Paramount announces streaming brand integration and will start layoffs

According to news in the morning of January 31, Beijing time, Paramount, an American film production and distribution company, will rename its Showtime cable television network and merge its streaming service into Paramount+ later this year.

On traditional televisions, Showtime will now use the latest name "Paramount+with Showtime", while the paid value-added services of Paramount+ streaming services will also use the same brand name.

Paramount executives also revealed that the company will lay off staff and adjust the show as part of the brand shake-up. Paramount CEO Bob Bajinshi (Bob Bakish) said the integration would "unleash operational efficiency and financial benefits in the broader product portfolio. We believe this is good for the company, consumers and partners, but it is also clear that this change will create uncertainty for the teams involved in these brands and businesses."

Chris McCarthy, head of Showtime, said in a separate statement that the company planned to reduce investment in content with less than 10 per cent viewing rates. At the same time, Showtime will shift its focus to programs with "franchise potential". The company has begun to communicate with production partners to finally determine which type of content makes the most sense.

The merger of Paramount + and Showtime brands has long been rumored at a time when media giants are merging services to increase their streaming business while cutting content costs. Later this year, Warner Bros. Discovery Channel will merge the company's HBO Max and Discovery + services.