ViacomCBS scored a big ratings win this week. Oprah Winfrey’s dramatic interview with Prince Harry and Meghan Markle drew in more than 17m US viewers last weekend, making it one of the most-watched interviews in recent years.

The US media conglomerate reportedly paid as much as $9m for the licensing rights to the two-hour interview. But it has more than recouped the cost, aired in the UK by ITV. In addition to the advertising sold during the interview, ViacomCBS shares have jumped nearly 25 per cent this week, worth some $11bn in market value. Year-to-date the stock has more than doubled.

A revival in value investing that favours beaten down stocks has helped. This is reflected in the group’s forward earnings multiple, which has surged from around 3 times a year ago to 22 times now, even though its earnings outlook has not materially changed according to S&P Global.