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.
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