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variety.com
ViacomCBS, Discovery Stocks Plummet Back to Earth
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variety.com
variety.comTodd Spangler NY Digital EditorAfter shares of ViacomCBS and Discovery saw huge run-ups earlier this year on Wall Street enthusiasm about their streaming strategies, stocks of both companies took a sharp downward turn Friday.ViacomCBS closed down 27.3% for the day, to $48.23 per share, coming after big drops earlier this week in the wake of the company’s announcement that it would sell up to $3.45 billion in stock.
Discovery dropped 27.5%, closing at $41.90 per share.Both companies have seen their stocks more than double in price in 2021, with the launch of new subscription streaming plays — Discovery Plus debuted in January, and ViacomCBS’s upsized Paramount Plus launched March 4.The steep declines for ViacomCBS and Discovery came after.
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