Paramount stock pops on earnings, KKR to buy Simon & Schuster

Paramount (PARA) shares rose after reporting second quarter results that beat analyst estimates on both the top and bottom lines. The company also announced private equity firm KKR (KKR) will be buying its Simon & Schuster business for $1.62 billion in an all-cash deal. Parrot Analytics PR & Communications Manager Wade Payson-Denney says the Simon & Schuster deal is "a sign of things to come" as companies look to offload linear or "old-school media arms." On the company's streaming business, Payson-Denney says "it's hard for us to see, really, how Paramount+ makes the jump to that top three streaming category that clearly Netflix, Disney, and Warner Bros. Discovery currently have a hold on."