Paramount Plans To Merge Paramount+ And Showtime App, Increase Price: Report - Paramount Global (NASDAQ:PARA)

Yesterday, Paramount Global PARA reportedly stated its flagship streaming service Paramount+ is uniting with its Showtime app in the U.S. on June 27.
As announced earlier this year, the Paramount+ with Showtime premium content will now be available at an increased price of $11.99 vs. $9.99 earlier, and the Paramount+ without Showtime option will be available for $5.99 (up $1 vs. earlier), as per CNBC.
Also, the company plans to sunset the standalone Showtime app and rebrand the premium Showtime cable-TV network by the end of end-2023.
The merged streamer, which will comprise popular franchises such as "Yellowstone” and “Criminal Minds,” aims to reduce content spending and leverage profit.
Earlier this month, Paramount Global reported a first-quarter FY23 revenue decline of 1% year-on-year to $7.265 billion, missing the consensus of $7.420 billion. The adjusted EPS of $0.09 was also below the consensus of $0.17.
Related: Paramount Plunged After Earnings, But Analysts Find Dividend Cut Apt To Preserve Cash Flows
Price Action: PARA shares are trading higher by 1.33% at $15.19 premarket on the last check Tuesday.