ViacomCBS Inc

After its recent rebranding exercise, Paramount had a particularly strong quarter with impressive subscriber growth on its paid streaming platforms. In fact, in Q4 alone, the company added 9.4 million new streaming subscribers, with 80% signing up for Paramount+. They also achieved incredible results on Pluto TV, their free ad-supported streaming television platform. In Q4, Pluto reached a new high of 10 million monthly active users, bringing its total audience to nearly 65 million. It also generated over $1 billion in revenue for the full year of 2021, nearly nearly quintupling from 2019 levels. As the management looks ahead, it sees a huge global opportunity in streaming, a much larger potential market than can be captured by television and film alone, thanks to its Paramount content engine. Overall, we remain optimistic about its growth and give it an ‘Outperform’ rating with a revised target price.