ViacomCBS came out of a merger between CBS and Viacom last December. Photograph by Tiffany Hagler-Geard/Bloomberg

ViacomCBS stock was one of the worst performers in the S&P 500 on Thursday, tumbling 5.1% while the broader index rallied 6.2%.

The selloff came after ViacomCBS’s (ticker: VIAC) controlling shareholder National Amusements said it restructured its credit facilities with lenders. The value of National Amusements’s stake in ViacomCBS—pledged as collateral for the credit line—has fallen below the minimum requirement. Following the amendment in the credit agreement, National Amusements will have a revolving facility of $125 million—in addition to its substantial cash reserves—to fund operations of its theater business. But the

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