Paramount Global's stock experiences another 15% increase, marking two consecutive days of double-digit gains.

• Paramount Global's stock jumped for the second day in a row.
• The media company reported strong third quarter results.
• Its streaming business posted narrower losses.

On Friday, the stock closed more than 15% higher, marking its best day since March 2020, following another double-digit gain the previous day.

Despite a 28.6% increase in value week-to-date, the stock remains 18% below its yearly target, on track for its seventh consecutive year of decline, marking its eighth yearly losing streak.

After the market closed on Thursday, the media giant disclosed its third quarter earnings, revealing an increase in both profit and revenue compared to the previous year.

The streaming business, comprising Paramount+ and Pluto TV, experienced a 38% increase in revenue and a reduction in losses. Paramount+ had a total of 63 million subscribers.

Wall Street analysts liked what they saw from Paramount's report.

If Paramount maintains the strong trends observed in the third quarter, it can anticipate further earnings growth, according to Bernstein Research analysts.

Moffett Nathanson Research analysts echoed that sentiment while remaining cautiously optimistic.

Despite the outcome of any future bundling deal, Paramount+ is now a more streamlined and efficient platform than expected.

The sale of Simon & Schuster for $1.62 billion has boosted the company's positive momentum. However, market conditions have made it difficult for a transformative transaction, such as a merger or sale, to occur.

Despite reporting losses in the TV arena, Paramount's advertising revenue dipped only 14%. Its TV assets include brands like MTV, Nickelodeon, CBS and Showtime. Additionally, licensing and other revenue also decreased by 7%.

Despite $60 million in idle costs from Hollywood labor strikes, company executives expressed optimism that the company will recover with its upcoming slate. Additionally, the company has no plans to implement a streaming password-sharing crackdown like Netflix's.

Roku's strong third quarter earnings report led to a 10% increase in Paramount's stock on Thursday, as more consumers gained access to streaming services like Paramount+ through an increase in Roku users.

Other media stocks, including and , also experienced an increase in stock prices on Friday.

–CNBC's Christopher Hayes contributed to this report.