Paramount Skydance Kicks Off $44.4 Billion Bond Sale to Fund Warner Bros. Discovery Acquisition

Paramount Skydance Corp began investor calls on Monday, Sept. 28, 2026, for about $44.4 billion-equivalent of bonds to fund its acquisition of Warner Bros. Discovery Inc., advancing the long-awaited debt financing for the deal. The offering includes a $12.4 billion-equivalent junk-bond sale spanning a two-part euro tranche maturing in five and eight years and three dollar tranches maturing in five, eight and 10 years. Price talk on the 10-year dollar notes sits in the low 9% yield area, according to people familiar with the deal. Bank of America Corp. and Citigroup Inc. are hosting the calls. Paramount is marketing roughly $44.4 billion in dollar-denominated first-lien notes plus dollar- and euro-denominated senior secured second-lien notes, following last week's launch of a $7.5 billion loan sale. An eight-part dollar bond sale, with maturities from two to 40 years, may follow. Settlement of lawsuits brought by 12 state attorneys general and the Writers Guild cleared the way for the deal.