Paramount's $109bn bond order books signal record demand ahead of Wednesday pricing

Paramount Skydance has drawn more than $109 billion of orders for the investment-grade bond sale funding its takeover of Warner Bros. Discovery, Bloomberg reported via Stocktwits. Books closed Tuesday ahead of Wednesday pricing at about 3.6 times the amount to be sold.

The high-grade sale is the largest piece of a $52 billion financing package of bonds and loans. People familiar with the matter told Bloomberg that Paramount cut the bond sale by $2 billion to $30 billion and raised the loan slice by the same after strong demand.

The bonds are eight-part first-lien dollar notes maturing in two to 40 years. Price talk on the longest note, due in 2066, began at about 3.65 percentage points over Treasuries; Apollo, Bank of America and Citigroup lead the deal. The remainder is about $12.4 billion-equivalent of junk bonds and $7.5 billion-equivalent of loans, with about $15.6 billion and $11.5 billion of orders. Fitch and S&P rated the first-lien notes investment grade; Moody’s put them one notch below.

Paramount agreed in February to buy Warner Bros. Discovery at $31 a share, worth about $110 billion including assumed debt, after beating Netflix, Bloomberg reported via the Economic Times. Settlements last week ended litigation from 12 state attorneys general and the Writers Guild that stalled the financing.

If closing slips past 30 September, Warner holders get a “ticking” cash payment of about $7 million a day, Bloomberg reported, and a federal judge must still approve the settlement ending the state antitrust challenge, decodeTV reported.

Sources

• Stocktwits (citing Bloomberg) — https://stocktwits.com/news-articles/markets/equity/psky-s-high-grade-bond-offering-to-fund-warner-takeover-tops-109-b-ahead-of-wednesday-pricing-report/cZMnY4zRBWk
• The Economic Times — https://economictimes.indiatimes.com/markets/us-stocks/wall-street-guide/paramount-rolls-out-44-billion-bond-sale-to-fund-warner-bros-takeover/articleshow/134547217.cms?from=mdr
• The Straits Times — https://www.straitstimes.com/business/paramount-puts-56b-bond-sale-for-warner-deal-in-motion
• decodeTV — https://www.decodetv.com/2026/09/29/paramount-taps-bond-markets-as-it-awaits-judges-green-light-for-wbd-deal/