Paramount Global (NASDAQ: PARA) is the newest iteration of the Paramount media empire, which owns film studios, traditional networks, cable channels, and streaming sites. It's a huge business with many parts that's trying to make its name in streaming.

It caught investing legend Warren Buffett's eye last year, and he loaded up on the stock, probably due to a high-yielding dividend and low valuation. But that's not usually enough for Buffett, who essentially looks to invest in great businesses on top of anything else.

But after a first-quarter report that disappointed investors and included a huge cut in the dividend, it's looking less like a value. Could Buffett have made a mistake here? He claims to make mistakes all the time, which is why investors should always carefully research any stocks before buying and never just jump on the Buffett bandwagon, or mindlessly follow any other successful investor. Let's take a deeper look and see if Paramount is a buy right now.

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Source Fool.com