S&P puts Viacom on watch

Standard & Poor’s said it placed the BBB corporate credit rating Viacom Inc. on CreditWatch with negative implications.

The CreditWatch placement stems from the continued weak performance of Viacom’s domestic cable networks, which are experiencing high single-digit percent declines in advertising revenues, S&P said.

The declines are partly due to a significant double-digit percent drop in audience ratings, the agency said.

These factors stem from the secular trends affecting the television industry, coupled with the company’s need to reinvest in new compelling programming that will stem audience losses, S&P said.

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