Paramount Global has held “recent talks” with rival US media giant Comcast about a potential streaming joint venture or partnership that would combine Paramount+ with Peacock in the US, according to the Wall Street Journal.
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| Paramount Global headquarters in New York | Michael M. Santiago/Getty Images |
The move would replicate the two players’ strategy in Europe, where they operate SkyShowtime in more than 20 markets, and comes as Paramount+ and Peacock struggle to challenge the likes of Netflix and Disney+ on their own.
First reported by the Wall Street Journal on Friday (Feb. 16), the talks have been described as “early discussions” by various US media outlets. Paramount Global and NBCUniversal owner Comcast have declined to comment.
Paramount+ features content from Nickelodeon, BET, CBS, Showtime, Comedy Central, MTV, Paramount Pictures and the Smithsonian Channel, with originals including Yellowjackets, Halo, Sexy Beast, and the upcoming reboot of Dora.
Peacock, meanwhile, offers original series, live sports and movies from Universal Pictures, Focus Features, DreamWorks Animation and Illumination, as well as access to shows from NBC and Bravo, such as Saturday Night Live.
The discussions take place as merger and acquisitions rumours swirl around Paramount Global, with owner Shari Redstone, after years of endeavoring to hold on to the company, growing receptive to the idea of selling.
David Ellison’s Skydance has reportedly submitted an all-cash bid to acquire a majority stake in Paramount’s parent company National Amusements, while mega mergers with the likes of Warner Bros Discovery (WBD) and Comcast have also been mooted.
Paramount Global is in the process of making an estimated 800 job cuts across its US and international teams, as well as shuttering its kids’ streaming service Noggin, with CEO Bob Bakish prioritising returning the company to earnings growth in 2024.
Led by chairman and CEO Brian Roberts, Comcast is in the process of selling its 33% stake in US streamer Hulu to The Walt Disney Company (TWDC) for a minimum of US$8.6bn as the domestic streaming sector consolidates amid Netflix’s domination of the market.
TWDC, WBD and Fox recently announced a partnership to launch a sports-focused streaming service in the US as the traditional players team up to take on Netflix.
Paramount+ and Peacock were among the major US streamers to reduce their output last year, with Ampere Analysis revealing at the beginning of this year that SVoD commissions are in “terminal decline.”
Ampere Analysis has also predicted that Paramount Global and NBCUniversal will be among the US studios to achieve profitability by the first quarter of 2025.
Stream a Mountain of Entertainment, including your Nickelodeon favorites on Paramount+! Try it FREE at ParamountPlus.com!
Originally published: February 22, 2024.
Original source: C21 Media.
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