According to The Hollywood Reporter, Comcast and Paramount Skydance are set to launch “review of strategic options” for their European streaming service SkyShowtime. Although they haven’t decided yet, one option on the table is to shut down the business.

As per  The Hollywood Reporter, The board of the JV informed SkyShowtime CEO Monty Sarhan of the strategic review Monday in a letter. Sarhan shared it with staff at the company.

“SkyShowtime operates in one of the most competitive markets in our industry. Despite the excellent work of the team and the strength of what you and the team have built, the landscape continues to evolve rapidly, and remains highly challenging,” the board’s letter stated via The Hollywood Reporter. “Against that backdrop, SkyShowtime’s shareholders are commencing a review of strategic options for the business, which includes the possibility of a wind down. No decisions have been made, and all options remain under consideration.”

According to The Hollywood Reporter, SkyShowtime is a mixture of content from NBCUniversal and Sky Studios as well as Paramount, offering a service with the programming power of Peacock and Paramount+ in the U.S. This service was announced five years ago and serves more than 20 different countries in Europe., Sarhan noted that SkyShowtime currently has “several million subscribers and stand in scale alongside the most established players in the market.”

In his note to SkyShowtime employees, Sarhan wrote via The Hollywood Reporter that: “I know this news creates uncertainty and, as we work through what comes next, my priority and that of the leadership team, is to be there and support all of you. Together, we have created a community and culture with empathy, opportunity, and innovation at its heart. Whatever comes next, we will all continue to be there for one another.”

According to The Hollywood Reporter, SkyShowtime’s board, in its letter, said the companies are taking their time to determine the best path forward.

“Where any proposal could affect employees, we will follow the information and consultation processes required in each of our markets,” it continued via The Hollywood Reporter. “Final decisions will be made after those conversations have taken place.”