Paramount Global will raise $1 billion through a bond auction expected to close March 29,
It said it intends to use proceeds from the offering for general corporate purposes — which may include paying down debt.
Last month, ViacomCBS was rebranded as the company it used to be known as. This is a tribute to the famed studio that is also the center of its streaming push, Paramount+.
“An iconic global company deserves an iconic global name – one that reflects the power of our content, one that reflects our role as stewards of a rich heritage and as leaders in the future of entertainment,”The CEO Bob Bakish and Shari Redstone, non-executive chair of the board, spoke then.
At a virtual investor meeting, Bakish with Paramount’s operating executives rolled out the company’s upcoming content offerings and strategy, which includes hefty and growing investment in programming for the direct-to-consumer business. All major media companies are now investing in content to support their streamers.
Paramount (which also owns CBS, Showtime, Nickelodeon, MTV, Comedy Central, BET, Pluto TV and, for now, Simon & Schuster) has also been selling off assets to raise cash, divesting CBS Studio Center, Black Rock and CNET. It inked a deal to sell the publisher Simon & Schuster to Bertelsmann’s Penguin Random House last year but the DOJ has sued to block the merger.
Paramount stated that the 6.375% junior subordinated debentures at fixed-to-fixed rates are due 2062.
The company’s shares have been trading on the Nasdaq as PARAA (Class A common), PARA (Class B common) and PARAP (Preferred Stock) since February 17.