While most of the attention in the recent Paramount (NASDAQ:PARA) deal has been focused on Skydance Media and its play, Byron Allen is eager to point out that he’s not yet out of the fray. In fact, he took to the National Association of Broadcasters (NAB) show to detail just what he’d do if he picked up the entertainment studio. Investors, meanwhile, weren’t interested, and shares declined nearly 2% in Monday afternoon’s trading.
Allen’s plans would basically ramp up the M&A train like no tomorrow, as he would look to pull lesser streamers—pretty much anyone who isn’t Netflix (NASDAQ:NFLX)—under his collective banner. This includes platforms like Max and Peacock, both of which are owned elsewhere and may not be so interested in being acquired.
However, given the growing opposition to the Skydance deal from shareholders, Allen may have a chance of getting in after all. Both Barrington Capital and Mario Gabelli recently came out against the deal, joining a growing throng of shareholders who would prefer no sale at all to a Skydance buy.
Star Trek or Star Wreck?
Meanwhile, news emerged about the state of one of the crown jewels for Paramount franchises: Star Trek. It was a good news/bad news situation for Trek buffs as it was revealed that Star Trek: Strange New Worlds has been renewed to Season 4. That’s impressive enough as it is, as season 3 is expected out sometime next year. And, in a bittersweet moment, Star Trek: Lower Decks, the animated Trek comedy that proved, amazingly, that the Pakled could make credible villains, is getting a fifth season, which will be its last.
Is Paramount a Good Stock to Buy?
Turning to Wall Street, analysts have a Hold consensus rating on PARA stock based on six Buys, eight Holds, and seven Sells assigned in the past three months, as indicated by the graphic below. After a 50.55% loss in its share price over the past year, the average PARA price target of $13.29 per share implies 22.88% upside potential.
