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Streaming: Showtime set to be integrated into Paramount+ platform

Yahoo Finance entertainment reporter Allie Canal reports Paramount+ and Showtime's streaming service are set to be combined into one platform.

Video transcript

- All right. Showtime will be officially integrated into Paramount+. Allie Canal here with those details. Allie, what are we learning?

ALLIE CANAL: Yeah, this is breaking news. Showtime set to merge with Paramount+. And this comes as Paramount Global is, really, looking to have greater integration between linear television and streaming, especially as a looming recession is on the horizon-- a lot of media execs concerned about that, in addition to a very crowded streaming landscape.

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And according to an internal memo obtained by Yahoo Finance, Paramount CEO Bob Bakish wrote to staff members, quote, "This new, combined offering demonstrates how we can leverage our entire collection of content to drive deeper connections with consumers and greater value for our distribution partners." So there seems to be an emphasis here on rebuilding the Showtime brand, utilizing those resources to really drive content, to really create some franchise-type of content.

So that's going to be a big focus. And they're diverting investments away from areas that are underperforming, as well. So we could see some changes to potential shows. But overall, this enhanced product-- the name change, which is going to be known as Showtime with Paramount-- that's going to launch later this year. And it's going to only involve the premium tier of Paramount+ and the Showtime linear network in the US.

So look out for that later this year. But yet another move in the streaming wars.

- And the media stocks continue to perform this year, with Paramount, surprisingly, is up 32%. And Warner Brothers Discovery has had a terrific start to the year. It's been a very surprising turn of abound for the sector shot.

- It certainly has. We'll see whether or not that momentum sticks here. And, Allie, we want to shift gears just a bit. We've been talking a lot about "Avatar-- The Way of Water" over the last several weeks, hanging onto the top of the box office for another weekend.

ALLIE CANAL: Seven weekends in a row this film was number one, just continuing to rack up those box office dollars, crossing the $2 billion mark globally. And this pushes the film into the top five highest-grossing films of all time. In that number one spot, you have the OG "Avatar," which secured $2.92 billion. That's followed by "Avengers-- Endgame," "Titanic," then "The Way of Water" in that number four spot, beating out "Star Wars-- The Force Awakens."

So this has just been a phenomenal run for this movie. And the box office, in general, has been pretty slow so far. With the exception of "M3GAN's" success, we haven't really had a lot of new films in 2023 drum up that buzz. So if you're the box office, you're definitely happy that "The Way of Water" is continuing to add to those gains in 2023 because, so far, we don't have a heck of a lot of programming--

- No.

ALLIE CANAL: --coming down the pipeline.

- It's remarkable, with James Cameron seven straight weeks, number one. Longest run since the first "Avatar."

ALLIE CANAL: That's crazy.

- And the third longest run is "Titanic." I mean, he's got the three longest runs in the history of the box office. Don't ever doubt that man again.

- Don't doubt him. And one heck of a talented individual--

- He is a genius.

- --that is for sure.

ALLIE CANAL: He's doing just fine. Yeah, he's fine.

- And his timing of when to release a film might be as brilliant as his filmmaking.

ALLIE CANAL: And that, too, right? Like, the next big movie is not until President's Day weekend with the "Ant-Man" sequel. So now--

- He knows when to put it--

ALLIE CANAL: --you have an extra, like, month and a half to--

- It'll be at the top of the box office, likely to be, maybe, for--

- Move dumbing.

- --a couple more weeks.

ALLIE CANAL: Exactly.

- All right. Allie Canal, thank you.