Report: Peacock, Paramount+ Have Talked Partnership

Paramount Global has held recent talks with Comcast about joining forces in streaming through a partnership or joint venture, among several potential strategic options the entertainment company is pursuing, reports The Wall Street Journal citing people familiar with the situation. 

Paramount’s flagship service, Paramount+, is home to “Star Trek” programming, originals such as “1883” from superproducer Taylor Sheridan and simulcasts of CBS PARA -4.69%decrease; red down pointing triangle football games, while Comcast’s Peacock is known for live soccer and football, originals like “Poker Face,” and a deep library with shows such as “The Office.”

Bringing the two streaming apps under one roof could produce significant cost savings—from spending on programming to marketing—and create a more in-depth offering for consumers, especially with regard to live sports. A commercial partnership or joint venture are among the arrangements the companies could pursue. 

Entertainment companies across the industry are exploring new streaming bundles and ventures to gain scale, attract more customers and help alleviate the costs of running their direct-to-consumer services amid declines in pay TV subscribers. Last week, Disney’s ESPN, Fox Corp. and Warner Bros. Discovery announced they were combining forces to create a sports streaming joint venture.

Paramount and its parent company, National Amusements, have been exploring a range of potential strategic options in recent months as the entertainment company, owner of the Paramount movie studio and cable channels such as Nickelodeon and MTV, faces continued headwinds in a media industry dominated by bigger players.