[25-NSE] Paramount Global SEC Filing

Rhea-AI Filing Summary

Paramount Global (PARAA) has filed a Form 25 with the SEC, notifying the agency that its Class A and Class B common stock will be removed from listing and registration on the Nasdaq Stock Market LLC under Section 12(b) of the Exchange Act. The filing, signed by Nasdaq on 7 Aug 2025, certifies that all exchange rules and SEC requirements for delisting have been met. No financial results, transaction details, or reasons for the delisting are disclosed in this notice.

Positive

• None.

Negative

• Class A and Class B shares to be delisted from Nasdaq, potentially reducing liquidity and institutional ownership
• No explanation provided for the removal, increasing uncertainty and governance risk

Insights

Securities Analyst

TL;DR: Nasdaq filed Form 25 to delist Paramount’s Class A & B shares—negative for liquidity and index inclusion.

The Form 25 confirms that both share classes will cease trading on Nasdaq after the required waiting period. Delisting typically reduces trading liquidity, may trigger forced selling by index and mandate-bound funds, and could increase the company’s cost of capital. The absence of an accompanying exchange transfer or privatization detail leaves uncertainty about future trading venues. Overall, the action is materially negative for minority shareholders.

Corporate Governance Expert

TL;DR: Voluntary delisting signals governance shift; lack of disclosure raises transparency concerns.

Nasdaq’s certification indicates either an issuer-initiated withdrawal or compliance action, but the filing offers no rationale. Voluntary removals often precede moves to another exchange or corporate restructuring, yet investors are not informed here. The opacity undermines governance best practices and could elevate regulatory and litigation risk if minority holders view the process as value-eroding.

UNITED STATES

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 25

NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION
UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission File Number

001-09553

Issuer:	Paramount Global
Exchange:	Nasdaq Stock Market LLC

(Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered)

Address:	1515 Broadway
	New York	NEW YORK	10036
Telephone number:					(212) 258-6000

(Address, including zip code, and telephone number, including area code, of Issuer's principal executive offices)

Class A Common Stock, Class B Common Stock

(Description of class of securities)

Please place an X in the box to designate the rule provision relied upon to strike the class of securities from listing and registration:

17 CFR 240.12d2-2(a)(1)

17 CFR 240.12d2-2(a)(2)

17 CFR 240.12d2-2(a)(3)

17 CFR 240.12d2-2(a)(4)

Pursuant to 17 CFR 240.12d2-2(b), the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange. ¹

Pursuant to 17 CFR 240.12d2-2(c), the Issuer has complied with its rules of the Exchange and the requirements of 17 CFR 240.12d-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.

Pursuant to the requirements fo the Securities Exchange Act of 1934, Nasdaq Stock Market LLC certifies that it has reasonable grounds to believe that it meets all of the requirements for filing the Form 25 and has caused this notification to be signed on its behalf by the undersigned duly authorized person.

2025-08-07	By	Jennifer Fainer		CDO Analyst
Date		Name		Title

¹ Form 25 and attached Notice will be considered compliance with the provisions of 17 CFR 240.19d-1 as applicable. See General Instructions.

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Why did Paramount Global (PARAA) file Form 25?

To notify the SEC of the removal of its Class A and Class B common stock from listing and registration on Nasdaq.

Which Paramount Global securities are affected by the delisting?

Class A Common Stock and Class B Common Stock are both covered by the Form 25.

When was the Form 25 signed?

Nasdaq signed the notification on August 7, 2025.

Does the filing explain the reason for delisting?

No. The Form 25 only states that exchange and SEC rules have been met; it gives no rationale.

What happens next for Paramount Global shares?

After SEC processing (typically 10 days), the shares will no longer be listed on Nasdaq unless the company lists them elsewhere.