ViacomCBS Reports a Loss While Trying to Expand into Streaming

Less than three months after Viacom and CBS completed a merger agreement, the new ViacomCBS (NASDAQ: VIAC) (NASDAQ: VIACA) is moving swiftly to make a big splash in video streaming.

But the company just reported a loss for its first quarter since the transaction. The net loss of $0.44 per share was lower than analysts' estimates of $1.32, or $1.41 on an adjusted basis. That huge miss sent the shares crashing, but CEO Bob Bakish sees a bright future. 

During the fourth-quarter call, Bakish said, "ViacomCBS is one of the largest content producers and providers in the world, and that is an incredibly exciting and valuable place to be at a time when both consumer and commercial demand for premium content is only growing." 

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Source Fool.com