pay down

Zaslav’s company is desperate to pay down debt taken on two years ago when the smaller Discovery merged with WarnerMedia, relieving AT&T of its entertainment headache.

Struggling B. Riley Financial said Tuesday that it had sold its interests in its apparel and Brookstone brands for about $236 million — the second such asset sale in a month as it works to pay down debt related to a buyout deal that turned sour.

The two sales have netted the company more than $400 million in cash that will help pay down debt that B. Riley valued at roughly $1.9 billion last month, some of which stems from a $2.8-billion buyout last year of Franchise Group, a Delaware, Ohio, company that operates Vitamin Shoppe, Pet Supplies Plus and other retailers.

Both bids would inject $1.5 billion into Paramount’s battered balance sheet, allowing the firm to pay down debt, when the deal closes.

Under terms of the deal, Skydance and its financial partners RedBird Capital Partners and private equity firm KKR have agreed to provide a $1.5-billion cash infusion to help Paramount pay down debt.