Paramount Skydance (PSKY) Stock Rises as Netflix Deal Ends and WBD Merger Moves Forward

TLDR

• Paramount Skydance stock rose nearly 3% after its animated content deal with Netflix ended following the Skydance Animation merger
• Both companies confirmed upcoming animated films “Ray Gunn” and an untitled Jack and the Beanstalk project will still release on Netflix
• A new report estimates Paramount leaving California could cost the state between $1.01 billion and $2.03 billion in economic output over five years
• Citizens initiated PSKY with a Market Outperform rating and a $14 price target, citing the pending WBD deal and over $6 billion in cost synergies
• Wall Street has a Hold consensus on PSKY with an average price target of $10.50, implying 3.71% downside from current levels

Paramount Skydance (PSKY) stock climbed nearly 3% in the final minutes of Friday’s trading session after news broke that its animated content agreement with Netflix had come to an end. The stock was trading around $10.60 at the time. PSKY has still lost nearly 43% over the past year.

Paramount Skydance Corporation Class B Common Stock, PSKY

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