03:07 PM EDT, 06/24/2024 (MT Newswires) -- (Updates with Paramount Global ( PARAA ) response.)

Paramount Global ( PARAA ) is raising the price of its namesake Paramount+ streaming service across different tiers, a company spokesperson confirmed to MT Newswires Monday.

Paramount+ with Showtime plan will increase by $1 to $12.99 a month, while those joining the Paramount+ Essential tier will be required to pay an extra $2 to $7.99 per month. New prices for all new customers will take effect from Aug. 20.

Those currently subscribed to Paramount+ with Showtime will start paying the extra $1 starting Sept. 20, while the price of Paramount+ Essential will remain the same for existing customers.

Meanwhile, the price of the limited Paramount+ commercial option will rise by $1 to $7.99 for current customers, according to the spokesperson.

The spokesperson added that its streaming prices were still competitive, with ad-free tier under Peacock, Max, Disney+, Netflix and Hulu fees and the ad-supported plan on par or competitive than most.

Paramount shares were nearly 2% up in recent trading.

Price: 10.33, Change: +0.18, Percent Change: +1.77