Yahoo News Showtime Sports to Shut Down Later This Year
The Boxing Bell is ringing for Showtime Sports.
Paramount says that Showtime’s sports division will shut down at the end of the year.
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“As we evolve our strategy to more efficiently allocate resources and align our content offering across the business, we’ve made the difficult decision not to move forward with boxing and other content produced by the Showtime sports team,” read a statement from Paramount Global. “Showtime will continue to air and support the remaining 2023 boxing slate and honor obligations through the end of the year. We want to express our deepest gratitude to our employees who have contributed to this award-winning sports programming over multiple decades.”
Showtime Sports occupied a unique space in the sports market, with its focus on combat sports like boxing and mixed martial arts (through the Bellator brand), as well as longform sports documentaries. Showtime’s exit from the sports business follows a similar move by HBO Sports back in 2018, when it exited the boxing business. HBO still produces sports films and documentaries.
Of course, Paramount already has a sports division in CBS Sports, which has the NFL, college football and basketball, and other live events. It is expected that CBS Sports will oversee all sports content within the company moving forward, including any sports docs or similar programming.
The company owns Bellator, though it has reportedly been seeking a buyer for MMA promotion. Showtime sports will also continue as planned with the two remaining boxing events scheduled for this year.
In a note to staff after announcing the decision, Showtime Sports president Stephen Espinoza expressed his “profound disappointment” with the news.
“The company’s decision is not a reflection of the work we have done in recent years, nor of our long and proud history,” Espinoza wrote. “It is not an indictment on the value we have delivered to this network for 37 years, nor, in particular, in 2023. Unfortunately, in a rapidly evolving media marketplace, the company has had to make difficult choices allocating resources, resetting priorities and reshaping its content offering.”
Earlier this year Paramount merged Showtime with its Paramount+ streaming service, bringing Showtime programming — including its live boxing matches and sports documentaries — into the larger streaming offering.
Entertainment chief Chris McCarthy shifted Showtime’s strategy to focus on core franchises like Billions and Yellowjackets, though Showtime’s sports programming continued after the merger was completed.
Espinoza’s note is below.
Colleagues and friends:
It is with profound disappointment that I shared this morning’s news that the company has decided to shut down Showtime Sports at the end of this year.
For over 37 years, Showtime Sports and Event Programming has occupied an important position in the sports media ecosystem, delivering premium storytelling, bold and provocative documentaries, thoughtful analysis and discussion, and, of course, outstanding live production of the biggest combat sports events in history. We have helped illuminate the intersection of sports, culture and society, and we have boldly and unapologetically explored stories and themes that others couldn’t or wouldn’t. And we have done it all with the highest standards of care and quality.
The company’s decision is not a reflection of the work we have done in recent years, nor of our long and proud history. It is not an indictment on the value we have delivered to this network for 37 years, nor, in particular, in 2023. Unfortunately, in a rapidly evolving media marketplace, the company has had to make difficult choices allocating resources, resetting priorities and reshaping its content offering.
While today’s news is certainly difficult and disappointing, it is entirely out of our control. So, as we have done when faced with similar challenges in the past, we will control the things that we can control. We will continue to deliver on our promise to subscribers and our content partners for the remainder of the year; namely, to continue to deliver the highest quality, industry-leading boxing programming that has established us as the unequivocal No. 1 destination for the sport worldwide and to finish what we started in 2023, perhaps the best year in our department’s history.
From Emmy Award-winning documentaries to the three highest-grossing pay-per-view events in television history, I am extremely proud of our content and our events – but I am far more proud of our people. Your diligence, dedication and passion have inspired me every day, and it is those qualities that will be the enduring legacy of Showtime Sports.
Sincerely,
Stephen
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