Comcast and Paramount Weigh Sale or Wind-Down of SkyShowtime

On September 14, SkyShowtime's board wrote CEO Monty Sarhan that it is reviewing strategic options for the Comcast-Paramount Skydance European streaming joint venture, including a possible wind-down or sale. The service launched in 2022, runs in 22 markets such as Spain, Portugal, Denmark and Sweden, combines NBCUniversal, Sky Studios and Paramount programming, and has several million subscribers. Reuters reviewed the letter and Sarhan's follow-up memo to staff. The board said SkyShowtime operates in one of the most competitive markets in the industry, that the landscape continues to evolve rapidly, and that conditions remain highly challenging. Sarhan told employees he knows the news creates uncertainty and that his priority, and the leadership team's, is to support them. The board added that where any proposal could affect employees it will follow required information and consultation processes in each market, with normal operations and unchanged roles for now. Paramount Skydance shares rose 4.25% and Comcast 0.3% on the reports, though PSKY is down roughly 18% and CMCSA nearly 15% year-to-date. The Hollywood Reporter and Bloomberg had earlier reported possible changes. No final decision is on record.