Shareholders of Paramount Global (PARA) looking to boost their income beyond the stock's 1.8% annualized dividend yield can sell the January 2027 covered call at the $20 strike and collect the premium based on the 50 cents bid, which annualizes to an additional 2.3% rate of return against the current stock price (at Stock Options Channel we call this the YieldBoost), for a total of 4.1% annualized rate in the scenario where the stock is not called away. Any upside above $20 would be lost if the stock rises there and is called away, but PARA shares would have to climb 80% from current levels for that to happen, meaning that in the scenario where the stock is called, the shareholder has earned a 84.5% return from this trading level, in addition to any dividends collected before the stock was called.