Argus downgrades Paramount to Sell, says sale process ‘a fiasco’

As previously reported, Argus downgraded Paramount to Sell from Hold with no price target. A possible sale would normally be a positive for shareholders, though in Paramount’s case, “both we and the market question the process” as Paramount’s “sale process has become a fiasco,” the analyst said in a note published before the market open. The firm, which lowered its 2024 EPS estimate to $1.28 and its 2025 forecast to $1.30 from $1.38, thinks that Paramount+ may have to acquire or be acquired by another video streaming service to achieve greater scale.