Something significant is happening at Paramount (NASDAQ:PARA). Just recently, Paramount made the decision to shut down the MTV News archives, an online collection of music news spanning over two decades. This move alone was distressing for history enthusiasts, but the removals did not stop there. Reports have confirmed that websites for various Paramount properties such as Comedy Central, CMT, Paramount Network, and TV Land are now redirecting users to Paramount+.
This transition has resulted in the removal of a vast amount of content, including pre-2016 episodes of “The Daily Show” and full episodes of “Key & Peele” which ceased production in 2015.
The reasoning behind this extensive overhaul seems to boil down to one word: “streamlined.” A Paramount Global representative explained that they have introduced more streamlined versions of their sites to direct fans to Paramount+ for their favorite shows. While the decision to move shows makes sense, the disappearance of other content, including all the news from MTV, is currently unexplained. This move may be part of Paramount’s cost-cutting efforts to save money on web hosting, although this seems insignificant compared to the half-billion dollars Paramount aims to save.
In terms of stock performance, analysts on Wall Street have a Moderate Sell consensus rating on PARA stock, with two Buys, six Holds, and nine Sells assigned in the past three months. Despite a 34.22% decline in its share price over the past year, the average PARA price target of $11.68 per share suggests a 14.79% upside potential.