ViacomCBS falls after launches $3 bln stock deals

Paramount Global

22/03/2021 20:53

** ViacomCBS Inc shares  VIAC.O  down >3% after hours as
media firm looks to raise capital
    ** Co commences concurrent $2 bln Class B common share
offering and ~$1 bln 3-yr mandatory convertible preferred stock
deal  urn:newsml:reuters.com:*:nBw5dSJJRa
    ** Plans to use combined net offering proceeds for general
corp purposes, including investments in streaming
    ** Morgan Stanley and J.P. Morgan jt bookrunners for
offerings, which are slated to price Tues AMC
    ** VIAC shares advanced 3.1% to record high close of $100.34
on Mon, extending YTD gain to 169%
    ** Stock has surged this year on increased appetite for
value names, newly launched streaming services and an unwinding
of bearish investor bets amid Reddit-fueled trading frenzy that
catapulted shares of GameStop  GME.N   urn:newsml:reuters.com:*:nL1N2LF25R

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
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