ViacomCBS Shares Hit All-Time High on Paramount+ Launch
(Bloomberg) -- ViacomCBS Inc. hit an all-time high Thursday morning after the launch of its rebranded flagship streaming service Paramount+, the company’s relatively late attempt to prove it can compete with more-established players.
The shares were up as much as 2.4% to $72.59, for a fifth-straight daily gain. The stock has soared more than 90% so far this year.
Paramount+ offers a deep library of entertainment, tapping into brands such as Nickelodeon, MTV and Comedy Central, along with live sports and news. The current subscription prices are $5.99 a month with ads and $9.99 without, both with a live CBS network feed. In June, the ad-supported tier will drop the CBS feed and lower its price to $4.99, ViacomCBS said in a statement Thursday.
ViacomCBS expects to spend at least $5 billion a year on streaming by 2024. The company plans to release dozens of new TV shows and movies to buoy the service, formerly called CBS All Access, and expand on franchises with built-in fan bases, such as “Criminal Minds” and “Frasier.” It has a long way to go to catch up to the likes of Netflix Inc., Walt Disney Co.’s Disney+ and Hulu, and other more established streaming services, however.
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