A legendary action movie actor is headed to the small screen with a mobster-styled show that could boost the profile of one of the smaller streaming platforms.
What Happened: Streaming platform Paramount+ from Paramount Global (NASDAQ:PARA)(NASDAQ:PARAA) is bringing Sylvester Stallone to the small screen. The series “Tulsa King” will mark the first television series to see Stallone in a leading role.
“Tulsa King” comes from Taylor Sheridan, creator of other Paramount hits “Yellowstone,” “Mayor of Kingstown” and “1883.”
Stallone plays New York mafia leader Dwight “The General” Manfredi in the series, who is released from prison after 25 years.
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Why It’s Important: “Tulsa King,” which has no official release date, is a highly anticipated title for Paramount that could carry some momentum.
“Halo,” an adaptation of the hit Microsoft Corporation (NASDAQ:MSFT) video game turned in record numbers for Paramount+, setting a record for the most-watched series premiere globally on the streaming platform within the first 24 hours.
Paramount reported 56 million subscribers for Paramount+ in the fourth quarter, adding 9.4 million global subscribers. The company said Paramount+ was the fastest-growing SVOD service in the U.S. in the fourth quarter. Paramount has a goal of hitting 75 million global streaming subscribers by the year 2024.
Price Action: Paramount Global shares are up 3.28% to $30.08 on Monday versus a 52-week range of $27.25 to $47.46
Paramount is set to report first-quarter financial results before the market opens Tuesday. Analysts expect the company to report revenue of $7.38 billion according to Benzinga Pro. The company has beat analysts’ estimates on revenue in each of the last four quarters.
Photo: Paramount Global Twitter
