A Paramount possibility

Paramount Global (Nasdaq: PARA) is a global media titan. Its consumer brands include CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+ and Pluto TV, and it has a massive library of television and film content. With its stock recently down more than 40 percent from its 52-week high, it’s looking like a compelling investment opportunity for long-term investors.

Paramount’s many outlets for distribution justify the company’s spending and give it the flexibility needed to produce high-quality content. In 2022, the company boasted six No. 1 theatrical films. Its blockbuster film “Top Gun: Maverick” came out in theaters in May and grossed roughly $1.5 billion globally across its theatrical run. It then went on to be a significant draw on the company’s Paramount+ streaming platform after its release there late in December, becoming the platform’s biggest-ever debut in terms of viewership.

In the fourth quarter, sales for the Paramount+ streaming service rose 81 percent over the prior-year period. A year ago, Paramount estimated that it should be able to reach over 100 million streaming subscribers and over $9 billion in direct-to-consumer revenue by 2024. Meanwhile, it’s restructuring its streaming business.

Because it’s rapidly gaining ground in the streaming space and still serving up income from its theatrical and TV media segments, Paramount Global is worth a closer look. Moreover, Paramount stock pays a dividend, recently yielding a hefty 4 percent.