Shares of Roku (NASDAQ: ROKU) gained ground on Thursday, jumping as much as 7.7%. As of the market close, the stock was still up 2.9%.

There were positive developments for the streaming pioneer, but the catalyst that seemed to fuel the move higher was news that it's gaining a high-profile streaming service.

Roku announced that media-giant Paramount Global (NASDAQ: PARA) will be bringing Paramount+ -- its namesake streaming service -- to the Roku platform, launching later this month. Viewers will be able to subscribe to Paramount+'s ad-supported Essential Plan, at $4.99 monthly, or its ad-free Premium Plan, at $9.99 monthly, directly from within The Roku Channel, according to the press release.

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Source Fool.com