Investing.com – ViacomCBS (NASDAQ:VIAC) stock rose 4.6% on Wednesday as it laid out plans to launch a streaming service in Europe jointly with Comcast (NASDAQ:CMCSA).
The new service, SkyShowtime, will include first-run, new movies and TV seasons launching every month with a library of all-time favorites, classics, and family and kids programming.
It will bring content from Nickelodeon, Paramount+, Sky, NBCUniversal, Universal Pictures, Peacock, and others, the companies said on Wednesday.
Competition in the streaming service, which Netflix (NASDAQ:NFLX) has lorded over so far, is getting intense now with DIsney+ (NYSE:DIS) and Discovery (NASDAQ:DISCA) now part of the ring.
SkyShowtime will roll out in more than 20 European markets Including Spain, Portugal, The Nordics, Netherlands, and Central and Eastern Europe starting in 2022.
The venture will be controlled equally by ViacomCBS and Comcast.
In a boost for ViacomCBS, the company’s stock got an upgrade from Wells Fargo 's (NYSE:WFC) Steven Cahall to overweight. The analyst sees the stock at $60, up 33% from its current level of $45.
Cahall expects the company to successfully pivot, given its studio size, library, and streaming positioning.