If you have been following the streaming market lately, then you know that major figures have been looking into adding live sports coverage as a way to drive subscriptions. Paramount Global (PARA) is no different, and it may be adding more sports to its prime time listings.
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Under new leadership at Paramount, we might see less of an emphasis on crime dramas and instead, see more prime-time sports. Such a shift would be part for the course under new CEO Jeff Shell, as he also put a lot of weight on sports back when he was in charge of NBC Universal (CMCSA).
Another Executive Departs
Separately, Paramount lost another executive in Jeff Shultz. Shultz came over to Paramount after it picked up Pluto TV. Shultz, formerly Chief Strategy Officer and Chief Business Development Officer, was noted to have a major hand in revamping Paramount+.
Shultz apparently did not depart on good terms, noting that he had “mixed emotions” about his exit. He also said that this was “…never just a job,” and that his “many business partners” would see him again.”
Is Paramount Stock a Good Buy?
Turning to Wall Street, analysts have a Hold consensus rating on PARA stock based on three Buys, six Holds and four Sells assigned in the past three months, as indicated by the graphic below. After a 6.05% loss in its share price over the past year, the average PARA price target of $12.67 per share implies 22.83% upside potential.
