Paramount Global raises prices for its streaming offerings – 06/24/2024 at 9:12 p.m.

Paramount Global raises prices for its streaming offerings – 06/24/2024 at 9:12 p.m.
Paramount Global raises prices for its streaming offerings – 06/24/2024 at 9:12 p.m.

((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))

Paramount Global PARA.O is raising subscription prices for its flagship streaming services, the media giant said Monday, as it seeks to rebalance its business and pay down debt.

The pricing review comes as negotiations between non-executive chairman Shari Redstone and David Ellison-owned Skydance Media over a potential sale of Redstone’s majority stake in Paramount Global to the independent studio broke down, according to sources .

Paramount+ with Showtime will cost $12.99 per month, with an increase of $1, starting August 20 for new users and September 20 for existing customers.

Paramount+ Essential subscription pricing will increase by $2, to $7.99 per month for new subscribers, starting August 20. However, current users of this plan will continue to pay $5.99 per month.

The subscription price for the limited commercial option of Paramount+ will increase by $1, to $7.99 for current customers starting September 20.

Paramount’s co-CEOs told employees in early June that the company would focus on transforming its streaming business, cutting costs and divesting some assets to help pay off its debts, according to an email seen by Reuters.

The withdrawal of advertisers and the cutting of the umbilical cord have damaged Paramount’s traditional television business, which represents more than half of its turnover.

Its streaming service, smaller than that of its rivals, has more than 71 million subscribers, compared to 269.60 million for Netflix NFLX.O .

Comcast’s Peacock streaming service CMCSA.O also announced a pricing review in April for its premium and premium-plus plans.

Warner Bros. Discovery WBD.O is also looking to raise prices for its Max streaming platform, Bloomberg News reported in May.

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