APPLE/PARAMOUNT POSSIBLE JOINT STREAMING PACKAGE

Media industry stocks strengthened significantly on Friday following a report by the Wall Street Journal that tech giant Apple and media conglomerate Paramount Global are in preliminary talks to create a package of their streaming platforms. This proposed partnership could potentially mean an Apple TV+ and Paramount+ bundle that would be offered at a lower price than an individual subscription.

Paramount shares ended the trading day up nearly 10%, while Warner Bros. Discovery, which owns the streaming service Max, ended more than 8% higher. Despite this increase, however, Paramount's overall results this year suggest a decline of about 6%. By contrast, Warner Bros Discovery shares, boosted by reported third-quarter streaming earnings, are up roughly 19%.