Paramount Global said it will raise prices for streaming content after the company reported results that missed analysts’ expectations on slumping advertising sales.
(Bloomberg) — Paramount Global said it will raise prices for streaming content after the company reported results that missed analysts’ expectations on slumping advertising sales.
Shares fell 4.56% to $23.42 at 9:48 a.m. in New York.
Monthly charges for Paramount+ Premium, which is to include Showtime and Paramount Essential, are to rise in the US and some international markets, said Chief Executive Officer Bob Bakish.
“We are going to be a profitable, scaled player in the streaming game,” Bakish told investors.
Paramount, the owner of CBS and other TV networks, has said that later this year Paramount+ will include Showtime in the US.
Prices will rise $2 for the premium package, to $11.99, after Showtime is included, and $1 for the other tier, to $5.99, the company said.
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