Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Data: Investing.com; Chart: Axios Visuals

Stocks for traditional media networks are hitting record highs, thanks in large part to streaming.

Why it matters: The COVID-19 crisis has taken a toll on the pay-TV industry, but investors feel optimistic that traditional content companies have value in launching their own streaming services, or producing content for others.

The big picture: Companies like ViacomCBS and Discovery that were once showing little or modest signs of growth have hit new highs on Wall Street.

  • ViacomCBS stock has been one of the fastest-growing stocks this year, gaining roughly 146% since Jan. 1. Its stock was plateauing since it started trading on the Nasdaq as a combined company on Dec. 5, 2019. It has experienced big gains since launching its new streaming service Paramount+ in early March.
  • Discovery's stock has grown 156% since it launched its streaming service Discovery+ last December. Prior to its streaming foray, its stock price was also plateauing.

Be smart: Investors in legacy media companies may also be showing some signs of optimism in response to theaters beginning to reopen.

  • Lionsgate, ViacomCBS, Disney and other companies that rely on theater revenue are rallying in response to reports that movie theaters and parks are beginning to open across the country.

Yes, but: Most stocks have experienced unprecedented growth during this crisis, and the gains aren't expected to last forever.

  • Of note, shares in ViacomCBS and Discovery fell Wednesday in response to analyst downgrades after months-long rallies that have carried both companies' stocks to unprecedented highs.

What to watch: There's no question that for now, streaming is so buzzy that Wall Street is willing to reward any company investing in direct-to-consumer services. In time, it will be interesting to see whether investor optimism remains despite the fact that many of these services aren't profitable yet.

Chart: Streaming service subscriber growth over time

Go deeper

What we know about the victims of the Indianapolis mass shooting

Officials load a body into a vehicle at the site of the mass shooting in Indianapolis. Photo:

Eight people who were killed along with several others who were injured in a Thursday evening shooting at a FedEx facility in Indianapolis have been identified by local law enforcement.

The big picture: The Sikh Coalition said at least four of the eight victims were members of the Indianapolis Sikh community.

Pompeo, wife misused State Dept. resources, federal watchdog finds

Former Secretary of State Mike Pompeo. Photo: Joe Raedle/Getty Images

The State Department's independent watchdog found that former Secretary of State Mike Pompeo violated federal ethics rules when he and his wife asked department employees to perform personal tasks on more than 100 occasions, including picking up their dog and making private dinner reservations.

Why it matters: The report comes as Pompeo pours money into a new political group amid speculation about a possible 2024 presidential run.