Paramount Global rises as media group reportedly eyes stake sale in Noggin brand

By Scott Kanowsky 

Investing.com -- Shares in Paramount Global (NASDAQ:PARA) edged higher in early U.S. trading on Monday after the Wall Street Journal reported that the media group is looking into a possible sale of a majority stake in its preschool children's learning service Noggin.

Citing people familiar with the situation, the paper said the move is seen as an opportunity to raise investor funds needed to build up and refocus Noggin's offerings on an interactive learning platform.

Paramount believes that it could find a fresh revenue source by retaining a minority stake in Noggin and allowing another entity to develop the brand's digital presence, the people added.

Much of Noggin's content, which includes popular children's programming like "PAW Patrol" and "Peppa Pig," is currently featured on the Paramount+ streaming platform. Noggin also has its own direct-to-viewer online platform.

New York-based Paramount, an entertainment conglomerate which changed its name from ViacomCBS last year, has been reportedly reviewing other parts of its business in a bid to support Paramount+. The group has been in discussions over possibly selling a majority stake in BET Media Group - the company behind cable channels like BET and VH1 - to actor and director Tyler Perry, the WSJ previously reported.