Todd Spangler NY Digital EditorViacomCBS stock dropped nearly 9.1% Tuesday, as investors exited positions on news that the media conglomerate will sell up to $3.45 billion in stock as part of funding streaming content.Company shares closed at $91.25 apiece, coming a day after ViacomCBS’ announcement of plans to raise $3 billion in a stock offering.
In addition, the offering’s underwriters have the option to purchase up to an additional $450 million in stock.The stock sale represents a dilution of existing shareholders’ equity.
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