Paramount+
SVOD streaming service · paramount global
Paramount+ is Paramount Skydance Corporation's flagship subscription streaming service, launched March 4, 2021 as a rebrand of CBS All Access. It anchors the company's direct-to-consumer business with two tiers (Essential ad-supported; Premium ad-free with Showtime), and carries CBS Sports inventory including the NFL on CBS and UFC. Slated to share a unified tech stack with Pluto TV by mid-2026.
Paramount+ is the consumer endpoint of nearly every editorial thread that runs through Paramount Skydance — DTC profitability, Pluto TV consolidation, the company’s sports posture (NFL on CBS, UFC), and its post-merger ad-stack ambitions. It’s also the service whose subscriber number Wall Street watches as the proxy for whether the Skydance thesis is working.
The Q4 2025 print — 79 million paid subs, DTC swinging to a $230 million full-year operating profit, Paramount+ revenue up 17% — gave David Ellison’s team its first credibility data point with investors. The 2026 watch list runs through three vectors: the early-2026 price hike’s churn impact, the mid-2026 Pluto TV tech-stack migration, and how the proposed Warner Bros. Discovery acquisition (set for a Q3 2026 close) reshapes the competitive set this profile sits inside.