ViacomCBS Falls 22% as Streaming Expansion Costs Wipe Out Profit

ViacomCBS, which is changing its name to Paramount Global, fell the most in almost 11 months on Wednesday after its earnings missed Wall Street estimates by a wide margin and sparked investor concerns about the cost of its foray into streaming.

With its cable revenue eroding, ViacomCBS is making a go-for-broke attempt to align the company behind its Paramount+ streaming service. That could make it a less likely takeover candidate in future media consolidation.