Paramount Global stock holds near USD 10 as merger risk shifts

Paramount Global stock closed at USD 9.91 on Nasdaq on September 21, 2026, after falling 2.94 percent during the session. The next move depends less on the antitrust hurdle than on whether the Warner Bros. Discovery transaction can absorb its financing and integration burden.

Merger hurdle is cleared

Paramount Skydance reached a settlement with 12 states on September 21, 2026, removing the main legal obstacle to its planned acquisition of Warner Bros. Discovery. The transaction is valued at about USD 110 billion to USD 111 billion, according to TradingView, but completion still depends on the remaining closing process.

The settlement also commits the combined group to at least 30 theatrical releases annually during the first two years and 32 films annually during the following three years. Domestic film production spending must increase by at least USD 300 million per year for five years, as reported by Business Insider on September 22, 2026.

Quarterly figures show the tradeoff

For the quarter ended June 30, 2026, Paramount Skydance generated USD 6.91 billion in revenue, up 1 percent year over year, while adjusted EBITDA increased 27 percent to USD 1.10 billion. Paramount+ revenue rose 16 percent to USD 2.06 billion, and subscribers reached 81.6 million, according to INDmoney on September 22, 2026.

Management also raised its 2026 adjusted EBITDA outlook to USD 3.8 billion to USD 3.9 billion on expected revenue of about USD 30 billion. Those figures provide operating support for the transaction, but the pro forma balance sheet is the sharper counterweight: Morgan Stanley analysts estimated combined net debt of USD 77.2 billion at the end of 2026, according to Variety on September 22, 2026.

Analysts see room above USD 10

StoneX reaffirmed a Buy rating and a USD 16 price target on September 22, 2026, while Citizens reiterated Market Outperform with a USD 14 target. The two targets stand above the September 21 close of USD 9.91, but they also frame the market's central question: deal synergies must offset the financing and execution risks.

According to Investing.com on September 22, 2026, StoneX maintained the USD 16 target, while Investing.com reported Citizens' USD 14 target on the same date.

Stock remains below yearly high

Nasdaq data showed a September 21, 2026 price of USD 9.91, a 52-week range of USD 7.62 to USD 20.86, market capitalization of about USD 11 billion and volume of 66.2 million shares. The closing price was therefore USD 10.95 below the 52-week high, while the merger settlement had yet to produce a sustained recovery.

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