ViacomCBS drops after co prices nearly $3 bln stock offerings

Paramount Global

24/03/2021 12:26

** ViacomCBS Inc shares  VIAC.O  down -7% premarket after
media co prices concurrent offerings
    ** Co sells 20 mln Class B common shares at $85 and offers
$1 bln 5.75% 3-yr mandatory convertible preferred stock
 urn:newsml:reuters.com:*:nBw11Ckm9a
    ** Says plans to use combined net offering proceeds of $2.65
bln, or $3.06 bln if full overallotments are exercised, for
general corp purposes, including investments in streaming
    ** VIAC shares on Tues fell 9.1% to $91.25 on Tues as co
marketed the offerings
    ** Morgan Stanley, JP Morgan, Citigroup, Goldman, Mizuho and
Siebert Williams Shank jt bookrunners
    ** Through its Class A  VIACA.O  and non-voting Class B
shares, ViacomCBS has current market cap of ~$113 bln, per
Refinitiv data
    ** VIAC shares have surged 145% YTD. Earlier this month, co
launched its Paramount+ streaming service  urn:newsml:reuters.com:*:nBw5tK73xa and last
week was part of new long-term media deal inked with the
National Football League  urn:newsml:reuters.com:*:nL4N2LG4IZ

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))