As European streaming competition intensifies, Comcast (CMCSA.US) and Paramount (PSKY.US) are planning to shut down the joint venture platform SkyShowtime

The Zhitong Finance App learned that NBC Global and Paramount (PSKY.US), a subsidiary of Comcast (CMCSA.US), are considering gradually shutting down SkyShowTime, a joint venture streaming platform between the two parties, which provides series and movie streaming services in the European market.

According to a letter, SkyShowtime's board of directors wrote to CEO Monty Sarhan on Monday, mentioning that in a competitive and challenging market environment, the board is evaluating strategic options for the business — including shutting down the platform.

“In the meantime, we ask the team to continue to focus on providing the audience with the high quality services and program content you have delivered so well over the years, and maintain the momentum of business operations until 2027,” the board of directors wrote in the letter.

Sarhan shared the board letter with employees along with his own memorandum. He wrote, “I know this news will bring uncertainty. As we work out the next steps, my top priority for the leadership team is to be with everyone and support every colleague.”

According to information, SkyShowtime has been online for nearly four years, covering the markets of 22 smaller European countries, including Spain, Portugal, Denmark, and Sweden. According to Sahan's memo, the platform has “millions of subscribers,” and the film source includes episodes and movies from Comcast's Universal Pictures and DreamWorks film studios, as well as Paramount's Showtime and Nickelodeon brands. The platform also shares content with streaming platforms Peacock and Paramount+. American dramas such as the Western-themed drama “Yellowstone” produced by Paramount have received widespread attention overseas through the SkyShowtime platform.

Comcast and Paramount themselves are also undergoing major business adjustments. Comcast plans to split NBC and its European media business Sky into an independent public company, while Paramount is trying to complete the merger with Warner Bros. Discovery (WBD.US, which owns HBO Max), even though 12 state attorneys general have filed antitrust lawsuits.