Paramount+ gains altitude from streaming bets. Can it compete long term? [Los Angeles Times (CA)]
Paramount Global - Class A (PARAA)
Company Research
Source: Los Angeles Times
The company was late to the direct-to-consumer game and had suffered from chronic underinvestment. Its legacy media brands, including MTV and Comedy Central, had lost their edge. But although parent company Paramount Global — home of CBS, Nickelodeon and “Top Gun” — may be in a state of limbo as the media firm prepares for sweeping changes under new ownership, recent achievements in streaming have become a bright spot. In the fourth quarter of last year, Paramount+ gained 5.6 million subscribers globally, reaching 77.5 million. The service ranked No. 2 in terms of viewing time for original shows during the quarter thanks to hits including “Landman” and “Tulsa King,” coming in behind only Netflix despite having far less new content than its chief rivals, according to Nielsen figures. Watch time for original series increased 20% from the same time last year, per internal data. Churn rates fell. Paramount's current management team — led by co-Chief Executives George Cheeks, Brian
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