Paramount Skydance banks prepare $49 billion debt sale

Underwriting banks are preparing to formally launch syndication of a $49 billion debt package for Paramount Skydance in the coming weeks. A syndicate of 18 banks is coordinating the sale, which funds the company's acquisition of Warner Bros. Discovery in a deal with a total enterprise value of $110 billion.

The financing package includes $30 billion in senior investment-grade bonds, $12 billion in second-lien and high-yield bonds, and a $7.5 billion investment-grade loan tranche. The broader acquisition is also supported by $47 billion in committed equity financing backstopped by the sponsor group.

Under the transaction terms, Warner Bros. Discovery common stockholders are offered $31.00 per share in cash consideration. Class B Paramount Skydance stock is set at an issuance price of $16.02 per share. Timely settlement also avoids a daily contractual ticking fee of $7.0 million.

The combined entity generated pro forma annual revenue of $66.06 billion for fiscal 2025. Warner Bros. Discovery contributed $37.30 billion to that total, while Paramount Skydance accounted for $28.76 billion.

As of September 18, 2026, existing debtholders had validly tendered 66.87% of the aggregate principal in the company's tender offer. Holders had also validly tendered 75.12% of the aggregate principal in the parallel exchange offer.