Paramount Stock (NASDAQ:PARA) Notches Up Despite Internal Tragedy

It was bad news for entertainment giant Paramount (PARA), as one of its own was struck hard by a tragic diagnosis. Paramount’s chair of the board, Shari Redstone, recently confirmed a diagnosis of thyroid cancer. The news did not slow shareholder interest in the company, however, as shares ticked up fractionally in the closing minutes of Friday’s trading.

Redstone actually underwent surgery back in May for the disease, and reports noted that her thyroid gland had been removed outright. But the cancer had actually spread to her vocal cords, reports noted, which meant there was still cancer involved. However, reports noted, “her prognosis is excellent,” according to Redstone representative Molly Morse, and her family is, not at all surprisingly, grateful for the news.

This news comes at an especially difficult time for Redstone, and for Paramount, as a highly-contentious merger arrangement with Skydance is still in the works, and is actually showing some signs of never actually happening to begin with. As multiple lawsuits hit the deal from all sides, and even government regulation may ultimately hamper the whole thing, media watchers are keeping a close eye on the situation to see just how it all boils down.

And Speaking of Lawsuits

Remember how we said that, if Paramount went ahead and settled with President Trump, they would find a whole new lawsuit waiting in the wings from the Freedom of the Press Foundation? That was a little over a week ago. But some more news has emerged that says the Freedom of the Press Foundation is already lawyering up, and bringing some high-end talent in to address the matter.

Abbe David Lowell, who is regarded as a “respected Washington litigator” is stepping in to back up the Foundation, and will be supported by Norm Eisen, known Trump critic who backed up the House of Representatives during their first impeachment hearings against President Trump. Given how that went, though, it does kind of suggest that Lowell and Eisen might have similar luck this time around.

Is Paramount Stock a Good Buy Right Now?

Turning to Wall Street, analysts have a Hold consensus rating on PARA stock based on two Buys, eight Holds and five Sells assigned in the past three months, as indicated by the graphic below. After a 0.92% loss in its share price over the past year, the average PARA price target of $12.08 per share implies 1.38% upside potential.

See more PARA analyst ratings

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