Comcast and Paramount Skydance are launching a “review of strategic options” for their European joint venture streaming service SkyShowtime, The Hollywood Reporter has learned.
While no decisions have been made as of yet, shutting down the business is one of the options on the table.
The board of the JV informed SkyShowtime CEO Monty Sarhan of the strategic review Monday in a letter, which was viewed by THR. Sarhan subsequently shared it with staff at the company.
“SkyShowtime operates in one of the most competitive markets in our industry. Despite the excellent work of the team and the strength of what you and the team have built, the landscape continues to evolve rapidly, and remains highly challenging,” the board’s letter stated. “Against that backdrop, SkyShowtime’s shareholders are commencing a review of strategic options for the business, which includes the possibility of a wind down. No decisions have been made, and all options remain under consideration.”
SkyShowtime combines content from NBCUniversal and Sky Studios as well as Paramount, effectively offering a service with the combined programming might of Peacock and Paramount+ in the U.S.
The service was first announced five years ago, and serves more than 20 different countries in Europe. In his note, Sarhan noted that SkyShowtime currently has “several million subscribers and stand
in scale alongside the most established players in the market.”
However, with a rapidly changing media environment (when the JV was formed, David Ellison had not yet acquired Paramount, and he is currently seeking to acquire Warner Bros. Discovery), and with media giants reexamining their streaming strategies, the experiment may well be nearing its end.
In his note to SkyShowtime employees, Sarhan wrote that: “I know this news creates uncertainty and, as we work through what comes next, my priority and that of the leadership team, is to be there and support all of you. Together, we have created a community and culture with empathy, opportunity, and innovation at its heart. Whatever comes next, we will all continue to be there for one another.”
SkyShowtime’s board, in its letter, noted that the companies are taking their time to figure out what the best path forward will ultimately be.
“We know the most important question this raises is what it means for the SkyShowtime team. This update is the beginning of a dialogue, not the end of one,” the board wrote. “The service continues to operate as normal for customers and partners, and every role continues unchanged today. At this time, we ask that the team remain focused on bringing our audiences the quality of service and programming you have all expertly delivered over the years, and maintaining momentum of the operating business into 2027.
“Where any proposal could affect employees, we will follow the information and consultation processes required in each of our markets,” it continued. “Final decisions will be made after those conversations have taken place.”
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