Paramount Global is looking to merge its existing streaming service, Paramount+, with an existing platform.
According to CNBC, Paramount Global is talking with media and tech company executives to find the right deal for merging Paramount+ with another streaming service. This could also include co-ownership of Paramount+.
According to people close to the matter, Warner Bros. Discovery is one of the names that has come to light early on. Combining Paramount+ with Max could benefit both streaming services and help them compete with Netflix and Disney’s bundle of services, which includes Hulu and ESPN. Warner Bros. had already been in talks for a merger between the two companies, but nothing resulted from them.
People close to the discussions say that if the two do end up coming together, ownership would unlikely be a 50/50 split given the existing streaming assets and their finances. At this time, Max has about 100 million global subscribers, with about 52.7 million of them here in the U.S., While Paramount+ ended its first quarter with 71 million subscribers.
The hope is that merging with another streaming service will give customers more content to enjoy. Resulting in fewer reasons to cancel their subscriptions each month.
Just about a week ago, at Paramount Global’s employee town hall meeting, Chris McCarthy, one of the company’s three co-CEOs, said that they feel that their amount of content should attract many streamers to boost their catalogs.
“The great news is there is tremendous interest in partnering with us across both of these strategic options, given the strength of our content, the volume of our hits, and our industry-leading track record.”
Chris McCarthy, Co-CEO Paramount Global – via Variety
NBC Universal also had expressed interest in working with Paramount+ earlier this year. But nothing resulted from the conversations, according to people close to the matter. Discussions also took place between them and Sony Pictures but nothing happened.
CNBC says Warner Bros. Discovery, NBCUniversal, and Paramount Global did not comment on the speculation.
Source: CNBC
