Paramount Skydance Corp Sees Surge in Put Volume Amid Bearish Technical Reversal

Paramount Skydance Corp (PARA) experienced a significant spike in put option activity on December 16, 2025, with put volume exceeding call volume by over 3-to-1 at the intraday peak. The imbalance suggests growing investor concern about near-term price depreciation. Key strike prices around $32.50 and $30.00 saw the most concentrated put buying, indicating targeted downside protection or speculative short positions. The stock itself fell 4.8% during the session, marking its steepest one-day drop in three weeks, and closed below its 20-day moving average—a technical breakdown confirmed by volume profile analysis. The bearish momentum coincided with a broader sell-off in the media and entertainment sector, driven by revised content spending forecasts from major studios. Analysts note that the put skew—where out-of-the-money puts trade at a premium—has widened significantly, reflecting elevated perceived downside risk. The put-call ratio for PARA rose to 1.87, well above the 1.0 threshold considered neutral, reinforcing the bearish sentiment. This technical pattern has historically preceded further declines in similar stocks during market corrections. Market participants, including institutional traders and options strategists, are closely monitoring PARA for potential follow-through. The high open interest in near-term puts suggests that a downside breakout could trigger additional hedging activity, amplifying selling pressure. Meanwhile, retail investors have shown increased interest in bearish strategies, with orders for put spreads and ratio spreads rising over the past 48 hours. The cumulative effect has created a self-reinforcing environment that could extend the downward trajectory if support at $28.50 fails.