Paramount is rolling out a revamped streaming strategy to close the gap with Netflix and Disney+. The company, acquired by Skydance Media last August, is pouring money into content for Paramount+ and Pluto TV while merging technology across its platforms. CEO David Ellison made overhauling the streaming services his top priority after taking control of the company.

This week, Paramount presented its progress to advertisers, unveiling a slate of expensive dramas starring Anne Hathaway, Nicole Kidman and Jeremy Strong. The high-profile talent signals an aggressive push to compete with bigger rivals and escape also-ran status in the crowded streaming market where Netflix and Disney+ dominate subscriber growth.

The company is also highlighting technological improvements designed to boost subscribers and ad revenue. With streaming profitability still elusive for many media companies, Paramount's dual focus on star-driven content and better tech aims to differentiate its offerings in a saturated market where consumers have countless viewing options.