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Paramount explores sale of majority stake in streaming service Noggin - WSJ

Published 04/07/2023, 07:21 AM
Updated 04/07/2023, 08:15 AM
© Reuters. FILE PHOTO: Toy figures of people are seen in front of the displayed Paramount + logo, in this illustration taken January 20, 2022. REUTERS/Dado Ruvic/Illustration

(Reuters) -Paramount Global is exploring the sale of a majority stake in Noggin, its online learning service for children, the Wall Street Journal reported on Friday, citing people familiar with the situation.

The company is looking at an opportunity to develop Noggin, which is known for content like "PAW Patrol" and "Peppa Pig", into an interactive learning platform, and is seeking an investor for the job, the report said.

Paramount wants to retain a stake in Noggin, the report added. Paramount Global declined to comment.

© Reuters. FILE PHOTO: Toy figures of people are seen in front of the displayed Paramount + logo, in this illustration taken January 20, 2022. REUTERS/Dado Ruvic/Illustration

The reported exploration of the stake sale is part of the company's effort to support its streaming service Paramount+. The company said in February it will increase the prices of the service's premium and essentials tiers.

Paramount+ is set to integrate with the company's other streaming platform Showtime. The company expects an impairment charge of $1.3 billion to $1.5 billion in the current quarter from the integration.

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