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Wire

Update: Market Chatter: US States Preparing to Challenge Paramount Skydance's Warner Bros. Deal

(Updates with Paramount's response in the third and fourth paragraphs.)A group of US states is preparing a lawsuit to block Paramount Skydance's (PSKY) $110 billion acquisition of Warner Bros. Discovery (WBD), Reuters reported, citing two people familiar with the matter.California Attorney General Rob Bonta said his office will decide soon whether to join the legal action, the report added.Blocking the deal would harm consumers, creators and workers while handing an undeserved competitive edge to established players like Netflix, the very opposite of what antitrust law is designed to do, a Paramount spokesperson said in an email to."We will continue to fight against any attempt to derail a deal that plainly benefits consumers, creators, and the industry as a whole," the spokesperson added.The California Department of Justice and Warner Bros. didn't immediately reply to' request for comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $10.14, Change: $-0.55, Percent Change: -5.10%

$PSKY$WBD
Sectors

Sector Update: Consumer

Consumer stocks were mixed late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 2.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 2%.In corporate news, Paramount Skydance (PSKY) is facing mounting legal pressure as a group of US states prepares a lawsuit to block its $110 billion acquisition of Warner Bros. Discovery (WBD), Reuters reported, citing two people familiar with the matter. Paramount Skydance shares dropped 5.6% and Warner Bros. stock was down 3.6%.

$PSKY$WBD
Wire

Market Chatter: US States Preparing to Challenge Paramount Skydance's Warner Bros. Deal

A group of US states is preparing a lawsuit to block Paramount Skydance's (PSKY) $110 billion acquisition of Warner Bros. Discovery (WBD), Reuters reported, citing two people familiar with the matter.California Attorney General Rob Bonta said his office will decide soon whether to join the legal action, the report added.The California Department of Justice, Paramount Skydance, and Warner Bros. didn't immediately reply to' request for comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $9.85, Change: $-0.83, Percent Change: -7.82%

$PSKY$WBD
Wire

US States Preparing to Challenge Paramount-Warner Bros. Merger, Reuters Reports

US States Preparing to Challenge Paramount-Warner Bros. Merger, Reuters Reports

$PSKY$WBD
Wire

Paramount Skydance Seeks EU Approval for Warner Bros. Discovery Takeover

Paramount Skydance (PSKY) has officially requested the European Union to greenlight its $110 billion takeover of Warner Bros Discovery (WBD), according to a Tuesday case filing with the European Commission.The European Commission has set an initial deadline of July 7 to rule on the merger, according to the filing.Price: $10.76, Change: $-0.22, Percent Change: -2.00%

$PSKY$WBD
Domestic Box Office Poised for Continued Momentum After May Beat, B. Riley Says
US Markets

Domestic Box Office Poised for Continued Momentum After May Beat, B. Riley Says

Domestic box office performance in May was stronger than expected, likely boding well for this month, with AMC Entertainment (AMC), Cinemark (CNK), and Marcus (MCS) seen as beneficiaries, B. Riley Securities said Monday.Preliminary figures for last month show box office collections of $1.06 billion, up 9% year over year and ahead of the brokerage's $890 million forecast."We believe it was ahead of market expectations, providing added confidence in near-term estimates and the summer slate," B. Riley Managing Director Drew Crum said in a note to clients. "A stronger June slate headlined by 'Toy Story 5,' plus an easier comp, suggests further positive momentum is plausible."B. Riley sees AMC, Cinemark and Marcus among the beneficiaries, according to the note.AMC shares were up nearly 14% in Monday afternoon trade, while Cinemark jumped 11%. Marcus rose 3.6%.The latest box office performance reflects carryover from April movies like Amazon (AMZN) MGM-distributed film "Project Hail Mary," and "Michael," as well as a solid sequel debut for "The Devil Wears Prada 2," and a strong opening weekend for A24's YouTube-inspired horror phenomenon "Backrooms," B. Riley said.The brokerage expects May box office performance to be issued this week, including a global total from Imax (IMAX) and separately a figure from Cineplex offering a read on the Canadian market, according to the note.B. Riley projects June domestic box office collections at $1 billion, which would mark a 20% annual gain amid an easier prior-year comparison and other upcoming high-profile titles like Amazon MGM's "Masters of the Universe" and Paramount's (PSKY) "Scary Movie."Box office performance will potentially be offset by the FIFA World Cup 2026, which kicks off June 11, according to the brokerage.Price: $1.96, Change: $+0.23, Percent Change: +13.01%

$AMC$AMZN$CNK$IMAX$MCS$PSKY
Wire

Update: Market Chatter: Bankers Prepare Paramount's $49 Billion Debt Sale to Back Warner Bros. Takeover

