Media and entertainment company ViacomCBS Inc (NASDAQ: VIAC) priced concurrent offerings of 20 million common stock at $85 per share and 10 million preferred stock at $100 per share in a secondary public offering.
The common stock offer price signifies a 6.8% discount to the Tuesday closing price.
The net proceeds from the common stock offering and the preferred stock offering would be $1.67 billion and $983.09 million, respectively.
ViacomCBS granted the underwriters a 30-day option to purchase additional 3 million common stock and 1.5 million preferred stock.
ViacomCBS intends to use the combined net proceeds from the offerings of $2.65 billion for general corporate purposes, including streaming investments.