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Wednesday, June 29, 2022

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ViacomCBS stocks take a major tumble

ViacomCBS is having a rough start to their new era. Wall Street has not reacted well to the new ViacomCBS earnings call even with news that the company is moving toward launching their own streaming platforms

This was the first earnings call for the merged CBS and Viacom company. CEO Bob Bakish used this earnings call to outline the new plan to turn the company around. Bakish announced plans to launch a ViacomCBS streaming service to compete with Netflix, Disney, and Amazon.

ViacomCBS famously owns Nickelodeon, BET, MTV, and Showtime.

The fourth quarter earnings call showed a net loss of $273 million, a major loss compared to the $884 million in profit from 2018.

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Ruben Jay
Ruben Jay
Ruben Jay is an American broadcaster, media blogger, and podcast host. Currently, Ruben is the President of MultiMediaMouth.com and the executive producer and host of the popular podcasts You’re My Best Friend and ON AIR with Ruben Jay, exclusively on MultiMediaMouth.com. Follow Ruben on Instagram, Twitter, and Tiktok @TheRubenJay.

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