12 Best News and Digital Media Stocks To Buy

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5. Paramount Global (NASDAQ:PARA)

Number of Hedge Fund Holders: 44

Paramount Global (NASDAQ:PARA) is a media, entertainment, and streaming company. Its TV Media segment controls broadcast operations and manages the CBS Television Network, CBS Stations, and international free-to-air networks. The company also operates basic cable and domestic premium networks, including Paramount+ with Showtime, Nickelodeon, MTV, CBS Sports Network, the Smithsonian Channel, and more.

The company added 3.5 million subscribers to Paramount+ in fiscal Q3 2024, highlighting its strong performance fueled by its hit content. Paramount+ experienced a 25% year-over-year revenue growth in fiscal Q3 2024, consolidating its position as the fourth-largest global streaming service.

Paramount Global (NASDAQ:PARA) is making progress in streamlining its organization. It successfully executed cost reductions in fiscal Q3 2024 that will result in $500 million in annual run rate savings for the company. It is simultaneously focusing on producing high-quality television series and films. The company’s digital ad growth is strong, reflecting a significant increase in demand year-over-year. This gives the company a competitive advantage and reflects its value position from a quality, price, and scale standpoint.

The scale of its digital advertising platform, which spans Paramount+ Pluto and other digital properties, boasts one of the largest addressable footprints in the domestic marketplace. It also represents around 50% of the company’s national domestic advertising revenue, excluding sports. Paramount Global (NASDAQ:PARA) ranks fifth on our list of the 12 best news and digital media stocks to buy.

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