Shares of rebranded leading entertainment company Paramount Global (PARA, Financial), (formerly ViacomCBS Inc.) alsoincreased on robust top -line growth across all business segments. PARA added record global streaming subscribers in the quarter extending its reach to over 56 million subscriptions. Pluto TV also grew its reach to over 64 million active users. Accordingly, PARA’s bottom-line continued to reflect investment in global content, distribution and market expansion. Also in the quarter, PARA strengthened its financial position through the non-core dispositions of CBS Studio Center in Los Angeles and Black Rock office building in New York City. PARA also re-segmented its financial reporting to be more shareholder friendly. We believe PARA’s investment plans and increased financial transparency will continue to be rewarded by investors. At current levels, the company’s risk/reward is skewed sharply to the upside.
From John Rogers (Trades, Portfolio)' Ariel Fund first-quarter 2022 commentary.
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