ViacomCBS, Discovery both fall 27%, leading media stock selloff

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By Sinéad Carew
(Reuters) - Shares in media companies ViacomCBS and Discovery Inc tumbled around 27% each on Friday, capping a week of declines and putting both stocks roughly 50% below their recent record highs.
ViacomCBS closed down $18.12 at $48.23, marking a record one-day percentage decline, with trading volume more than five times its 10-day moving average. The stock had hit a record high of $101.97 on March 15 before it started losing ground over several sessions.
Discovery shares dropped $15.85 to $41.90 in what was also its biggest one-day percentage decline, with volume surpassing eight times its 10-day moving average. That stock has now fallen 45.8% over five straight sessions of declines after hitting a record high of $78.14 on March 19.
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