Paramount Skydance said Thursday it is launching a syndication to raise $7.5 billion through a proposed senior secured incremental tranche of term “B” loans. The David Ellison-led company it will use the funds toward its $111 billion Warner Bros. Discovery merger, and to pay down certain other debt.
In total, Paramount said it now intends to raise approximately $44.4 billion of additional secured debt, in addition to the Incremental Term B Facility and previously announced financings (subject to market and other conditions). Discovery, Inc. and the repayment of certain existing debt,” Paramount said. At the end of 2026, on a pro-forma basis, the merged Paramount-Warner Bros. would have net debt of $77.2 billion, Morgan Stanley analysts estimated in a report Tuesday.
With the additional loans Paramount is seeking to secure, that estimate will likely be revised upward.
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