$PSKY · Paramount Skydance Corp

Paramount Skydance Corporation filed an 8-K announcing the launch of approximately $44.4 billion in senior secured notes offerings — split between first-lien and second-lien tranches in USD and EUR — to permanently finance its acquisition of Warner Bros. Discovery. The filing also includes unaudited pro forma condensed combined financial statements showing total estimated cash consideration of $78.0 billion for WBD common stockholders plus approximately $1.1 billion for vested equity awards, with a per-share price of $31.00 plus ticking consideration.

Extended-hours trading shows PSKY at $9.87, down 0.90% from the regular close of $9.96. The modest decline suggests the market is absorbing the scale of the $44.4B debt raise with caution but without panic.

The $44.4 billion debt raise is among the largest media-sector financing packages ever, and its pricing will set the cost of capital for a combined entity carrying massive post-merger leverage.

This represents one of the largest media-industry consolidations, combining Paramount's CBS, Paramount Pictures, and streaming assets with Warner Bros. Discovery's studio and network portfolio. The $78B all-cash deal structure mirrors the debt-heavy consolidation playbook seen across legacy media.

The notes offerings and acquisition are subject to market and other conditions with no assurance of completion on anticipated terms or timing. The combined entity will carry substantial debt, and deleveraging depends on management's ability to execute its strategic plan and generate sufficient cash.