Paramount Global Is Raising $1 Billion In Debt Sale – CB
Paramount International is elevating $1 billion in contemporary money by a bond sale anticipated to shut March 29. It stated it intends to make use of proceeds from the providing for normal company functions — which can embrace paying down debt. The corporate previously referred to as ViacomCBS rebranded final month in a nod to…
Paramount International is elevating $1 billion in contemporary money by a bond sale anticipated to shut March 29.
It stated it intends to make use of proceeds from the providing for normal company functions — which can embrace paying down debt.
The corporate previously referred to as ViacomCBS rebranded final month in a nod to its storied studio and the centerpiece of its streaming push, Paramount+.
“An iconic world firm deserves an iconic world identify – one which displays the ability of our content material, one which displays our function as stewards of a wealthy heritage and as leaders in the way forward for leisure,” CEO Bob Bakish and non-executive board chair Shari Redstone stated then.
At a digital investor assembly, Bakish with Paramount’s working executives rolled out the corporate’s upcoming content material choices and technique, which incorporates hefty and rising funding in programming for the direct-to-consumer enterprise. Large media corporations throughout the board now are pouring cash in content material to feed their streamers.
Paramount (which additionally owns CBS, Showtime, Nickelodeon, MTV, Comedy Central, BET, Pluto TV and, for now, Simon & Schuster) has additionally been promoting off belongings to lift money, divesting CBS Studio Middle, Black Rock and CNET. It inked a deal to promote the writer Simon & Schuster to Bertelsmann’s Penguin Random Home final 12 months however the DOJ has sued to dam the merger.
Paramount stated the 6.375% fixed-to-fixed charge junior subordinated debentures are due 2062.
The corporate’s shares have been buying and selling on the Nasdaq as PARAA (Class A standard), PARA (Class B widespread) and PARAP (Most popular Inventory) since February 17.
