Paramount Skydance (PARA)

The sleeper story is Skydance's content spending binge disguised as efficiency gains - they're promising $3B in savings while simultaneously committing to $1.5B+ in incremental content plus UFC/South Park deals. The math suggests they're betting everything on ARPU expansion through premium content, but they stopped reporting the engagement metrics that would validate this strategy. Ellison's quote about offering UFC 'for approximately one pay-per-view price' telegraphs the coming price increases. The binding constraint isn't content volume but subscriber willingness to pay more - and they just went dark on churn data right when they need to prove pricing power. My view changes if they restore engagement metric transparency or show concrete proof that UFC drives measurable ARPU lift without subscriber bleeding.