Needham downgraded Paramount (PARA) to Hold from Buy after its Q1 results and a 9-minute long earnings call with no Q/A. The analyst is citing the shift in leadership from one CEO to a committee of three, saying it is difficult to argue that three leaders can create more value than a single leader with board accountability. Needham adds that the May “upfront martket”, when Paramount sells up to 70% of its ad units, is at greater risk now because both departing CEO Bob Bakish and Joanne Ross are gone, stating that the company’s carriage deal with Charter (CHTR) is now also “more at risk”.
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