Paramount Global's debt rating downgraded by S&P Global from BBB- to BB+ due to cash flow pressure in broadcast and cable TV business.
S&P Global downgraded Paramount Global's debt rating from BBB- to BB+, citing pressure on cash flow due to the continued decline in the company's broadcast and cable TV business. The downgrade comes as Paramount, parent of CBS and MTV, had $14.6bn in long-term debt at the end of last year. With the change to a junk bond rating, the likelihood of a financial buyer acquiring the company increases as it would require less funding.
March 27, 2024
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