channel.”
He added: “In tandem, he will work closely with Tom Ryan [president/CEO of streaming Paramount Global] who will oversee the “Paramount+ with Showtime” streaming business.”