The financing package includes $41.4 billion in senior secured notes and €885 million in European-denominated debt. The company’s debt structure spans multiple maturities, with first-lien notes maturing between 2028 and 2066, and second-lien notes stretching through 2036. To accommodate the deal, Paramount Skydance also upsized its term loan B facility to $8.5 billion, alongside an €850 million tranche.

Management intends to use these proceeds, supplemented by cash on hand and previously announced equity financing, to cover the acquisition price for Warner Bros. Discovery and retire existing debt obligations. While the company expects the sales to close by October 5, 2026, the debt issuance is not a formal condition for completing the merger. The offering is restricted to qualified institutional buyers, reflecting the scale and complexity of the corporate restructuring as the firm seeks to integrate the portfolios of Paramount, Skydance, and WBD.