Several months after Paramount Global transitioned Showtime from being a standalone brand to an add-on bundled with Paramount+, the company is moving to shut down one of its longstanding departments. Showtime Sports, which has been in existence since March 1986 and a presenter of various boxing matches, will be removed from the company’s portfolio by the end of the year. The company will no longer present boxing matches, according to the report by John Ourand of Sports Business Journal, and is also looking to sell Bellator, the mixed martial arts company it has ownership of. As a result of these business decisions, the company is set to lay off several of its employees, including division president Stephen Espinoza. The exact number of people that will be affected by the move has yet to be determined.
“The company’s decision is not a reflection of the work we have done in recent years, nor of our long and proud history,” Espinoza said in a statement. “…Unfortunately, in a rapidly evolving media marketplace, the company has had to make difficult choices allocating resources, resetting priorities and reshaping its content offering. While today’s news is certainly difficult and disappointing, it is entirely out of our control.”
Aside from boxing, Showtime Sports documentary and digital programming, which encompasses the popular Showtime Basketball brand, are also part of this business decision. It remains unknown if Showtime will carry any sports in the future after a robust programming lineup that included live boxing matchups, basketball programming and in-depth documentaries. The premium subscription network was also the longtime home of Inside the NFL until 2021, which moved to Paramount+ for the next two years. The weekly program now airs on The CW, marking the first time it is outside of a premium subscription service and on cable television.
According to the company’s last earnings report, the company garnered direct-to-consumer subscription revenue growth of 47%, which it was working on aligning with the Paramount+ with Showtime service launch. Paramount Global Executive Vice President and Chief Financial Officer Naveen K. Chopra expressed that the integration of the two brands represented “an optimized programming strategy” and will continue to improve the efficiency between operating costs and services rendered.
“As we evolve our strategy to more efficiently allocate resources and align our content offering across the business, we’ve made the difficult decision not to move forward with boxing and other content produced by the Showtime sports team,” Paramount Global said in a statement. “Showtime will continue to air and support the remaining 2023 boxing slate and honor obligations through the end of the year.”
