Paramount streaming service to merge with Showtime on June 27

Paramount Global's flagship streaming service Paramount+ will combine with its Showtime app in the U.S. on June 27, the company said Monday.

With the newly merged streamer will come an increase in pricing, as Paramount had announced earlier this year. The Paramount+ with Showtime premium tier will increase to $11.99 from $9.99, while the Paramount+ option without Showtime content will increase by $1 to $5.99.

The integration goes beyond Paramount's streaming options. The premium cable-TV network, known for series like "Yellowjackets" and "Billions," will also be rebranded as Paramount+ with Showtime, and the company will also sunset the standalone Showtime app by the end of the year.

Once integrated, the Showtime TV network will also feature content from Paramount+, which has produced original series that spun off from popular franchises like "Yellowstone" and "Criminal Minds." Showtime is an extra subscription fee on the pay-TV bundle.

Paramount has said it expects peak losses for its fledgling streaming service Paramount+ this year.

The combined platforms will also help cut down on content spending, which has been a recent focus for media companies as they look to make streaming profitable.

Warner Bros. Discovery has been cutting costs since completing its merger. The company is also launching Max on Tuesday, the combination of HBO Max and Discovery+. However, Discovery+ will also remain as a standalone service.

Disney announced this year it would cut $5.5 billion in costs, including $3 billion on the content said. Last week, CEO Bob Iger said Disney would add Hulu content to its Disney+ platform, a move toward a one-app experience for consumers and to streamline business for advertisers. The company will also focus on adding more ad-supported customers, and plans to increase its ad-free streaming prices later this year.