The Corona Virus has hit global economy more than one could have ever imagined, we are at the brink of an economic melt down however all is not grey.
While all industries are down the Media Industry is keeping people entertained and that has resulted in the recent upswing in the Share price of Sumner Redstones Viacom..
The Dow Jones Average surged more than 11% or 2,100 points – its best showing in the last 50 years.
The biggest gainer was ViacomCBS, with a 30% from its previous day of trading. The company said Tuesday it had extended a carriage deal with giant TV station group Nexstar that gave it a long-term agreement for another chunk of U.S. TV household
Despite the spreading coronavirus pandemic, investors were clearly upbeat that Congress will pass a rescue bill for some $2 trillion to aid out-of-work consumers and distressed industries.
Other gainers were AMC Entertainment jumped 15% and National Cinemedia rose 11%. Cinemark gained about 6%.
Viacom has a robust slate of Action films that will keep it’s CBS all Access and Showtime members engaged in these troubled times.
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