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Paramount credit downgraded to 'junk' status over debt worries (www.latimes.com)

submitted 1 week ago by StillPaisleyCat@startrek.website to c/quarks@startrek.website

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For those of us wondering how fragile the Skydance-Paramount + WBDiscovery financial construct actually is, it seems that the markets are posing similar questions.

TLDR: despite Ellison senior’s guaranteeing the additional billions in debt, the ratings firms are reclassifying Paramount downwards into a junk bond category.

From the article:

Fitch Ratings said Monday that it placed Paramount on its “negative” ratings watch, and downgraded its credit to BB+ from BBB-, which puts the company’s credit into “junk” territory. Fitch said it took action due to “uncertainty” surrounding Paramount’s $110-billion deal for Warner Bros. Discovery, which the boards of both companies approved on Friday.

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[–] SanctimoniousApe@lemmings.world 3 points 1 week ago

So, Netflix may still win in the end by getting them all in a fire sale! Yay, ~~capitalism~~ consolidation!