Jim Cramer is Bearish On These 5 Stocks in April

3. Paramount Global Class B (NASDAQ:PARA)

Number of Hedge Fund Investors: 43

Jim Cramer called media company Paramount Global Class B (NASDAQ:PARA) an “enigma” in a recent program. Cramer said Paramount has the second (a close one, he noted) worst balance sheet in the industry, but it’s “in play”. By “in play” Cramer means the stock is said to be a takeover target. However, Cramer said that for a company that is reportedly a takeover target, its shares are “terrible.” Cramer said that even if there’s a deal for Paramount Global Class B (NASDAQ:PARA), it won’t be much “rewarding” for common shareholders.

Cramer highlighted that the stock recently jumped after reports that it was in talks with SkyDance Media/David-Ellison for a buyout. But later, CNBC broke the story that, thanks to the “dire” state of its balance sheet, Paramount Global Class B (NASDAQ:PARA) would have to raise $3 billion in equity for the deal with SkyDance Media/David-Ellison to go through.

“That, my friends, is bad,” Cramer said about this news.

Cramer also said that no one is “crazy enough to pay for this thing.”

Paramount Global Class B (NASDAQ:PARA) shares have lost about 41% over the past one year.