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Most unexpected was Paramount stock’s jump. Wall Street almost always disdains giant acquisitions on the theory that buyers get too excited about big deals and overpay—and indeed, that’s usually what happens. When the deal gets sealed, the buyer’s stock usually drops, but in this case it rose almost 30%. That’s probably because analysts were pleasantly surprised: They had figured Paramount would need to raise its offer from $30 to $32–$34 a share to vanquish Netflix; instead, Paramount offered just $31 and prevailed.
The FCC's obsession with diversity, equity and inclusion as part of the deal is stranger, if only because it appears to fall outside of the commission's purpose of maintaining fair competition in the telecommunications industry. It does fit with other mergers the FCC has approved under Carr, however. Skydance's acquisition of Paramount was approved in 2025 under the condition it wouldn't establish any DEI programs.
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