Sell stocks! Buy bonds! Viacom is offering a quarter-billion dollars' worth of senior debentures—due in 2043—the sale of which will be used to repay some of the network's outstanding debts, as well as its stock buyback program.
Analysts have changed tone about Viacom, the owner of MTV, Nickeolodeon, Comedy Central, VH1 and BET. Barclay's media guru Anthony DiClemente was the most poilite of the bunch, congratulating Viacom execs on the lack of correspondance between plummeting ratings and more modestly diminished ad prices.
With just 61 days to go before Election Day, Wells Fargo analyst Marci Ryvicker is raising her estimates for political ad spending from $4.9 billion to $5.2 billion. She upped her forecast based on television spending in August, which surged 77 percent on local TV to more than $171 million, compared to July.