Paramount Skydance Launches $44.4B Notes Offering to Fund Warner Bros. Discovery Acquisition
PSKY sits 30% above its 52-week low of $7.62.
Summary
Paramount Skydance launched a $44.4 billion notes offering as part of the permanent financing for its Warner Bros. Discovery acquisition, with pro forma financials showing the combined company would carry ~$80 billion in long-term debt and post a $2.1 billion H1 2026 net loss. The investment-grade bond sale was $32 billion, expected to price Wednesday, with over $12 billion in speculative-grade bonds and loans also planned. Paramount Skydance priced $41.4 billion and €885 million of senior secured notes, plus an $8.5 billion and €850 million Term Loan B facility.
Updated with a PR Newswire report · What changed
Updates
· Wiseek News — PSKY priced $41.4B senior notes and $8.5B Term Loan B at SOFR+2.75%, with close set for Oct. 5.
· PR Newswire — Paramount Skydance priced $41.4 billion and €885 million of senior secured notes, plus an $8.5 billion and €850 million Term Loan B facility.
· Dow Jones Newswires — The investment-grade bond sale is $32 billion, expected to price Wednesday, with over $12 billion in speculative-grade bonds and loans also planned.
· Seeking Alpha — The notes offering follows the 8-K filed earlier today and the S-3ASR shelf registration from July.
Key Events · Financing and Capital Events · PSKY
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Updated · · PR Newswire
$44.4B Notes Offering Launched, Later Priced
Paramount Skydance announced it intends to offer approximately $44.4 billion in senior secured first lien and second lien notes (USD and EUR denominated) to qualified institutional buyers under Rule 144A and Regulation S. The investment-grade bond sale was $32 billion, expected to price Wednesday, with over $12 billion in speculative-grade bonds and loans also planned. Paramount Skydance priced $41.4 billion and €885 million of senior secured notes, plus an $8.5 billion and €850 million Term Loan B facility.
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Full Financing Stack Quantified
Pro forma financials detail the complete capital structure: $46.7B PIPE equity from Ellison Trust and RedBird, $51.9B New Permanent Financing (Term B loans, first lien and second lien notes), $12.7B Exchange Offers, and $2.4B Tender Offers.
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Pro Forma Debt Load and Losses
The combined company would carry approximately $80.3 billion in long-term debt and post a pro forma net loss of $2.1 billion for the six months ended June 30, 2026, with interest expense of $3.1 billion.
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Warrants Issued to Existing Shareholders
Each existing Paramount Class B shareholder (excluding Equity Investors and certain affiliates) will receive one 10-year warrant per share, exercisable at the Syndication Purchase Price between $12.00 and $16.02 per share.
Analysis · PSKY · Technology
Paramount Skydance is moving to permanently finance its $110 billion Warner Bros. Discovery acquisition with a $44.4 billion senior secured notes offering, alongside a $46.7 billion PIPE equity raise and $51.9 billion in new permanent debt. The pro forma financials reveal the combined company would carry roughly $80 billion in long-term debt and post a pro forma net loss of $2.1 billion for the first half of 2026. Existing Paramount shareholders will receive one 10-year warrant per share, exercisable at a price between $12.00 and $16.02 — a potential future dilution lever. The deal is not yet closed and remains subject to market conditions, but this filing quantifies the full capital structure for the first time. The investment-grade bond sale was $32 billion, expected to price Wednesday, with over $12 billion in speculative-grade bonds and loans also planned. Paramount Skydance priced $41.4 billion and €885 million of senior secured notes, plus an $8.5 billion and €850 million Term Loan B facility.
How filings like this one have moved
In the 30 days to Oct 5, 2026, 42.7% of the 288 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.53%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, PSKY was trading at $9.93 on NASDAQ in the Technology sector, with a market capitalization of approximately $11.2B. The 52-week trading range was $7.62 to $20.09. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.