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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

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New Jersey governor allows schools to reopen for in-person learning

Gov. Phil Murphy in December 2019. Phoot: Tayfun Coskun/Anadolu Agency/Getty Images

New Jersey Gov. Phil Murphy (D) announced Wednesday he will sign an executive order allowing private and public K-12 schools and universities to reopen for in-person learning in September.

The big picture: New York and New Jersey have now authorized school districts to begin reopening. Both states and Connecticut ordered travelers from 31 states to quarantine before crossing their state borders after they were able to manage the pandemic.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 1:30 p.m. ET: 20,412,501 — Total deaths: 744,649— Total recoveries: 12,629,465Map.
  2. U.S.: Total confirmed cases as of 1:30 p.m. ET: 5,163,509 — Total deaths: 164,994 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. Politics: Pelosi on state of coronavirus stimulus talks: "It's a chasm"
  4. Business: U.S. already feeling effects of ending unemployment benefits.
  5. Public health: America is flying blind on its coronavirus response.
  6. Education: Gallup: America's confidence in public school system jumps to highest level since 2004.

Pelosi on state of coronavirus stimulus talks: "It's a chasm"

Democrats and the Trump administration remain "miles apart" on negotiations over a coronavirus stimulus deal, House Speaker Nancy Pelosi (D-Calif.) said on Wednesday.

Driving the news, via Axios' Dion Rabouin: Congress' failure to renew enhanced unemployment measures for millions of Americans at the end of July is already affecting consumer spending patterns, holding down retail purchases and foot traffic, economists at Deutsche Bank say.