Fox Selling $1.2 Billion In Debt, Follows Disney, Comcast, Others In Seeking Coronavirus Cash Cushion

deadline.com:

By Jill Goldsmith Fox Corp. said it is selling $1.2 million worth of notes and will use net proceeds for general corporate purposes.

Companies are raising cash at a rapid pace as a nest egg against the harsh economic impact and unknown duration of the coronvirus.

Earlier Tuesday Fox said the the COVID-19 spread could have an adverse material impact on its business. It’s the latest in a stream of companies to both dislcose the risk publicly and raise cash to see it through hard times.

Comcast, Disney and ViacomCBS have all tapped the debt market recently. Discovery drew down a portion of a revolving credit facilty.