Paramount Global (PARA -0.04%) is a controversial stock. The 25 analysts who cover the media conglomerate rate it as a hold on average, according to Yahoo! Finance. Their opinions range from strong buy to sell.

When investors disagree, profit opportunities arise. And that's likely the case with Paramount's shares today. Consider taking advantage of this chance to buy Paramount stock before Wall Street becomes more bullish on its long-term prospects.

Here's why.

1. A tremendous slate of content

Paramount is on a hot streak. Six of its films opened at No. 1 in U.S. box office sales in 2022, as blockbusters like Top Gun: Maverick and Sonic the Hedgehog 2 delighted moviegoers. At the same time, hit shows like Yellowstone and Star Trek: Picard dazzled TV and streaming viewers.

Born from the merger of Viacom and CBS, Paramount owns a valuable array of assets. Key properties include networks MTV, Nickelodeon, and Showtime, as well as the leading free, ad-supported streaming service, Pluto TV. There's also Paramount+, the company's popular paid streaming service and primary growth driver.

These assets give Paramount a plethora of ways to create and monetize content. In all, the entertainment leader produced more than $30 billion in revenue and $3 billion in adjusted operating income in 2022. 

2. Impressive subscriber growth 

Paramount's hit shows and movies are enabling it to rack up streaming customers at a rapid clip. Paramount+ gained 9.9 million subscribers in the fourth quarter, capping a strong year. In 2022, Paramount+ led the U.S. premium streaming industry in gross subscriber additions, according to market intelligence specialist Antenna.

These customer gains drove an 81% year-over-increase in the streaming service's revenue in the fourth quarter. Paramount+ ended 2022 with a total of 56 million subscribers. 

Pluto TV is also growing at a solid clip. It added 6.5 million monthly active users in the fourth quarter, bringing its total to nearly 79 million at the end of December. 

Together, Paramount+ and Pluto TV fueled a 47% increase in Paramount's direct-to-consumer (DTC) revenue, to $4.9 billion, in 2022. 

3. Multiple ways for investors to win 

The beauty of an investment in Paramount is shareholders have several means to profit. First would be a rebound in advertising sales. Inflation and recession fears have driven marketers to pull back on their ad spend. But inflation appears to be moderating, and a recession is likely to prove temporary. Thus, Paramount's advertising revenue should climb once these challenges dissipate.

Second, the profitability of the company's streaming operations is set to improve. Paramount's DTC segment generated an adjusted operating loss of $1.8 billion in 2022. But price hikes, cost cuts, and continued subscriber growth should all help to boost Paramount's profit margins. Additionally, CEO Robert Bakish expects the company's streaming-related investments to peak in 2023.

These factors ought to contribute to "significant earnings growth in 2024," according to Bakish. 

Third, a suitor could come calling. Paramount's highly regarded franchises, subscriber gains, and potential earnings power could make it an attractive takeover target. Paramount "has a unique collection of assets that would generate significant buyer interest if ever put up for sale -- either in pieces or whole," Bank of America analyst Jessica Reif Ehrlich said in late March. She believes Paramount's stock could be worth as much as $32 per share, or more than 40% above its current price.