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Archegos, a New York investment fund run by ex-Tiger Asia manager Bill Hwang, collapsed last month when its debt-laden bets on media companies including ViacomCBS (NASDAQ:VIAC) unraveled.
Credit Suisse and other global banks, which acted as brokers for Archegos, have scrambled to sell the shares they held as collateral and unwind the trades.
Discovery shares fell nearly 4% in extended trading on Tuesday.
Credit Suisse and Discovery did not immediately respond to requests for comment.
