(Reuters) - The outlook change follows the company's announcement that it is exchanging its 25 percent stake in the Discovery Channel for a new entity, which will include the Travel Channel, and $1.275 billion in cash, S&P said in a statement. The cash will likely be used to reduce debt, S&P said.
The company also has a healthy operating performance, especially at its cable unit Cox Communications and at its automobile auction business Manheim, S&P said.
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