Viacom raises $1.3bn

Viacom has issued a US$1.3 million bond offer and will use the proceeds to pay off existing debt.

The US media giant is restructuring under the leadership of new CEO Bob Bakish and has set out a five-point turnaround plan after a rocky 18 months.

Announcing the bond deal yesterday the US-listed firm said it will use the cash to cover existing debt payments due this year and next.

The deal drew the wider attention of analysts and financial experts. Its payment terms include a clause allowing Viacom to redeem the bonds if US tax rules relating to interest payments are amended, as many expect to happen as part of president Donald Trump’s mooted changes to corporate tax law.

Yesterday, Viacom announced the departure of Paramount Pictures chief Brad Grey after twelve years with the company.