Paramount Skydance Launches $44 Billion Bond Sale for Warner Deal

Paramount Skydance Corp. has opened investor calls for a bond sale of more than $44 billion in US dollars and euros, moving forward the financing needed to complete its acquisition of Warner Bros. Discovery Inc., according to Bloomberg News.

The offering marks the start of the main portion of what Bloomberg describes as the year's largest M&A financing package, a signal of how much debt capacity Wall Street is being asked to absorb for a single corporate transaction.

What did Paramount Skydance announce?

Paramount Skydance is holding calls with prospective bondholders as part of a debt sale exceeding $44 billion, split between dollar- and euro-denominated notes, Bloomberg reported. The proceeds are earmarked to help fund the company's purchase of Warner Bros. Discovery, one of the largest media transactions to reach the bond market in recent memory.

More than $44 billion in dollar and euro bonds is now in motion to finance a single corporate acquisition — the largest M&A debt package of the year, according to Bloomberg's reporting.

How large is the bond sale compared with other deals this year?

Bloomberg's report frames the sale as the year's largest M&A financing, a distinction based on the combined dollar and euro tranches exceeding $44 billion. The report does not break out the exact split between currencies or list individual tranche sizes, and no additional figures were disclosed in the available reporting.

Why is Paramount raising this much debt?

The bond proceeds are intended to help cover the cost of acquiring Warner Bros. Discovery, according to Bloomberg. The report does not detail the full capital structure of the deal, including how much of the purchase price is being funded through debt versus other sources, so those specifics remain outside what has been confirmed publicly.

What happens next in the bond offering?

The investor calls that began this week represent the formal kickoff of the sale's marketing process, Bloomberg reported. Companies typically use such calls to gauge investor appetite and pricing before setting final terms and allocating the bonds. Bloomberg's report does not specify a pricing date or list the banks managing the offering.

What should investors and media watchers track next?

• Whether the bond sale prices at or above the reported $44 billion threshold once investor calls conclude.
• Any disclosure of the specific split between dollar- and euro-denominated tranches.
• Confirmation of underwriting banks and final coupon rates once terms are set.
• Regulatory or shareholder milestones tied to the broader Warner Bros. Discovery acquisition.

Key terms to know

M&A financing: Debt or equity raised specifically to fund a merger or acquisition, often sold to institutional bondholders before a deal closes.

Investor calls: Scheduled conversations between a company (or its underwriters) and prospective bond buyers, used to explain deal terms and gauge demand ahead of pricing.

Tranche: A distinct portion of a larger bond offering, often separated by currency, maturity, or credit rating.

The deal's progress will likely draw continued attention from credit-rating agencies and bond investors given the size of the offering, though further terms had not been disclosed as of Bloomberg's report on September 28, 2026.