Paramount Skydance Corporation completed the syndication of its bridge‑loan facility and secured permanent financing to support its $111 billion acquisition of Warner Bros. Discovery. The company reduced the aggregate commitments under the bridge facility from $54 billion to $49 billion and eliminated the previously disclosed $3.5 billion revolving facility, thereby tightening its short‑term debt profile.
The new financing package includes a two‑tranche senior secured term‑loan facility and a senior secured revolving credit facility. In addition, Paramount Skydance amended its existing senior unsecured revolving credit facility, increasing the committed liquidity from $3.5 billion to $5 billion. These moves diversify the lender base and provide the liquidity needed to close the deal while reducing reliance on a single source of capital.
The $111 billion transaction will create a combined entity with an estimated net debt of nearly $80 billion. Paramount Skydance has also secured approximately $24 billion in equity commitments from Middle Eastern sovereign wealth funds and an additional $47 billion from the Ellison family and RedBird Capital Partners, giving the deal a robust equity cushion. Management expects the merger to generate more than $6 billion in synergies, and the company has outlined a path to investment‑grade credit metrics within three years of closing.
Andy Gordon, Paramount Skydance’s chief strategy officer and chief operating officer, said the successful debt syndication and new facilities represent a key milestone toward completing the acquisition. He added that the financing structure signals confidence from a broad group of banks and aligns with the company’s strategy to manage debt levels during the merger.
The transaction is subject to regulatory approvals and a shareholder vote scheduled for early spring 2026. Paramount Skydance’s president, Jeffrey Shell, departed the company effective April 8 2026 under a separation agreement, a change that coincides with the ongoing merger and financing activities.
The financing arrangement positions Paramount Skydance to move forward with the Warner Bros. Discovery deal while maintaining a diversified lender base and a clear debt‑management plan for the combined company.
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