Paramount Global reported $40.4 billion in revenue and $3.6 billion in net income for the full year 2025. Paramount's diverse content portfolio, spanning popular franchises like Star Trek, Transformers, and SpongeBob SquarePants, has allowed it to capitalize on the growing consumer demand for streaming content. Paramount's streaming subscriber base grew 24.6% year-over-year in 2025, reaching 80 million global subscribers across its Paramount+, Pluto TV, and other streaming services. Paramount's strategy of leveraging its valuable IP, expanding distribution through strategic partnerships (e.g., with Comcast, Roku, Amazon), and investing in original content has been instrumental in driving its streaming subscriber growth. Paramount's streaming revenue grew 31.8% year-over-year in 2025, now accounting for 35.4% of the company's total revenue. Paramount's ability to effectively monetize its streaming content through a combination of subscription fees, advertising, and licensing deals has been a key driver of its overall revenue growth and margin expansion. Given Paramount's strong content portfolio, growing streaming subscriber base, and successful monetization strategies, I expect the company to deliver 15-20% annual revenue growth and 20-25% annual earnings growth over the next 3 years. CONVICTION RATIONALE: My conviction in this bullish thesis on Paramount Global is a 7 out of 10. The company has demonstrated strong execution in transitioning to a streaming-centric business model, as evidenced by its subscriber growth and increasing content monetization. However, the broader media landscape remains competitive, with ongoing shifts in consumer viewing habits and the threat of larger tech platforms. While Paramount appears well-positioned, there are still some risks and uncertainties that prevent me from having higher conviction at this time.