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2020
ViacomCBS Shares Fall Sharply After Pricing of $3 Billion Stock Sale
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hollywoodreporter.com
hollywoodreporter.comShares in ViacomCBS kept sliding after the studio priced a $3 billion stock sale to fund its Paramount+ launch. ViacomCBS stock was trading at $49.40 on the NASDAQ Exchange, down 17.47, or just over 26 percent, on Friday afternoon.
Investors unloaded shares in the studio after ViacomCBS raised fresh cash to bolster its push into streaming by pricing $2 billion in Class B common stock and $1 billion in Series A Mandatory Convertible Preferred Stock at $85 per-share on March 24.
Stock in ViacomCBS began the week at $99.47 after the studio first unveiled plans for the $3 billion share issue on March 22, but has since tumbled in value by more than 50 percent.
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