Jill Goldsmith The Federal Reserve has acquired bonds of 86 companies led by WarnerMedia parent AT&T and including Comcast, Fox Corp.
and Activision Blizzard in a first round of corporate debt purchases to buck up financial markets during the coronavirus pandemic.
The move has helped lower interest rates for companies, including big media and entertainment groups, issuing debt to cushion themselves from COVID-19.The bond buys in the secondary market – meaning not directly from the companies, which will come in a later phase – totaled $428 million with AT&T and United Health the biggest outlays at over $16 million each, according to documents on the Fed’s website, for purchases as of June 17.
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