Paramount Global
Chairwoman Shari Redstone bought $2.5 million of the company’s shares as the stock traded near a 52-week low, according to a Form 4 filing late Wednesday.
Redstone purchased 165,000 of Paramount Global nonvoting Class B shares (ticker: PARA) at $15.06 in the open market Tuesday and now holds 577,064 shares.
Paramount shares rose 4.2% to $15.57 on Wednesday after hitting a new 52-week low of $14.88.
The stock has been weak in the wake of the company’s first-quarter earnings report earlier this month. Paramount’s earnings per share fell 85% to nine cents a share and the company slashed its quarterly dividend to 5 cents a share from 24 cents.
The stock has performed poorly over the past decade, trading for a third of where it did in 2013, and is back where it traded in the late 1990s.
The Redstone family controls the media company through ownership of nearly 80% of Paramount Global voting stock (PARAA). The Redstone trust holds 31 million shares of the voting stock, according to the latest proxy.
Paramount’s largest shareholder based on economic ownership is
Berkshire Hathaway
(BRK.A, BRK.B), which owns 93 million shares, or about 14% of the company.
Write to Andrew Bary at [email protected]
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