Paramount Global Receives Junk Debt Rating Due to Decline in TV Business

Paramount Global, the parent company of CBS and MTV, saw a downgrade in its debt rating to junk by S&P Global Ratings. This decision was influenced by the continued decline in the company's broadcast and cable TV business, putting pressure on its cash flow. S&P reduced Paramount's debt rating to BB+ from BBB- on Wednesday, with the company having $14.6 billion in long-term debt at the end of the year. The downgrade reflects the challenging financial outlook for Paramount Global in the media industry.