Credit Suisse still unloading Discovery shares after Archegos-related loss – CNBC By Reuters

(Reuters) -Credit Suisse Group AG is still unloading its positions in media company Discovery Inc after losses relating to Archegos Capital Management, CNBC reported on Tuesday, citing traders.

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 unraveled.

Credit Suisse (SIX:CSGN) 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.