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Expand chart
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

33 mins ago - Technology

Facebook Oversight Board overturns 4 of its 5 first cases

Illustration: Aïda Amer/Axios

Facebook's independent Oversight Board published its first set of decisions Thursday, overturning 4 of the 5 cases it chose to review out of 20,000 cases submitted.

Why it matters: The decision to go against Facebook's conclusions in 4 out of 5 instances gives legitimacy to the Board, which is funded via a $130 million grant from Facebook.

New York AG: State severely undercounted COVID nursing home deaths

Gov. Andrew Cuomo. Photo: Lev Radin/Pacific Press/LightRocket via Getty Images

Data from New York's public health department undercounted COVID-19-related deaths in nursing homes by as much as 50%, according to a report released Thursday by state Attorney General Letitia James.

The big picture: Gov. Andrew Cuomo's administration did not include nursing home patients who died after being transferred to the hospital in its tally of over 8,500 nursing home deaths, according to the report. Data provided to the attorney general's office from 62 nursing homes "shows a significantly higher number of resident COVID-19 deaths can be identified than is reflected" in the official count.

Trading platforms curb trading on high-flying Reddit stocks

Major trading platforms including Robinhood, TDAmeritrade and Interactive Brokers are restricting — or cutting off entirely — trading on high-flying stocks like GameStop and AMC Entertainment.

Why it matters: It limits access to the traders that have contributed to the wild Reddit-driven activity of the past few days — a phenomenon that has gripped Wall Street and the country.