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Paramount Global shares rose Friday morning after a report highlighted the prospect of a bundled streaming offering with Apple Inc.’s Apple TV+ service.
The two companies have talked about bundling their streaming platforms at a discounted rate, the Wall Street Journal reported Friday morning. The talks are still in early stages, according to the report.
Paramount
PARA,
declined to comment on the report. Apple
AAPL,
didn’t respond to a MarketWatch request for comment.
Shares of Paramount were ahead 1% shortly after Friday’s open, while Apple’s stock was down fractionally.
Both Paramount and Apple have boosted the prices of their respective streaming services this year, in line with a general trend across the media industry. While streaming players rushed to grab new users during the pandemic, they’re focusing more these days on improving the profitability of their offerings.
The Wall Street Journal noted that the potential bundling plan could be seen as a way to reduce churn, or customer defections, as viewers may be less likely to cancel a subscription if they’re getting multiple things out of it.
