Paramount to Launch $49 Billion Debt Sale After Warner Bros. Lawsuits Settled

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Summary · why it matters

Bankers are reaching out to investors ahead of the sale of $49 billion in financing backing Paramount Skydance Corp.'s takeover of Warner Bros. Discovery Inc., after the company settled a series of lawsuits that had held up the $110 billion acquisition. Bank of America Corp., Citigroup Inc., and Apollo Global Management Inc. underwrote one of the largest buyout debt packages on record earlier this year to fund the takeover, and lined up significant investor demand before the deal ground to a halt amid the threat of legal proceedings. The $49 billion package includes about $30 billion of investment-grade bonds, $7.5 billion of investment-grade loans and roughly $12 billion of second-lien bonds, targeting a wider range of dollar and euro investors than is typical for a leveraged buyout. The debt was structured to leave Paramount on the hook, rather than its lenders, if borrowing costs rise, with no caps on the interest rate, which should prevent a repeat of the hit banks took on so-called hung loans in 2022. Regulators in nearly 70 jurisdictions have already approved the merger, and the Federal Communications Commission and other federal agencies signed off on an extraordinary level of foreign financing, making it likely the acquisition can close very soon.

Impact on assets 7

Communication Services▲ · 2 stocks
Paramount Skydance Corporation
PSKY
▲ PositiveCapitalrelevance

Paramount is launching the $49B debt sale to fund its $110B takeover of Warner Bros. after settling lawsuits, clearing the path to close.

Warner Bros Discovery Inc
WBD
▲ PositiveCapitalrelevance

Warner Bros. Discovery is the acquisition target; the settled lawsuits and approved financing move the $110B takeover toward closing.

Aging Population▲ · 1 stocks
Financials▲ · 1 stocks
Bank of America Corp
BAC
▲ PositiveCapitalrelevance

Bank of America underwrote one of the largest buyout debt packages on record to fund the takeover.

Digital Finance & Tokenization▲ · 1 stocks
Citigroup Inc.
C
▲ PositiveCapitalrelevance

Citigroup underwrote the $49B financing package backing the Paramount-Warner Bros. acquisition.

Artificial Intelligence▲ · 1 stocks
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