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Streaming News: Paramount Up, Netflix Down

For at least the third time, Paramount Global (PARA) spiked in the double-digit percentage in one trading day. Last Thursday, rumors circulated that Sony (SONY) is in talks with Apollo Management (APO) to jointly bid for Paramount. Unfortunately for shareholders, Paramount might favor the Skydance Media deal.

Sony is a better financial supporter and a better fit for Paramount. Markets do not like Sony’s involvement: shares peaked at over $100 in January and closed at $81.30. On Feb. 14, 2024, Sony posted earnings and revenue that exceeded expectations. Markets expected more.

In other streaming news, Netflix (NFLX) posted strong revenue but fell by 9.09% last Friday. This brings the stock back to levels not seen since late January. Markets are in no mood for the company’s decision to phase out the disclosure and guidance of subscriber figures. It increases the opaqueness of the overall business health.
Netflix added around 9 million more subscribers. Investors expected a bigger increase of at least 100 million. The password crackdown failed to spur higher customer growth rates.

The firm might need to lower the extra cost charged per person for password sharing. If Netflix raises the number of people account holders may add, that would increase its revenue and profit margins.

Shares of Comcast (CMCSA) and Warner Bros. Discovery (WBD) are showing signs of stability. Keep both stocks on the watch list.