Another bit of big news for entertainment giant Paramount (PARA) and its increasingly controversial CBS News division. Last week, we found that a couple of staffers had been let go, but now, we’ve got a much bigger fish getting tossed back: Wendy McMahon, who was chief executive officer of CBS News, reports noted. That proved to be less of a problem for investors than you might think, and shareholders sent shares up fractionally in the closing minutes of Monday’s trading.
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Interestingly, McMahon was not thrown out, but rather left voluntarily, announcing she would step down as head of CBS News. However, it was also clear that she was not especially welcome at CBS any more, as George Cheeks personally asked McMahon for her resignation after a discussion on Saturday, reports noted. No spokesperson—whether for Paramount, CBS News, or McMahon herself—would comment on the matter, though.
McMahon offered a final message to employees, noting that the previous few months had been “challenging,” and that she and the company “…do not agree on the path forward.” Thus, McMahon departed to let “…this organization move forward with new leadership.” This Sunday also marked the last new episode of 60 Minutes for the season, a show which McMahon increasingly felt she had to fight just to get it to air.
Pushing the Release Dates Back
Meanwhile, a couple of movies that Paramount likely had some hopes for—Teenage Mutant Ninja Turtles: Mutant Mayhem 2, and The Legend of Aang: The Last Airbender—are getting their release dates pushed back. The Last Airbender will be getting pushed back to October 9, 2026, while Mutant Mayhem 2 will be shoved all the way into September 2027.
As for reasons, reports note that “animation delays” caused both titles to get pushed back. Interestingly enough, the same reports noted that Paw Patrol: The Dino Movie—which uses a significantly less taxing and less expensive animation style—got its release date bumped up a week, now coming out July 24.
Is Paramount Stock a Good Buy Right Now?
Turning to Wall Street, analysts have a Moderate Sell consensus rating on PARA stock based on two Buys, seven Holds and six Sells assigned in the past three months, as indicated by the graphic below. After a 2.66% loss in its share price over the past year, the average PARA price target of $12 per share implies 1.78% upside potential.
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