The echoes of Paramount’s dalliance with Skydance still lingering in the market, reminiscent of Sony’s recent saga. Barry Diller pats himself on the back for orchestrating Skydance’s bid for Paramount. Despite Diller’s self-praise, investors remained unimpressed, causing a minor dip in shares during Monday’s trading session.
Diller’s decade-long stint at Paramount made his move to pursue the company feel almost fateful. While he had previously lost a bid to Sumner Redstone, Diller sensed opportunity in the air, framing the pursuit as more of a calling than a choice.
Furthermore, Diller’s interest in Paramount spurred Skydance into a more aggressive stance to clinch the winning deal. With a touch of humor, Diller hinted that Shari Redstone should send a token of appreciation for his role in catalyzing the deal. He also acknowledged the shifting power dynamics in Hollywood, with unexpected players like Apple reshaping the entertainment landscape.
Promotions Drawing to a Close
As promotions come to a head, today marks the final opportunity to snag a 50% discount on Paramount+ with an upfront annual payment using the code FALL50. The outcome of this promotion on subscriber numbers for Paramount this quarter, and their retention post-discount, will be an intriguing narrative amidst economic turbulence.
Adding to the mix, Paramount is teaming up with children’s apparel retailer Andy & Evan for a fresh line of SpongeBob SquarePants merchandise. Celebrating the 25th year of SpongeBob, fans can now find their beloved character on a range of clothing items from hoodies to bomber jackets.
Assessing Paramount Stock Potential
A divergent Wall Street landscape paints a Hold consensus rating on PARA stock, comprising three Buys, eight Holds, and seven Sells over the past three months. While facing a 17% decline in share price over the last year, the average PARA price target of $12.13 per share suggests a 17.48% upward swing potential.
