By Christiana Sciaudone
Investing.com -- Viacom slipped more than 7% after saying it would raise $3 billion with stock offerings.
The proceeds would go to investments in streaming and other corporate purposes. The company is offering $2 billion of its Class B common stock and $1 billion of its Series A Mandatory Convertible Preferred Stock, according to a Securities and Exchange Commission filing.
Shares are down from a near-record after rallying more than 500% over the past 12 months.
Viacom's focus on streaming comes on the heels of its debut of Paramount+, one of the last big names to start streaming. The company is facing powerful competitors in the form of Netflix (NASDAQ:NFLX) and Disney+, which is growing at a quick pace.
The company predicted it will hit up to 70 million customers by the end of 2024 with all of its streaming services, according to Deadline. That compares to Disney+'s almost 95 million subscribers as of January, and Netflix's more than 200 million paid memberships.