In a Wednesday note, Bank of America Securities said that ViacomCBS’s move to streaming was the « right strategy » for the media company, « but hard to execute. »
Shares of ViacomCBS continued to plunge Wednesday, trading down more than 20% 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. The drop comes on the back of Tuesday’s stock dip, when shares closed down 9%. Shares began to fall this week after the company announced it would raise $3 billion from new stock offerings. In a Wednesday note, Bank of America Securities analysts said that ViacomCBS’s move to streaming was the « right strategy » for the media company, « but hard to execute.
