ViacomCBS says it is 'utilizing its deep library of content to mitigate in part the impact' of production delays amid the coronavirus pandemics. 'The magnitude of the (financial) impacts will depend on the duration and extent' of the virus crisis. Details:
It withdrew its 2020 financial guidance, mentioning postponed film releases, canceled sports events and production delays, but also"increased viewership across its broadcast and cable properties."
The overall impact, including from "the postponement of theatrical releases domestically and internationally, cancellation or rescheduling of sports events for which the company had broadcast rights, and production delays in television and filmed entertainment programming, could be material to the company’s operating results, cash flows and financial position," ViacomCBS concluded.
Discussing its liquidity, ViacomCBS said it has access to a $3.5 billion revolving credit facility and had $632 million of cash on its balance sheet as of the end of 2019.
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