ViacomCBS Floating $3 Billion in New Common and Convertible Stock Following Launch of Paramount+ Streaming Service
ViacomCBS (NASDAQ: VIAC), fresh off the much-hyped launch of its Paramount+ video streaming service, is issuing $3 billion worth of common and convertible stock to bolster its finances.
Most of this is a $2 billion issue of its Class B common stock; the remainder consists of mandatory convertible preferred stock. The latter converts to Class B common stock under terms that will be determined when the company prices these securities. The conversion will occur automatically on April 1, 2024, if it is not triggered prior to that date. The convertible preferred stock will be listed separately on the Nasdaq Stock Exchange under the ticker symbol VIACP.
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Source Fool.com
