Discovery Inc. Series B stock finished Friday’s trading up 68.85% at $57.95 a share, but the company said it wasn’t aware of any reason for the volatility.
During the day the stock traded as high as $93.75. And in after-hours trading, the shares sunk down to $50 a share.
Discovery’s A shares finished Friday down 3.35% at $21.67
In response, Discovery issued a statement that said it didn’t know the reasons behind its stock’s behavior.
“Discovery has not selectively disclosed any material nonpublic information to analysts, investors or others, and Discovery is not aware of any sales or purchase of its Series B common stock by any of its executive officers or directors within the last 30 days. Discovery's management believes it is prudent to advise the market of this given recent fluctuations of its Series B common stock,” the company said.
Discovery is set to report its first-quarter earnings on May 6.
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.