Paramount secures financing for Warner Bros Discovery acquisition
The group has secured the financial structure for its $111bn deal. This milestone brings Paramount closer to finalizing one of the largest mergers in the media sector.
Paramount Skydance announced it has finalized the syndication of its bridge loan and secured permanent financing from a consortium of 18 banks. The total amount of committed debt has been reduced to $49bn, down from $54bn previously. This structuring notably includes a $5bn term loan as well as a revolving credit facility of the same amount, while a $3.5bn facility has been scrapped.
All financing is secured by the assets of the future merged entity, which will combine Paramount Global, Skydance Media, and Warner Bros Discovery. This transaction, announced in February following intense competition, notably with Netflix, is expected to close in Q3, subject to regulatory approvals.
With net debt projected to reach nearly $80bn following the merger, this tie-up illustrates the scale of the strategic gamble being undertaken. Paramount seeks to redefine its position in the entertainment and streaming industry amid accelerating sector consolidation.
Formed from the merger between Skydance Media, LLC and Paramount Global in August 2025, Paramount Skydance Corporation is one of the world's leading media and entertainment groups. The company's activities are organized around 4 divisions:
- film and television content production: feature films, animated films, television series, animated series, documentaries, etc. These activities are carried out through Paramount Pictures, Paramount Animation, Skydance Animation, Skydance Media, Skydance Productions, Skydance Sports, SHOWTIME/MTV Entertainment Studios, BET Studios, Awesomeness, Paramount Players, See It Now, CBS Studios, and Nickelodeon Studios.
- subscription and free streaming: video-on-demand (films, series, TV programs, etc.), real-time broadcasting of sporting events, concerts, etc. via the Paramount+, Pluto TV and BET+ streaming platforms;
- development of video games and immersive content: Skydance Games and Skydance Interactive;
- TV channel broadcasting: operation of Paramount Television, CBS Television Network, CBS Stations, and Skydance Television stations.
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