Summary by Futu AI
On August 1, 2024, Paramount Global, a Delaware-incorporated media and entertainment company, filed a Form 8-K with the SEC to report the entry into Amendment No. 4 to its Credit Agreement. This amendment involves Paramount, its lenders, and JPMorgan Chase Bank, N.A., as the administrative agent, and is related to a broader Transaction Agreement dated July 7, 2024. The amendments will become effective upon the completion of the transactions outlined in the Transaction Agreement, which will result in Paramount becoming a wholly-owned subsidiary of New Paramount. The Amendment allows for changes in the ownership structure, includes New Paramount as an additional borrower and parent guarantor, and increases the cap on nettable unrestricted cash and cash equivalents from $1.5 billion to $3.0 billion. The Amendment is deemed permitted under the Credit Agreement by the Required Lenders. Financial institutions involved in the Amendment have provided and may provide various financial services to Paramount and its subsidiaries for customary fees.