Discovery Class B Shares Up 80% in Unusual Movements

David Zaslav

Anjali Sundaram | CNBC

Discovery’s easily traded Class B shares rose more than 82% on Wednesday, showing an increase in volume and a departure from the company’s Class A shares, which is highly unusual.

The class B stock, which often has a volume of less than 10,000 shares per day, had already changed hands about 600,000 times by noon ET, according to FactSet. Meanwhile, Class A Shares remained unchanged, with a slight increase in volume, and Class C Non-Voting Shares fell 0.3%.

Discovery’s shares have fallen sharply over the past week as Archegos Capital Management was forced to leave its position with the communications firm and under several other names. However, these sell-offs hit both Discovery share classes in a similar manner, in contrast to Wednesday’s move.

Discovery declined to comment.

According to Discovery’s Investor Relations website, class B shares have 10 votes per share versus one vote per share for class A. Approximately 95% of class B shares are held by media manager John Malone, according to FactSet.

CNBC’s Chris Hayes contributed to this report.

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