While this merger isn't expected to monopolize the media landscape with Paramount's current market share. There is concerns from various outlets about the future of some of these assets from both companies or in this case, Showtime.
Showtime is a premium entertainment channel that offers original drama series and films. For those who aren't familiar with the brand would know it for shows like Billions, Dexter: Resurrection, Ray Donovan, Shameless and City On A Hill.
Since 2023, the remainder of Showtime's offering had been consolidated under the entity, Paramount+ With Showtime. With the Showtime trademark retained for Paramount's cable networks.
With the Warner Bros. Discovery tie-up underway, Paramount could look to retire (Paramount+ With) Showtime and consolidated it's remaining endeavours under HBO and CBS. This merger is intended to make them competitive in the long term.
Compared to HBO, Showtime and CBS, the brand that lacks in scale and familiarity in this scenario would be Showtime. Sure it has a couple of good shows but HBO and CBS had built franchises and you don't see their operations winding down.
Besides, a majority of HBO and CBS programming get licensed to various international broadcasters if not take up a large chunk of these broadcaster's schedule. In this scenario, Showtime would be left with the bits or serve as a plot filler.
