Paramount Stock (NASDAQ:PARA) Notches Up Despite Dueling Lawsuits
The news only got worse for entertainment giant Paramount (PARA), as not only was its big new movie Mission: Impossible: The Final Reckoning dethroned by an adorable blue furball from Disney (DIS), but news also hit that, should it actually settle its lawsuit with President Trump, it would likely find another one waiting in the wings. This proved less than bothersome for investors, though, as shares notched up fractionally in the closing minutes of Tuesday's trading.
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Word from the Freedom of the Press Foundation (FPF), which is also a Paramount shareholder, noted much the same thing that a group of senators suggested: settling a lawsuit with President Trump 'could amount to a bribe,' as they would provide this settlement in exchange 'for their approving and not impeding' the merger between Paramount and Skydance. Legal experts, however, have already suggested that this notion is ' a nothing burger ' and largely irrelevant.
But the word of those legal experts cut little ice with the FPF, as it planned to '…file a shareholder derivative lawsuit on behalf of Paramount in the event of a settlement by Paramount.' This particular lawsuit would apparently target Shari Redstone, primary shareholder, and the FPF expected '…that other long-term shareholders will join the suit.'
Jon Stewart is Concerned
Meanwhile, one of the biggest figures of Paramount television, Comedy Central's Jon Stewart of The Daily Show fame, is concerned that the show might face a serious hit as part of any settlement with President Trump. Stewart, in occasionally profane fashion, expressed concerns about the fate of the show citing what happened to 60 Minutes and CBS News.
Stewart also cited what happened to a slew of other media properties, before pointing out one other serious sticking point: 'Part of the deal is they have to apologize. And in that moment, these people who have built careers on their excellence and their integrity have to look and go, alright, I hope I've done well enough that I can weather this, but there is no…way that I am going to apologize for doing my job the way it's supposed to be done just because this one guy is offended by it.'
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, seven Holds and four Sells assigned in the past three months, as indicated by the graphic below. After a 0.33% loss in its share price over the past year, the average PARA price target of $12.20 per share implies 1.5% upside potential.
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