Paramount Skydance receives consents for $15 billion Warner Bros. debt

Paramount Skydance Corporation (NASDAQ: PSKY) announced that Warner Bros. Discovery, Inc. has received the requisite consents for proposed amendments to indentures governing senior unsecured notes, according to a press release statement.

The consent solicitations were conducted in connection with Paramount's proposed acquisition of Warner Bros. Discovery. Supplemental indentures effectuating the proposed amendments were executed on May 26, 2026, and became effective upon execution but will only become operative upon the payment date expected to occur on or about May 29, 2026.

As a result of the consents, approximately $12.1 billion and €0.6 billion of Warner Bros. Discovery notes will be eligible to participate in exchange offers, and approximately $2.4 billion of notes will be eligible for tender offers. An additional $2.5 billion of unsecured notes are not subject to the offers, while approximately $0.1 billion of eligible notes did not deliver valid consents.

The exchange and tender offers will expire at 5:00 p.m. New York City time on June 17, 2026, subject to extension. Settlement of both offers is conditioned on the closing of the acquisition. Paramount currently anticipates extending the expiration date until the consummation of the acquisition.

The exchange offers are being made pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933 and are only available to qualified institutional buyers or non-U.S. persons who complete eligibility certification.

Paramount has engaged BofA Securities and Citigroup as dealer managers for the offers, with Global Bondholder Services Corporation serving as exchange agent and information agent.

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