Paramount's David Nevins to exit, amid reports of Showtime merging with Paramount+

David Nevins, Paramount Global’s head of Showtime and chief creative officer of Paramount+ scripted originals, is set to exit the company at the end of the year, The Wall Street Journal first reported Thursday.

Nevins’ departure comes after reports last month suggested Paramount might discontinue the standalone Showtime streaming service and merge its content into Paramount+.

The Showtime portfolio will be distributed among several Paramount executives, according to a memo from CEO Bob Bakish, per Variety. Chris McCarthy, president and CEO of Paramount’s Media Networks, will take over Showtime’s cable division. While Tom Ryan, chief of Paramount Streaming, will spearhead Showtime’s streaming operations.

George Cheeks, president and CEO at CBS, will now be in charge of BET and Paramount Television Studios, which also fall under Nevins' management.

Bakish wrote in the memo Nevins’ departure has “given us the opportunity to more closely align our studios, networks and streaming operations as we execute on our vision and strategy for the future.”

Paramount in August introduced a promotional bundle for Showtime and Paramount+, costing $7.99 per month through October 2. Paramount further integrated the apps by allowing users to sign up for Showtime within Paramount+ and access programming.

The company has yet to make a decision about Showtime’s future as a standalone service, people familiar with the matter told CNBC.

Nevins, who also serves as chairman and CEO of Paramount Premium Group, joined the company in 2010 to operate the Showtime cable network – then owned by CBS Corporation. Notably, he was responsible for greenlighting the Showtime series “Homeland,” which won an Emmy award for Outstanding Drama Series.

Also under his tenure, Showtime launched its standalone streaming service in July 2015, as a separate offering from the Showtime pay TV subscription.

“Over the past several months I’ve come to the conclusion that I am ready for the next phase of my life and my career,” Nevins wrote in a memo to Paramount employees, per Variety. “The industry is transforming rapidly, and I am genuinely excited about what the future holds.”

Nevins later told The Hollywood Reporter, “I feel like the businesses I’ve been running are in good shape. I want to be clear that it was my own choice and decision and not a casual decision.”

Paramount is making strides in the streaming world, announcing in August it’s partnering with Walmart to bundle Paramount+ with the retail giant’s premium membership plan. Paramount+ has also made its appearance on The Roku Channel with a dedicated programming guide.

The company launched Paramount+ in several countries this year, including the U.K., South Korea and Italy.