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Wall Street Told Hollywood to Stream. Now It’s Changing Its Mind

Shares in Paramount and AMC Networks slipped even though the companies reported strong streaming results.

ViacomCBS Inc. CEO Rings Opening Bell At Nasdaq MarketSite Following Merger
Photographer: Michael Nagle/Bloomberg

At the end of a long day on Tuesday, Paramount Global Chief Executive Officer Bob Bakish couldn’t help but vent a little frustration. Nobody – not writers, not analysts and certainly not investors – appreciated the value of his free streaming service Pluto TV.

“Pluto is the service that continues to get no respect,” Bakish said, speaking by phone from New York. “We are the market leader in the U.S. We are expanding it internationally. It’s a total home run.”