UPDATE 1-Paramount to integrate Showtime with Paramount+

(Adds details about Showtime integration)

By Helen Coster

Jan 30 (Reuters) - Paramount Global on Monday said it would integrate Showtime with Paramount+ across both streaming and linear platforms later this year, rebranding the premium tier of its streaming service to “Paramount+ With Showtime.”

Later this year, the Showtime streaming service - now available for $10.99 per month - will no longer be available, and instead will be combined into the Paramount+ streaming service.

Paramount Global, like other media companies, is prioritizing its streaming services while also distributing content through pay-TV cable providers.

Paramount Global has relied on Showtime as an edgier complement to the general market Paramount+ brand. Popular Showtime series include “Billions,” “Yellowjackets” and “Dexter.”

In a memo to staff Monday, Chris McCarthy, Paramount Global president of entertainment and youth brands, said that the company will divert investment away from areas that account for less than 10% of views, and focus on shows that have franchise potential.

Paramount+ streaming services added 4.6 million subscribers in the third quarter ending Sept. 30, compared to the 4.9 million added in the preceding quarter. That figure includes subscribers to BET+ and the Noggin children’s app, in addition to Paramount+ and Showtime. (Reporting by Helen Coster in New York and Chavi Mehta in Bengaluru; Editing by Anil D'Silva and Aurora Ellis)