Competition in European streaming intensifies as Comcast Corporation Class A (CMCSA.US) and Paramount (PSKY.US) consider shutting down their joint venture platform SkyShowtime.

Comcast Corporation Class A (CMCSA.US)'s NBCUniversal and Paramount (PSKY.US) are considering gradually shutting down their joint venture streaming platform SkyShowtime, which offers streaming services for series and films in the European market. According to a letter, the SkyShowtime board wrote to CEO Monty Sarhan on Monday, stating that amid a highly competitive and challenging market environment, the board is evaluating strategic options for the businessincluding shutting down the platform. "In the meantime, we ask that the team continue to focus on delivering the high-quality service and programming you have so excellently delivered to viewers for years, maintaining business momentum through 2027," the board wrote in the letter. Sarhan shared the board's letter along with his own memo to employees. "I know this news creates uncertainty, and as we work through what comes next, my and the leadership team's top priority is to be here with you and support every colleague," he wrote. It is understood that SkyShowtime has been live for nearly four years, covering markets in 22 smaller European countries including Spain, Portugal, Denmark, and Sweden. According to Sarhan's memo, the platform has "millions of subscribers," with content spanning films from Comcast Corporation Class A's Universal Pictures and DreamWorks studios, as well as series and films from Paramount brands including Showtime and Nickelodeon. The platform also shares content with streaming platforms Peacock and Paramount+. American series such as Paramount's Western drama "Yellowstone" have gained widespread attention overseas through SkyShowtime. Comcast Corporation Class A and Paramount are themselves undergoing major business adjustments. Comcast Corporation Class A plans to spin off NBC and its European media business Sky into a separate publicly listed company, while Paramount is seeking to complete a merger with Warner Bros. Discovery (WBD.US, which owns HBO Max), despite antitrust lawsuits filed by 12 state attorneys general.