In an effort to create a more integrated business model combining linear television and streaming to more effectively compete in the crowded streaming sector, Paramount (PARA) has announced it will be combining its Paramount+ and its Showtime streaming services into one package called “Paramount+ with Showtime.”

First reported by Variety, an internal company memo announced the changes, with Paramount CEO Bob Bakish saying:

This new combined offering demonstrates how we can leverage our entire collection of content to drive deeper connections with consumers and greater value for our distribution partners.

This change will also drive stronger alignment across our domestic and international Paramount+ offerings, as international Paramount+ already includes Showtime content. And, very importantly, this integration will unlock operational efficiencies and financial benefits across our broader portfolio.

The new combined package will launch later in 2023 and will only include the premium tier of the US linear network of Paramount+ and SHOWTIME,

Bakish did not reveal anything regarding the new pricing structures for the new combined offering, however he noted there would be more details forthcoming in the coming weeks.

Paramount’s quarterly report will come out on Feb 16th.

Chris McCarthy, the president and CEO of Showtime and Paramount Media Networks issued a separate staff memo in which he said the rebrand is designed to provide more resources to Showtime to build out the brand.

He went on, “To do this, we will divert investment away from areas that are underperforming and that account for less than 10% of our views. We have already begun conversations with our production partners about what content makes sense moving forward and which shows have franchise potential.”

The news did not appear to affect trading on Monday after it was revealed.