Hollywood studio Paramount Global has been downgraded to junk status by S&P, which cited the ongoing plunge in cable TV subscriptions as the reason for the credit rating change.
American households continue to cut the cords by the millions, depriving studios of lucrative carriage fees. At the same time, TV advertising revenue is plunging due to weak consumer sentiment tied to historic levels of inflation brought about by the Biden administration. S&P said it downgraded Paramount’s rating due to the “accelerating declines in linear media and the shift toward a more competitive and less certain streaming model.”
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