$PSKY · Paramount Skydance Corp

Skydance Corporation (f/k/a Paramount Skydance Corporation) completed its merger with Warner Bros. Discovery on October 6, 2026, with WBD becoming a wholly owned subsidiary. To finance the deal, the company issued $41.4 billion in senior secured notes across 11 tranches — $30.0B first lien (coupons 6.300%–8.900%, maturities 2028–2066) and $11.4B second lien (coupons 8.250%–9.125%, maturities 2031–2036) plus €885M in euro second lien notes. An additional $8.5B in dollar Term B-1 loans and €850M in euro Term B-1 loans were borrowed under an amended credit agreement. The $49.0B bridge commitment,

PSKY shares rose 2.89% to $9.78 in the regular session following the merger close, suggesting the market views completion of the complex financing and deal structure as removing uncertainty.

One of the largest media M&A deals ever closed, funded by over $50B in combined debt across notes and loans, reshaping the competitive landscape against Disney and Netflix.

This merger creates a media giant combining Skydance/Paramount's content library with Warner Bros. Discovery's assets. The debt-heavy financing structure — over $50B in combined notes and loans — mirrors large-scale media consolidation deals but at unprecedented scale for the sector.

The combined entity carries massive leverage: $41.4B in notes plus $9.35B+ in term loans. Interest rates on second lien notes reach 9.125%, and the first lien notes extend to 2066, creating decades of debt service. An investment grade event would release liens and guarantees permanently, even if the