(Update with Paramount's response to a request for comment.)Bankers are expected to launch a premarketing process as soon as the next couple of weeks to sell $49 billion of debt to back Paramount Skydance's (PSKY) acquisition of Warner Bros. Discovery (WBD), Bloomberg reported Tuesday, citing people familiar with the deal.Paramount is looking to use bonds and loans to refinance its existing bridge loan into longer-term debt, a critical step in its takeover of Warner Bros., the report said.Paramount declined to comment to.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $9.82, Change: $-0.01, Percent Change: -0.05%

$PSKY$WBD
Wire

Market Chatter: Bankers Prepare Paramount's $49 Billion Debt Sale to Back Warner Bros. Takeover

Bankers are expected to launch a premarketing process as soon as the next couple of weeks to sell $49 billion of debt to back Paramount Skydance's (PSKY) acquisition of Warner Bros. Discovery (WBD), Bloomberg reported Tuesday, citing people familiar with the deal.Paramount is looking to use bonds and loans to refinance its existing bridge loan into longer-term debt, a critical step in its takeover of Warner Bros., the report said.Paramount didn't immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $9.82, Change: $-0.01, Percent Change: -0.05%

$PSKY$WBD
Wire

Bankers Prepare Paramount's $49 Billion Debt Sale to Back Warner Bros. Takeover, Bloomberg Reports

Bankers Prepare Paramount's $49 Billion Debt Sale to Back Warner Bros. Takeover, Bloomberg Reports

$PSKY$WBD
Sectors

Sector Update: Consumer Stocks Advance Late Afternoon

Consumer stocks were higher late Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.1%.In corporate news, Yeti (YETI) lifted its full-year earnings outlook on Thursday as the outdoor products company recorded better-than-expected fiscal Q1 results. Its shares climbed 5%.DraftKings (DKNG) faces a positive catalyst path from the FIFA World Cup driving incremental wagers during a low period over the next few months, Morgan Stanley said in a note. DraftKings shares rose nearly 1%.Tesla (TSLA) Chief Executive Elon Musk's SpaceX is facing opposition from leaders of three major US public pension systems over what they described as the company's "extreme" governance structure ahead of its planned initial public offering, Reuters reported. Tesla shares were down 0.3%.Paramount Skydance's (PSKY) acquisition of Warner Bros. Discovery (WBD) will be carefully scrutinized by European regulators, CNBC reported Thursday, citing a letter sent to Paramount Skydance Chief Executive David Ellison from a group of US and European lawmakers it viewed. Paramount shares fell 3.1%, and Warner Bros. was decreasing 0.5%.

$DKNG$PSKY$TSLA$WBD$YETI
Sectors

Sector Update: Consumer Stocks Rise in Afternoon Trading

Consumer stocks were higher Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.4%.In corporate news, Yeti (YETI) lifted its full-year earnings outlook on Thursday as the outdoor products company recorded better-than-expected fiscal Q1 results. Its shares climbed past 6%.Tesla (TSLA) Chief Executive Elon Musk's SpaceX is facing opposition from leaders of three major US public pension systems over what they described as the company's "extreme" governance structure ahead of its planned initial public offering, Reuters reported. Tesla shares were up 0.3%.Paramount Skydance's (PSKY) acquisition of Warner Bros. Discovery (WBD) will be carefully scrutinized by European regulators, CNBC reported Thursday, citing a letter sent to Paramount Skydance Chief Executive David Ellison from a group of US and European lawmakers it viewed. Paramount shares fell 1.5%, and Warner Bros. was down 0.4%.

$PSKY$TSLA$WBD$YETI
Wire

Update: Market Chatter: Paramount's Warner Bros. Acquisition to Draw EU Scrutiny

(Update with Paramount Skydance's response to a request for comment.)Paramount Skydance's (PSKY) acquisition of Warner Bros. Discovery (WBD) will be carefully scrutinized by European regulators, CNBC reported Thursday, citing a letter sent to Paramount Skydance Chief Executive David Ellison from a group of US and European lawmakers it viewed."Paramount has been engaging constructively and proactively with regulatory agencies which are rigorously reviewing the transaction," a Paramount spokesperson toldvia email. "We have proactively made clear output-enhancing commitments: to increase output to an annual 30 high-quality films released in theatres, to continue licensing content, and to preserve iconic brands with independent creative leadership."(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $10.44, Change: $-0.04, Percent Change: -0.33%

$PSKY$WBD
Wire

Paramount, Warner Music to Partner on Theatrical Films

Paramount Skydance's (PSKY) Paramount Pictures and Warner Music Group (WMG) are partnering on theatrical films that will draw on the lives and music of Warner's roster of artists and songwriters, the companies said Thursday in a release.Warner and Unigram, its production partner, will work with Paramount to develop each project in collaboration with the songwriters and artists or their estates, the companies said.Price: $10.79, Change: $-0.11, Percent Change: -0.99%

