Banks secure investor bids for Paramount Skydance Warner Bros merger debt package

Banks began receiving early bids from investors for a $49 billion debt package in mid-2026, before formal marketing had even started. The money will help finance the merger between Paramount Skydance and Warner Bros. Discovery. The debt is split into three parts: $30 billion in investment-grade bonds, $7.5 billion in investment-grade loans, and $12 billion in second-lien bonds. Eighteen banks are working together to manage the process, which was expected to move into its next stage in June 2026. The two companies announced their $111 billion all-stock merger in February 2026, after competing against Netflix. Once the deal closes, the combined company will carry around $80 billion in net debt. The strong early demand suggested investors were confident about the financing despite its considerable scale.