The $5 per month Paramount + basic plan with ads will launch on June 7
Even before Paramount+ replaced CBS All Access in March, ViacomCBS mentioned that monthly streaming services will add a new, cheaper option in June. Now June has arrived, Android Police and Tom's Hardware pointed out this FAQ on the Paramount+ website, which explained that the new Essential plan will be available on June 7.
The existing cheaper option with "Limited Commercials" for $6 per month will go away, so if you'd like to subscribe to it then you will need to sign up before the 7th. One reason you might want to do that is that unlike the new Essential plan, it includes access to live broadcasts fromyour local CBS station, and as long as your subscription remains active, you'll continue to stay on it.
Otherwise, the new $5 per month or $50 per year Essential Plan promises the following:
Stream with limited commercial interruptions
Watch 30,000+ episodes, movies & originals on demand
Stream NFL on CBS and Champions League live
Get 24/7 national news with CBSN
On the other hand, the more expensive version is still available for $10 per month or $100 per year, allowing users to download content for offline viewing, and (except for certain shows and live broadcasts) no ads.