All eyes are on media giant Paramount Global and its $13bn debt stack, amid the threat of a downgrade to junk status. With streaming wars intensifying and cable subscribers slowly converting to Paramount Plus, many are left asking: Is Paramount’s debt heading for a rocky road, or is there still a way back to stability?

Despite its challenges, Paramount holds a strong liquidity position with $2.3 billion in cash and $3.5 billion in undrawn revolver capacity. However, with debt maturing soon and uncertainty surrounding the Skydance acquisition, the stakes are high as Paramount works to balance leverage and boost cash flow amid a shifting media landscape.

For this week's episode of Cloud 9fin, senior reporter William Hoffman and credit analyst Dan Stone explore the drama unfolding at Paramount, the implications of its potential downgrade, and whether other media giants like Warner Bros. Discovery could be next in line.