One of the biggest issues for entertainment giant Paramount (PARA) in the last few weeks that was not merger-related was Yellowstone, one of its premiere series. Indeed, actually finding it to watch proved a bit troublesome for some, but in Europe, it proved to be quite a draw. And that draw gave Paramount a healthy boost in the closing minutes of Thursday’s trading session, up nearly 2%.
As it turns out, Yellowstone was actually the most-watched show worldwide for Paramount+, though admittedly, Paramount+ in the United States does not actually offer it. In fact, noted a Bloomberg report, Yellowstone is such a draw that, in Spain, they had a special event ahead of the streaming premiere that included “virtual shooting and lasso games,” along with temporary tattoos of cattle brands and even a photo opportunity on a porch covered in straw.
However, in the United States, the streaming rights for Yellowstone belong to—get this—Comcast’s (CMCSA) Peacock. Paramount actually offered those rights up to Peacock because, at the time, Paramount+ simply did not exist, and Paramount wanted to get the show out in front of an audience. Given that Paramount added 3.5 million subscribers in its third quarter, it is clear that Yellowstone proved a draw worldwide, even if not so much in the United States.
More than Cowboys
So now, many are wondering when the latest part of Yellowstone will get to air in the United States, and given that the last round took almost six months, it could be well into 2025 before that happens. There is more than that going on at Paramount, though, and viewers will be getting a premiere on the latest Transformers movie.
A Deadline report noted that the first fully-CG-animated installment of the Transformers series, Transformers: One, will hit Paramount+ tomorrow. Friday, November 15, is the official launch date for the film. Those who want to make a day of it will be well-matched, as Paramount+ will also offer up all seven of the live-action films, along with Transformers: Earthspark, the latest animated series in the franchise.
Is Paramount Stock a Good Buy Right Now?
Turning to Wall Street, analysts have a Hold consensus rating on PARA stock based on three Buys, seven Holds, and five Sells assigned in the past three months, as indicated by the graphic below. After a 12.28% loss in its share price over the past year, the average PARA price target of $12.36 per share implies 8.85% upside potential.
