Sign up for our daily briefing

Make your busy days simpler with the Axios AM and PM newsletters. 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 the Axios Closer newsletter 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!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

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 the Axios Sports newsletter. 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 the Axios Des Moines newsletter.

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 the Axios Tampa Bay newsletter.

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!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

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

Updated 44 mins ago - Politics & Policy

Scoop: Trump’s friends worry legal pick for N.Y. case lacks experience

Photo illustration: Sarah Grillo/Axios. Photo: Brandon Bell/Getty Images

Close associates and advisers to Donald Trump tell Axios they're concerned by his decision to use a relatively inexperienced New Jersey attorney, Alina Habba, in his high-stakes legal fight against New York Attorney General Letitia James.

Why it matters: A former president typically has access to the country's most prestigious experts, including lawyers. Trump has turned to the former general counsel for a parking garage company, who works from a small law office near his Bedminster, N.J., country club.

U.S. charges 4 Belarus officials with air piracy in journalist's arrest

A Boeing 737-8AS Ryanair passenger plane from Athens, Greece, that was diverted to Minsk, Belarus, in May. Photo: Petras Malukas/AFP via Getty Images

The Justice Department on Thursday charged four Belarusian government officials with conspiracy to commit aircraft piracy as part of an operation to arrest a dissident Belarusian journalist.

Why it matters: Prosecutors say the officials fabricated a bomb threat aboard a Ryanair flight carrying the journalist Raman Pratasevich last May, forcing it to land in Minsk, Belarus instead.

1 hour ago - World

What Putin's Ukraine options look like

Russia President Vladimir Putin confers with defense minister Sergei Shoigu. Photo: Mikhail Svetlov/Getty

The Biden administration is framing Russian escalation in Ukraine as almost a foregone conclusion, but the Russians are still at the table and Vladimir Putin may be seeking concessions from the West rather than a military confrontation with Kyiv.

Driving the news: Secretary of State Antony Blinken, who will meet his Russian counterpart Sergey Lavrov on Friday in Geneva, contended in a speech Thursday from Berlin that Putin's intentions are clear: "He's laying the groundwork for an invasion because he doesn’t believe Ukraine is a sovereign nation."