Paramount Skydance (PSKY) Stock Gains After Supreme Court Intervenes in Merger Lawsuit

TLDR

• PSKY stock gained nearly 1.5% after the Supreme Court ordered 12 states opposing the Paramount-Warner Bros. Discovery merger to respond to a challenge from Iowa and Montana.
• The court gave the coalition, led by California AG Rob Bonta, two weeks to respond but has not yet ruled on whether to allow the complaint.
• Wellington Management made a new $3.23 million investment in PSKY, buying 327,700 shares in Q2.
• Paramount beat Q2 earnings estimates, posting $0.18 EPS vs. the $0.15 consensus, on revenue of $6.91 billion.
• Wall Street holds a “Reduce” consensus on PSKY with an average price target of $11.38, with 8 Sells, 5 Holds, and 2 Buys.

Paramount Skydance (PSKY) got a boost Thursday when the Supreme Court inserted itself into the legal battle surrounding the company’s pending merger with Warner Bros. Discovery. The stock climbed nearly 1.5% in the final minutes of trading, with PSKY opening the day at $10.22.

Paramount Skydance Corporation Class B Common Stock, PSKY

The court ordered a 12-state coalition, largely led by California Attorney General Rob Bonta, to respond within two weeks to a challenge filed by Iowa and Montana. Those two states argue that since the federal government already approved the merger and 38 states did not oppose it, the coalition of 12 has no standing to block it.

… Continue reading the full article at the original source below.