CBS Corp. confirmed on Wednesday earlier reports that its Showtime subsidiary will launch a stand-alone streaming (over-the-top) service in early July, with Apple Inc. as its first partner. The new service will be called SHOWTIME, will cost $10.99 a month and will be viewable on all Apple devices, with other partners to be announced soon. The launch of the service will coincide with the beginning of new seasons of "Ray Donovan" and "Masters of Sex," which are scheduled to premier on July 12. "Going over-the-top means Showtime will be much more accessible to tens of millions of potential new subscribers," said CBS Chief Executive Leslie Moonves. CBS's stock was up 0.9% in midday trade. It has climbed 12% year to date, while the S&P 500 has gained 2.6%.
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