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.