European streaming competition intensifies as Comcast and Paramount consider shutting down their joint platform SkyShowtime

According to information from Zhitong Finance APP, NBC Universal under Comcast (CMCSA.US) and Paramount (PSKY.US) are considering gradually shutting down their jointly-owned streaming platform SkyShowtime, which provides series and movie streaming services in the European market.

According to a letter, the SkyShowtime board sent a letter on Monday to CEO Monty Sarhan, stating that in a highly competitive and challenging market environment, the board is evaluating strategic options for the business — including the closure of the platform.

The board wrote in the letter: “In the meantime, we ask the team to continue focusing on delivering the high-quality service and content you have outstandingly provided for many years, maintaining the momentum of business operations until 2027.”

Sarhan shared the board’s letter with his own memo with employees. He wrote: “I know this news brings uncertainty, and as we clarify our next steps, my top priority, along with the leadership team, is to stand with you and support every colleague.”

It is understood that since its launch nearly four years ago, SkyShowtime has covered markets in 22 smaller European countries, such as Spain, Portugal, Denmark, and Sweden. According to Sarhan’s memo, the platform has “millions of subscribers”, with content that includes films from Universal Pictures and DreamWorks Studios under Comcast, as well as series and movies from brands such as Showtime and Nickelodeon under Paramount. The platform also shares content with streaming platforms Peacock and Paramount+. American drama series such as Paramount’s western “Yellowstone” have gained widespread attention overseas via the SkyShowtime platform.

Comcast and Paramount are also undergoing significant business adjustments. Comcast plans to spin off NBC and its European media business Sky into an independent listed company, while Paramount is attempting to merge with Warner Bros. Discovery (WBD.US, owner of HBO Max), although 12 state attorneys general have already filed antitrust lawsuits.