Paramount Explores Partnership Expansion With Amazon: Report

Benzinga ·  May 16 18:01

Paramount Global (NASDAQ:PARA) has reportedly engaged in discussions with Inc (NASDAQ:AMZN) about potentially expanding their media partnership.

These discussions involve bundling sales of channels and possibly advertising, according to a report from Bloomberg.

Paramount has also been in talks with Comcast Corp (NASDAQ:CMCSA) regarding a potential streaming joint venture.

Paramount+ is already a prominent service on Amazon's Channels store, which offers subscriptions to online TV networks such as Starz, Max, and Discovery+.

Additionally, Paramount supplies popular TV content like "Reacher" and "Jack Ryan" to Amazon's Prime Video platform.

Paramount, which owns CBS and MTV, is currently evaluating acquisition proposals from independent producer David Ellison and Apollo Global Management Inc (NYSE:APO).

Apollo is collaborating with Sony Group Corp (NYSE:SONY) in its bid for the company.

Paramount recently appointed a new leadership team, replacing former CEO Bob Bakish, in hopes of steering the company towards financial recovery.

PARA stock has lost more than 17% in value in the last 12 months. Investors can gain exposure to the stock via Communication Services Select Sector SPDR Fund (NYSE:XLC), and Invesco S&P 500 Pure Value ETF (NYSE:RPV)

Price Action: PARA shares closed higher by 1.87% at $12.56 on Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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