Paramount streaming service to merge with Showtime June 27

The company said Monday that Paramount Global’s flagship streaming service Paramount+ will merge with its Showtime app in the US on June 27.

With the newly merged streaming will come a price increase, Paramount announced earlier this year. The Paramount + premium tier with Showtime will increase to $11.99 from $9.99, while the Paramount + option without Showtime content will increase by $1 to $5.99.

The integration goes beyond Paramount’s broadcast options. The premium cable TV network, known for series like “Yellowjackets” and “Billions,” will also be rebranded Paramount+ with Showtime, and the company will also shut down its standalone Showtime app by the end of the year.

Once integrated, the Showtime TV network will also feature content from Paramount+, which has produced original series that spun off popular franchises like “Yellowstone” and “Criminal Minds.” Showtime is an additional subscription fee on a pay TV package.

Paramount said it expects peak losses for its fledgling streaming service Paramount+ this year.

The combined platforms will also help reduce content spending, which has been a focus of media companies lately as they look to make live streaming profitable.

Warner Bros. Discovery has reduced costs since the completion of the merger. The company also launched Max on Tuesday, which is a mix of HBO Max and Discovery+. However, Discovery+ will also remain a standalone service.

Disney announced this year that it will cut $5.5 billion in costs, including $3 billion on content. Last week, CEO Bob Iger said Disney would add Hulu content to the Disney+ platform, in a move toward a single app experience for consumers and to make business easier for advertisers. The company will also focus on adding more ad-supported clients, and plans to increase prices for ad-free streaming later this year.