Media Stock Sale: Paramount and Warner Bros Discovery

Media firms that entered Netflix’s (NFLX) market paid a steep price. During the stay-at-home pandemic, they offered cheap subscriptions to lure Netflix customers to alternative services.That era is over.Paramount (PARA) said it would cut 15% of its U.S. workforce on August 8, 2024. This will save $500 million annualized and is part of the Skydance Media cost efficiency plan worth $2 billion in cuts. Skydance’s proposed buyout of PARA stock prevented the stock from falling below $10.00.Speculators may bet that Skydance’s buyout will close. It offered to buy Paramount for $2.4 billion in…