In connection with the changes, executives warned of likely layoffs and changes to programming to follow in the coming weeks.
Paramount CEO Bob Bakish announced the move in a memo to staff Monday afternoon, confirming rumors that have been brewing for some time.
Other changes, like the pricing and plan for merging accounts for people with both Showtime and Paramount+, will also come in the next few weeks.
Another area that will see notable changes is in programming.
In a memo of his own, McCarthy touted the “complementary” audiences of Showtime and Paramount+, while adding that the company plans to lean into shows that tightly associated with Showtime’s “brand strengths and content filters,” calling out programs like Yellowjackets, Billions, Dexter and The Chi.
The shift in business strategy comes as Paramount seeks to create a stronger hand in streaming as it tries to compete with the likes of Netflix, Disney and Warner Bros. Discovery.
