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Data: Yahoo Finance; Chart: Andrew Witherspoon/Axios

Shares of the newly-combined ViacomCBS dropped a startling 15% last week, after the company announced plans for a new streaming service during its first earnings report as a combined entity.

Why it matters: The company is now worth far less combined ($17 billion in market capitalization) than the two companies were worth separately (around $30 billion) prior to their merger.

Details: Analysts have had mixed reactions to the company's streaming plans, which includes expanding CBS All Access to include exclusive content from Viacom's cable networks, like MTV and Nickelodeon, as well as Viacom's film studio Paramount.

  • Some argue the company's streaming service strategy isn't clear, and that it's confusing as to how the company will balance selling its assets to consumers directly while also keeping its traditional TV business afloat.
  • Others suggest that building off the already successful CBS All Access tech stack and model gives the company a strong start.

By the numbers:

  • 22 million ad-supported streaming monthly active users
  • 11 million subscription-streaming subscribers (Showtime and CBS All Access)
  • $1.6 billion in streaming & digital video revenue

Be smart: The company clearly sees a combined streaming service as a huge pillar of its corporate strategy moving forward. Not only did the company release its streaming revenues for the first time, but it bought sponsored social media posts to promote the numbers shortly after.

Go deeper: George Cheeks to replace CBS chief Joe Ianniello at ViacomCBS

Go deeper

Felix Salmon, author of Capital
26 mins ago - Economy & Business

A white-collar crime crackdown

Illustration: Eniola Odetunde/Axios

America has waited a decade for an aggressive government crackdown on white-collar crime. Now, just before the election, and in the middle of a bull market, it has arrived.

Why it matters: When times are good, investors become more trusting and more greedy. That makes them more likely to put their money into fraudulent or criminal enterprises.

  • After a decade-long bull market, there is no shortage of those frauds to prosecute.
54 mins ago - Technology

Lawyers crystal-ball the Google antitrust case

Illustration: Eniola Odetunde/Axios

The Justice Department's antitrust suit against Google is a strong, straightforward monopoly case, competition lawyers and experts tell Axios. But that doesn't mean it'll be an easy journey for the government.

The big picture: Winning any antitrust case is a heavy lift. It's even more of a challenge to pull off victory in a future-looking case that seeks to make room for potential new competition to flourish.

The pandemic is getting worse again

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Data: The COVID Tracking Project, state health departments; Note: Due to a database error, Missouri had a 3 day gap in reporting from Oct. 11-13; Map: Andrew Witherspoon/Axios

Every available piece of data proves it: The coronavirus pandemic is getting worse again, all across America.

The big picture: As the death toll ticks past 212,000, at a moment when containing the virus ought to be easier and more urgent than ever, we are instead giving it a bigger foothold to grow from.