Paramount Skydance plans $44.4 billion debt offering for WBD acquisition

On September 28, 2026, Paramount Skydance announced plans to offer about $44.4 billion of secured first- and second-lien notes to institutional investors, with proceeds intended to help fund its acquisition of Warner Bros. Discovery and repay existing debt. WBD shareholders are expected to receive $31 per share plus a daily ticking payment, with total cash consideration estimated at $78.0 billion assuming an October 6, 2026 closing; the offering and acquisition remain subject to market and other conditions, and the note terms have not been finalized.