IMAX Considers Sale, Benchmark Raises Price Target to $60
"Now Streaming" is The Fly's weekly recap of the stories surrounding the biggest content streamers.PLAYING THIS WEEKEND:Among this weekend's notable new streaming content is Apple TVdark comedy "Maximum Pleasure Guaranteed," starring Tatiana Maslany and Jake Johnson. Additionally, Paramount+subscribers can catch the new season of drama series "The Chi," while Netflixusers can watch adult animated comedy "Mating Season," starring Nick Kroll.IMAX EXPLORES SALE:Imaxis considering a sale and has approached entertainment companies as potential buyers, The Wall Street Journal's Ben Fritz and Jessica Toonkel reported Thursday, citing people familiar with the situation. The sale process is in early stages and may not result in a deal, the people said.Following the report, Benchmark analyst Mike Hickey raised the firm's price target on Imax to $60 from $44 and maintained a Buy rating on the shares. The report "strongly validates our long-standing thesis" that the company's strategic value "materially exceeds what is reflected in the current public valuation" and "increasingly supports our thesis that Rich Gelfond may ultimately seek to define his legacy through a strategic sale of the company he helped transform," the analyst tells investors. Logical strategic potential buyers include Sony, Apple, Amazon, Disney, Comcast'sNBCUniversal, Netflix, Sphere Entertainment, and Cinepolis, the analyst added.NETFLIX/IHEARTMEDIA:iHeartMediaand Netflix announced the next major milestone in their video podcast partnership: The Breakfast Club will now stream live daily on Netflix. Beginning June 1, The Breakfast Club, co-hosted by Charlamagne tha God, will air simultaneously as a live video show on Netflix each weekday. While the radio broadcast will continue to include traditional commercial breaks, Netflix viewers will receive an enhanced experience, with those breaks filled by exclusive bonus segments, behind-the-scenes moments, extended discussions and original content, the companies said.PARAMOUNT/WARNER BROS.:Paramount Skydance is reportedly aiming to finalize its merger with Warner Bros. Discoveryas soon as July, New York Post's Alexandra Steigrad reported this week. In public statements, David Ellison-led Paramount has said it expects the $110B deal to close by the third quarter, or September 30.STOCK PLAYS:Other publicly traded companies in the space include Fox, FuboTV, AMC Networks, and Roku.
