FILE PHOTO: Toy figures of people are seen in front of the displayed Paramount + logo, in this illustration taken January 20, 2022. REUTERS/Dado Ruvic/Illustration
(Reuters) - Shares of ViacomCBS Inc, rebranded as Paramount Global, plunged 21% on Wednesday to their lowest in over a year, after the media company's earnings miss and its move to ramp up investments in streaming raised questions over its ability to stay profitable.
The company was a late entrant to the crowded video streaming industry, where Netflix and Disney+ have already carved out a big slice of the market by pouring billions of dollars into original content like "Money Heist" and blockbuster franchises like "Star Wars".
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