Yahoo Finance Paramount Global (PARA) Announces Partnership With VIDAA
Paramount Global PARA announced an extended partnership with VIDAA, the prominent smart TV operating system utilized by Hisense, Toshiba and other regional OEM brands, to bring Paramount+ to smart TVs powered by VIDAA in Canada and Latin America, including Brazil.
VIDAA users in Latin America will gain access to live sports coverage through Paramount+, including the English Premier League in Mexico and Central America, the CONMEBOL Libertadores cup across all Latin America and the CONMEBOL Sudamericana in Brazil.
Paramount and VIDAA have a longstanding partnership. The companies recently extended its global agreement to feature Pluto TV branded button on VIDAA’s TV remote controls in Canada, Germany, France, Italy, Spain and UK. This integration makes it even more convenient for viewers to stream thousands of hours of entertainment for free on Pluto TV, Paramount's leading free and ad-supported streaming television service.
The collaboration with Paramount+ is part of VIDAA's global expansion strategy, demonstrating its commitment to delivering top-notch content to its viewers. In 2023, VIDAA has also integrated several other popular applications into its platform.
Paramount Global Price and Consensus
Paramount Global price-consensus-chart | Paramount Global Quote
Media Companies Experience Tough Situation
Paramount, which currently has a Zacks Rank #5 (Strong Sell), along with other media companies experienced a challenging month in May due to disappointing quarterly earnings and an ongoing writers' strike, which represent a significant threat to the media industry.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Paramount, Disney DIS and Warner Bros. Discovery WBD suffered significant double-digit declines, falling around 32%, 14% and 17% respectively. In comparison, the S&P 500 remained relatively stable throughout the month.
However, Netflix NFLX managed to achieve a positive outcome by gaining nearly 20% in value. This was partly attributed to the implementation of a password-sharing crackdown in the United States, which served as a significant revenue driver for the streaming giant.
Virtually every media company has undergone layoffs and restructured the respective businesses in a bid to improve streaming profitability and lessen losses. Price increases have also been implemented in order to improve average revenue per user.
Based on information from Factset, Netflix has announced that its spending on content will remain unchanged compared to the previous year, at $17 billion. The company has revealed its plan to release 45 new titles during the upcoming summer. Disney and Comcast, on the other hand, have stated that they will release 21 and 12 titles respectively during the same period.
Shares of Paramount Global have lost 6.5% year to date against the Zacks Consumer Discretionary sector’s rise of 7.2% in the same period.
The Zacks Consensus Estimate for the second quarter is pegged at 1 cent per share, down by 2 cents over the past 30 days. The Zacks Consensus Estimate for revenues is pegged at $30.71 billion, indicating year-over-year growth of 1.84%.
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