Paramount Global is set to merge its streaming platform, Paramount+, with Showtime in the US next month. The merger will create a deep library of streaming content and attract a higher subscription fee for end users. The combined resources of both companies will also see the discontinuation of the standalone Showtime app and the rebranding of the premium Showtime cable network by the end of 2023. Paramount seeks to use the merger to cut down costs on content spending and hit profitability following underwhelming Q1 2023 performance.