The stock price slumped 23% last Wednesday after ViacomCBS announced pricing of its $3 billion stock sale in part to fund investment in streaming content, a move that would dilute the equity of existing shareholders. Wall Street analyst downgrades that cautioned that ViacomCBS was overvalued also put pressure on the shares.
Why did ViacomCBS stock drop 23% last Wednesday?
Feb 16, 2022 · Shares of entertainment company ViacomCBS ( PARA -0.08% ), which announced Tuesday evening that it's changing its name to Paramount Global, reported earnings last night. Today, shares of Paramount ...
Could Viacom’s cratering stock threaten to derail its $3 billion sales?
Mar 30, 2021 · ViacomCBS Inc. went from the top of the S&P 500 to near its bottom on Monday, being hit from all sides and erasing more than half of its value in just one week.
Why are shares of Facebook stock dropping?
Mar 24, 2021 · ViacomCBS wasn't the only new streaming entrant to suffer a fall on Wednesday. Discovery shares closed down more than 13% after UBS downgraded the stock to sell. Analysts wrote that its nascent ...
How much is ViacomCBS’ streaming business worth?
Mar 26, 2021 · Wells Fargo analyst Steven Cahall was the one driving the drop today, lowering his rating on ViacomCBS stock to underweight and lowering …
What happened to ViacomCBS?
To put a bow on it all, ViacomCBS will be renamed Paramount Global—after the company's more-than-century-old Hollywood film studio—and its stock ticker will change to “PARA” on Thursday.Feb 16, 2022
Is VIAC a good investment?
(NASDAQ:VIAC) is more popular among hedge funds. Our overall hedge fund sentiment score for VIAC is 69.6. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score.Dec 7, 2021
Is ViacomCBS a Fortune 500 company?
The entertainment company, created in 2005 as a spin-off from CBS, produces and distributes films and programming through brands including Paramount Pictures and MTV Films....Company Info.CEORobert BakishWebsitehttp://www.viacom.comYears on Fortune 500 List11Employees9,4453 more rows
Who owns ViacomCBS stock?
Redstone last bought stock in March 2020, when she paid $1 million for 50,450 shares, an average price of $19.83 each. Redstone is also CEO and president of National Amusements, which owns the majority of the Class A shares of ViacomCBS, and therefore most of the voting power.Nov 12, 2021
Is VIAC undervalued?
It's poised to capitalize on streaming trends and is trading well below what we think it's worth. In a sector where undervalued opportunities are few and far between, ViacomCBS (VIAC) stands out, trading 30% below our $61 fair value estimate.Jun 11, 2021
Why is VIAC stock going up?
A combination of factors combined for a breathtaking surge in VIAC stock. Among the biggest factors: the company launched its Paramount+ streaming service on March 4, 13 key CBS TV affiliates signed multi-year contract renewals in January, and retail investors began to target VIAC shares.Aug 13, 2021
Is Netflix on the Fortune 500 list?
The streaming entertainment giant made another huge jump in the Fortune 500 rankings this year, from No. 164 to No. 115, with its sales approaching $25 billion. That growth translated to the bottom line, too, as Netflix's profits rocketed up 48% in 2020 to $2.7 billion.
Is ViacomCBS going to be acquired?
CBS announced to acquire Viacom as part of the re-merger deal for up to $15.4 billion. On August 2, 2019, it was reported that CBS and Viacom agreed to merge back into one entity.
Did Viacom get bought out?
No, they did not. In fact, the purchase was the other way round and happened some time ago. Viacom began life as a child company of CBS which handled syndication rights for the network before becoming its own separate company.Feb 16, 2022
How much is Shari Redstone worth?
$3 billionWith the messy 'Succession'-like storyline laid to rest with her father, Shari Redstone still has to prove she can keep the family's $3 billion fortune intact.
When did Viacom CBS merge?
The ViacomCBS logo is displayed on the Nasdaq MarketSite to celebrate the company’s merger, in New York, December 5, 2019. Shares of ViacomCBS continued to plunge Wednesday, closing down 23%, as investors continued to react to a new stock sale and questioned the ability of the media company to execute successfully on its streaming strategy.
When did Discovery merge with Viacom?
The ViacomCBS logo is displayed on the Nasdaq MarketSite to celebrate the company’s merger, in New York, December 5, 2019.
How VIAC is changing its name?
ViacomCBS (VIAC) is a main worldwide media and diversion organization that makes premium substances and encounters for crowds around the world.
What hurts ViacomCBS after-hours?
ViacomCBS (VIAC) missed Wall Street estimates for earnings per share in the final quarter, yet added a record 9.4 million streaming endorsers and crushed sales projections. VIAC emerged with quarterly earnings of $0.26 per share, missing the consensus estimate of $0.38 per share. This analyzes to profit of $1.04 per share a year prior.
How much did Hwang pay to settle the SEC charges?
Hwang and his firms agreed to pay $44 million to settle the SEC’s charges. It’s not clear when Hwang’s Archegos Capital Management took its large positions in Chinese internet companies, including Tencent Music Entertainment Group, and U.S. media companies ViacomCBS and Discovery.
What is the service Paramount+?
It renamed the service Paramount+, which launched last month with riches of the legendary movie studio, Paramount Pictures, and other popular Viacom and CBS TV shows, including “SpongeBob Square Pants” and “Star Trek.”. ViacomCBS announced the stock offering after markets closed March 23.
What is total return swap?
Archegos relied on so-called “total return swaps,” which are brokered by Wall Street banks for a fee and allow investors to collect profits (or sustain losses) on a stock portfolio. Advertisement. A spokesman for Archegos declined to comment.
What percentage of a company is considered insider?
Investors that hold more than 10% of a company’s securities are considered company insiders by the SEC, but because of the unusual arrangement behind the stock trades, information about the size of the stakes Archegos was taking in the companies was not revealed.
Is Viacomcbs a bullish company?
One year after panic on Wall Street, media stocks including ViacomCBS, Discovery and Disney are booming. Investors are bullish on companies with streaming services. ViacomCBS, as one of the smallest of the major media companies, has unique challenges.
Who is Shari Redstone's father?
Shari Redstone stepped in to assist her ailing father, the late media tycoon Sumner Redstone, after a tumultuous period and a high-profile legal battle waged with his former female companions. In the aftermath, the Redstone family ousted Viacom’s longtime chief and his allies on the board.
Who is Meg James?
Meg James is a corporate media reporter for the Los Angeles Times, covering the business of television and digital disruption in the entertainment industry. She has been a member of the Company Town team for more than a decade. She previously wrote for the Miami Herald and the Palm Beach Post.
When did Viacom merge with CBS?
The Viacom logo is seen outside company headquarters in New York City August 13, 2019. - CBS and ...
Is the stock market over enthusiastic about 2021?
The market had been over enthusiastic about the stock since the beginning of 2021 due to its effort of transforming to a streaming giant from a traditional cable media company. However, this enthusiasm was short-lived.