Was it the Bumblebee bit?Paramount Global stock has plunged more than 20% since the company’s investor presentation Tuesday, including a 3% dip today.
The vanishing of almost $5 billion in market value, after the company formerly known as ViacomCBS declared it was going all-in on streaming, has left even die-hard backers searching for explanations.The virtual presentation itself was businesslike, running about 2 hours and 20 minutes, notably shorter than the three-hour one mounted by the company last year.
But in a deviation from the recently established template for streaming pitches to Wall Street, Paramount’s kicked off with some shtick.
As they had in 2021, board chair and controlling shareholder Shari Redstone and CEO Bob Bakish appeared together in a short sketch, trading synergistic quips while driving in Bumblebee, the yellow car from Transformers.“I feel the need — the need for speed!” Bakish crowed from the driver’s seat, quoting Top Gun. “You go, Maverick!” Redstone replied.
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