Bob Bakish Cynthia Littleton Naveen Chopra CEO Platform and Company Bob Bakish Cynthia Littleton Naveen Chopra

Paramount+ Price to Increase as Losses Peak and Company Sets $1 Billion-Plus Write-Down on Showtime Integration

Reading now: 922
variety.com

Cynthia Littleton Business Editor Paramount Global is preparing to hike the monthly price of Paramount+ later this year, and the company disclosed its intent to take as much as a $1.5 billion write-down from the integration of Showtime with the streaming platform.

Paramount Global chief financial officer Naveen Chopra unveiled the pricing plan details and plans for a $1.3 billion-$1.5 billion impairment charge as Showtime is blended into Paramount+ in the U.S.

Paramount is aiming for $700 million in savings as Showtime and Paramount+ become one. Paramount Global CEO Bob Bakish acknowledged in a conference call with Wall Street analysts on Thursday morning that the company hit big “headwinds” in 2022 and that 2023 will not be a robust year for profits. “We are at peak investment in 2023” in Paramount+, Bakish said.

The monthly price of the premium Paramount+ tier with Showtime will rise to $11.99, from $9.99 at present. The essential tier without Showtime and with advertising will climb to $5.99 from $4.99.

Read more on variety.com
The website starsalert.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA