ViacomCBS shares slump after suffering worst day ever

Paramount Global

25/03/2021 12:56

** ViacomCBS Inc shares  VIAC.O  down ~6% premarket, adding
to big loss in media firm's shares in prior session
    ** VIAC on Weds plunged 23.2% for their worst pct drop on
record to $70.10 after co priced $1.7 bln equity offering at $85
and $1 bln convertible preferred stock deal  urn:newsml:reuters.com:*:nL1N2LM16S
    ** Co looks to use net offering proceeds for general corp
purposes, including investments in streaming
    ** Even after plunge on Weds, the non-voting Class B shares
are up 88% YTD and have risen seven-fold from their
pandemic-induced lows last March
    ** Stock had been on a tear this year on increased appetite
for value names, newly launched streaming services and an
unwinding of bearish investor bets amid Reddit-fueled trading
frenzy  urn:newsml:reuters.com:*:nL1N2LF25R
    ** Short interest in VIAC shares stood at ~19% of float as
of March 15, per Refinitiv data

 (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))