** Shares of media giant Paramount Global PARA.O fall 1.2% to $11.59 in premarket trading

** Deutsche Bank cuts co's rating to "hold" from "buy" and PT to $12 from $15

** Brokerage cites increasing risk to advertising outlook and more attractive investment alternatives in the sector

** "The media industry has continued to evolve over the past nine months since the merger(Paramount-Skydance) agreement was signed, but we don't know how Skydance's plans and target have evolved in response to such changes" - brokerage

** 5 of 25 brokerages rate stock "buy" or higher, 11 "hold" and 9 "sell" or lower; their median PT is $11

** Stock had fallen 29.3% in 2024

(Reporting by Harshita Mary Varghese in Bengaluru)

((HarshitaMary.Varghese@thomsonreuters.com))