Investor interest in the high-grade bonds reached $109B, but borrowing costs climbed as negotiations with lenders since May dragged on. To secure the funding, Paramount pledged to slash operational costs by $6B within three years. Banks led by Citigroup have already attracted sufficient demand to syndicate the $7.5B loan portion of the total acquisition costs.
Tuesday, October 20, 2026
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Paramount Prices $41.4B in Notes for Warner Bros Acquisition
Business20 days ago
The multi-billion dollar financing for the merger between Paramount Skydance and Warner Bros. Discovery has reached its final stages. The company priced $41.4B in notes and an $8.5B Term Loan B, alongside smaller tranches of €885M and €850M, to wrap up a $52B syndicated debt package. This funding includes $32B of investment-grade bonds, which constitutes the 5th largest US high-grade sale in history, while second-lien high-yield bonds have quoted yields in the 9% range.
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