Discovery CEO David Zaslav
The S&P 500 stock index grew 6 percent, but entertainment giants have had a mixed outing.
Hopes for a business bounce back amid the pandemic boosted by the vaccine rollout and increased confidence in streaming growth prospects helped propel many Hollywood stocks during the first quarter of 2021, which wrapped up on Wednesday.
But it was also a volatile rollercoaster of a period as small investors faced off with big Wall Street institutions in showdowns over video game retailer GameStop and other stocks and Archegos Capital Management and its banks late in March began liquidating big positions in blue-chip companies, including ViacomCBS and Discovery, causing big recent drops.