Paramount isnt planning to join fellow media giants Comcast and Warner Bros. Discovery in spinning off its cable assets.

On the companys quarterly earnings call Tuesday, Paramount president Jeff Shell acknowledged the continued decline in cable viewership (and thus subscriber and advertising revenue), but he said the company plans to take a different approach in managing those assets.

Cable continues to decline, for us and for everybody, Shell said on the call. Its increasingly clear that streaming has become the replacement for traditional multi-channel bundles. Paramount also has some of the more recognizable cable brands under its roof, however, including Nickelodeon, MTV, BET and Comedy Central. Shell said Paramount will look at taking those brands and seeing what we can do as far as driving value.

What that wont include is spinning off Paramounts cable portfolio into a standalone company, a la Comcast and Versant and WBDs planned spinoff of its Discovery networks.

Were not going to spin, Shell said Tuesday. Were going to drive value [with the cable assets] but do it within the company. That will involve using the well-established brands Nickelodeon for kids and family programming, MTV for music and youth culture and use them to help grow Paramounts streaming business, one of the companys north stars, as Shell and CEO David Ellison repeatedly referred to the key goals on the earnings call. Thats evident in things like Paramounts recent deal with South Park creators Trey Parker and Matt Stone, which among other things made Paramount+ the exclusive worldwide streaming home of the shows library (it had been at HBO Max in the United States).

Were going to see if we can transform these brands, Shell said, and make them pieces of our scaled, global streaming business.