Apart from Nancy Pelosi, who has demonstrated her trading acumen by leveraging insider knowledge, 2024 has seen Senator Tommy Tuberville emerge as another notable figure.
Tuberville has made several profitable purchases and sales in the early months of the year, with another transaction poised to be highly lucrative.
Specifically, Tuberville recently disclosed a purchase of Paramount (NASDAQ: PARA) stock worth $50,000 on April 15. Initially appearing as an unremarkable trade, PARA shares have since increased by 5.25%.
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However, the recent news about Sony‘s potential acquisition of Paramount enhances the potential of Tuberville’s purchase, suggesting promising future gains.
Sony joins the running to acquire Paramount
Sony and Apollo Global Management (NYSE: APO) are reportedly discussing a joint bid for Paramount Global. While Paramount is in exclusive talks with Skydance Media, some investors want them to consider other options.
The proposed bid would involve a cash offer for all Paramount shares, taking the company private. Sony would oversee operations, led by Sony Pictures Entertainment Chairman Tony Vinciquerra, while Apollo would likely control the CBS network and local stations.
If the potential acquisition goes through, the potential merger could elevate the value of PARA shares by a substantial amount, with cash offered as reimbursement.
PARA stock price chart
With the news breaking out on April 18, PARA stock has managed to rake in an impressive 13.40% gain, which has elevated the price to $12.44 per share at the latest closing.
However, the YTD price chart shows an almost equal loss of 13.61% since January 1.
The possibility of acquisition and cash reimbursement per share augurs well for Tuberville’s investment, increasing its potential for further appreciation and promising a substantial return.
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