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Wednesday, June 23, 2021

ViacomCBS Inc. (VIAC) Stock plummeting continues after Easter break

ViacomCBS Inc. (VIAC) Stock lost 3.33% in the after-hours session after losing 3.90% in the morning session on Monday, April 5, 2021.  As of this writing, it has lost a further 2.21% in the pre-market Tuesday session. The recent negativity is linked with Archegos Capital Management which we will discuss below.VIAC shares have risen by 236.21% over the last 12 months, and they have moved down by -11.05% in the past week. Over the past three months, the stock has gained 15.14%, while over the past six months, it has added 54.99%.


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Let’s have a look at the recent news linked with the VIAC stock.

Chilevisión Acquisition 

On April 5, 2021,ViacomCBS Inc announced the acquisition of Chilevisión from WarnerMedia, a division of AT&T.

The acquisition will help Viacom to expand its footprints in Latin America and its streaming business and the streaming business will get the new premium content library in the Spanish language. The acquisition will benefit consumers and partners by getting diverse entertainment options across premium, pay and free platforms.

The link between Credit Suisse, ViacomCBS and Archegos Capital Management

Credit Suisse said on Tuesday, April 6, 2021, that it has to bear a loss of $4.7 billion from dealings with Archegos Capital Management and expects to post a loss for the first quarter of around 900 million Swiss francs.

Credit Suisse is facing the second major scandal in just over a month after the collapse of Greensill Capital. Archegos was heavily exposed to ViacomCBS, sources said, and the slide in stock set off alarm bells at its banks, which called on the fund for more collateral.

On Monday, Credit Suisse offered 34 million shares of ViacomCBS priced between $41 to 42.75, which forced the VIAC stock to face negativity. Credit Suisse Group AG unloaded about $2.3 billion worth of stocks tied to the Archegos Capital.

Archegos Capital Management, defaulted last week on margin calls, forcing a brutal near US$30 billion stock fire sale.

Conclusion

ViacomCBS is facing negativity since the news about Archegos Capitalhit the market. Even the recent acquisition news on Monday could not attract investors. All stocks linked to  Archegos Capital slides down on  Monday after easter break and more sliding is expected in the coming days.

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