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BUZZ-Streaming giant Netflix towers over media stocks in 2024, Paramount lags

ReutersDec 31, 2024 2:30 PM

** For streaming pioneer Netflix NFLX.O, 2024 was another year atop the media industry with share price gains of around 85% - the biggest among major sector companies

** The gains were fueled by subscriber growth after Netflix cracked down on password sharing, as well as its live events expansion and robust content slate

** Among peers, Fox Corp FOX.O rose about 65% and Walt Disney Co DIS.N around 23%

** While Fox benefited from growth in its ad-supported streamer Tubi, gains at Disney were fueled by signs its push for streaming profitability under CEO Bob Iger was paying off

** Disney also made a strong comeback at the box office, with the coming-of-age film "Inside Out 2", produced by Pixar, grossing more than $1.5 billion

** Paramount Global PARA.O, whose deal with media production company Skydance dominated headlines this year, was the weakest performer this year among peers with a decline of around 30%

** Universal Studios- and NBC-owner Comcast CMCSA.O and Warner Bros Discovery WBD.O were also among the laggards with a drop of 14.7% and 7.6%, respectively, as media stocks reliant on cable TV fell out of favor with investors

(Reporting by Aditya Soni in Bengaluru)

((Aditya.Soni@thomsonreuters.com; +91 80 6210 0555;))

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