The growing drama around entertainment giant Paramount (PARA) and its newfound suitor, Project Rise Partners, is starting to heat up. In fact, Project Rise released new statements about recent allegations, and suggesting that Skydance is actively out to smear it, reports noted. The news did little good for investors, and shares slipped fractionally in the closing minutes of Tuesday’s trading.
The latest word, filed only yesterday in court, once again asserted that Skydance was mixed up about one key point: its sheikhs. Project Rise Partners is backed, the report noted, by a member of the royal family of Abu Dhabi. But the member in question that Skydance referred to in earlier documents was not, the report noted, the correct member. Admittedly, even Project Rise Partners’ lawyer admitted that the two had “…very similar names.” But similar and identical are two different animals, and thus, an issue.
The filing also referred to a term sheet from September 2024, that Skydance seems to be taking out of context. It notes that Blackstone was a “potential investor,” the report noted, and that “…Aquarian verbally committed to make a $4 billion investment upon the execution of a deal.” Project Rise in turn noted that the denial from Rudy Sahay, Aquarian’s founder, is “…inaccurate or it is much too carefully worded.”
Tulsa King Yes, Halo Maybe, Somewhere Else
Then we had reports emerge about two different, popular properties at Paramount, as the show must go on even if we do not exactly know who it will go on under. Paramount has reportedly renewed its popular Tulsa King series for its third season, which brings Sylvester Stallone back once more as a former Mafia caporegime who is reasserting his position in exile in Tulsa.
However, word about a new season of Halo is still unclear. While it seems to be out at Paramount, there is a possibility it, like other shows before it, could make the jump to Netflix (NFLX). With the first two seasons arriving, and posting a hefty 4.2 million views, the idea that Netflix could take that ball and run with it is not out of line.
Is Paramount Stock a Good Buy Right Now?
Turning to Wall Street, analysts have a Hold consensus rating on PARA stock based on two Buys, six Holds and five Sells assigned in the past three months, as indicated by the graphic below. After a 6.01% rally in its share price over the past year, the average PARA price target of $12.50 per share implies 7.16% upside potential.
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