Paramount+ to Increase Streaming Fees; These are the Costs of the Various Plans

The media behemoth Paramount Global said on Monday that it is increasing the cost of subscriptions for its premier streaming services in an effort to realign its operations and reduce debt.

The price adjustment coincides with reports that merger negotiations between Skydance Media, owned by David Ellison, and Non-Executive Chairwoman Shari Redstone about the possible sale of Redstone's majority interest in Paramount Global to the independent studio had broken down.

The monthly pricing of the Paramount+ with Showtime package will increase by $1 to $12.99 on August 20 for new users and September 20 for current subscribers.

Beginning on August 20, new users will pay $2 more per month for Paramount+ Essential, making it $7.99. Present plan subscribers will still have to pay $5.99 a month, though.

Starting on September 20, existing users will pay $1 more for the restricted Paramount+ commercial option, making it $7.99 per month.

According to an email obtained by Reuters, Paramount co-CEOs informed staff members earlier in June that the firm will concentrate on restructuring its streaming division, cutting expenses, and selling off some assets to help pay off its debts.

Over half of Paramount's revenue comes from its conventional TV business, which has been severely impacted by cord-cutting and advertiser departures.

Compared to Netflix, which has 269.60 million customers, its streaming service, which is smaller than those of its competitors, has over 71 million users.