Skip to content
Subscriber Only

ViacomCBS Sinks After Announcing $3 Billion Share Offering

  • Company is raising money to invest in its streaming efforts
  • Dilutive effect of the sale weighs on ViacomCBS stock
ViacomCBS Headquarters Ahead Of Earnings Figures
Photographer: Mark Kauzlarich/Bloomberg
Updated on

ViacomCBS Inc. declined as much as 10% after announcing a $3 billion stock sale, an effort to capitalize on a recent stock run-up and boost spending on its Paramount+ streaming service.

The company is offering $2 billion of Class B common shares and $1 billion of a preferred stock that is convertible into the Class B common, ViacomCBS said Monday. The shares are the company’s nonvoting equity. The newly issued stock will start trading on March 24, Bloomberg News reported.