Paramount’s Controlling Holder May Have to Sell Shares, S&P Says

National Amusements Inc., the Redstone family business that owns a controlling stake in Paramount Global, had its debt rating cut to CCC by S&P Global Inc., which said the company lacks the cash to repay the outstanding balance on a term loan due in early May.

National Amusements won’t be able to repay the loan “without refinancing or selling a portion of its Paramount Global shares,” the credit-rating firm said in a report Thursday. The loan balance is $197.8 million.

A spokesperson for National Amusements didn’t immediately respond to a request for comment.

Paramount, the parent of CBS, ...