Ahead of the merger with Showtime Paramount+ has cancelled more shows. The most surprising of which is Star Trek:Prodigy
The animated coproduction with Nickelodeon was very well received and had been renewed for a second season. The second season is in post production and will be sold to another streamer/broadcaster.
My view is that cancelling already renewed content is a sure fire way to lose subscribers.
It’s to do with licensing fees. Just hosting a show carries a cost for the streamer, and if it isn’t driving growth or retaining customers enough to justify that cost, it’s going to get cut. https://www.cnbc.com/2023/05/29/streaming-services-remove-movies-shows-heres-why.html