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Paramount Global Cl B(PARA-Q)

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Why Is Paramount (PARA) Stock Rocketing Higher Today

StockStory - Fri Apr 19, 10:31AM CDT

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What Happened:

Shares of multinational media and entertainment corporation Paramount (NASDAQ:PARA) jumped 12.1% in the morning session after the New York Times reported that Sony Pictures and Apollo Global Management are in talks to acquire the company. According to the sources "The terms of the joint bid are still being worked out, and it's possible that Sony and Apollo may not make an offer for Paramount." 

Earlier, CNBC reported on April 11, 2024, that Skydance Media and its CEO, David Ellison, were meeting with Paramount management over a potential merger.

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What is the market telling us:

Paramount's shares are quite volatile and over the last year have had 29 moves greater than 5%. But moves this big are very rare even for Paramount and that is indicating to us that this news had a significant impact on the market's perception of the business.

Paramount is down 18.2% since the beginning of the year, and at $11.77 per share it is trading 49.8% below its 52-week high of $23.44 from April 2023. Investors who bought $1,000 worth of Paramount's shares 5 years ago would now be looking at an investment worth $230.49.

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