Paramount Skydance launches $44.4 billion notes offering to fund Warner Bros Discovery deal

Paramount Skydance Corporation (PSKY) said Monday it intends to offer approximately $44.4 billion in aggregate principal amount of senior secured notes as part of the permanent financing for its pending acquisition of Warner Bros. Discovery, Inc. (WBD).

The proposed offering consists of U.S. dollar-denominated senior secured first lien notes and U.S. dollar- and euro-denominated senior secured second lien notes, according to a regulatory filing. The company said the consummation of the notes offerings is subject to market and other conditions.

Paramount Skydance expects to use the net proceeds from the notes offerings, along with cash on hand, previously announced term loan financings, and equity financing, to fund the purchase price for the acquisition of Warner Bros. Discovery and to repay certain existing debt. The company noted that the notes offerings are not a condition to the closing of the acquisition.

The acquisition agreement, originally entered into on February 27, 2026, provides for Warner Bros. Discovery to merge with a wholly owned subsidiary of Paramount Skydance, with Warner Bros. Discovery surviving as a wholly owned subsidiary. Under the terms of the merger, each share of Warner Bros. Discovery common stock will be converted into $31.00 in cash plus ticking consideration.