What Happened?
Shares of multinational media and entertainment corporation Paramount (NASDAQ: PARA) jumped 2.5% in the afternoon session after the company planned to acquire Bari Weiss's media platform, The Free Press, and appoint her as editor-in-chief of CBS News.
The deal, valued at around $150 million in a mix of cash and stock, positioned Weiss to take on the top editorial role at the major news network. According to reports, Weiss would report directly to Paramount Skydance CEO David Ellison, a move that suggested she would have significant authority to influence the network's editorial direction. As part of the acquisition, The Free Press was expected to continue operating as an independent entity within Paramount. The appointment was seen as a significant move that could signal a new chapter for CBS News under fresh leadership.
After the initial pop the shares cooled down to $19.03, up 2.2% from previous close.
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What Is The Market Telling Us
Paramount’s shares are somewhat volatile and have had 14 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 10 days ago when the stock gained 7.4% after a report that a former top antitrust official was in advanced talks to join the company.
The New York Post reported that Makan Delrahim, who served during the first Trump Administration, was close to joining Paramount Skydance. Delrahim was a key advisor during the recent merger between Paramount and Skydance. This news arrived as media reports suggested the company was weighing a potential bid for entertainment giant Warner Bros. Discovery. The potential hiring of a former antitrust official was seen as a move to help navigate the regulatory challenges of such a large-scale deal, which some in the industry described as "inevitable" due to the need for more scale.
Paramount is up 79.9% since the beginning of the year, and at $19.03 per share, it is trading close to its 52-week high of $19.73 from September 2025. Investors who bought $1,000 worth of Paramount’s shares 5 years ago would now be looking at an investment worth $670.31.
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