Paramount+ price bump coming
Paramount+ will be the next subscription service to implement a price increase, with the cost of its standard plan set to rise in Australia.
From late August, pricing for the standard plan will increase by $1 per month, rising from $9.99 to $10.99, or $89.99 to $97.99 per year.
This comes as the streaming service introduces the Basic (with Ads) plan. No other pricing will be impacted.
Parent company Paramount Global held a town hall this week for the company’s 20,000+ employees, where the three co-CEOs confirmed that they have started to “eliminate duplicative job functions”, as part of a push to save A$750 million in costs. It is not known whether the job cuts will impact Australian operations.
The three execs – George Cheeks, president and CEO of CBS; Chris McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon – also confirmed plans to sell off various assets owned by the group, with Cheeks saying they are “looking at selling certain Paramount-owned assets – in fact, we’ve already hired bankers to assist us in this process – and we’ll use the proceeds to help pay down debt and strengthen our balance sheet”.
Assets that may be under the hammer include BET Media, the VidCon trade show, and the Paramount Pictures lot.
Earlier this month, Shari Redstone, Paramount Global’s controlling shareholder, abruptly ended merger talks with Skydance Media, which Robbins addressed.
“We’d like to take a moment to acknowledge the challenges of all the M&A [merger and acquisition] speculation surrounding our company,” he told employees. “We know what a difficult and disruptive period it has been.
“And while we cannot say that the noise will disappear, we are here today to lay out a go-forward plan that can set us up for success no matter what path the company chooses to go down.”
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So 2 of the 3 CEOs will be made redundant then?
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