MSGE - Ariel's Bobinskoy sold 80% of firm's ViacomCBS shares

Ariel Investments' Charlres Bobrinskoy,  vice chairman and head of the Investment Group, said the firm sold down close to 80% of its ViacomCBS (VIAC) shares.ViacomCBS stock plunged 23% today and 9% yesterday after pricing a $3B stock offering."The trading dynamic is just terrible here in the short run," Bobrinskoy said in an interview on CNBC. "Fundamentally this is because the stock ran to far."He added the shares have "come back to earth, but it needs to come back some more to be attractive to us."He's now buying some other names that are "unloved" such as  Madison Square Entertainment (MSGE), Mosaic Co. (MOS) and J.M. Smucker (SJM).ViacomCBS short interest 19% of float.Yesterday, Top performer ViacomCBS sells off amid risks in $3B share offering.

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Ariel's Bobinskoy sold 80% of firm's ViacomCBS shares