Paramount Global Raises $1 Billion in Debt Sale – Deadline

Paramount Global is raising $1 billion in cash through a bond sale that is expected to close on March 29.

He said he intends to use the proceeds from the offering for general corporate purposes – which may include paying off debt.

The company formerly known as ViacomCBS changed its name last month in a nod to its legendary studio and streaming centerpiece, Paramount+.

“An iconic global company deserves an iconic global name – a name that reflects the power of our content, one that reflects our role as stewards of a rich legacy and as leaders of the future of entertainment,” said CEO Bob Bakish and non-executive chairman of the board. said Shari Redstone then.

In a virtual investor meeting, Bakish and Paramount’s operational executives rolled out the company’s upcoming content offerings and strategy, which includes significant and growing investments in programming for direct-to-consumer business. consumers. Major media companies at all levels are now pumping money into content to fuel their streamers.

Paramount (which also owns CBS, Showtime, Nickelodeon, MTV, Comedy Central, BET, Pluto TV and, for now, Simon & Schuster) also sold assets to raise funds, selling CBS Studio Center, Black Rock and CNET . He signed a deal to sell publisher Simon & Schuster to Bertelsmann’s Penguin Random House last year, but the DOJ sued to block the merger.

Paramount said the 6.375% fixed to fixed rate second subordinated debentures are due in 2062.

The company’s shares have been trading on the Nasdaq as PARAA (common Class A), PARA (common Class B) and PARAP (preferred stock) since February 17.

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