While you might think that the Skydance and Paramount (PARA) deal is finally a done one—aside from the inevitable federal oversight—it’s not quite as done as you might think. In fact, a familiar name has stepped back onto the stage to start a bit of drama with a new lawsuit. Billionaire Mario Gabelli is taking Paramount to court, demanding a look under the hood at Paramount’s numbers before the merger can go completely through. The move did little good for the media giant’s shares as they slipped fractionally in Monday afternoon’s trading.
The suit is currently active in Delaware’s Chancery Court, and Gabelli filed it on behalf of investors who cumulatively hold millions of Class B shares. Gabelli is out to ensure that investors get fair value in the deal, and since he has held such stock for years, he’d be among those best placed to know.
What Gabelli will find—or even hopes to find—is unclear, but there is a possibility that Gabelli, as opposed to any government intervention, could shut down the Skydance and Paramount deal. Reports suggest that RedBird Capital’s Gerry Cardinale is out to meet with Gabelli to defuse the situation, but with lawyers formally involved, that may be an order too tall for Cardinale to meet.
A New Mess at ChileVision
The recent assassination attempt against Donald Trump over the weekend posed a range of commentaries coming from just about every point on the spectrum. MSNBC reportedly shuttered its “Morning Joe” show temporarily on Monday over concerns about potentially “inappropriate” commentary therein. And that’s when ChileVision got involved.
ChileVision, a Paramount property since 2021, featured commentary from journalist Pablo Torres, who actually declared regret that the assassination attempt failed. The footage subsequently went viral, and outcry was brisk as viewers demanded Torres’ removal. Torres, however, subsequently apologized and declared his remarks “a slip of the tongue” that was “taken out of context.”
What Is the Projection for Paramount Stock?
Turning to Wall Street, analysts have a Moderate Sell consensus rating on PARA stock based on three Buys, seven Holds, and 10 Sells assigned in the past three months, as indicated by the graphic below. After a 23.76% loss in its share price over the past year, the average PARA price target of $12 per share implies 3.99% upside potential.