$PSKY$WMG
Wire

Paramount Pictures, Warner Music Group to Partner on Theatrical Films

Paramount Pictures, Warner Music Group to Partner on Theatrical Films

$PSKY$WMG
Research

Research Alert: CFRA Maintains Hold Opinion On Shares Of Paramount Skydance Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our target by $1 to $12 using a forward TEV/EBITDA of 6.6x that bears M&A and execution risk. Our target is supported by a conservative view vs. the five-year historical average at 9.4x. We think our target is justified given uncertainties about whether PSKY will close Warner Bros. Discovery (WBD 27 ***). We do have concerns that the WBD acquisition could be challenging with excessive debt. The $31/share all-cash offer for WBD, backed by $57.5B in debt financing, represents an existential risk to PSKY's financial stability. If the deal closes in Q3 2026, the combined entity's total debt would exceed $70B (PSKY's current $13.65B plus WBD's existing debt plus new acquisition financing), creating a leverage ratio that would result in junk credit ratings, significantly higher borrowing costs, and need to drive $6B in cost synergy savings. Any regulatory delays beyond the Q3 2026 target would increase costs and prolong uncertainty, potentially leading to talent attrition or missed market opportunities.

$PSKY
Research

Research Alert: Paramount Skydance Corp. Delivers Mixed Results In Q1 2026

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:PSKY delivered mixed Q1 2026 results with revenue of $8.35B (+2% Y/Y) versus consensus at $7.19B, while adj. EBITDA surged 59% Y/Y to $1,161M with margins expanding to 15.8% from 10.2%. GAAP diluted EPS was $0.15, matching the consensus, demonstrating operational momentum under new management. We like the DTC segment's continued strength, with Paramount+ revenue growing 17% Y/Y to $2.0B and reaching 79.6M global subscribers, while achieving profitability with 10% margins and 10% ARPU growth. Management is modernizing customer-facing technology and implemented price increases across tiers in January. TV Media faced structural headwinds with revenue declining 6% Y/Y to $3.7B, but maintained strong profitability with adj. EBITDA margins expanding to 29% from 24% through cost discipline. Studios revenue increased 11% Y/Y due to Skydance consolidation, with management committing to release a minimum of 30 films across Paramount and Warner Bros. with full theatrical releases and 45-day windows to support theaters.

$PSKY
Wire

Paramount Skydance Shares Rise After Morgan Stanley Upgrade

Paramount Skydance (PSKY) shares rose 8.7% in late Friday trading after Morgan Stanley upgraded the stock to overweight from underweight and raised its price target to $14 from $11.Trading volume stood at nearly 9.2 million shares, compared with a daily average of about 13.1 million.Price: $11.12, Change: $+0.88, Percent Change: +8.61%

$PSKY
Wire

Live Entertainment Poised to Capture Value in AI-Driven Content Surge, Morgan Stanley Says

Generative artificial intelligence is likely to commoditize content while live experiences, especially sports, are set to capture attention and generate the most value, Morgan Stanley said in a note emailed Friday.The firm sees Formula One (FWONK), TKO Group (TKO), Live Nation Entertainment (LYV), Walt Disney (DIS) and Sphere Entertainment (SPHR) as particularly resilient, "anti-fragile" entertainment assets in an AI-driven world.In a more fragmented and distracted world, "nothing captures viewer attention more than sports and live events, which carry urgency, unpredictability, and a sense of communal participation that reflect and shape the culture," the firm said, adding that these events' scarcity gives them stronger monetization and pricing power.The firm said Live Nation and Sphere Entertainment are the clearest examples of this trend. Disney's Parks and Resorts use well-known global intellectual property to create in-person experiences with strong pricing power. Formula One and TKO Group provide exposure to highly strategic trophy assets, with strong cash flows and attractive entry points, according to the note.Morgan Stanley adjusted price targets on Liberty Formula One from $120 to $117, Sphere Entertainment from $135 to $158, and TKO Group from $215 to $225, while TKO was also upgraded from equalweight to overweight. Paramount Skydance (PSKY) was upgraded from underweight to overweight and its price target was raised from $11 to $14.Price: $103.82, Change: $+0.07, Percent Change: +0.07%

$DIS$FWONK$LYV$PSKY$SPHR$TKO
Research

Morgan Stanley Upgrades Paramount Skydance to Overweight From Underweight, Lifts Price Target to $14 From $11

Paramount Skydance (PSKY) has an average rating of hold and mean price target of $12.38 according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$PSKY
Sectors

Sector Update: Consumer Stocks Mixed Late Afternoon

Consumer stocks were mixed late Thursday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.8% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.1%.In corporate news, Comcast (CMCSA) reported higher-than-expected Q1 results as the company benefited from the Milan Cortina Winter Olympics and Super Bowl LX. The shares rose 7.9%.Tesla (TSLA) shares fell 3.7% after the company issued higher-than-expected 2026 capital-expenditure guidance.Warner Bros. Discovery (WBD) shareholders approved the buyout by Paramount Skydance (PSKY). Warner shares fell 1.4%, and Paramount fell 5.2%.Vail Resorts (MTN) reported that skier visits from the start of the season through April 19 fell 15% from the same period a year earlier. The shares dropped 5.5%.

$CMCSA$MTN$PSKY$TSLA$WBD

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