S&P downgrades Teads rating on AI disruption, weak cash flow
S&P Global Ratings downgraded Teads Holding Co. and OT Midco Inc. to CCC+ from B-, citing AI-driven disruption to publishing partners’ page views and weaker cash flow. S&P forecasts negative free operating cash flow, $65m to $75m burn in 2026, and leverage near 26x. Outlook is negative; TEAD notes due 2030 trade about 60% below par.



