As if there weren't enough streaming platforms to choose from, Paramount+ and Showtime are giving customers another option to consider.
The two entities are merging to form Paramount+ with Showtime, a move that will integrate all of the premium cable network's content into a premium streaming tier on Paramount+. With more households cutting their cable cords, integrating content onto a streaming platform will allow more eyes on Showtime's content, Bob Bakish, Paramount CEO, said in a statement.
"Now, with SHOWTIME's content integrated into our flagship streaming service, and select Paramount+ originals joining the linear offering, Paramount+ will become the definitive multi-platform brand in the streaming space -– and the first of its kind to integrate streaming and linear content in this way," he said.
Chris McCarthy, president and CEO of Paramount Media Networks and Showtime, said that investments will be diverted away from unsuccessful projects to clear a path for the cable network's hit shows to reach a global audience.
"As a part of Paramount+, we can put more resources into building out the lanes that have made the SHOWTIME brand more famous, as well as turning our hit shows into global hit franchises," he said.
More information on the merger is expected to be revealed in the coming weeks. Paramount Global, parent company of Paramount+, is set to report earnings on February 16.
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
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