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Paramount Global Credit Rating Cut To Junk Status By S&P Due To “Downside Ratings Pressure” On Its TV Business
Paramount Global's credit rating has been lowered to junk status by S&P Global, which cited the toll of ongoing pay-TV declines.
The linear TV operation could also stabilize, the report added, given that the company will air the next Super Bowl and also reap a windfall from political advertising this year. Nevertheless, S&P added, “If these assumptions don’t materialize to the extent we are forecasting due to a more competitive streaming environment or an acceleration in declines in linear television, we could reassess our rating or outlook.” Paramount stock entered the final stretch of Wednesday trading up 2% despite the news, though it is still a fraction of where it was when the merger of Viacom and CBS closed in 2019.
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