Legacy Media Stocks Are Booming Amid Streaming Push

Tim Baysinger
·1 min read

Everyone is a winner in the streaming wars. Legacy media companies like ViacomCBS and Discovery have been rewarded by investors for their push into streaming, while Disney’s stock is being saved by Disney+’s breakout success. Since the beginning of 2020, both ViacomCBS and Discovery’s stock have skyrocketed by more than 130% each, and Disney and Comcast have also risen by 36% and 27%, respectively, in that same timeframe. A look inside the numbers shows how each company’s streaming play has given a jolt to its Wall Street fortunes. Also Read: 'Raya and the Last Dragon' Adds $5.5 Million at Box Office as Los Angeles Theaters Prepare to Reopen Disney’s improvement looks far more impressive when you consider that its stock got absolutely battered in the early months of 2020, when the COVID-19 pandemic was overtaking the world and shutting down Disney’s theme parks and closing movie theaters. Disney’s stock price was nearly cut in half by March 15, 2020, when it dropped from $144.62 a share at the beginning of the year to $85.98. Since then? It’s shot up 129%, closing at $196.76 a share on Monday. Given that Disneyland in California is only now reopening in a few weeks,...

Read original story Legacy Media Stocks Are Booming Amid Streaming Push At TheWrap