Paramount Global (NASDAQ:PARA) stock is getting a boost on Tuesday from a video streaming deal with Walmart (NYSE:WMT).
The deal has members of the retailer’s Walmart+ subscription service getting a Paramount+ Essential Plan membership at no extra cost. That means they’ll still only pay $98 per year for the service while gaining access to the streaming video content from Paramount Global.
While being bundled with Walmart is a win for PARA stock, it’s also a boon to the retailer. Walmart has been looking for ways to better compete against e-commerce rival Amazon (NASDAQ:AMZN), which has its own streaming service in the form of Amazon Prime Video. With the aid of Paramount Global, it can now do so.
Investors will also note that this brings an end to the recent rumors that Walmart was seeking a video streaming partner. Those rumors claimed the company was in talks with several major streaming services, such as Disney (NYSE:DIS), Comcast (NASDAQ:CMCSA), and Paramount Global.
Walmart+ members will gain access to Paramount+ starting next month. That will allow them to watch the company’s wide array of content. Among this is Star Trek: Strange New Worlds, Paw Patrol, and Sonic the Hedgehog 2.
It’s also worth mentioning that Walmart released its earnings report for the second quarter of fiscal 2023 today. You can find out how well the retail company did during that period at this link.
PARA stock is up slightly and WMT stock is up 5.7% as of Tuesday morning.
Investors seeking more of the latest stock market news will want to keep reading!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.