ViacomCBS plummets as another Wall St analyst turns bearish

Paramount Global

26/03/2021 15:58

** ViacomCBS Inc shares  VIAC.O  down 11.5% to $58.71 on Fri
after Wells Fargo downgrades media co to "underweight" from
"equal weight" and slashes its PT from $82 to $59
    ** VIAC has now plunged >40% amid 4-day losing streak
    ** Media co early Weds raised $2.7 bln by selling 20 mln
shares at $85 alongside $1 bln convertible preferred offering
    ** Action by Wells comes a day after research firm
MoffettNathanson cut its rating on VIAC to "sell", saying co
"appropriately took advantage" of elevated stock price to raise
capital to accelerate streaming investment  urn:newsml:reuters.com:*:nL1N2LN2DM
    ** But analyst Michael Nathanson warned that as more premium
content is shifted to direct-to-consumer (DTC) platforms, media
industry runs risk of both higher cord-cutting and greater
viewer erosion
    ** Shares of peer Discovery Inc  DISCA.O   DISCK.O  are down
18.7% at $46.93 on Fri. Its shares have fallen every day this
week, racking up nearly 40% loss along the way

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))