ViacomCBS said to be planning new streaming service, entering an already crowded field

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Ready for yet another streaming service?

The newly combined ViacomCBS Inc. VIAC, +0.76%   is working on a streaming service that combines CBS All Access with Viacom content, such as Comedy Central, MTV and Nickelodeon, as well as Paramount movies, CNBC reported late Thursday.

It would be separate from CBS All Access, an already existing streaming service, which features series such as “Star Trek: Picard” and “The Good Fight,” a spinoff of “The Good Wife.”

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According to CNBC, there would be a version with ads, another tier with no ads, and a premium level with Showtime content. The report said the base service would likely cost less than $10 a month.

ViacomCBS executives will reportedly speak more about the service when it announces quarterly earnings Feb. 20.

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It’s unknown when it would launch, but the as-yet-unnamed service would join an already crowded streaming field that includes Netflix Inc. NFLX, -0.74%  , Inc.’s AMZN, +0.51%   Prime Video, Walt Disney Co.’s DIS, +0.94%   Disney+ and Hulu, Apple Inc.’s AAPL, +1.17%   TV+, as well as soon-to-be-launched services such as short-content startup Quibi, Comcast Corp.’s CMCSA, +0.02%   Peacock and AT&T Inc.’s T, +1.67%   HBO Max.

Viacom Inc. and CBS Corp. finalized their merger in December. ViacomCBS shares have slid 17.6% year to date, compared to the S&P 500’s SPX, +0.33%   3.6% gain.