ViacomCBS posts quarterly loss

Reuters Videos
Updated

Investors gave ViacomCBS a big thumbs down over its first report card since THE TWO COMPANIES REUNITED. THE media conglomerate posted a quarterly loss, and its adjusted earnings tumbled, FALLING far short of analysts' estimates.

CBS and Viacom finally completed their merger in December after multiple attempts had failed. That reunited media mogul Sumner Redstone's entertainment empire, combining CBS News and Showtime with Nickelodon, Comedy Central and Paramount movie studios. Prompting the remarriage: an increasingly competitive landscape dominated by Disney and Netflix.

TO TAKE ON THAT COMPETITION: ViacomCBS also revealed plans to create a new streaming video service built off of its existing CBS All Access service that will offer free, paid and a premium tier subscription service.

The disappointing results sent shares of ViacomCBS down more than 15% in early trading Thursday.