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Share Name | Share Symbol | Market | Type |
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CBS Corp | NYSE:CBS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 40.77 | 0 | 01:00:00 |
CBS Corp.'s long-anticipated stand-alone streaming service for its pay-TV channel Showtime will debut this summer with Apple Inc. on board as its launch partner.
Showtime's streaming service will launch on Apple devices on July 12, the day new seasons of the network's popular dramas "Ray Donovan" and "Masters of Sex" are scheduled to premiere. CBS is in talks with other distributors as well and said it expects to unveil additional deals in the future.
The price of the streaming service will be $10.99 a month, which is cheaper than the average rate some distributors including satellite broadcasters DirecTV and Dish Network Corp. currently charge for the Showtime TV channel. On the other hand, Time Warner Cable currently offers Showtime for $9.99 a month.
CBS Corp. Chief Executive Leslie Moonves said Showtime's stand-alone digital effort isn't "in anyway trying to undercut" the company's traditional pay TV partners. The prices pay-TV distributors charge for Showtime, he said, "are all over the place."
DirecTV, Dish and Time Warner Cable all declined to comment on Showtime.
The Showtime pact follows a similar agreement that Time Warner Inc.'s HBO reached with Apple. The HBO Now service costs $14.99 a month, which is the average price pay-TV distributors charge. Since the Apple announcement, HBO also has reached an agreement with Cablevision Systems Corp.
For Showtime and HBO, entering into the stand-alone business is a tricky dance. Neither wants to alienate their traditional distribution partners who account for the majority of their subscribers and revenue. At the same time, there is recognition that future generations are embracing online platforms and the ability to have more choice in what channels they receive.
Both HBO and Showtime have said their primary targets are consumers who only have a broadband provider that might want Showtime but don't want to have to sign up for a large package of other channels to subscribe.
"Before you get to Showtime, you've already had to spend $110-$120," Mr. Moonves said.
In choosing to partner with Apple, Mr. Moonves said he was impressed with preliminary numbers he'd seen on how HBO Now was doing on that platform. "Apple has basically succeeded on everything they've done," he said.
CBS and other content providers also are talking with Apple about the Silicon Valley giant's plans to launch its own online pay-TV platform.
"We've had conversations with them," Mr. Moonves said, but he doesn't know how close Apple is to unveiling a service.
An Apple spokesperson declined to comment.
Write to Joe Flint at joe.flint@wsj.com
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