Why Paramount Global Stock Was a Winner on Wednesday
The entertainment world is all about streaming video these days, and some promising news about that technology pushed Paramount Global's (NASDAQ: PARA) stock higher on Hump Day. The incumbent Hollywood film and TV studio's shares enjoyed a nearly 4% lift on a day when the S 500 index fell by 0.4%.
In an article covering Amazon's (NASDAQ: AMZN) plan to offer an ad-supported version of its Prime Video streaming service, The Wall Street Journal said that Paramount could deepen its relationship with the monster retailer.
Citing "people familiar with the situation," Paramount is currently in discussions with Amazon to add the ad-supported tier of its own streamer (Paramount+) to Prime Video. At the moment, subscriptions for the Premium (i.e., streaming without ads) tier are offered through Prime Video; if these negotiations are successful, the "Essential," ad-supported version would be available too.
Source Fool.com
