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Paramount-Viacom’s Dollar Bonds Rally on Improving Earnings
November 11, 2024
Dollar bonds of Viacom and Paramount rallied by over 6% across the curve after the company reported its Q3 results. Paramount Global swung to a streaming profit from losses a year ago. Paramount+ added 3.5mn subscribers , with a total of 72mn subscribers as at end-September. Adjusted operating income before depreciation and amortization (OIBDA) in Paramount’s DTC segment stood at $49mn vs. a year-ago loss of $238mn, with its revenues rising 10%. However, its Filmed Entertainment unit saw revenues fall 34% with theatrical revenue decreasing 71%. While the company made a profit with most units performing well, Paramount’s total quarterly revenue declined by 6% to $6.73bn, operating income fell by 46% to $337mn, while adjusted OIBDA rose 20% to $858mn.
The company’s bonds rallied across tenors – for instance, Viacom’s 5.5% 2033s were up 2.6 points to 95.2, yielding 6.23% and Paramount’s 6.75% 2037s were up 2.5 points to 98.4, yielding 6.95%.
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