ViacomCBS said Monday it’s looking to raise $3 billion with two concurrent stock offerings and plans to use the combined net proceeds for general corporate purposes, including investments in streaming, following the recent launch of Paramount+.The company is offering $2 billion worth of its Class B common stock and $1 billion of its Series A Mandatory Convertible Preferred Stock, according to filing with the Securities & Exchange Commission.Morgan Stanley and J.P.
Morgan are acting as joint book-running managers for the offerings.Paramount+, is the last of the big-ticket services to enter the streaming wars.
The rebranded CBS All Access launched in the U.S. on March 4 at a premium price of $9.99 a month. A $4.99 monthly ad-supported option
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