leadf
logo-loader

CBS and Viacom downgraded

CBS and potential suitor Viacom had a bad casting day as the former's stock was downgraded while the latter's credit shared the same fate

shutterstock_52411516.jpg
CBS and Viacom have had better days

CBS Corp (NYSE:CBS), the television network, had its stock downgraded to "market perform" from "outperform" by Telsey Advisory Group, which cited the increasing likelihood CBS will combine with Viacom (NASDAQ:VIAB). Telsey said it feels CBS has better metrics by itself than it would when combined with Viacom.

The timing was not great for Viacom either, at least from a credit ratings standpoint. Moody’s cut its ratings on Viacom from Baa2 to Baa3 on Thursday, putting the struggling media group just a notch above junk level.

The downgrade comes a day after the owner of Paramount Pictures, MTV and Nickelodeon said it would tap debt markets and slashed its dividend payout by 50% to shore up its finances. Viacom is saddled with some $12bn in debt — constraining the company from investment to reboot its ailing television programming.

CBS shares ended down 0.02% at $50.07 and Viacom shares down 0.08% at $35.82.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Salt Lake Potash CEO says project's 'flying along' as it passes 60% completion

  Salt Lake Potash Ltd (ASX:SO4) (LON:SO4) CEO Tony Swiericzuk tells Proactive's Andrew Scott the project's 'flying along' as it passes 60% completion and adds that they're still on schedule to deliver first SOP production in the March quarter of 2021. He says the major vendor...

1 hour, 10 minutes ago

2 min read