Shake-Up Alert: 40 Companies Facing Activist Pressure

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14. Barrington Capital at Paramount Global (NASDAQ:PARA)

Stock Return: – 38.9%

S&P 500 Return: 29%

Investment date: 26/04/2023

Number of hedge funds holding stakes: 42

Paramount Global (NASDAQ:PARA) is a communication services company that operates as a media streaming and entertainment company. Activist hedge fund Barington Capital has joined other investors in pushing for the company to block its potential sale to Skydance Media.

The hedge fund is pushing for Paramount Global (NASDAQ:PARA) to look for other potential bidders that would unlock more value. Barrington wants the company to consider an approach from Apollo Global Management, which is willing to acquire it for $26 billion, including debt. The acquisition push comes when the stock is down by about 21%. According to the Insider Monkey database, 42 hedge funds held stakes in the company as of the end of Q1 2024.

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