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ViacomCBS Latest Media Company To Withdraw Financial Guidance, Warn Of ‘Material’ Impact From Coronavirus Pandemic

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ViacomCBS has joined the listing of firms withdrawing monetary steering, saying the coronavirus might have a cloth – however as but impssible to quantify – affect on its operations.

It cited postponement of theatrical releases domestically and internationally; cancellation or rescheduling of sports activities occasions the corporate broadcasts; and delays in tv and filmed leisure programming.

“The magnitude of the impacts will rely upon the length and extent of the COVID-19 pandemic and the affect of federal, state, native and international governmental actions and shopper habits in response to the pandemic and such governmental actions,” the corporate stated in an SEC submitting.

Walt Disney, Comcast, Discovery, Sony and others have warned of the affect.

Associated Story

COPYRIGHT_BP: Published on https://bingepost.com/viacomcbs-latest-media-company-to-withdraw-financial-guidance-warn-of-material-impact-from-coronavirus-pandemic/76157/ by Hilda Workman on 2020-03-27T13:35:40.000Z

[

China Orders Re-Closing Of All Cinemas Nationwide

](https://deadline.com/2020/03/china-orders-re-closing-all-cinemas-nationwide-1202894103/)

[

“Because of the evolving and unsure nature of this case, we aren’t in a position to estimate the complete extent of the destructive affect on ViacomCBS’ working outcomes, money flows and monetary place – together with promoting and filmed leisure revenues – significantly over the close to to medium time period.”

But it surely famous elevated viewership throughout broadcast and cable properties and stated it’s using its deep library of content material to mitigate partly the affect of manufacturing delays. It’s additionally actively searching for value financial savings to offset some anticipated income loss.

ViacomCBS reaffirmed its expectation to attain $750 million of merger-related value synergies over the following three years. The corporate can also be reaffirming its expectation to have roughly 16 million home streaming subscribers in pay and roughly 30 million month-to-month lively customers on Pluto TV on the finish of 2020.

It additionally oulined its debt scenario: entry to a dedicated $3.5 billion revolving credit score facility with a maturity in January 2025 which is out there for common company functions and to assist industrial paper excellent, if any. As of March 26, it had not drawn on its revolving credit score facility and has roughly $932 million of short-term indebtedness, together with $732 million of economic paper excellent and $200 million of short-term financial institution borrowings. The corporate has upcoming company debt maturities within the subsequent 12 months of $300 million in February 2021 and $500 million in March 2021.

](https://deadline.com/2020/03/china-orders-re-closing-all-cinemas-nationwide-1202894103/)

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About The Authors

Hilda Workman

Hilda Workman - Hilda Workman is a licensed financial advisor with years of expertise in the industry. She has assisted a range of clients, from sole proprietors to large corporations, in reaching their financial objectives. She is informed about many different financial subjects, including tax preparation, investment planning and also in fashion. She believes that the best things are those that are imperfect.

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